NeoVolta (NASDAQ:NEOV) reported a rebound in fiscal first-quarter revenue as it began recognizing sales from its residential third-party ownership financing platform, while executives said the company’s Georgia manufacturing facility had moved into production.
Revenue for the quarter ended September 30, 2026, was $2.8 million, up from $13,000 in the preceding quarter. The energy storage company also disclosed a new $116 million customer agreement, separate from a previously announced $53 million utility-scale commitment, as it prepares to ramp deliveries in 2027.
“The central message today is straightforward. NeoVolta has moved from construction to production,” Chief Executive Officer Ardes Johnson said. He cautioned that the company still needs to manufacture and deliver products and collect payment on its commercial commitments.
Residential Platform Drives Revenue Rebound
Chief Financial Officer Jing Nealis said the quarter’s revenue came from the first batch of residential energy storage projects that reached substantial completion and were sold to the company’s third-party ownership, or TPO, platform. The platform is supported by tax equity partners.
NeoVolta’s previous-quarter sales had been held back by a slowdown in traditional installer demand following changes in the federal incentive environment, Nealis said. The company responded by advancing its NV Wave residential product and setting up the financing platform, which is designed to reduce upfront ownership costs.
Gross margin was 36.5%, which Nealis attributed to the higher value of fully installed project sales compared with product-only sales. NeoVolta expects residential volumes to grow as it expands the platform and deploys NV Wave.
Johnson said the company was controlling the pace of that expansion and initially working with a limited group of installers and partners. He also said NeoVolta plans to use the TPO platform for commercial and industrial projects as products for that market become available.
New Agreement Adds to 2027 Commitments
During the question-and-answer session, Johnson said NeoVolta had just secured the $116 million agreement and was targeting initial deliveries in the first quarter of calendar 2027. The company aims to deliver as much as possible in the first half of the year, although the agreement runs through 2027.
Johnson described the deal as a committed master service agreement under which the customer is committing to down payments to reserve capacity. Purchase orders are still to be issued based on delivery timing, he said. The applications are mostly tied to utility-scale connections, and the customer will deliver to its own end users.
The agreement is separate from NeoVolta’s $53 million commitment under its utility-scale framework with Infinite Grid Capital. Johnson said purchase orders for that commitment are expected over time as projects are deployed in 2027.
At the Pendergrass, Georgia, factory, NeoVolta has procured enough material for its first 10 units, although some material remains in transit, Johnson said. Some units have been built and are undergoing final tests. The company is pushing to ship at least a few before the end of calendar 2026, subject to testing and customers’ schedules.
Johnson also said NeoVolta expects to begin delivering commercial and industrial products from the Georgia facility in the second quarter of 2027.
SK On Talks and Financing Plans
NeoVolta has announced a collaboration with SK On for up to 18 gigawatt-hours of domestically made cells to support battery pack and energy storage manufacturing. Johnson said the cell agreement was done, while the companies were working through technical details on the pack side before completing the broader documentation.
He said the pack line is planned to come online in the second half of 2027, while deliveries of pack products back to SK On are likely in calendar 2028.
NeoVolta ended the quarter with $26 million in cash and equivalents and $2.8 million in restricted cash, for a combined $28.8 million. Operating activities used $6.6 million, while capital expenditures totaled $7.3 million, primarily for equipment and leasehold improvements at Pendergrass.
The company closed a $20 million senior secured term loan, with the potential for another $10 million subject to lender agreement. Nealis said NeoVolta was evaluating line-of-credit term sheets and looking to align customer reservation fees, down payments and milestone payments with amounts owed to suppliers.
Loss Narrows and Reporting Calendar Changes
NeoVolta’s net loss narrowed to $7.7 million, or 13 cents per share, from $11.7 million, or 24 cents per share, in the prior quarter. Adjusted EBITDA was negative $5.5 million, compared with negative $8 million. The company said a reconciliation of the non-GAAP measure is included in its earnings release.
Nealis also announced that NeoVolta is changing its fiscal year-end from June 30 to December 31, effective December 31, 2026. The company will report the six months through December 2026 as a transition period in a Form 10-K with audited financial statements. Its next fiscal year will run through December 2027.
About NeoVolta (NASDAQ:NEOV)
NeoVolta Inc. develops and sells energy storage systems for residential use. Its products are designed to store electricity, including power generated by rooftop solar panels, for use when generation is limited or during a grid outage. The company’s offerings combine battery storage with power-conversion and energy-management components. NeoVolta sells its systems through a network of distributors and solar and electrical installation professionals. Based in California, NeoVolta focuses primarily on the U.S. residential market.
