Executive Summary
NeoVolta reported a pronounced top-line uptick in QQ3 2025, with revenue of approximately $2.01 million, up about 609% year-over-year and 88% quarter-over-quarter. The gross margin stood at 25.5%, generating a gross profit of roughly $0.515 million, while the company posted an operating loss of about $1.371 million and a net loss of $1.45 million. EBITDA was negative at $1.37 million, and free cash flow remained negative at $2.05 million for the quarter. The company benefited from financing activity of about $2.26 million, yielding a modest net cash increase of $0.21 million for the period and ending cash around $0.54 million. liquidity metrics remained solid on a current-basis (current ratio 3.80) despite a tight earnings trajectory, with total current assets of ~$5.71 million against current liabilities of ~$1.50 million and total debt of ~$1.80 million.
Market context remains supportive for residential energy storage demand, underscoring NeoVolta’s opportunity to scale NV14/NV14K/NV24 deployments through a direct-to-installer/distributor model. However, near-term profitability remains elusive absent meaningful gross-margin expansion and operating-leverage realization. The QQ3 results imply early-stage growth in a fragmented, large-addressable market, with execution and cost discipline as critical drivers of durable value. Investors should monitor revenue progression, gross margin trajectory, SG&A containment, and the company’s ability to convert top-line growth into positive free cash flow.
Key Performance Indicators
QoQ: 87.96% | YoY:609.44%
QoQ: 58.84% | YoY:209.67%
QoQ: -44.78% | YoY:-128.35%
QoQ: -49.24% | YoY:-145.87%
QoQ: -36.99% | YoY:-125.99%
Key Insights
Revenue: $2,014,104 in QQ3 2025, YoY +609.4%, QoQ +87.96%; Gross Profit: $514,508, YoY +209.7%, QoQ +58.84%; Gross Margin: 25.55%; Operating Income: -$1,370,970, YoY change -128.35%, QoQ -44.78%; Net Income: -$1,449,331, YoY change -145.87%, QoQ -49.24%; EPS: -$0.04, YoY -125.99%, QoQ -36.99%; EBITDA: -$1,370,970, EBITDA margin -68.07%; Cash Flow from Operations: -$2,050,185; Free Cash Flow: -$2,050,185; Net Debt: $1.27 million (gross debt $1.80 million less cash $0.54 million); Cash at end of p...
Financial Highlights
Revenue: $2,014,104 in QQ3 2025, YoY +609.4%, QoQ +87.96%; Gross Profit: $514,508, YoY +209.7%, QoQ +58.84%; Gross Margin: 25.55%; Operating Income: -$1,370,970, YoY change -128.35%, QoQ -44.78%; Net Income: -$1,449,331, YoY change -145.87%, QoQ -49.24%; EPS: -$0.04, YoY -125.99%, QoQ -36.99%; EBITDA: -$1,370,970, EBITDA margin -68.07%; Cash Flow from Operations: -$2,050,185; Free Cash Flow: -$2,050,185; Net Debt: $1.27 million (gross debt $1.80 million less cash $0.54 million); Cash at end of period: $0.536 million.
Balance sheet highlights: Total assets $5.71 million; Total current assets $5.71 million; Total current liabilities $1.50 million; Long-term debt $0.384 million; Total debt $1.804 million; Shareholders’ equity $3.826 million; Retained earnings negative at -$24.127 million; Cash and cash equivalents $0.536 million; Working capital approximately $4.21 million; Current ratio 3.80; Quick ratio 2.29.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
2.01M |
609.44% |
87.96% |
| Gross Profit |
514.51K |
209.67% |
58.84% |
| Operating Income |
-1.37M |
-128.35% |
-44.78% |
| Net Income |
-1.45M |
-145.87% |
-49.24% |
| EPS |
-0.04 |
-125.99% |
-36.99% |
Key Financial Ratios
operatingCashFlowPerShare
$-0.06
freeCashFlowPerShare
$-0.06
Management Commentary
Quotes from earnings call transcript: N/A (no transcript data provided in the supplied material). Management commentary themes could not be extracted from the available data. Investors should seek the official call transcript or investor presentation for verbatim quotes on strategy, operations, and market conditions.
Forward Guidance
Management did not disclose explicit forward guidance in the provided QQ3 2025 materials. Given the operating losses and negative free cash flow, the near-term focus is likely on achieving scale to unlock operating leverage and margin expansion. Industry drivers suggest continued growth in residential energy storage demand as solar adoption broadens and storage incentives evolve. Potential catalysts and monitoring points include: (1) progression of installer/distributor network and incremental unit volumes for NV系列 storage systems; (2) improvement in gross margin through mix shift to higher-margin configurations and supply-chain efficiencies; (3) SG&A discipline and cost control to convert revenue growth into cash flow improvement; (4) access to financing terms for customers and working capital flexibility; (5) policy incentives, subsidies, and interest-rate environment affecting residential storage adoption. If NeoVolta can sustain revenue growth while expanding gross margins into the mid-30s and achieving modest operating leverage, the path toward profitability could materialize in the next 4–8 quarters. Key factors investors should monitor: quarterly revenue momentum, gross margin progression, Opex as a percentage of revenue, free cash flow evolution, and the company’s ability to reduce the accumulated deficit through cash-flow-positive operations or equity/debt financing at favorable terms.