NeoVolta Inc.
09/23/2026 | Press release | Distributed by Public on 09/23/2026 14:16
NeoVolta Reports Fourth Quarter and Fiscal Year 2026 Financial Results (Form 8-K)
NeoVolta Reports Fourth Quarter and Fiscal Year 2026 Financial Results
58% year-over-year revenue growth to $13.3 million revenue in fiscal year 2026
U.S. BESS manufacturing facility progressing to production ramp-up
SK ON collaboration accelerates capacity expansion with 2027-2031 U.S. domestic cells supply
San Diego, CA - Sep 23, 2026 - NeoVolta Inc. (NASDAQ: NEOV) ("NeoVolta" or the "Company"), a U.S.-based energy technology company delivering scalable energy storage solutions, today announced financial results for the fourth quarter and fiscal year ended June 30, 2026.
Fourth Quarter and Fiscal Year 2026 Financial Highlights
| • | Fiscal year 2026 revenue increased 58% year-over-year to $13.3 million, compared to $8.4 million in fiscal year 2025, reflecting the Company's expansion beyond its historical residential base. | |
| • | Fourth quarter revenue was approximately $13.5 thousand, compared to $4.8 million in the fourth quarter of fiscal year 2025, reflecting a substantial decline in residential and traditional installer-channel sales following federal tax law changes in early calendar year 2026. | |
| • | GAAP net loss of $21.5 million, or $(0.55) per share, for fiscal year 2026, compared to a net loss of $5.0 million, or $(0.15) per share, for 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. Fourth quarter GAAP net loss increase was primarily driven by a $3.9 million provision for credit losses and bad debt expenses and $1.1 million of residential inventory obsolescence reserve. | |
| • | Adjusted EBITDA of $(12.8) million for fiscal year 2026, compared to $(2.6) million for fiscal year 2025. Fourth quarter Adjusted EBITDA was $(8.0) million, compared to $(0.7) million in the fourth quarter of fiscal year 2025. This is the first period for which the Company is disclosing Adjusted EBITDA as a supplemental non-GAAP measure.1 | |
| • | Cash and cash equivalents of $22.2 million as of June 30, 2026, plus $3.2 million of restricted cash, for total cash, restricted cash and cash equivalents of $25.4 million, following the Company's May 2026 public offering. | |
| • | 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. |
1Adjusted EBITDA is a non-GAAP financial measure. See "Non-GAAP Financial Measures" and the accompanying reconciliation table for further information.
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Business Highlights
Fiscal year 2026 was a transformational year for NeoVolta.
| • | Launch of NeoVolta Power, LLC, the Company's 80%-owned Pendergrass, Georgia utility and C&I scale energy storage manufacturing joint venture. | |
| • | Receipt of a formal opinion confirming Foreign Entity of Concern (FEOC) compliance for the Pendergrass facility, the NVApex 5MWh BESS and the NVWave residential product, positioning our products' eligibility under IRA Section 48E. | |
| • | Expansion of the Company's commercial pipeline into utility-scale and C&I markets, including a non-binding letter of intent ("LOI") with Infinite Grid Capital ("IGC") for approximately 1.1 GWh (representing approximately $200 million in potential deployments) of utility-scale battery systems. Pursuing the LOI, in September, NeoVolta Power entered into a binding capacity reservation agreement with IGC to provide BESS for North Ontario Edge AI datacenter projects for calendar year 2027. | |
| • | Appointment of Jing Nealis as Chief Financial Officer, effective May 18, 2026, further strengthening the Company's executive leadership team ahead of the production ramp. | |
| • | Subsequent to fiscal year-end, on August 31, 2026, NeoVolta Power announced a five-year strategic supply and manufacturing collaboration with SK On. The 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, as well as a framework for broader collaboration under which SK On would supply an additional 9 GWh of LFP cells and purchase energy storage packs manufactured by NeoVolta Power from 2027 through 2031. Together, the signed agreement and broader framework are expected to support up to 18 GWh of combined activity between the companies. |
Fiscal Year 2027 Key Milestones
| • | Complete Site Acceptance Test and commissioning of the Pendergrass, Georgia facility, with production ramp underway from the second quarter of fiscal year 2027. | |
| • | Conversion of non-binding utility-scale and C&I pipeline into binding orders, including the Infinite Grid Capital letter of intent as well as progress toward future order documents contemplated by the broader SK On pack-manufacturing collaboration. | |
| • | Progress toward a second Pendergrass production line, which could scale site capacity toward 8 GWh of annual BESS production capacity in calendar year 2028, supported by the signed SK On cell-supply agreement and the broader pack-manufacturing collaboration framework. | |
| • | Capital allocation priorities for fiscal year 2027 are focused on funding working capital for the production ramp and investment in the second production line. Subsequent to June 30, 2026, the Company entered into a senior secured term loan facility providing $20 million (less an original issue discount of $1.0 million) in initial funding with the potential to increase the aggregate loan commitment by up to an additional $10 million upon mutual agreement of the Company and participating lenders. The facility complements the Company's broader capital formation strategy to fund the rapid growth in the coming quarters. |
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Fiscal year 2026 was the year NeoVolta advanced its transformation from a residential battery energy storage company into a multi-market residential, C&I and utility energy storage platform. While our fourth quarter results reflect a difficult period for the U.S. residential energy storage market, we believe we have positioned the company for significant growth with the Pendergrass facility on track to start production ramp-up in the second quarter of fiscal year 2027.
"More importantly, fiscal 2026 was defined by the progress we made at Pendergrass. Our facility is advancing through commissioning and production-ramp activities, and our strategic collaboration with SK On supports our long-term capacity-expansion plans through a multi-year U.S.-manufactured LFP cell-supply agreement and broader pack-manufacturing collaboration. Combined with the growth of our utility-scale and C&I pipeline, we believe NeoVolta enters fiscal year 2027 with a stronger platform to execute our growth strategy," said Ardes Johnson, Chief Executive Officer of NeoVolta.
"Beginning this quarter, we are introducing Adjusted EBITDA as a supplemental disclosure to provide investors with greater visibility into our underlying operating performance as our business grows. Our balance sheet was strengthened by the completion of our May offering, and subsequent to year-end, we entered into a senior secured term loan facility that provides additional capital for working capital and general corporate purposes. As we enter fiscal year 2027, our focus is on disciplined execution of the Pendergrass production ramp and converting commercial opportunities into durable growth," said Jing Nealis, Chief Financial Officer of NeoVolta.
Conference Call Information
NeoVolta will host a conference call and webcast on Wednesday, September 23, 2026, at 5:00 p.m. Eastern Time to discuss its fourth quarter and fiscal year 2026 financial and operating results. Management will also discuss recent operational progress and strategic priorities, followed by a question-and-answer session.
| • | Date: Wednesday, September 23, 2026 | |
| • | Time: 5:00 pm ET | |
| • | Dial-in: +1 (201) 389-0908 | |
| • | Webcast and accompanying slide presentation: Registration Link |
A telephonic replay will be available from 9:00 p.m. Eastern Time on September 23, 2026, through Wednesday, October 7, 2026. To access the replay, dial +1 (412) 317-6671 and enter replay PIN 13762483.
The webcast replay and accompanying presentation will be available on the Investor Relations section of the Company's website at neovolta.com/investors.
About NeoVolta
NeoVolta is an innovator in energy storage solutions dedicated to advancing reliable, high-performance power infrastructure for residential, commercial, and utility applications. With a focus on scalable technology, domestic manufacturing, and strategic partnerships, NeoVolta is positioned to support the accelerating transition toward resilient energy systems.
For more information, visit www.neovolta.com.
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NeoVolta Inc. published this content on September 23, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on September 23, 2026 at 20:16 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]