NeoVolta reported $13.3 million in revenue for fiscal 2026, representing growth of 58% year over year, as the company expanded beyond its historical residential energy storage business toward commercial, industrial, and utility-scale battery systems.
Despite the annual revenue increase, NeoVolta reported a substantial decline in fourth-quarter sales and a wider net loss as it invested in U.S. manufacturing capacity and its broader energy storage strategy.
For the fiscal year ended June 30, 2026, revenue increased from $8.4 million in the prior year.
The company reported a GAAP net loss of $21.5 million, compared with a $5 million loss in fiscal 2025.
The annual loss was equivalent to $0.55 per share, compared with $0.15 per share a year earlier.
Adjusted EBITDA was negative $12.8 million, compared with negative $2.6 million in fiscal 2025.
NeoVolta’s fourth-quarter results reflected a particularly challenging period for its traditional residential energy storage operations.
Quarterly revenue declined to approximately $13,500 from $4.8 million in the corresponding period of the previous fiscal year.
Management attributed the decline primarily to reduced sales through residential and traditional installer channels following federal tax law changes earlier in 2026.
The fourth-quarter GAAP net loss widened to $11.7 million from $1.6 million.
The result included a $3.9 million provision for credit losses and bad debt expenses and a $1.1 million residential inventory obsolescence reserve.
Adjusted EBITDA for the quarter was negative $8 million, compared with negative $700,000 a year earlier.
NeoVolta ended June with $22.2 million in unrestricted cash and cash equivalents, alongside $3.2 million in restricted cash.
Its combined cash position reached $25.4 million, following a public offering completed in May 2026.
A central component of NeoVolta’s expansion strategy is NeoVolta Power, its 80%-owned battery energy storage manufacturing joint venture in Pendergrass, Georgia.
The facility is being developed to manufacture battery energy storage systems for utility-scale and commercial applications.
NeoVolta plans to complete site acceptance testing and commissioning, with the production ramp expected to begin during the second quarter of fiscal 2027.
The company is also evaluating a second production line that could increase the facility’s capacity toward 8 gigawatt-hours of annual battery system production in calendar 2028.
Following the fiscal year-end, NeoVolta Power announced a five-year strategic supply and manufacturing collaboration with SK On.
The arrangement includes a signed agreement for SK On to supply 9 gigawatt-hours of U.S.-manufactured lithium iron phosphate battery cells between 2027 and 2031.
A broader collaboration framework contemplates an additional 9 gigawatt-hours of cell supply and purchases of battery packs manufactured by NeoVolta Power.
The signed agreement and broader framework together contemplate up to 18 gigawatt-hours of combined activity, although the additional commitments remain subject to future arrangements.
NeoVolta is also developing commercial opportunities in the utility-scale and data center markets.
The company previously signed a nonbinding letter of intent with Infinite Grid Capital involving approximately 1.1 gigawatt-hours of potential battery system deployments, representing an estimated $200 million in potential business.
In September, the parties entered into a binding capacity reservation agreement supporting battery energy storage systems for North Ontario Edge AI data center projects in 2027.
The full potential value of the original letter of intent should not be treated as contracted revenue.
To support its manufacturing expansion, NeoVolta subsequently entered into a $20 million senior secured term loan facility, with an option to increase commitments by an additional $10 million through mutual agreement with participating lenders.
The initial funding is subject to a $1 million original issue discount.
Management intends to prioritize working capital for the Georgia manufacturing ramp and potential investment in a second production line during fiscal 2027.
KEY QUOTES:
“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.”
Ardes Johnson, CEO 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.”
Jing Nealis, CFO Of NeoVolta
