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NeoVolta Inc. (NEOV)·Q1 2026 Earnings Summary

Executive Summary

  • Q1 FY2026 revenue was $6.65M, up >1,000% year-over-year and ~40% sequential, marking the highest quarterly revenue in NEOV’s history .
  • EPS was $(0.04) with gross margin ~24% and net loss $(1.24)M, reflecting continued scale-up costs and interest expense from short-term financing .
  • Results vs consensus: revenue massively beat sparse Wall Street estimates ($6.65M vs $2.60M*), while EPS was in line (−$0.04 vs −$0.04*) [GetEstimates].
  • Strategic update: NEOV closed the Neubau asset purchase (IP, modular battery platform), citing expected accretion to revenue and gross margins and mitigation of 2026 tariff risk via Austrian manufacturing .
  • Watch items: interest expense rose to $0.39M and short-term notes payable climbed to $4.14M; disclosure controls remain not effective due to segregation-of-duties weakness .

What Went Well and What Went Wrong

What Went Well

  • “Our results this quarter reflect the successful expansion of our sales and distribution channels,” driving preliminary revenue above $6.5M and record quarterly revenue .
  • Gross margin improved to ~24% vs ~16% prior-year quarter, aided by manufacturing efficiencies and correction of a prior period entry .
  • Neubau acquisition adds modular tech enabling ~30-minute installs, expected to be accretive to revenue and gross margins and to provide tariff-advantaged access via Austria .

What Went Wrong

  • Net loss persisted at $(1.24)M amid higher operating expenses and $0.39M interest expense tied to short-term financing .
  • Operating cash flow was negative $(2.49)M, with accounts receivable rising by $2.36M during the quarter as demand scaled .
  • Disclosure controls deemed not effective due to segregation-of-duties weakness; remediation requires additional personnel .

Financial Results

MetricQ2 FY2025Q3 FY2025Q4 FY2025Q1 FY2026
Revenue ($USD)$1,071,581 $2,014,105 $4,750,913 $6,650,258
Gross Profit ($USD)$323,911 $514,508 $575,439 $1,577,252
Gross Margin %30% ~26% 12% ~24%
Operating Expenses ($USD)$1,270,841 $1,885,478 $2,007,840 $2,431,580
Net Loss ($USD)$(971,137) $(1,449,331) $(1,649,634) $(1,243,322)
Diluted EPS ($USD)$(0.03) $(0.04) $(0.05) $(0.04)

Segment breakdown: Not disclosed; revenue is from ESS and related components with customer concentration by dealers/installers .

KPIs (Balance Sheet and Working Capital)

KPIQ2 FY2025Q3 FY2025Q4 FY2025Q1 FY2026
Cash & Equivalents ($USD)$328,746 $535,966 $794,836 $889,819
Accounts Receivable, net ($USD)$1,656,114 $2,356,468 $2,983,841 $5,210,379
Inventory, net ($USD)$2,033,258 $2,279,725 $2,137,912 $1,478,780
Net Working Capital ($USD)~$3.7M ~$4.2M ~$3.2M ~$2.7M
Short-term Notes Payable ($USD)$249,711 $1,420,116 $2,603,223 $4,142,275

Results vs Wall Street Consensus (S&P Global)

MetricQ1 FY2026 ConsensusQ1 FY2026 Actual
Revenue ($USD)$2,600,000*$6,650,258
EPS ($USD)$(0.04)*$(0.04)
# of Estimates (Revenue / EPS)1 / 1*N/A

Values retrieved from S&P Global.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueQ1 FY2026Preliminary: “surpass $6.5M” Actual: $6.65M Beat prelim

No formal forward guidance ranges for revenue, margins, OpEx, tax rate or segment metrics were provided in Q1 filings/press; full results released without forward ranges .

Earnings Call Themes & Trends

No Q1 FY2026 earnings call transcript was found in the document set; themes below synthesize filings and press releases.

TopicPrevious Mentions (Q-2: Q3 FY2025)Previous Mentions (Q-1: Q4 FY2025)Current Period (Q1 FY2026)Trend
Tariffs / MacroAnticipated tariff increases; stockpiled components; potential price vs margin trade-off Continued monitoring; tariff risk reiterated Tariff increase temporarily suspended to Nov 2025; continued stockpiling; Austria manufacturing via Neubau to mitigate Risk mitigated near-term; strategic sourcing enhanced
Distribution & Installer ExpansionNew sales channels drove record quarterly revenues Distributor POs >$3M; record installer growth in Texas Expansion credited for >1,000% YoY; record quarter Accelerating expansion
Product Pipeline & TechCore NV14/NV24; scaling Launch of 250kW/430kWh C&I BESS; NV16kW AC hybrid inverter Neubau modular platform with ~30-minute installs; CTO/COO additions Broader portfolio; faster deployment
Financing / LiquidityNew LOC (up to $5M) at 16% rate LOC usage; warrants exercised; private offering proceeds Short-term AR financing expanded; $0.39M interest; $800k stock subscription advance Increased leverage to fund growth
Regulatory / NEM3NEM3 impact on CA economics; battery attach rates Continued market/regulatory commentary Focus on distributed storage adoption; VPP software pathway noted earlier Battery adoption tailwind persists

Management Commentary

  • “Our results this quarter reflect the successful expansion of our sales and distribution channels and growing adoption of distributed energy storage solutions.” — CEO Ardes Johnson .
  • “Merging Neubau’s talent and next-gen battery manufacturing platform…we expect it to be immediately accretive to revenue and gross margins.” — CEO Ardes Johnson .
  • “Neubau’s technology portfolio and manufacturing know-how are expected to provide us tariff-free access to advanced battery technology.” — CEO Ardes Johnson .

Q&A Highlights

  • No Q1 FY2026 earnings call transcript was available in the filings/press corpus; no Q&A recorded in our sources.

Estimates Context

  • Revenue materially beat consensus ($6.65M vs $2.60M*), indicating demand acceleration and channel expansion outpaced expectations; EPS matched consensus at $(0.04)* [GetEstimates].
  • Sparse coverage (only one estimate*) suggests future estimate resets are likely; revenue forecasts should rise while EPS paths will depend on operating leverage vs financing costs and OpEx [GetEstimates] .

Values retrieved from S&P Global.

Key Takeaways for Investors

  • Top-line inflection: Q1 revenue of $6.65M vs $2.60M* consensus and up ~40% sequential signals strong demand and broader distribution traction [GetEstimates].
  • Margin trajectory improving to ~24% (from 12% in Q4 FY2025), with potential incremental benefit from modular installs and manufacturing efficiencies .
  • Profitability gating factor: financing-heavy growth (short-term notes $4.14M; interest expense $0.39M) and rising OpEx imply near-term EPS leverage hinges on working capital discipline and cost control .
  • Strategic optionality: Neubau acquisition expands portfolio and could mitigate tariff exposure via Austrian manufacturing; integration execution is a near-term focus .
  • Working capital watch: AR growth (+$2.36M) and negative operating cash flow in Q1 warrant monitoring for collections cadence and inventory turns as volumes scale .
  • Controls and governance: remediation of segregation-of-duties weakness is necessary to support scaling operations and investor confidence .
  • Near-term trading lens: The outsized revenue beat versus consensus and continued margin improvement are positive catalysts, while financing costs and cash conversion are key swing variables for multiple expansion [GetEstimates].