NeoVolta (NEOV) AI Stock Analysis

• Market Cap: $161.23M
• Dividend Yield: N/A
• Average Volume (3M): 996.29K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.37
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 10
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): -0.10
• Shares Outstanding: 38,296,524
• 10 Day Avg. Volume: 1,941,861
• 30 Day Avg. Volume: 996,289
• 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: 0.93
• Enterprise Value/Revenue: 10.37
• Enterprise Value/Gross Profit: 50.22
• Enterprise Value/Ebitda: -32.99
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.13
• Revenue Forecast (FY): $20.50M

• Rating: 52 Neutral
• Price Target: $4.50 ▲(6.89% Upside)

The score is held back primarily by weak financial performance (large losses, negative operating/free cash flow, and higher leverage) despite strong revenue growth. Technical indicators are relatively supportive and the $10M equity raise improves liquidity, but dilution and lack of profitability keep the overall rating in the low-to-mid range.

Positive Factors

Revenue Growth

Sustained ~72% TTM revenue growth indicates strong demand and accelerating unit adoption for NeoVolta's residential storage products. Over a multi-quarter horizon this growth supports scale advantages, distributor momentum, and potential operating leverage if gross margins and cost structure improve.

Channel-based Market Position

A distribution-and-installer model aligns NeoVolta with the residential solar ecosystem, enabling scalable go-to-market reach without a heavy direct-sales cost base. Durable installer relationships can drive repeat installations and product bundling, supporting steady revenue capture as solar-plus-storage penetration grows.

Access to Capital / Liquidity Support

Ability to secure a $10M registered direct offering (and prior private placement activity) provides near-term runway to fund operations, inventory, and channel expansion. This access to equity markets reduces immediate bankruptcy risk and supports execution while the company scales toward profitability.

Negative Factors

Negative Profitability

Deep operating and net losses reflect that current unit economics and gross margins (~20.6%) are insufficient to cover SG&A and R&D. Persistent negative margins must be narrowed through price/mix, cost reductions, or scale to achieve sustainable profitability over the next several quarters.

Material Cash Burn

Consistent negative operating and free cash flow implies reliance on external financing to fund working capital and growth. Until OCF turns positive, the company faces dilution risk, constrained reinvestment capacity, and potential vulnerability to tighter capital markets or slower funding availability.

Rising Leverage and Small Equity Base

Elevated leverage and a thin equity cushion increase financial fragility if losses continue. Higher debt amplifies refinancing and covenant risk, limits flexibility for capital investments, and can force unfavorable financing terms or further dilution to shore up the balance sheet 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

Revenue growth is very strong (+71.9% TTM), but fundamentals remain weak with deep operating losses (EBIT margin ~-31.8%), sizable net losses (net margin ~-36.7%), materially negative operating/free cash flow (~-$6.3M OCF), and rising leverage (debt-to-equity ~2.28x).

Income Statement

TTM (Trailing-Twelve-Months) revenue growth is very strong (+71.9%), showing accelerating demand and better scale than prior years. However, profitability remains weak: gross margin is modest (~20.6%) and operating results are deeply negative (EBIT margin ~-31.8%), with a sizable net loss (net margin ~-36.7%). Overall, the trajectory on sales is improving, but the business has not yet converted growth into sustainable earnings.

Balance Sheet

The balance sheet has become more leveraged: total debt rose to ~$4.9M in TTM (Trailing-Twelve-Months) and leverage is elevated (debt-to-equity ~2.28x), up from ~1.07x in the most recent annual period and near-zero debt in earlier years. Equity is relatively small (~$2.1M), and returns on equity are materially negative, reflecting ongoing losses. While assets have grown (~$8.4M), the rising leverage increases financial risk if losses persist.

Cash Flow

Cash generation is a key weakness: TTM (Trailing-Twelve-Months) operating cash flow is materially negative (~-$6.3M) and free cash flow is similarly negative, indicating ongoing cash burn to fund operations. Free cash flow growth is positive versus the prior period, but it remains meaningfully below zero, and cash flow still does not cover the net loss in an economically healthy way. The company likely remains dependent on external funding until profitability and working-capital dynamics improve.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	14.49M	8.43M	2.65M	3.46M	4.47M	4.82M
Gross Profit	2.99M	1.51M	510.35K	688.00K	667.13K	647.72K
EBITDA	-4.55M	-4.63M	-1.87M	-1.11M	0.00	-7.60M
Net Income	-5.31M	-5.03M	-2.30M	-2.64M	-5.80M	-7.67M
Balance Sheet
Total Assets	8.45M	6.81M	4.66M	6.51M	4.13M	3.26M
Cash, Cash Equivalents and Short-Term Investments	889.82K	794.84K	986.43K	2.00M	330.38K	425.68K
Total Debt	4.87M	3.13M	0.00	0.00	1.12M	19.31K
Total Liabilities	6.31M	3.90M	61.10K	39.49K	1.51M	113.56K
Stockholders Equity	2.13M	2.91M	4.60M	6.47M	2.62M	3.15M
Cash Flow
Free Cash Flow	-6.33M	-4.43M	-1.02M	-2.11M	-1.16M	-883.62K
Operating Cash Flow	-6.33M	-4.43M	-1.02M	-2.11M	-1.16M	-883.62K
Investing Cash Flow	0.00	0.00	0.00	0.00	0.00	0.00
Financing Cash Flow	6.82M	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	$106.22M	63.07	1.26%	―	12.94%	-81.09%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
NEOV	52 Neutral	$161.23M	-29.83	-176.25%	―	―	―
FCEL	51 Neutral	$390.96M	-0.94	-26.12%	―	41.05%	-1.02%
GWH	43 Neutral	$34.33M	-0.32	-265.36%	―	-3.53%	24.37%
FLUX	42 Neutral	$28.17M	-2.88	―	―	2.14%	5.01%
NVX	41 Neutral	$227.88M	-1.90	-45.13%	―	-14.27%	-28.56%

NeoVolta Corporate Events

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.

NeoVolta Announces Private Placement of Common Stock

On November 19, 2025, NeoVolta, Inc. entered into Subscription Agreements with accredited investors for a private placement of 5,200,000 shares of common stock at $2.50 per share. The transaction is expected to close on or about December 1, 2025, raising approximately $13.0 million in gross proceeds for the company before expenses.

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.