NeoVolta (NEOV) Q1 2027 earnings summary

Executive summary

• Revenue rebounded sequentially to $2.787M as residential TPO projects generated sales; the shift from legacy product sales weighed on year-over-year revenue.

• Pendergrass began production ramp-up, with execution focused on quality, delivery discipline and converting customer commitments into revenue.

• Utility-scale, C&I and residential commitments support planned 2027 growth, while NVP’s commissioning and production ramp remain subject to timing and scale uncertainty.

Financial highlights

• Revenue was $2.787M vs. $6.650M YoY; gross profit was $1.018M vs. $1.577M.

• Gross margin was 36.5%, compared with a gross loss in the prior quarter.

• Net loss was $7.733M, or $0.13 per share, vs. $1.243M, or $0.04 per share, YoY; adjusted EBITDA loss was $5.514M vs. $8.000M in the prior quarter.

• Cash and cash equivalents were $26.0M, plus $2.8M restricted cash, totaling $28.8M at September 30, 2026, vs. $25.4M at June 30, 2026.

Outlook and guidance

• Residential volumes are expected to build as TPO scales and NV Wave is deployed, with growth paced to manage execution and risk.

• Deliveries under the $116M master service agreement are targeted from late Q1 2027; timing depends on customer purchase orders and delivery needs.

• Priorities include meeting customer delivery requirements, converting pipeline to backlog, developing C&I and utility-scale opportunities, and aligning investment with demand.

• Up to $19M in additional NVP capital contributions is anticipated through June 30, 2027; funding sources may include existing proceeds and future debt or equity financing.