NeoVolta — Quarter Ended September 30, 2026 Earnings Summary

Financial Performance:

• Revenue was $2.8 million, a sequential increase from approximately $13.5 thousand in the quarter ended June 30, 2026.
• Gross profit was $1.0 million (36.5% of revenue), compared to a gross loss of $1.1 million in the previous quarter.
• GAAP net loss was $7.7 million ($0.13 per share), an improvement from a net loss of $11.7 million ($0.24 per share) in the previous quarter.
• Adjusted EBITDA was $(5.5) million, improving from $(8.0) million in the previous quarter.
• Cash and cash equivalents were $26.0 million, plus $2.8 million in restricted cash, totaling $28.8 million as of September 30, 2026, compared to $25.4 million as of June 30, 2026.
• The company closed a $20 million senior secured term loan during the quarter, with an additional uncommitted amount of up to $10 million.
• Short-term debt payable increased to $15.1 million as of September 30, 2026, from $1.1 million as of June 30, 2026.
• Inventory, net increased to $5.9 million from $2.1 million in the prior quarter.
• Accounts payable increased to $8.1 million from $3.6 million in the prior quarter.

Business Segments and Product Lines:

• Residential revenue of $2.7 million was generated through the initial third-party ownership (TPO) platform, including estimated California Self-Generation Incentive Program rebates.
• The Pendergrass, Georgia manufacturing facility ramp is underway following its September opening.
• A $116 million Master Purchase Agreement was signed for utility-scale BESS products built at the Georgia facility, with deliveries anchoring the 2027 production ramp.
• A strategic collaboration with SK On was announced, securing an agreement for 9 GWh of U.S.-manufactured lithium iron phosphate (LFP) battery cells for delivery from 2027 through 2031.
• Commercial and industrial sales launched in October with an agreement for a minimum of $10 million in purchases through 2027, with multiple units scheduled to ship in Q4 2026.

Other Key Points:

• Management highlighted the conversion of pipeline to committed backlog and the execution of the residential TPO business model as key drivers for the quarter.
• The company's focus remains on executing the Pendergrass ramp, meeting customer requirements, and converting pipeline opportunities into binding orders.
• Capital allocation priorities are focused on working capital, customer delivery requirements, and disciplined investment aligned with customer demand.
• The press release includes a conference call scheduled for November 12, 2026, at 5:00 p.m. Eastern Time to discuss results and strategic priorities.