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Sep 23, 2026, 4:15 PM ETIndustrials

NeoVolta — Fiscal Year 2026 Earnings Summary

NEOVNEOVOLTA INC
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Financial Performance

  • Fiscal year 2026 revenue increased 58% year-over-year to $13.3 million, compared to $8.4 million in fiscal year 2025.
  • Fourth quarter fiscal year 2026 revenue was approximately $13.5 thousand, a decline from $4.8 million in the fourth quarter of fiscal year 2025.
  • GAAP net loss for fiscal year 2026 was $21.5 million ($0.55 per share), compared to a net loss of $5.0 million ($0.15 per share) in fiscal year 2025.
  • Fourth quarter GAAP net loss was $11.7 million, compared to $1.6 million in the fourth quarter of fiscal year 2025; the increase was driven by a $3.9 million provision for credit losses and bad debt expenses and a $1.1 million residential inventory obsolescence reserve.
  • Adjusted EBITDA for fiscal year 2026 was $(12.8) million, compared to $(2.6) million in fiscal year 2025. Fourth quarter Adjusted EBITDA was $(8.0) million, compared to $(0.7) million in the fourth quarter of fiscal year 2025.
  • Cash and cash equivalents totaled $22.2 million as of June 30, 2026, plus $3.2 million in restricted cash, for a total of $25.4 million.
  • Total assets were $53.6 million as of June 30, 2026, compared to $6.8 million in fiscal year 2025.
  • Total liabilities were $14.1 million as of June 30, 2026, compared to $3.9 million in fiscal year 2025.
  • Net cash used in operating activities for fiscal year 2026 was $15.2 million, compared to $4.4 million in fiscal year 2025.
  • Net cash provided by financing activities for fiscal year 2026 was $48.4 million, primarily from public and private equity offerings.

Guidance and Future Outlook

  • The Pendergrass, Georgia facility is on track to complete site acceptance testing and commissioning, with production ramp-up scheduled to begin in the second quarter of fiscal year 2027.
  • The Company aims to convert non-binding utility-scale and C&I pipeline into binding orders during fiscal year 2027, including the Infinite Grid Capital letter of intent.
  • Progress is underway toward a second Pendergrass production line, which could scale annual BESS production capacity to 8 GWh in calendar year 2028.
  • Capital allocation priorities for fiscal year 2027 focus on funding working capital for the production ramp and investment in the second production line.

Business Segments and Product Lines

  • Fiscal year 2026 marked the completion of the Company's transformation into a multi-market energy storage platform, anchored by the U.S. BESS manufacturing joint venture, NeoVolta Power LLC (80%-owned).
  • The Company received a formal opinion confirming Foreign Entity of Concern (FEOC) compliance for the Pendergrass facility, the NVApex 5MWh BESS, and the NVWave residential product, positioning them for eligibility under IRA Section 48E.
  • The commercial pipeline has expanded into utility-scale and C&I markets, including a binding capacity reservation agreement with Infinite Grid Capital (IGC) for North Ontario Edge AI datacenter projects for calendar year 2027.
  • On August 31, 2026, NeoVolta Power announced a five-year strategic supply and manufacturing collaboration with SK On.
  • The SK On collaboration includes a signed agreement for SK On to supply 9 GWh of U.S.-manufactured LFP battery cells to NeoVolta Power from 2027 through 2031, plus a framework for an additional 9 GWh of cell supply and NeoVolta Power to manufacture energy storage packs for SK On, supporting up to 18 GWh of combined activity.
  • Jing Nealis was appointed Chief Financial Officer effective May 18, 2026.

Market and Competitive Landscape

  • The fourth quarter results reflect a substantial decline in residential and traditional installer-channel sales following federal tax law changes in early calendar year 2026.
  • The Company is transitioning from a historical residential base to a multi-market platform including utility and C&I segments.

Risks and Challenges

  • Risks include the execution of the manufacturing ramp and facility commissioning at the Pendergrass site.
  • Potential delays in converting pipeline opportunities (such as the Infinite Grid Capital LOI) into binding orders.
  • Dependence on the SK On cell-supply agreement and broader pack-manufacturing collaboration.
  • Exposure to changes in federal tax policy or IRA incentive programs.
  • Risks related to residential market conditions and the availability and terms of additional financing.

Management Commentary and Tone

  • CEO Ardes Johnson stated that fiscal 2026 was defined by progress at Pendergrass and that the strategic collaboration with SK On supports long-term capacity expansion.
  • Management expressed confidence that NeoVolta enters fiscal year 2027 with a stronger platform to execute its growth strategy.
  • CFO Jing Nealis noted the introduction of Adjusted EBITDA to provide greater visibility into underlying operating performance and highlighted the strengthened balance sheet following the May offering and subsequent senior secured term loan facility.
  • Management emphasized a focus on disciplined execution of the Pendergrass production ramp and converting commercial opportunities into durable growth.

Other Key Points

  • The Company completed a public offering in May 2026.
  • Subsequent to fiscal year-end, the Company entered into a senior secured term loan facility providing $20 million (less a $1.0 million original issue discount) in initial funding, with the potential to increase the aggregate loan commitment by up to an additional $10 million.
  • The Company is disclosing Adjusted EBITDA as a supplemental non-GAAP measure for the first time.
  • The Company hosted a conference call and webcast on September 23, 2026, to discuss results and strategic priorities.