NeoVolta Reports Second Quarter Fiscal 2026 Financial Results and Provides Strategic Update on Transformation to Integrated Energy Solutions Platform

Rhea-AI Summary

NeoVolta (NASDAQ: NEOV) reported Q2 FY2026 revenue of $4.6 million (up 334% YoY) and six-month revenue of $11.3 million (up 580% YoY). Gross profit was $0.8 million (~17% margin); Q2 net loss was $5.5 million or $(0.16) per share.

Strategic highlights include closing the Neubau asset acquisition and NVWAVE launch, advancing a $39 million potential Luminia supply framework, launching a 60%-owned 2 GWh Georgia manufacturing JV, and raising approximately $23 million in financing.

Positive

• Revenue +334% YoY in Q2 to $4.6 million
• Six-month revenue +580% YoY to $11.3 million
• 60% stake in 2 GWh Georgia manufacturing JV (domestic production)
• $23 million gross proceeds raised to fund JV and working capital
• $39 million potential equipment revenue from Luminia collaboration

Negative

• Gross margin compressed from ~30% to ~17% in Q2
• Q2 net loss widened to $5.5 million (share-based comp and charges)
• Operating expenses rose due to $2.1 million higher share-based compensation
• $8.0 million Phase 2 JV payment due April 30, 2026 (funding obligation)

Market Reaction

+4.51% $3.30

15m delay 23 alerts

+4.51% Since News

$3.30 Last Price

$3.13 $3.59 Day Range

+$6M Valuation Impact

$137M Market Cap

1K Volume

Following this news, NEOV has gained 4.51%, reflecting a moderate positive market reaction. Our momentum scanner has triggered 23 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $3.30. This price movement has added approximately $6M to the company's valuation.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

Q2 FY2026 Revenue: $4.6 million Q2 FY2025 Revenue: $1.1 million Six-month Revenue: $11.3 million +5 more

8 metrics

Q2 FY2026 Revenue $4.6 million Quarter ended December 31, 2025

Q2 FY2025 Revenue $1.1 million Prior-year quarter comparison

Six-month Revenue $11.3 million First half FY2026 vs $1.7 million prior-year period

Q2 Gross Margin 17% Q2 FY2026 vs approximately 30% in Q2 FY2025

Q2 Operating Expenses $5.2 million Q2 FY2026 vs $1.3 million in Q2 FY2025

Q2 Net Loss $(5.5) million / $(0.16) per share Quarter ended December 31, 2025

Capital Raised $23 million gross proceeds Two equity financings since December 2025

Working Capital Approximately $16 million After financings and initial $7 million JV contribution

Market Reality Check

Price: $3.71 Vol: Volume 563,716 is 0.36x t...

low vol

$3.71 Last Close

Volume Volume 563,716 is 0.36x the 20-day average of 1,564,204, suggesting relatively muted trading versus recent activity. low

Technical Shares at $3.71 trade below the 200-day MA of $4.07, about 47.97% below the 52-week high of $7.13 and 106.11% above the 52-week low of $1.80.

Peers on Argus

NEOV’s modest -0.27% move contrasts with mixed peers: TGEN appeared in momentum ...

1 Up

NEOV’s modest -0.27% move contrasts with mixed peers: TGEN appeared in momentum scanners up 7.87%, while ESP, FCEL, NVX and ELVA show varied moves. Only one peer is in momentum and there’s no clear sector-wide direction, pointing to company-specific focus around the earnings and strategic update.

Previous Earnings Reports

1 past event · Latest: Jul 16 (Positive)

Same Type Pattern 1 events

Date	Event	Sentiment	Move	Catalyst
Jul 16	Earnings outlook	Positive	+0.0%	Preliminary results projecting record quarter and >225% FY2025 revenue growth.

Pattern Detected

Limited earnings history in the dataset: prior earnings-related news showed no immediate price reaction despite highlighting strong growth expectations.

Recent Company History

Over the past several months, NeoVolta has focused on rapid growth and vertical integration. A prior July 16, 2025 earnings update projected a third consecutive record quarter with estimated revenue of $5 million and more than 225% full-year revenue growth, far above a typical 20% industry rate. Since then, filings and press releases detailed the Georgia BESS joint venture, significant equity financings, and asset acquisitions. Today’s Q2 FY2026 results and strategic update extend that growth story with much higher revenue but also larger losses and spending to build the integrated platform.

Historical Comparison

+0.0% avg move · Past earnings news on Jul 16, 2025 highlighted strong growth but saw a 0% next-day move. With an ave...

earnings

+0.0%

Average Historical Move earnings

Past earnings news on Jul 16, 2025 highlighted strong growth but saw a 0% next-day move. With an average historical earnings reaction of 0%, today’s modest price change fits a pattern of cautious trading despite notable revenue growth.

Earnings communications progressed from forecasting record FY2025 growth to reporting Q2 FY2026 results with sharply higher revenue and expanded losses as NeoVolta invests in an integrated storage platform and domestic manufacturing capacity.

Market Pulse Summary

This announcement combines Q2 FY2026 financial results with a detailed update on NeoVolta’s shift to...

Analysis

This announcement combines Q2 FY2026 financial results with a detailed update on NeoVolta’s shift to an integrated energy storage platform. Revenue grew to $4.6 million for the quarter and $11.3 million for the first half, while gross margin compressed to about 17% and net loss widened to $(5.5) million. The company outlined sizable capital commitments to its Georgia joint venture and highlighted recent financings totaling $23 million. Investors may watch execution on manufacturing milestones, margin trends, and further financing needs tied to planned expansion.

Key Terms

battery-as-a-service (baas), third-party ownership (tpo), epc, section 45x advanced manufacturing production tax credits, +3 more

7 terms

battery-as-a-service (baas) financial

"innovative financing models including Battery-as-a-Service (BaaS) and third-party ownership"

A battery-as-a-service (BaaS) model separates the battery from the product and offers batteries on a subscription, rental or swap basis rather than selling them outright. For investors, it changes revenue from one-time sales to recurring fees, reduces upfront cost for customers, and concentrates value in battery maintenance, replacement and recycling — similar to subscribing for phone battery swaps instead of buying a new phone for each worn battery.

third-party ownership (tpo) financial

"innovative financing models including Battery-as-a-Service (BaaS) and third-party ownership (TPO)"

Third-party ownership is an arrangement where an outside entity—not the company or the original owner—holds legal rights to an asset, contract, or revenue stream tied to the company. For investors, it matters because that outside ownership can change who collects income, who bears losses, and how transparent and controllable the asset is; think of it like a car you use every day that someone else legally owns, which limits what you can do with it and who benefits from it.

epc technical

"Targets the underserved "missing middle" market with bundled EPC and financing solutions."

An EPC (engineering, procurement and construction) contract is a single agreement where a contractor designs a project, buys the materials and builds it, then hands over a finished, ready-to-use facility—much like hiring a general contractor to deliver a completed house. For investors, EPCs matter because they concentrate responsibility for cost, schedule and delivery with the contractor, affecting a company’s revenue visibility, cash needs and exposure to construction or performance risks.

section 45x advanced manufacturing production tax credits regulatory

"Fully FEOC-eligible for Section 45X Advanced Manufacturing Production Tax Credits"

A U.S. tax credit that pays manufacturers a fixed amount for each unit of qualifying clean-energy components produced domestically, intended to accelerate building of batteries, solar panels, wind parts and related processing of critical minerals. It matters to investors because it effectively acts as a per-unit rebate that reduces manufacturing costs, improves project returns and can turn marginal factory or supply-chain investments into profitable ones, influencing capital allocation and valuation.

investment tax credit regulatory

"and 48E Investment Tax Credit, with the ability to meet certain domestic content requirements"

An investment tax credit is a government incentive that reduces the amount of taxes a business owes after making certain investments, such as purchasing equipment or building facilities. It encourages companies to spend money on projects that can boost economic growth or improve infrastructure. For investors, it can make investments more attractive by increasing potential returns and supporting long-term business expansion.

iatf 16949 technical

"Automotive-Grade Operations: IATF 16949-certified production line"

An international quality management standard for companies that design and make parts for vehicles, built on a widely used quality framework and tailored to the automotive industry. Like a detailed recipe and inspection checklist that suppliers must follow, it signals consistent production, fewer defects, and eligibility for major auto contracts — information investors use to judge operational reliability, risk of costly recalls, and potential for steady revenue.

registered direct offering financial

"$10 Million Registered Direct Offering (January 2026): Closed with Needham & Company"

A registered direct offering is a way for a company to sell new shares of its stock directly to select investors with regulatory approval. This method allows the company to raise funds quickly and efficiently without needing a public auction, similar to offering exclusive access to a limited number of buyers. For investors, it often provides an opportunity to purchase shares at a favorable price, while giving the company immediate access to capital.

AI-generated analysis. Not financial advice.

Transformational Quarter Positions Company for Next Phase of Strong Growth

SAN DIEGO, Feb. 17, 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 its second quarter fiscal 2026 ended December 31, 2025, and provided an update on transformational strategic initiatives that are positioning the Company as an integrated energy storage platform serving residential, commercial & industrial (C&I), and utility-scale markets.

Management Commentary

"This was a transformational quarter that sets NeoVolta up for the next phase of strong growth and positions us to capitalize on the massive market opportunity ahead," said Ardes Johnson, Chief Executive Officer of NeoVolta. "We are rapidly approaching our goal of becoming a vertically integrated energy solutions provider capable of serving what we estimate to be a $45 billion combined addressable market across residential, C&I, and utility-scale segments by 2030."

"Our strategy is coming together exactly as planned. We closed the Neubau Energy asset acquisition and are preparing to launch our innovative NVWAVE modular battery platform, which delivers faster installation times and enhanced margins. We advanced our proposed strategic collaboration with Luminia for up to 160 MWh of energy storage supply, representing approximately $39 million in potential equipment revenue. And most significantly, we launched our transformational U.S. battery manufacturing joint venture in Georgia. This plant is a 60% owned, 2 GWh facility that when completed will unlock domestic production for higher-margin utility and C&I markets while qualifying for tax incentives."

Johnson continued, "Our integrated platform strategy creates multiple vectors of value creation. Residential provides brand strength and revenue stability. C&I represents the high-growth 'missing middle' where we believe there are significant near-term opportunities over the next 2 to 3 years. And utility-scale, to be enabled by our Georgia manufacturing JV, delivers the scale and margin profile to drive long-term shareholder value. These aren't isolated initiatives. They're deliberately interconnected levers that we believe will begin to de-risk our business model while expanding our market reach."

Second Quarter Fiscal 2026 Financial Highlights

• Revenue: $4.6 million for Q2 FY2026, compared to $1.1 million for Q2 FY2025, representing growth of 334% year-over-year. Six-month revenue totaled $11.3 million, up 580% compared to $1.7 million in the prior year period.

• Revenue Growth Drivers: Year-over-year revenue acceleration was driven by continued expansion beyond the Company's traditional Southern California installer base into multiple new geographic markets and distribution channels, while maintaining consistent pricing.

• Gross Profit: Gross profit for Q2 FY2026 was $0.8 million, or approximately 17% gross margin, compared to $0.3 million, or approximately 30% gross margin, in Q2 FY2025. Six-month gross profit was $2.3 million, or approximately 21% gross margin. The year-over-year margin compression primarily reflects strategic inventory investments and supply chain dynamics, partially offset by the reversal of a prior-year inventory obsolescence reserve in the comparable quarter.

• Operating Expenses: Operating expenses for Q2 FY2026 totaled $5.2 million, compared to $1.3 million in Q2 FY2025. The increase was primarily attributable to higher non-cash share-based compensation of $2.1 million and ongoing investments in leadership and sales infrastructure, resulting in an elevated quarterly expense level as the Company resets its operating structure ahead of planned manufacturing expansion.

• Net Loss: Net loss for Q2 FY2026 was $(5.5) million, or $(0.16) per share, compared to $(1.0) million, or $(0.3) per share, in Q2 FY2025. Six month net loss was $(6.8) million, or $(0.2) per share. The increased loss during the second quarter includes higher share-based compensation expense for employees, board members and consultants of $2.1 million and non-operating charges of $1.1 million.
  

Strategic Transformation Update: Building an Integrated Energy Storage Platform

NeoVolta is executing on its vision to become an integrated energy storage platform serving three complementary market segments, each offering distinct strategic advantages:

Residential Platform: Provides brand visibility, channel diversification, and recurring revenue foundation through expanded installer partnerships and innovative financing models including Battery-as-a-Service (BaaS) and third-party ownership (TPO) structures.

Commercial & Industrial (C&I) Platform: Targets the underserved "missing middle" market with bundled EPC and financing solutions. The Company has advanced discussions for a pipeline exceeding 100 MW and views the C&I segment as a high-growth opportunity over the next 2 to 3 years.

Utility-Scale Platform: Enabled by the Company's 60% owned Georgia manufacturing joint venture, that is expected to provide access to higher-margin utility-scale projects while meeting domestic content requirements for IRA qualification.

Key Strategic Milestones Achieved in Q2 FY2026

1. Neubau Energy Asset Acquisition Closed (October 2025)

NeoVolta completed the acquisition of substantially all assets of Neubau Energy Inc., including proprietary modular battery storage technology marketed as the NVWAVE (neuClick™) platform. Key highlights:

• Faster Installation: Plug-and-play 10 to 15 kWh modules install in under 30 minutes, approximately 75% faster than traditional systems

• Scalable Architecture: Stackable to 60 kWh for residential and light C&I applications

• Enhanced Margins: Simplified U.S.-aligned production reduces labor costs and improves gross margins

• Leadership Integration: Appointed Amany Ibrahim as Chief Operating Officer and Thomas Enzendorfer as Chief Technology Officer

• Commercial Launch: Shipments began in January 2026 following successful pre-order campaign
  

2. Luminia Strategic Collaboration Advanced (December 2025)

NeoVolta advanced its proposed strategic framework with Luminia, a California-based energy storage project developer and financing platform, for supply collaboration of up to 160 MWh of battery energy storage systems. Key elements:

• Equipment Revenue Potential: Approximately $39 million in potential equipment revenue based on current market pricing

• C&I Market Entry: Luminia partnership provides turnkey EPC capabilities and project financing to accelerate C&I market penetration

• Factory Demand Visibility: Creates line-of-sight demand for Georgia manufacturing facility production

• Financing Innovation: Enables bankable energy solutions through Luminia's established financing relationships

3. U.S. Battery Manufacturing Joint Venture Launched (January 2026)

NeoVolta formed NeoVolta Power, LLC, a 60% owned joint venture with U.S. affiliates of PotisEdge (battery manufacturing expertise) and LONGi Green Energy (global tier-1 solar and energy storage equipment supplier) to establish domestic BESS manufacturing in Pendergrass, Georgia. Key highlights:

• Capacity: 2 GWh planned initial annual production capacity, with potential scalability to 8 GWh

• Product Mix: Approximately 75% utility-scale and 25% C&I focus

• Tax Incentive Compliance: Fully FEOC-eligible for Section 45X Advanced Manufacturing Production Tax Credits and 48E Investment Tax Credit, with the ability to meet certain domestic content requirements

• Strategic Location: 210,600 sq. ft. facility along I-85 corridor for optimal logistics

• Production Timeline: Mass production currently targeted for mid-2026

• Governance: NeoVolta holds 60% controlling interest with 3 of 5 board seats

Strategic Rationale:

• De-risks supply chain with domestic manufacturing capabilities

• Unlocks access to higher-margin utility-scale and large C&I markets

• Positions Company to benefit from strong U.S.-made BESS demand driven by IRA incentives

• Creates potential for significant revenue scale at full utilization

Capital Structure and Financing Update

The Company has successfully executed a comprehensive capital plan to fund its strategic transformation while maintaining adequate working capital for core operations:

Recent Financing Transactions Completed:

Since December 2025, NeoVolta has raised approximately $23 million in gross proceeds through two equity financing transactions:

1. $13 Million Private Placement (December 2025 to January 2026): Anchored by Infinite Grid Capital (IGC), a strategic investor with deep expertise in energy infrastructure. Proceeds funded the Company's initial $7 million joint venture contribution and provided approximately $6 million for working capital.
2. $10 Million Registered Direct Offering (January 2026): Closed with Needham & Company as exclusive placement agent, generating net proceeds of approximately $9.4 million for working capital and to position the Company to fund the April 30, 2026 milestone payment to the joint venture.

Joint Venture Capital Commitment Structure:

NeoVolta's total committed capital contribution to the JV is structured in three distinct phases:

• Phase 1 (Completed): $7.0 million initial contribution, funded in January 2026

• Phase 2 (April 30, 2026): $8.0 million second milestone contribution

• Phase 3 (At Commissioning): $10.0 million via Asset Purchase Agreement with JV partner
  

Additionally, the joint venture operating agreement provides for up to $15 million in discretionary contributions through June 30, 2027, if needed to support expanded capacity or accelerated growth initiatives.

Strong Financing Position for Phase 2 Milestone:

With approximately $16 million in working capital following the recent financing transactions and initial JV contribution, NeoVolta believes it is positioned to meet its $8 million Phase 2 funding obligation due April 30, 2026, while maintaining liquidity for core business operations. The Company continues to evaluate strategic financing alternatives, including project financing and equipment financing, to fund the Phase 3 Asset Purchase Agreement payment at commissioning.

De-Risking Capital Plan:

"We've made significant progress de-risking our joint venture financing obligations while strengthening our balance sheet," Johnson noted. "The two financing transactions we completed, totaling $23 million in gross proceeds, successfully funded our initial $7 million JV commitment and effectively position us to meet the $8 million April milestone. This disciplined approach ensures we can simultaneously invest in our transformational manufacturing platform while supporting the working capital needs of our rapidly growing core business."

Joint Venture Progress Update: Key Milestones and Timeline

The NeoVolta Power, LLC manufacturing facility is progressing with the following targeted key milestones:

• Equipment Acquisition & Installation: Q1 to Q2 CY2026

• Production Line Commissioning: Q2 CY2026

• Mass Production Ramp: Mid-2026 targeted

• Automotive-Grade Operations: IATF 16949-certified production line

• Workforce: Approximately 89 production personnel (single shift, 8 hours/day) at initial capacity

• Initial Products: Utility-scale (NVGain-215K6.25, NVApex-372) and C&I systems (NVApex-5M, NVGain-125K233)

• Future Expansion: Pouch cell assembly capability planned for 2027
  

Industry Partnership Validation:

"Our partnership with PotisEdge and LONGi brings world-class battery manufacturing expertise and global supply chain relationships to NeoVolta," Johnson said. "These partnerships significantly de-risk the technical execution of the facility while providing access to best-in-class equipment and processes. The interest we're seeing from potential customers validates the market demand for domestically manufactured, IRA-compliant BESS solutions."

Leadership Update

During the quarter, the Company made a planned change in its Chief Product Officer role.

"We recently made a planned decision regarding our Chief Product Officer role, driven by the next phase of our execution strategy," Johnson stated. "I want to be very clear: our product strategy is unchanged, our development timelines are intact, and our manufacturing and commercialization plans are proceeding exactly as outlined."

"Product leadership at NeoVolta is deeply institutionalized across our engineering, operations, and manufacturing teams. Over the past year, we have intentionally built depth and redundancy so that execution does not hinge on any single individual. In the near term, product responsibilities are being overseen by senior leadership, and we are evaluating the right long-term structure to support our expansion across residential, C&I, and utility-scale platforms."

"Importantly, this change does not affect customer deliveries, regulatory timelines, or our joint venture manufacturing plans. We remain fully focused on execution and scale."

Conference Call Information

NeoVolta will host a conference call today, February 17, 2026, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss second quarter fiscal 2026 results and provide a business update.

Dial-in Information:

• Date: Tuesday, February 17, 2026

• Time: 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time)

• Phone: +1 (201) 389-0908

• Webcast: Available at www.neovolta.com/investors

A telephonic replay will be available from 2:00 p.m. ET on February 17, 2026 through Tuesday, March 3, 2026. To listen to the archived call, dial +1 (412) 317-6671 and enter replay PIN 13758524.

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.

Forward-Looking Statements

Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this release include, without limitation, statements regarding the ability to raise additional capital, manufacturing capacity, production timelines, market opportunity, revenue potential, future operations, expansion into C&I and utility-scale markets, anticipated benefits from the Neubau Energy asset acquisition and NVWAVE platform, expected outcomes from the Luminia relationship, the Georgia manufacturing joint venture including targeted commissioning dates, production capacity, IRA qualification and potential scalability, gross margin expectations, the Company's ability to meet joint venture capital contribution obligations, and the sufficiency of working capital. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ‘believes,’ ‘estimates,’ ‘anticipates,’ ‘expects,’ ‘plans,’ ‘projects,’ ‘intends,’ ‘potential,’ ‘may,’ ‘could,’ ‘might,’ ‘will,’ ‘should,’ ‘approximately’ or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under Item 1A. "Risk Factors" in the Company’s most recently filed Form 10-K filed with the Securities and Exchange Commission ('SEC') and updated from time to time in its Form 10-Q filings and in its other public filings with the SEC. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.

Contacts

NEOV Investors
Alliance Advisors IR
ir@neovolta.com

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

FAQ

What were NeoVolta (NEOV) Q2 FY2026 revenue and net loss figures?

NeoVolta reported $4.6 million in Q2 revenue and a $5.5 million net loss. According to the company, six-month revenue was $11.3 million and loss drivers included share-based compensation and non-operating charges.

What is the significance of NeoVolta's 60% owned Georgia manufacturing JV (NEOV)?

The JV is a 60% owned, planned 2 GWh facility intended to enable domestic BESS production and higher-margin utility projects. According to the company, it targets mid-2026 mass production and IRA-eligible tax incentives.

How does the Neubau NVWAVE acquisition affect NeoVolta (NEOV) operations?

The Neubau acquisition adds the NVWAVE modular platform, enabling faster installs and reduced production labor costs. According to the company, shipments began in January 2026 following a successful pre-order campaign.

What is the scope and value of the Luminia collaboration announced by NeoVolta (NEOV)?

NeoVolta advanced a framework to supply up to 160 MWh of systems, representing about $39 million in potential equipment revenue. According to the company, Luminia provides EPC and financing to accelerate C&I projects.

Is NeoVolta (NEOV) funded to meet upcoming joint venture commitments?

NeoVolta says it has approximately $16 million in working capital and raised about $23 million gross, positioning it to meet the $8.0 million Phase 2 JV payment due April 30, 2026. The company is evaluating additional financing options.