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, Sept. 23, 2026 (GLOBE NEWSWIRE) — 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.


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.

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.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the production ramp and first commercial production at the Company’s Pendergrass, Georgia facility, potential development of a second Pendergrass production line and the scaling of annual production capacity, the SK Battery America supply agreement and related pack collaboration, expected recovery in residential volumes, conversion of pipeline opportunities into binding orders (including the non-binding Infinite Grid Capital letter of intent), the Company’s senior secured term loan facility, and the Company’s fiscal year 2027 outlook. These statements are based on current expectations and assumptions that are subject to risks and uncertainties, and actual results may differ materially. Factors that could cause actual results to differ include, among others, risks related to the Company’s manufacturing ramp and facility commissioning, joint venture execution, customer order conversion, residential market conditions, changes in federal tax policy or IRA incentive programs, supply arrangements including the SK Battery America collaboration, availability and terms of additional financing, and access to capital, as well as other factors described in the Company’s filings with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update any forward-looking statements, except as required by law.

Non-GAAP Financial Measures

To supplement our financial results presented on a basis in conformity with generally accepted accounting principles in the United States (“GAAP”), we use the non-GAAP measure: Adjusted EBITDA which excludes from our GAAP net loss, interest, taxes, depreciation and amortization, as well as other significant expenses including stock-based compensation that we believe are helpful in understanding our past financial performance. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

Management believes that these non-GAAP financial measures reflect our ongoing business in a manner that allows for meaningful comparisons and analysis of trends in its business, as they exclude expenses and gains not reflective of ongoing operating results or that may be infrequent and/or unusual in nature. We exclude the nonoperating credit loss expenses and loss on debt exchanges as these costs were non-operational in nature and they are not indicative of our ongoing operational results. We also adjust for the effect of stock-based compensation expenses noting that such expenses will recur in future periods. Although stock-based compensation is a key incentive offered to our employees, we continue to evaluate our business performance internally excluding stock-based compensation expenses.

Management also believes that these non-GAAP financial measures provide useful information to investors in understanding and evaluating our operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies. These non-GAAP measures may not be comparable to similarly titled measures presented by other companies. In this press release, we provided a reconciliation of non-GAAP Adjusted EBITDA to GAAP net loss, the most directly comparable GAAP financial measure.

Contacts

NEOV Investors
Bryan Baritot
Alliance Advisors IR
ir@neovolta.com  

NEOV Media
Email: press@neovolta.com
Phone: 800-364-5464

NEOVOLTA INC.
Consolidated Balance Sheets
           
           
  June 30,     June 30,  
  2026     2025  
Assets              
Current assets:              
Cash and cash equivalents $ 22,201,975     $ 794,836  
Restricted cash   3,150,000       –  
Accounts receivable, net   2,945,468       2,983,841  
Inventory, net   2,133,153       2,137,912  
Prepaid expenses and other current assets (including prepaid inventory in amounts of $931,685 and $535,938, respectively)   2,145,487       748,044  
Other current assets   272,280       –  
Total current assets   32,848,363       6,664,633  
               
Construction in progress   9,602,302       –  
Property and equipment, net   323,804       –  
Net property and equipment   9,926,106       –  
               
Intellectual property (net of accumulated amortization of $333,859)   1,064,641       –  
               
Other assets:              
Lease right-of-use assets, net   8,082,546       140,540  
Prepaid service fee under third party platform   1,631,944       –  
Miscellaneous assets   84,347       –  
               
Total assets $ 53,637,947     $ 6,805,173  
               
Liabilities and Stockholders’ Equity              
Current liabilities:              
Accounts payable – other $ 3,590,368     $ 689,216  
Accounts payable – related party   233,910       –  
Accrued liabilities   1,038,936       78,934  
Lease liabilities   695,269       140,540  
Short-term notes payable   1,120,000       2,603,223  
Total current liabilities   6,678,483       3,511,913  
               
Payable to line of credit lender   –       383,538  
Lease liabilities   7,392,124       –  
Total liabilities   14,070,607       3,895,451  
               
Commitments and contingencies (Note 7)              
               
Stockholders’ equity:              
Common stock, $0.001 par value, 100,000,000 shares authorized, 58,308,247 shares and 34,124,873 shares issued and outstanding, respectively   58,308       34,125  
Additional paid-in capital   86,756,877       28,652,731  
Accumulated deficit   (47,247,845 )     (25,777,134 )
Total stockholders’ equity   39,567,340       2,909,722  
               
Total liabilities and stockholders’ equity $ 53,637,947     $ 6,805,173  

NEOVOLTA INC.
Consolidated Statements of Operations
       
  Three Months Ended June 30,   Year Ended June 30,
  2026   2025   2026   2025
               
Revenues from contracts with customers $ 13,460     $ 4,750,913     $ 13,332,953     $ 8,426,835  
Cost of goods sold   (1,152,857 )     (4,175,474 )     (11,194,753 )     (6,920,130 )
Gross profit   (1,139,398 )     575,439       2,138,199       1,506,705  
                               
Operating expenses:                              
General and administrative   7,974,994       1,929,423       18,347,045       6,065,590  
Research and development   1,036,449       78,417       1,556,043       157,305  
Depreciation and amortization   136,537       –       376,827       –  
Total operating expenses   9,147,980       2,007,840       20,279,915       6,222,895  
                               
Loss from operations   (10,287,378 )     (1,432,401 )     (18,141,716 )     (4,716,190 )
                               
Other income (expense):                              
Loss on debt exchanges   –       –       (1,266,030 )     –  
Interest expense   (22,097 )     (217,372 )     (667,741 )     (320,417 )
Nonoperating credit loss and other   (1,430,837 )     –       (1,532,998 )     –  
Interest income   80,125       139       137,775       2,011  
Total other income (expense)   (1,372,809 )     (217,233 )     (3,328,994 )     (318,406 )
                               
Net loss $ (11,660,188 )   $ (1,649,634 )   $ (21,470,711 )   $ (5,034,596 )
                               
Weighted average shares outstanding – basic and diluted   47,896,780       34,124,873       39,294,032       33,589,818  
                               
Net loss per share – basic and diluted $ (0.24 )   $ (0.05 )   $ (0.55 )   $ (0.15 )

NEOVOLTA INC.
Consolidated Statements of Cash Flows
               
  Year Ended June 30,  
  2026     2025  
Cash flows from operating activities:              
Net loss $ (21,470,711 )   $ (5,034,596 )
Adjustments to reconcile net loss to net cash used in operations:              
Stock compensation expense   4,963,440       2,101,488  
Loss on debt exchanges   1,266,030       –  
Amortization of ROU asset   238,261       80,570  
Depreciation and other amortization expense   411,550       –  
Provision for expected credit losses/bad debt expense   4,580,554       (4,253 )
Inventory obsolescence reserve   1,119,013       –  
Changes in assets and liabilities              
Accounts receivable   (3,005,031 )     (1,630,876 )
Inventory   (834,062 )     41,864  
Prepaid expenses and other current assets   (3,205,228 )     (606,429 )
Other long term assets   (84,347 )     –  
Accounts payable   498,386       683,900  
Accrued expenses   505,735       23,150  
Other changes, net   (175,160 )     (80,570 )
Net cash flows used in operating activities   (15,191,570 )     (4,425,752 )
               
Cash flows from investing activities:              
Additions to construction in progress   (6,364,051 )     –  
Additions to other property & equipment   (767,272 )     –  
Additions to notes receivable   (1,500,000 )     –  
Net cash flows used in investing activities   (8,631,323 )     –  
               
Cash flows from financing activities:              
Proceeds of public equity offerings   35,628,565       –  
Proceeds of private equity offering   13,000,000       1,087,000  
Borrowings under lines of credit   1,370,000       500,000  
Repayments of lines of credit   (633,538 )     (116,462 )
Borrowings under short-term notes payable   6,697,612       5,106,343  
Repayments of short-term notes payable   (7,597,341 )     (2,503,120 )
Prepayment of issuance costs for planned equity offering   (85,266 )     –  
Proceeds from exercise of common stock warrants   –       160,400  
Net cash flows from financing activities   48,380,032       4,234,161  
               
Net increase (decrease) in cash and restricted cash   24,557,139       (191,591 )
Cash, restricted cash and cash equivalents at beginning of period   794,836       986,427  
               
Cash, restricted cash and cash equivalents at end of period $ 25,351,975     $ 794,836  
               
Supplemental disclosures of cash flow information:              
Cash paid for interest $ 863,083     $ 136,580  
Cash paid for income taxes   –       –  
Cash paid for amounts included in operating lease liabilities   250,017       93,190  
Supplemental disclosures of financing and investing activities:              
Issuance of common stock for debt exchanges $ 2,969,524     $ –  
Addition of assets for common stock   998,000       –  
Right-of-use assets obtained for operating lease liabilities   8,184,869       221,110  
Other equity contribution for services   568,800       –  

NEOVOLTA INC.
GAAP to Non-GAAP Reconciliation of Net Loss to Adjusted EBITDA
       
  Three Months Ended June 30,   Year Ended June 30,
  2026   2025   2026   2025
               
Net loss $ (11,660,188 )   $ (1,649,634 )   $ (21,470,711 )   $ (5,034,596 )
Interest expense   22,097       217,372       667,741       320,417  
Interest income   (80,125 )     (139 )     (137,775 )     (2,011 )
Depreciation  and amortization   136,537       –       376,827       –  
Share-based compensation   2,150,677       732,904       4,963,440       2,101,487  
Loss on debt exchanges   –       –       1,266,030       –  
Nonoperating credit loss and other   1,430,837       –       1,532,998       –  
Adjusted EBITDA   (8,000,164 )     (699,497 )     (12,801,449 )     (2,614,703 )

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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