Channel Momentum Highlights Growing Market Acceptance for NeoVolta Energy Storage SolutionsSAN DIEGO, June 10, 2025 (GLOBE NEWSWIRE) -- NeoVolta Inc. (NASDAQ: NEOV), a U.S.-based energy technology company delivering scalable energy storage solutions for resilient residential and commercial power infrastructure, today announced that distributor purchase orders have exceeded $3 million in the current quarter—the highest quarterly total from the channel in company history. “These distributor orders represent a ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended March 31, 2025 or ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________________ to ______________ Commission File Number: 001-41447 NeoVolta, Inc. (Exact name of registrant as specified in its charter) Nevada 82-5299263 ...

April 2025 Revenue Expected to Shatter Previous Company Highs as Nationwide Growth AcceleratesSAN DIEGO, April 29, 2025 (GLOBE NEWSWIRE) -- NeoVolta Inc. (NASDAQ: NEOV), a U.S.-based energy technology company delivering scalable energy storage solutions for resilient residential and commercial power infrastructure, today announced that, based on preliminary internal estimates, April 2025 revenue is projected to exceed $2 million — surpassing the company’s total estimated revenue for the entire first quarter ...

Signs Over 10% of Statewide Installers in One Quarter; Solartek Deal Expands Distribution FootprintSAN DIEGO, April 23, 2025 (GLOBE NEWSWIRE) -- NeoVolta Inc. (NASDAQ: NEOV), U.S.-based energy technology company delivering scalable storage for resilient residential and commercial power infrastructure, today announced unprecedented growth in Texas. “Texas is a key market for us, and with new product introduction in the last quarter, we’ve onboarded over 10% of Texas’s solar installers as NeoVolta Certified D ...

SAN DIEGO, April 11, 2025 (GLOBE NEWSWIRE) -- NeoVolta Inc. (NASDAQ: NEOV), a U.S.-based energy technology company delivering scalable storage, for resilient residential and commercial power infrastructure, is pleased to share that its strategic partner, Virtual Peaker, a leading virtual power plant software company, has officially announced the companies' collaboration to enhance grid resilience and accelerate the adoption of distributed energy resources. Virtual Peaker's AI-powered platform optimizes batt ...

SAN DIEGO, April 11, 2025 (GLOBE NEWSWIRE) -- NeoVolta Inc. (NASDAQ: NEOV), a U.S.-based energy technology company delivering scalable storage, for resilient residential and commercial power infrastructure, is pleased to share that its strategic partner, Virtual Peaker, a leading virtual power plant software company, has officially announced the companies’ collaboration to enhance grid resilience and accelerate the adoption of distributed energy resources. Virtual Peaker’s AI-powered platform optimizes batt ...

Company Poised for Continued Growth Following Breakout Quarter and Strong Market ResponseSAN DIEGO, March 27, 2025 (GLOBE NEWSWIRE) -- NeoVolta Inc. (NASDAQ: NEOV), a U.S.-based energy technology company delivering scalable storage, for resilient residential and commercial power infrastructure, today announced that it anticipates record-breaking quarterly sales, with unaudited revenue expected to exceed $2 million for the first time in the company’s history — an increase of over 600% over the same period la ...

Technical Due Diligence Approved for $300M to Expand U.S. Manufacturing SAN DIEGO, Feb. 25, 2025 /PRNewswire/ -- NeoVolta Inc. (NASDAQ: NEOV) ("NeoVolta"), a leading innovator in energy storage solutions, announced today that it has completed phase two of its loan application for $300M from the U.S. Department of Energy (DOE) Title 17 Loan Program (LPO) and has been approved to proceed the conditional commitment phase, which will include negotiating a term sheet and a site visit with the U.S. Department of ...

Financial Performance - Revenues from contracts with customers for Q2 2024 reached $1,071,581, a 5.3% increase from $1,017,828 in Q2 2023[17] - Gross profit for Q2 2024 was $323,911, compared to $205,873 in Q2 2023, reflecting a significant increase of 57.1%[17] - Total operating expenses for Q2 2024 were $1,270,841, up 64.1% from $774,698 in Q2 2023[17] - Net loss for Q2 2024 was $971,137, compared to a net loss of $556,044 in Q2 2023, representing a 74.6% increase in losses[17] - Revenues for the three months ended December 31, 2024, were $1,071,581, a modest increase from $1,017,828 in the same period of 2023, attributed to new sales channels opened since the new CEO's engagement[76] - Revenues for the six months ended December 31, 2024, were $1,661,817, down from $1,781,958 in 2023, influenced by macroeconomic and regulatory factors[83] - Net loss for the three months ended December 31, 2024, was $971,137, compared to $556,044 for the same period in 2023, reflecting the overall financial performance[82] - Net loss for the six months ended December 31, 2024, was $1,935,631, up from $984,759 for the same period in 2023[88] Cash and Liquidity - Cash and cash equivalents decreased to $328,746 as of December 31, 2024, down from $986,427 at the end of June 2024, a decline of 66.7%[25] - As of December 31, 2024, the company had a cash balance of approximately $0.3 million and net working capital of approximately $3.7 million[93] - The company anticipates sufficient cash to operate for at least the next 12 months due to increased product demand and recent financing arrangements[93] - Net cash used in operating activities for the six months ended December 31, 2024, was $1,451,330, compared to $503,497 in the same period in 2023, due to increased cash operating expenses[90] - Net cash provided by financing activities for the six months ended December 31, 2024, was $793,649, compared to zero in the same period in 2023, following the establishment of a line of credit[91] Assets and Liabilities - Total current assets as of December 31, 2024 were $4,018,118, a decrease of 13.7% from $4,656,530 as of June 30, 2024[15] - Total liabilities increased to $717,830 as of December 31, 2024, compared to $61,100 as of June 30, 2024, indicating a significant rise in liabilities[15] - The company reported a stockholders' equity of $3,300,288 as of December 31, 2024, down from $4,595,430 as of June 30, 2024, a decrease of 28.2%[15] Research and Development - Research and development expenses for Q2 2024 were $42,324, compared to no expenses in Q2 2023, indicating a new focus on product development[17] - Research and development expenses for the three months ended December 31, 2024, were $42,324, compared to zero in the same period of 2023, indicating increased focus on product development[79] - Research and development expenses for the six months ended December 31, 2024, were $50,941, compared to zero for the same period in 2023, reflecting increased product development efforts[86] Stock and Compensation - The company recognized stock compensation expense of $392,339 for the six months ended December 31, 2024, compared to $81,683 for the same period in 2023[53] - For the six months ended December 31, 2024, total non-cash stock compensation expense recognized was $480,089, compared to $181,858 for the same period in 2023, reflecting a significant increase[54][56] - The new CEO received an initial equity grant of 1,280,000 restricted stock units valued at $2,854,000, vesting over four years[50] - As of December 31, 2024, the outstanding warrants totaled 1,081,150 shares with a weighted average exercise price of $4.00 and an intrinsic value of $1,308,192[48] Market and Sales - The company has expanded its sales of proprietary Energy Storage Systems (ESS) through wholesale customers, primarily in California, with plans for further market expansion[27] - The company has expanded its market presence, successfully installing products in multiple states beyond California, including Arizona, Texas, and Florida[71] - For the three months ended December 31, 2024, two dealers represented approximately 37% and 34% of the Company's revenues, while for the six months ended December 31, 2024, they represented approximately 35% and 33%[31] Financing and Borrowings - The Company obtained a line of credit for borrowings of up to $5,000,000 in September 2024, with net borrowings of $383,538 as of December 31, 2024, leaving an available balance of $4,616,462[40] - In November 2024, the Company initiated short-term borrowings of $371,997 from a commercial lender to finance shipments to a new customer in Puerto Rico[42] - The gross proceeds from the August 2022 public offering were $4,485,000, with net proceeds of approximately $3,780,000 after deductions[45] - The company issued 500,000 shares of common stock at $2.00 per share on February 4, 2025, raising gross proceeds of $1,000,000 for working capital needs[63] - On February 4, 2025, the company issued 500,000 shares of common stock at $2.00 per share, resulting in gross proceeds of $1,000,000[92] Corporate Governance and Compliance - NeoVolta, Inc. has filed various amended and restated documents, including Articles of Incorporation and Bylaws, indicating ongoing corporate governance updates[121] - The company is preparing for a private offering in February 2025, as indicated by the Form of Subscription Agreement[121] - Steve Bond has an amended employment agreement effective February 4, 2025, which may reflect changes in compensation or responsibilities[121] - The consulting agreement with Brent Willson, effective March 1, 2025, suggests strategic advisory support for the company[121] - Certifications by the Principal Executive Officer and Principal Financial Officer were filed, ensuring compliance with the Sarbanes-Oxley Act[121] - Inline XBRL documents have been prepared, indicating a commitment to transparency and modern reporting standards[121] - The company has signed the report on February 7, 2025, indicating timely compliance with regulatory requirements[126] - H. Ardes Johnson serves as the Chief Executive Officer, while Steve Bond is the Chief Financial Officer, highlighting key leadership roles[126] Risk Factors - The company is monitoring potential tariff increases on imported components, which could significantly impact costs if enacted[95]

Core Insights - NeoVolta Inc. has appointed Michael Mendik, PhD, MBA, as the new Chief Operating Officer (COO), bringing over two decades of experience in international business management and renewable energy [1][3] - Mendik previously served as Country Manager/General Manager for North America at GoodWe, where he significantly contributed to market share and revenue growth [2][3] - The CEO of NeoVolta, Ardes Johnson, expressed confidence that Mendik's experience and strategic vision will enhance the company's market presence and innovation in energy storage solutions [3] Company Overview - NeoVolta is focused on providing reliable, sustainable, and high-performance energy storage systems, emphasizing cutting-edge technology and strategic partnerships [5] - The company aims to drive progress in renewable energy and improve how power is stored and utilized globally [5] Leadership Profile - Michael Mendik holds a PhD in Natural Sciences and a master's degree in Physics from the Swiss Federal Institute of Technology, Zurich, along with an MBA from Robert Morris University, Pittsburgh [4] - He is fluent in multiple languages, including English, German, French, and Czech, and has been awarded 14 patents for his contributions to the industry [4]