Fri, Sep 27, 8:31 PM (85 days ago)
For the fiscal year ending June 30, 2024, NeoVolta, Inc. reported revenues of $2,645,072, a decline from $3,455,813 in the previous year, attributed to regulatory changes in California impacting demand. Cost of goods sold decreased to $2,134,725, yielding a gross profit margin of approximately 19%. Operating expenses were $2,847,301, leading to a net loss of $2,303,310, an improvement from the prior year's loss of $2,639,833. The company's accumulated deficit reached $20.7 million. Strategically, NeoVolta focuses on energy storage systems, particularly the NV14 and NV24 models. The company aims to expand its market reach, especially in high-potential regions, and enhance its product offerings. A new CEO, Ardes Johnson, has initiated growth strategies including forming a national sales team and pursuing strategic partnerships. Risks include reliance on a limited number of suppliers, regulatory changes, and competition from larger firms. As of June 30, 2024, NeoVolta held approximately $1 million in cash, with plans to utilize a newly secured line of credit for operational needs. The company's future outlook remains cautious but optimistic, contingent on regulatory environments and market acceptance of its products.