NeoVolta (NEOV) AI Stock Analysis

• Market Cap: $139.23M
• Dividend Yield: N/A
• Average Volume (3M): 1.12M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.52
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 10
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): N/A
• Shares Outstanding: 42,577,923
• 10 Day Avg. Volume: 668,473
• 30 Day Avg. Volume: 1,119,367
• PEG Ratio: -0.19
• Price to Book (P/B): 38.10
• Price to Sales (P/S): 13.15
• P/FCF Ratio: -25.05
• Enterprise Value/Market Cap: 0.85
• Enterprise Value/Revenue: 6.56
• Enterprise Value/Gross Profit: 35.57
• Enterprise Value/Ebitda: -14.91
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: $3.50 ▲(4.17% Upside)
• Action: Upgraded Date: 03/03/26
• Date: Action: Upgraded 03/03/26

The score is driven primarily by weak financial performance—large losses and significant cash burn despite manageable leverage. Technicals add pressure with the stock trading below key moving averages and a negative MACD. Valuation is hard to justify with negative earnings and no dividend, while corporate events are mixed due to dilution from the equity raise and leadership turnover.

Positive Factors

Installer / distribution channel

NeoVolta’s installer- and distributor-focused go-to-market creates durable, scalable customer access in residential storage. Channel partners can lower acquisition costs, accelerate unit adoption across regions, and embed NeoVolta into installer workflows, supporting repeat sales and service revenue over time.

Product fit within structural industry tailwinds

The company’s battery storage products target long-term secular drivers: residential solar growth, time-of-use rate arbitrage, and rising consumer demand for resilience. Those structural trends sustain addressable market expansion and create multi-year demand potential for storage hardware and associated services.

Management incentive alignment via equity restructure

Shifting executive pay from full-value RSUs to longer-dated, exercise-priced options increases performance linkage to share value and can reduce guaranteed dilution. Over time this can better align management decisions with shareholder outcomes and incentivize execution on product and go-to-market milestones.

Negative Factors

Persistent negative cash flow

Sustained cash burn (~$7.6M TTM) means the business consumes capital rather than self-funds growth. Over a multi-month horizon this raises refinancing and dilution risk, constrains investment in product development and channel expansion, and limits flexibility to scale operations if sales underperform.

Small, declining revenue with deep losses

A modest revenue base that is shrinking while net losses are severe undermines operating leverage and sustainability. Heavy negative margins limit reinvestment, make profitability distant without structural changes, and heighten the need for external capital to fund continued operations and growth initiatives.

Product leadership disruption

The sudden departure of the CPO creates execution risk in a hardware business where product roadmaps, manufacturing coordination, and reliability improvements drive competitiveness. Such turnover can delay product launches, disrupt vendor relationships, and hinder margin improvement efforts over the medium term.

NeoVolta Business Overview & Revenue Model

Company Description

NeoVolta Inc. designs, manufactures, and sells energy storage systems in the United States. It offers NV14 and NV 24 energy storage systems to store and use energy through batteries and an inverter at residential or commercial sites. The company markets and sells its products directly to certified solar installers and solar equipment distributors. NeoVolta Inc. was founded in 2018 and is headquartered in Poway, California.

How the Company Makes Money

NeoVolta Financial Statement Overview

Summary

Financials are weak overall: revenue is small ($13.4M TTM) and declining (-7.4%), profitability is deeply negative (net margin about -73.7%), and cash burn is substantial (operating cash flow and free cash flow about -$7.6M TTM). The balance sheet leverage is not extreme (debt-to-equity ~0.72), but persistent losses and negative cash flow raise ongoing financing/dilution risk.

Income Statement

TTM (Trailing-Twelve-Months) revenue is $13.4M, but revenue declined (-7.4%). Profitability remains very weak: gross margin is modest (~25.6%) while operating results are deeply negative (EBIT and EBITDA margins meaningfully below zero) and net margin is highly negative (about -73.7%). Compared with prior annual periods, revenue has scaled up substantially, but losses have not improved to a sustainable level and operating leverage has not yet shown up.

Balance Sheet

The company has a moderate leverage profile in TTM (Trailing-Twelve-Months) with debt-to-equity around 0.72 and total debt of ~$3.6M against ~$5.0M of equity. Total assets are ~$10.1M, suggesting a growing balance sheet versus earlier annual periods. The key weakness is ongoing heavy losses driving a sharply negative return on equity, which raises the risk that equity could erode if losses persist, even though leverage is not extreme.

Cash Flow

Cash generation is a major concern: TTM (Trailing-Twelve-Months) operating cash flow is about -$7.6M and free cash flow is also about -$7.6M, indicating the business is consuming cash rather than funding itself. While free cash flow growth is positive in the TTM data, the absolute level remains deeply negative, and cash burn alongside net losses increases financing risk if conditions don’t improve.

Breakdown	TTM	Sep 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	18.06M	8.43M	2.65M	3.46M	4.47M	4.82M
Gross Profit	3.33M	1.51M	510.35K	688.00K	667.13K	647.72K
EBITDA	-7.95M	-4.63M	-1.87M	-1.11M	0.00	-7.60M
Net Income	-9.88M	-5.03M	-2.30M	-2.64M	-5.80M	-7.67M
Balance Sheet
Total Assets	10.11M	6.81M	4.66M	6.51M	4.13M	3.26M
Cash, Cash Equivalents and Short-Term Investments	242.43K	794.84K	986.43K	2.00M	330.38K	425.68K
Total Debt	3.59M	3.13M	0.00	0.00	1.12M	19.31K
Total Liabilities	5.11M	3.90M	61.10K	39.49K	1.51M	113.56K
Stockholders Equity	5.00M	2.91M	4.60M	6.47M	2.62M	3.15M
Cash Flow
Free Cash Flow	-8.05M	-4.43M	-1.02M	-2.11M	-1.16M	-883.62K
Operating Cash Flow	-7.55M	-4.43M	-1.02M	-2.11M	-1.16M	-883.62K
Investing Cash Flow	-500.00K	0.00	0.00	0.00	0.00	0.00
Financing Cash Flow	7.97M	4.23M	0.00	3.78M	1.07M	0.00

NeoVolta Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ULBI	64 Neutral	$92.40M	-23.26	1.26%	―	12.94%	-81.09%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
FCEL	51 Neutral	$378.55M	-2.71	-26.12%	―	41.05%	-1.02%
FLUX	46 Neutral	$30.73M	10.40	-211.67%	―	2.14%	5.01%
NEOV	44 Neutral	$139.23M	-4.80	-176.25%	―	―	―
GWH	43 Neutral	$38.66M	-0.52	-265.36%	―	-3.53%	24.37%
NVX	43 Neutral	$194.70M	-1.85	-45.13%	―	-14.27%	-28.56%

NeoVolta Corporate Events

NeoVolta Restructures Executive Equity Compensation via Stock Options

On February 23, 2026, NeoVolta, Inc. executed agreements with Chief Executive Officer Ardes Johnson and Chief Financial Officer Steve Bond to cancel previously granted restricted stock units that had entitled them to 1,280,000 and 240,000 shares of common stock, respectively. In exchange, the company granted new stock options intended to deliver equivalent value, with vesting schedules tied to continued service and expiration in 2031.

Under the revised awards approved by the compensation committee, Johnson received options to purchase 1,880,166 shares and Bond received options for 352,531 shares, all at an exercise price of $3.54, the closing market price on the grant date. The move shifts a substantial portion of the executives’ equity compensation from full-value RSUs to options, increasing performance linkage via the exercise price and potentially altering dilution and incentive dynamics for shareholders and management.

The most recent analyst rating on (NEOV) stock is a Sell with a $3.00 price target. To see the full list of analyst forecasts on NeoVolta stock, see the NEOV Stock Forecast page.

NeoVolta abruptly terminates Chief Product Officer Mendik

On January 30, 2026, NeoVolta Inc. terminated its Chief Product Officer, Michael Mendik, effective immediately. The sudden executive change signals a potential shift in the company’s product leadership and strategic direction, with implications for internal operations and stakeholder confidence.

The most recent analyst rating on (NEOV) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on NeoVolta stock, see the NEOV Stock Forecast page.

NeoVolta announces $10 million registered direct equity offering

On January 22, 2026, NeoVolta Inc. entered into a securities purchase agreement for a registered direct offering of 2,100,841 shares of its common stock at $4.76 per share, for expected gross proceeds of approximately $10 million, with closing anticipated on or about January 26, 2026, subject to customary conditions. Announced publicly on January 23, 2026, the equity raise, for which Needham & Company acted as sole placement agent, is intended to bolster NeoVolta’s working capital and general corporate resources, supporting its ongoing operations and growth in the energy storage market while modestly diluting existing shareholders.

The most recent analyst rating on (NEOV) stock is a Hold with a $5.50 price target. To see the full list of analyst forecasts on NeoVolta stock, see the NEOV Stock Forecast page.

NeoVolta Elects Directors at Annual Meeting

On December 10, 2025, NeoVolta, Inc. held its Annual Meeting where 54.3% of the company’s outstanding shares were voted. All director nominees were elected, and the appointment of MaloneBailey, LLP as the independent registered public accounting firm for the fiscal year ending June 30, 2026, was ratified.

The most recent analyst rating on (NEOV) stock is a Buy with a $7.50 price target. To see the full list of analyst forecasts on NeoVolta stock, see the NEOV Stock Forecast page.