NeoVolta Reports Strong Revenue Growth and Facility Progress
News related to:NeoVolta Inc · 3 min read
SAN DIEGO, Sept. 23, 2026 /CourierPR/ -- NeoVolta Inc., a U.S.-based energy technology company delivering scalable energy storage solutions, has reported significant financial results for the fourth quarter and fiscal year ended June 30, 2026. The company has experienced a robust 58% year-over-year revenue growth to $13.3 million in fiscal year 2026, marking a substantial expansion beyond its historical residential base. In the fourth quarter, the company's revenue decreased to approximately $13.5 thousand, down from $4.8 million in the previous year's fourth quarter, reflecting a sharp decline in residential and traditional installer-channel sales following federal tax law changes in early calendar year 2026.
The company's GAAP net loss for fiscal year 2026 was $21.5 million, or $(0.55) per share, a significant increase from the net loss of $5.0 million, or $(0.15) per share, in fiscal year 2025. The fourth quarter GAAP net loss was $11.7 million, up from $1.6 million in the fourth quarter of fiscal year 2025. The increase was primarily driven by a $3.9 million provision for credit losses and bad debt expenses, as well as a $1.1 million residential inventory obsolescence reserve.
Adjusted EBITDA for fiscal year 2026 was $(12.8) million, a substantial improvement from the $(2.6) million in fiscal year 2025. The fourth quarter Adjusted EBITDA was $(8.0) million, down from $(0.7) million in the fourth quarter of fiscal year 2025. This marked the first period for which the company disclosed Adjusted EBITDA as a supplemental non-GAAP measure.
As of June 30, 2026, NeoVolta Inc. had $22.2 million in cash and cash equivalents, plus $3.2 million in restricted cash, totaling $25.4 million in cash, restricted cash, and cash equivalents. The company's financial performance is supported by a senior secured term loan facility, which provided $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.
In fiscal year 2026, NeoVolta Inc. transformed from a residential battery energy storage company into a multi-market platform, anchored by the U.S. BESS manufacturing joint venture, NeoVolta Power LLC. The company launched NeoVolta Power, LLC, its 80%-owned Pendergrass, Georgia utility and C&I scale energy storage manufacturing joint venture. The Pendergrass facility received a formal opinion confirming Foreign Entity of Concern (FEOC) compliance for the Pendergrass facility, the NVApex 5MWh BESS, and the NVWave residential product, positioning the company's products for eligibility under the Internal Revenue Code (IRA) Section 48E.
NeoVolta Inc. also received a non-binding letter of intent from Infinite Grid Capital (IGC) for approximately 1.1 GWh (representing approximately $200 million in potential deployments) of utility-scale battery systems. Pursuing the LOI, 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. The company appointed Jing Nealis as Chief Financial Officer, effective May 18, 2026, further strengthening its executive leadership team ahead of the production ramp.
In fiscal year 2027, NeoVolta Inc. aims to complete the Site Acceptance Test and commissioning of the Pendergrass, Georgia facility, with production ramp underway from the second quarter of fiscal year 2027. The company is also pursuing the conversion of non-binding utility-scale and C&I pipeline opportunities into binding orders, including the Infinite Grid Capital letter of intent and progress toward future order documents contemplated by the broader SK On pack-manufacturing collaboration. The company expects to 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.
The company's senior secured term loan facility, providing $20 million in initial funding, complements its broader capital formation strategy to support the rapid growth in the coming quarters. NeoVolta Inc. is positioned to execute its growth strategy with the Pendergrass facility on track to start production ramp-up in the second quarter of fiscal year 2027, despite a challenging period for the U.S. residential energy storage market in the fourth quarter.