Tearsheet

NeoVolta (NEOV)

Market Price (12/28/2025): $3.04 | Market Cap: $103.9 Mil
Sector: Industrials | Industry: Electrical Components & Equipment

NeoVolta (NEOV)

Market Price (12/28/2025): $3.04
Market Cap: $103.9 Mil
Sector: Industrials
Industry: Electrical Components & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 486%	Weak multi-year price returns 3Y Excs Rtn is -94%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -4.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -32%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -48%		Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16%
2	Megatrend and thematic drivers Megatrends include Renewable Energy Transition, Sustainable Infrastructure, and Smart Grids & Grid Modernization. Themes include Battery Storage & Grid Modernization, Show more.		Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -44%
3			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.4%
4			Key risks NEOV key risks include [1] its history of net losses and uncertain future profitability and [2] a dependence on single-source suppliers for crucial components.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 486%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -48%
2	Megatrend and thematic drivers Megatrends include Renewable Energy Transition, Sustainable Infrastructure, and Smart Grids & Grid Modernization. Themes include Battery Storage & Grid Modernization, Show more.
3	Weak multi-year price returns 3Y Excs Rtn is -94%
4	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -4.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -32%
5	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16%
6	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -44%
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.4%
8	Key risks NEOV key risks include [1] its history of net losses and uncertain future profitability and [2] a dependence on single-source suppliers for crucial components.

Valuation, Metrics & Events

	12/28/25	2024	2023	2022
Share Price CYE	$3.04	$5.21	$1.60	$2.79
Market Cap CYE ($ Mil)	103.9	173.5	53.2	91.6
Total Debt ($ Mil)	4.9	3.1	0.0	0.0
Total Cash ($ Mil)	0.9	0.8	1.0	2.0
Enterprise Value ($ Mil)	107.9	176.6	53.2	91.6
Valuation Ratios
P/S TTM	7.2	20.8	20.1	25.9
P/EBIT TTM	-22.6	-37.1	-23.1	-33.9
P/E TTM	-19.6	-34.8	-23.1	-33.8
P/FCF TTM	-16.4	-39.5	-52.3	-42.4
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4	1.1
P/EBIT TTM (Sector)	13.0	11.8	11.2	9.1
P/E TTM (Sector)	17.2	16.5	15.4	12.1
P/FCF TTM (Sector)	13.6	13.2	12.1	8.4

	12/28/25	2024	2023
Share Price CYE	$3.04	$5.21	$1.60
Market Cap CYE ($ Mil)	103.9	173.5	53.2
Total Debt ($ Mil)	4.9	3.1	0.0
Total Cash ($ Mil)	0.9	0.8	1.0
Enterprise Value ($ Mil)	107.9	176.6	53.2
Valuation Ratios
P/S TTM	7.2	20.8	20.1
P/EBIT TTM	-22.6	-37.1	-23.1
P/E TTM	-19.6	-34.8	-23.1
P/FCF TTM	-16.4	-39.5	-52.3
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4
P/EBIT TTM (Sector)	13.0	11.8	11.2
P/E TTM (Sector)	17.2	16.5	15.4
P/FCF TTM (Sector)	13.6	13.2	12.1

	NEOV	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.0
Rev Chg Q	1,026.7%	7.3%
Rev Chg LTM	486.2%	6.1%
Rev Chg 3Y Avg	146.4%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.0
Op Mgn LTM	-31.8%	18.8%
CFO/Rev LTM	-43.7%	20.4%
Net Inc Mgn	-36.7%	13.1%
VALUATION	HIGH
P/S	7.2	3.3
P/CFO	-16.4	15.8
P/FCF	-16.4	20.7
P/E	-19.6	23.7
STABILITY	VERY GOOD
Debt/Equity	0.05	0.21
Cash/Assets	0.11	0.07

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Metric	Value	Date	Source
Distributor Purchase Orders	exceeded $3 million	9302025	Link
Number of Issued U.S. Patents	3	9292025	Link
Texas Certified Installers Market Penetration	over 10% of Texas's solar installers	4232025	Link
States and Territories with Installations	16	11092023	Link
Number of California Certified Dealers	37	1212021	Link

Upcoming
2/06/2026	Earnings Release	Rev: - EPS: -

NEOV Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are five key points explaining the -17.3% stock movement for NeoVolta (NEOV) from approximately August 31, 2025, to December 28, 2025:

1. Widening Losses Despite Record Revenue Growth: NeoVolta reported its fiscal Q4 2025 earnings on September 29, 2025, showing a significant surge in revenue to $4.75 million, a 720.2% increase from the prior year. However, the company's net losses simultaneously deepened, increasing by 126.3% to $1.65 million in Q4 2025, and reaching $5.0 million for the full fiscal year 2025, more than double the previous year's loss. This indicates a lack of profitability despite strong top-line growth, a concern for investors.

2. Bearish Analyst Sentiment and "Hold" Ratings: As of December 2025, the consensus recommendation from 6 analysts for NEOV is "Hold," with some analysts issuing "Sell" or "Strong Sell" ratings. The overall sentiment from technical indicators is bearish, suggesting a negative outlook from market professionals regarding the stock's near-term performance.

3. High Price-to-Sales (P/S) Ratio Suggesting Overvaluation: Despite a recent 25% price drop in the month leading up to December 27, 2025, NeoVolta's price-to-sales (P/S) ratio stood at 7.1x. This is notably higher than the US Electrical industry average of 2.2x and its peers at 1.5x, implying that the stock may still be overvalued relative to its revenue, leaving little margin for error in investor expectations.

4. Bearish Technical Indicators and Increased Volatility: Throughout the specified period, particularly in December 2025, NeoVolta's stock exhibited high volatility and triggered several bearish technical signals. The stock's price was below its 5, 20, and 50-day exponential moving averages, indicating strong selling pressure and a bearish trend.

5. Significant Short-Term Price Drops in December 2025: The stock experienced substantial declines within the reporting period. Specifically, as of December 27, 2025, NeoVolta's shares were down a considerable 25% in the last month. Furthermore, the stock decreased by -22.05% in the 10 days leading up to December 26, 2025, indicating intense downward pressure.

Stock Movement Drivers

Fundamental Drivers

The -34.1% change in NEOV stock from 9/27/2025 to 12/27/2025 was primarily driven by a -80.3% change in the company's P/S Multiple.

	9272025	12272025	Change
Stock Price ($)	4.51	2.97	-34.15%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4.26	14.49	240.46%
P/S Multiple	35.66	7.01	-80.34%
Shares Outstanding (Mil)	33.64	34.19	-1.64%
Cumulative Contribution			-34.16%

LTM = Last Twelve Months as of date shown

Market Drivers

9/27/2025 to 12/27/2025

	Return	Correlation
NEOV	-34.1%
Market (SPY)	4.3%	25.2%
Sector (XLI)	3.0%	24.1%

Fundamental Drivers

The -15.1% change in NEOV stock from 6/28/2025 to 12/27/2025 was primarily driven by a -74.7% change in the company's P/S Multiple.

	6282025	12272025	Change
Stock Price ($)	3.50	2.97	-15.14%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4.26	14.49	240.46%
P/S Multiple	27.67	7.01	-74.67%
Shares Outstanding (Mil)	33.64	34.19	-1.64%
Cumulative Contribution			-15.17%

LTM = Last Twelve Months as of date shown

Market Drivers

6/28/2025 to 12/27/2025

	Return	Correlation
NEOV	-15.1%
Market (SPY)	12.6%	13.7%
Sector (XLI)	7.5%	16.2%

Fundamental Drivers

The -45.5% change in NEOV stock from 12/27/2024 to 12/27/2025 was primarily driven by a -90.4% change in the company's P/S Multiple.

	12272024	12272025	Change
Stock Price ($)	5.45	2.97	-45.50%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2.47	14.49	486.23%
P/S Multiple	73.32	7.01	-90.44%
Shares Outstanding (Mil)	33.24	34.19	-2.86%
Cumulative Contribution			-45.55%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2024 to 12/27/2025

	Return	Correlation
NEOV	-45.5%
Market (SPY)	17.0%	27.5%
Sector (XLI)	19.2%	24.0%

Fundamental Drivers

The 0.0% change in NEOV stock from 12/28/2022 to 12/27/2025 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).

	12282022	12272025	Change
Stock Price ($)	2.97	2.97	0.00%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	�	14.49	�
P/S Multiple	�	7.01	�
Shares Outstanding (Mil)	19.97	34.19	-71.26%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2023 to 12/27/2025

	Return	Correlation
NEOV	88.0%
Market (SPY)	48.0%	23.5%
Sector (XLI)	41.2%	20.9%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
NEOV Return	-	-	-30%	-43%	226%	-39%	-20%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
NEOV Win Rate	-	-	17%	33%	58%	42%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
NEOV Max Drawdown	-	-	-30%	-53%	-57%	-64%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	NEOV	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-75.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	312.2%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	569 days	464 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

NeoVolta's stock fell -75.7% during the 2022 Inflation Shock from a high on 9/15/2022. A -75.7% loss requires a 312.2% gain to breakeven.

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About NeoVolta (NEOV)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

NeoVolta Inc. was incorporated in 2018 and is based in La Jolla, California.

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Here are 1-3 brief analogies to describe NeoVolta:

NeoVolta (NEOV) is a company specializing in advanced residential energy storage systems, primarily high-capacity batteries for home solar installations.

Like Generac, but focused solely on smart home battery systems for solar.
The Enphase Energy of dedicated premium residential battery storage.
A direct competitor to Tesla Powerwall, offering independent solutions for home solar energy storage.

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NeoVolta NV Series (e.g., NV14, NV24): These are residential solar battery storage systems designed to store excess solar energy or grid power for use during peak times or power outages.

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NeoVolta (NEOV) primarily sells its home energy storage systems to other companies rather than directly to individual consumers.

Based on the company's filings with the U.S. Securities and Exchange Commission, including its latest Form 10-K, NeoVolta reported that no single customer accounted for 10% or more of its revenue during recent fiscal periods. This indicates that NeoVolta does not have individually identified "major customers" that represent a significant concentration of its sales and are therefore not specifically disclosed by name in public filings.

Its customer base primarily consists of the following types of companies:

Certified Dealers and Installers: These are businesses, typically local or regional solar installers and integrators, that purchase NeoVolta's energy storage systems. They then resell and install these systems for their residential and commercial end-user clients. These companies are generally private entities.
Builders: Companies involved in new home construction and residential development. These builders integrate NeoVolta's energy storage systems into new housing units. These are generally private entities or smaller regional public companies not identified as major customers of NeoVolta in its public disclosures.

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Contemporary Amperex Technology Co. Limited (Symbol: 300750.SZ)

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Ardes Johnson, Chief Executive Officer

Ardes Johnson was appointed CEO of NeoVolta on April 29, 2024. Prior to joining NeoVolta, he served as President and General Manager at Meyer Burger Americas, where he spearheaded the company's transition to module sales in the U.S. and achieved a multi-gigawatt backlog. Notably, Johnson was the Director of Americas Sales and Marketing for Tesla's Energy Products division, playing a crucial role in the development and success of Tesla's energy storage solutions, including launching the partner channel program for PowerWall and PowerPack products. During his tenure at Tesla, he secured a significant 80 MWh storage contract with Southern California Edison. His background also includes strategic leadership roles at SolarWorld Americas and General Electric. He also held positions as VP of Strategic Initiatives at JLM Energy and VP Sales at SolarWorld. Earlier in his career, he served as a Nuclear Officer on the USS Harry S. Truman in the U.S. Navy.

Steve Bond, Chief Financial Officer

Steve Bond is the Chief Financial Officer and a Director at NeoVolta. He is also a Co-Founder of NeoVolta Inc. Before joining NeoVolta, he founded and managed his own regional CFO advisory firm for seven years, focusing on executive consulting in finance, strategy, and revenue growth. Bond has been instrumental in NeoVolta's journey, leading the company through product development, commercialization, strategic financing, and a successful IPO on NASDAQ. He holds a summa cum laude degree in finance from San Diego State University.

Michael Mendik, Chief Operating Officer

Michael Mendik was appointed Chief Operating Officer of NeoVolta on January 7, 2025. He brings over two decades of experience in international business management, strategy, and development, with a proven track record of driving profitability and growth in the renewable energy sector. Mendik previously served as Country Manager/General Manager for North America at GoodWe, where he built sales, service, and operations to achieve significant revenue growth. His career also includes roles as CEO/General Manager of C.F. Maier Composites, Inc. and Head of Solutions, Product Management & Regional Sales at Fronius USA. He holds a PhD in Natural Sciences and a Master's in Physics from the Swiss Federal Institute of Technology, Zurich, and an MBA from Robert Morris University, Pittsburgh. Mendik is credited with 14 patents for his contributions to the industry.

Brent Willson, Founder, Chairman of the Board, and Chief Technology Officer

Brent Willson is the Founder of NeoVolta, establishing the company in 2018. He currently serves as the Chairman of the Board and Chief Technology Officer, having previously held the position of CEO until April 2024. Willson is a retired Marine Corps Colonel with over 30 years of service. A notable highlight of his military career includes directing a $100 billion aviation acquisition portfolio for the Defense Department, the Joint Staff, and Congress. He holds a BSBA and two Master's degrees.

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Key Risks to NeoVolta (NEOV) Business:

History of Net Losses and Uncertain Future Profitability: NeoVolta is a relatively new company with a history of significant net losses since its inception, including $5.0 million and $2.3 million for the years ended June 30, 2025, and 2024, respectively. There is no assurance that the company will achieve profitability in the future, making it difficult for potential investors to evaluate its business prospects.
Dependence on Single-Source Suppliers and Supply Chain Risks: The company relies on single-source suppliers for crucial components such as batteries and inverters. Any disruption in the supply of these key materials could lead to production delays, increased costs, and negatively impact the company's financial condition and operating results.
Highly Competitive and Evolving Industry: The energy storage industry is intensely competitive and characterized by rapid technological advancements and evolving regulatory landscapes. NeoVolta faces competition from other manufacturers, developers, and installers of energy storage systems, as well as large utilities. Failure to innovate, adapt to new technologies, or comply with changing regulations could adversely affect NeoVolta's competitive position, product marketability, and overall business.

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The increasing market dominance and comprehensive ecosystem offerings from larger, well-capitalized competitors that integrate solar, energy storage, EV charging, and smart home energy management solutions, potentially marginalizing specialized battery providers.

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NeoVolta (symbol: NEOV) operates in the energy storage market, providing solutions for both residential and commercial applications. The addressable markets for their main products and services are significant globally and within the United States.

Residential Energy Storage Market

The global home energy storage systems market was valued at approximately USD 2.82 billion in 2024 and is projected to grow to approximately USD 6.89 billion by 2034, expanding at a Compound Annual Growth Rate (CAGR) of 9.35% from 2025 to 2034. Another estimate places the global residential battery energy storage market at USD 5.13 billion in 2024, projected to reach USD 27.66 billion by 2032 with a CAGR of 22.05%. For the United States specifically, the home energy storage systems market was valued at USD 0.96 billion in 2024 and is projected to reach approximately USD 2.40 billion by 2034, with a CAGR of 9.60% from 2025 to 2034. North America held approximately a 45% share of the global home energy storage systems market in 2024 and is considered the fastest-growing region in the Energy Storage Systems (ESS) market globally.

Commercial and Industrial Energy Storage Market

The global commercial and industrial energy storage market was valued at approximately USD 8.2 billion in 2024 and is forecasted to reach USD 36.7 billion by 2033, growing at a CAGR of 18.2%. Another report valued the global commercial energy storage market at USD 3.25 billion in 2022, with anticipated robust growth through 2028 at a CAGR of 6.25%.

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NeoVolta (NEOV) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

Expansion of Sales and Distribution Channels: NeoVolta is actively expanding its sales and distribution channels beyond its traditional Southern California market into broader U.S. distribution and installer networks. This strategy has already led to significant growth, with the company's CEO highlighting that demand for NeoVolta systems is scaling across the country through established installer networks.
Launch of New Products and Expansion into Commercial & Industrial (C&I) Market: The company is broadening its product portfolio and market reach by introducing new solutions. Notably, NeoVolta unveiled a 250kW / 430kWh commercial and industrial (C&I) battery energy storage system and the NV16kW AC hybrid inverter at the RE+ 2025 event, indicating a strategic move beyond solely residential applications.
Acquisition and Integration of New Technology (neuClick™ Platform): NeoVolta's acquisition of Neubau Energy's assets is expected to be immediately accretive to revenues and gross margins. This acquisition is crucial for launching the neuClick™ Modular Battery Platform, with shipping anticipated to commence in January 2026, further enhancing NeoVolta's product offerings and market competitiveness.
Growing Demand for Energy Storage Solutions: The overall market for energy storage is experiencing robust growth, driven by factors such as rising utility rates, declining grid reliability, and increasing homeowner interest in reliable, American-assembled energy solutions. NeoVolta's products, which provide backup power, enable peak shaving, and support solar self-consumption, directly address these escalating market demands and benefit from favorable tax incentives.
Expanded Financing Options for Customers: NeoVolta has attributed part of its recent growth to the introduction of expanded financing options. By making its energy storage solutions more financially accessible, the company can attract a wider customer base, thereby contributing to sustained revenue growth.

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Share Repurchases

NeoVolta's buyback yield has been consistently negative, averaging -0.7% for fiscal years ending June 2020 to 2024, indicating net share issuance rather than repurchases.
The buyback yield reached a 5-year low of -3.5% in June 2023.

Share Issuance

In fiscal year 2025, NeoVolta's issued and outstanding shares increased by 888,782 to 34,124,873 shares from 33,236,091 shares in fiscal year 2024.
As part of the Neubau Energy acquisition in October 2025, NeoVolta issued 200,000 restricted common shares at signing and may issue up to 4 million additional restricted shares based on revenue milestones through December 31, 2028.
In December 2024, the company amended its plan to increase the number of common stock authorized for issuance by 5,000,000 shares.

Inbound Investments

NeoVolta raised $1.07 million in a Post IPO funding round on October 22, 2021.
In September 2024, NeoVolta secured a $5 million Line of Credit from National Energy Modelers, Inc. to enhance working capital.
NeoVolta completed phase one of its $250 million loan application under the U.S. Department of Energy's Title 17 Loan Program in late 2024 and was approved to proceed to phase two.

Outbound Investments

NeoVolta entered into an asset purchase agreement for strategic assets of Neubau Energy on October 1, 2025, with the acquisition expected to close by October 15, 2025.
The initial payment for the Neubau Energy acquisition included $500,000 in cash and 200,000 restricted common shares.
Further payments related to the Neubau acquisition may include $10 unit royalties per neuClick module for three years and up to 4 million additional restricted shares based on revenue milestones through December 31, 2028.

Capital Expenditures

In February 2025, NeoVolta expanded into a larger facility in Poway to support increased production.
The company is focused on establishing a manufacturing facility to produce its proprietary battery cell technology and diversify into inverter production and assembly to meet domestic content requirements.
NeoVolta unveiled a new 250kW/430kWh Commercial & Industrial battery energy storage system and an NV16kW AC hybrid inverter at RE+ 2025, indicating investments in product development and market expansion for these new offerings.

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AMZN (11.4%)

Amazon.com

Higher CFO/Rev LTM (Value for NEOV: -43.7%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for NEOV: -43.7%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

AMZN (2.0%)

Amazon.com

Higher Total Yield (Value for NEOV: -5.2%)

MSFT (3.6%)

Microsoft

GOOGL (3.5%)

Alphabet

AMZN (2.9%)

Amazon.com

AAPL (2.8%)

Apple

NVDA (2.2%)

NVIDIA

		Best Bets In Industrials Sector
	NEOV	GATX	VRSK	PAYX	ADT	AGX	PCTY	TDG	FTV	VRRM	CSW
What You Pay
P/E	-19.1	19.9	33.4	25.7	10.4	37.5	37.9	36.7	30.6	70.3	35.9
P/EBIT	-22.1	9.6	22.8	17.7	5.2	37.6	27.2	18.1	14.9	20.8	27.7
What You Get
Rev Chg Q	1,026.7%	8.4%	5.9%	18.3%	4.4%	-2.3%	12.5%	11.5%	2.3%	16.1%	21.5%
Rev Chg LTM	486.2%	10.7%	7.3%	12.4%	6.3%	13.5%	13.3%	11.2%	27.9%	8.5%	14.9%
Rev Chg 3Y Avg	146.4%	10.3%	13.4%	7.9%	3.4%	26.9%	21.4%	17.7%	9.4%	9.1%	11.3%
FCF/Rev 3Y Avg	-60.8%	39.2%	33.2%	32.6%	24.7%	24.5%	21.5%	21.0%	20.1%	19.0%	18.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	NeoVolta Earnings Notes
2	Can NeoVolta Stock Recover If Markets Fall?	Return

	Title
0	ARTICLES

Trade Ideas

Select ideas related to NEOV. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	18.3%	18.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.5%	5.5%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	7.1%	7.1%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.9%	2.9%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	5.7%	5.7%	-0.4%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for NeoVolta

Peers to compare with:

Financials

	NEOV	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	NeoVolta	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	2.97	23.26	24.49	305.09	78.16	273.40	51.32
Mkt Cap	0.1	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	14	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	-5	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	-6	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	-3	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	-6	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	-3	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	NEOV	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	NeoVolta	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	486.2%	3.2%	13.8%	4.5%	8.9%	6.0%	7.4%
Rev Chg 3Y Avg	146.4%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	1,026.7%	4.2%	14.4%	9.1%	7.5%	9.6%	9.4%
QoQ Delta Rev Chg LTM	71.9%	1.1%	3.7%	2.1%	1.8%	2.1%	2.1%
Op Mgn LTM	-31.8%	6.6%	4.8%	17.7%	22.5%	31.9%	12.1%
Op Mgn 3Y Avg	-78.8%	7.4%	7.2%	16.4%	24.2%	30.8%	11.9%
QoQ Delta Op Mgn LTM	24.2%	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.2%
CFO/Rev LTM	-43.7%	6.7%	8.5%	20.6%	23.8%	26.6%	14.6%
CFO/Rev 3Y Avg	-60.8%	6.8%	12.7%	21.4%	26.1%	28.4%	17.1%
FCF/Rev LTM	-43.7%	5.1%	1.8%	18.1%	22.1%	23.5%	11.6%
FCF/Rev 3Y Avg	-60.8%	5.5%	4.6%	18.6%	24.6%	25.6%	12.1%

Valuation

	NEOV	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	NeoVolta	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	0.1	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	7.0	0.4	1.0	4.4	5.4	10.0	4.9
P/EBIT	-22.1	6.8	19.9	25.1	22.5	31.3	21.2
P/E	-19.1	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	-16.1	5.9	11.2	21.1	22.5	37.5	16.2
Total Yield	-5.2%	14.1%	2.3%	5.0%	5.4%	2.8%	3.9%
Dividend Yield	0.0%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	-2.7%	10.6%	5.5%	6.4%	6.0%	3.1%	5.7%
D/E	0.0	0.5	0.7	0.2	0.1	0.0	0.2
Net D/E	0.0	0.3	0.6	0.2	0.0	0.0	0.1

Returns

	NEOV	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	NeoVolta	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	-25.2%	-1.8%	14.4%	0.6%	2.7%	-1.5%	-0.4%
3M Rtn	-34.1%	-11.9%	2.7%	7.9%	17.0%	7.1%	4.9%
6M Rtn	-15.1%	-4.0%	34.5%	6.6%	15.2%	36.3%	10.9%
12M Rtn	-45.5%	-27.0%	16.2%	40.5%	34.5%	7.5%	11.8%
3Y Rtn	0.0%	-1.9%	71.1%	143.1%	81.3%	120.2%	76.2%
1M Excs Rtn	-20.8%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-3.0%
3M Excs Rtn	-38.5%	-16.2%	-1.7%	3.6%	12.7%	2.8%	0.6%
6M Excs Rtn	-27.4%	-16.3%	22.3%	-5.7%	3.0%	24.0%	-1.3%
12M Excs Rtn	-51.6%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	-4.6%
3Y Excs Rtn	-93.7%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

FDIC Bank Data

$ Mil \| FY: 6/30	LTM	2025	2024	2023	2022	2021
Period End	9/30/2025	6/30/2025	6/30/2024	6/30/2023	6/30/2022	6/30/2021
Filing Date	11/10/2025	9/29/2025	9/27/2024	9/22/2023	9/27/2022	9/27/2022
Key Financials
Total Revenue	14	8	3	3	4	5
EBITDA	-5	-5	-2	-3	-6	-8
Operating Income	-5	-5	-2	-3	-6	-8
Net Income	-5	-5	-2	-3	-6	-8
EPS	-0.16	-0.15	-0.07	-0.08	-0.28	-0.43
Growth Rates
Total Revenue Growth	486.2%	218.6%	-23.5%	-22.7%	-7.3%	-
EBITDA Growth	-60.4%	-101.2%	12.6%	54.2%	24.3%	-
Operating Income Growth	-60.5%	-101.8%	11.3%	54.2%	24.8%	-
Net Income Growth	-87.2%	-118.6%	12.7%	54.5%	24.1%	-
Margins
EBITDA Margin	-31.4%	-55.0%	-87.1%	-76.3%	-128.7%	-157.6%
Operating Income Margin	-31.8%	-56.0%	-88.4%	-76.3%	-128.7%	-158.6%
Net Income Margin	-36.7%	-59.7%	-87.1%	-76.4%	-129.8%	-158.5%
Cash & Debt
Total Cash	1	1	1	2	0	0
Total Debt	5	3	0	0	1	0
Net Debt / (Cash)	4	2	-1	-2	1	-0
Cash Flows
Net Cash from Operations	-6	-4	-1	-2	-1	-1
Free Cash from Operations	-6	-4	-1	-2	-1	-1
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 6/30	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/10/2025	9/29/2025	5/9/2025	2/7/2025	11/8/2024	9/27/2024	5/10/2024	2/9/2024	11/13/2023	9/22/2023	5/12/2023	2/10/2023
Key Financials Quarterly
Total Revenue	7	5	2	1	1	1	0	1	1	1	1	1
Ebitda	-1	-1	-1	-1	-1	-1	-1	-1	-0	-0	-1	-1
Operating Income	-1	-1	-1	-1	-1	-1	-1	-1	-0	-0	-1	-1
Net Income	-1	-2	-1	-1	-1	-1	-1	-1	-0	-0	-1	-1
EPS	-0.04	-0.05	-0.04	-0.03	-0.03	-0.02	-0.02	-0.02	-0.01	-0.01	-0.02	-0.03
Key Financials TTM
Total Revenue TTM	14	8	4	3	2	3	3	3	3	3	4	4
Ebitda TTM	-5	-5	-4	-3	-3	-2	-2	-2	-2	-3	-3	-3
Operating Income TTM	-5	-5	-4	-3	-3	-2	-2	-2	-2	-3	-3	-3
Net Income TTM	-5	-5	-4	-3	-3	-2	-2	-2	-2	-3	-3	-3
Growth Rates Quarterly
Total Revenue Growth	1026.7%	720.2%	609.4%	5.3%	-22.8%	-19.8%	-54.9%	79.5%	-50.3%	-20.3%	-32.6%	-45.2%
EBITDA Growth	16.7%	-96.4%	-132.6%	-70.2%	-122.2%	-127.2%	6.8%	43.7%	37.5%	71.1%	-27.1%	75.5%
Operating Income Growth	11.6%	-95.2%	-128.4%	-66.5%	-122.6%	-128.7%	5.1%	42.4%	37.5%	71.1%	-27.1%	75.5%
Net Income Growth	-28.9%	-126.3%	-145.9%	-74.7%	-125.0%	-127.2%	6.8%	43.7%	38.6%	71.5%	-21.8%	75.5%
Margins Quarterly
EBITDA Margin	-12.1%	-30.1%	-68.1%	-88.3%	-163.4%	-125.9%	-207.6%	-54.6%	-56.8%	-44.5%	-100.6%	-174.1%
Operating Income Margin	-12.8%	-30.2%	-68.1%	-88.4%	-163.6%	-126.7%	-211.5%	-55.9%	-56.8%	-44.5%	-100.6%	-174.1%
Net Income Margin	-18.7%	-34.7%	-72.0%	-90.6%	-163.4%	-125.9%	-207.6%	-54.6%	-56.1%	-44.5%	-100.6%	-174.1%
Cash & Debt
Total Cash	1	1	1	0	0	1	1	1	2	2	3	3
Total Debt	5	3	2	1	0	0	0	0	0	0	0	0
Net Debt / (Cash)	4	2	1	0	-0	-1	-1	-1	-2	-2	-3	-3
Cash Flows Quarterly
FCF from Operations	-2	-1	-2	-1	-1	-0	-0	-0	-0	-1	0	-1
Cash Flows TTM
FCF from Operations TTM	-6	-4	-4	-2	-1	-1	-2	-2	-2	-2	-1	-1
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-10.3%	-18.5%	-18.8%	-14.4%	-15.3%	-12.1%	-9.9%	-9.6%	-7.5%	-5.6%	-11.9%	-18.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-13.9%	-15.2%	-13.7%	-12.4%	-11.4%	-9.6%	-8.0%	-8.3%	-10.3%	-11.5%	-16.0%	-15.5%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023
Single Segment	3	3	4
Total	3	3	4

Price Behavior

Price Behavior

Market Price	$2.97
Market Cap ($ Bil)	0.1
First Trading Date	07/28/2022
Distance from 52W High	-51.0%
	50 Days	200 Days
DMA Price	$4.05	$3.77
DMA Trend	up	down
Distance from DMA	-26.6%	-21.2%
	3M	1YR
Volatility	92.4%	100.1%
Downside Capture	418.57	231.12
Upside Capture	136.73	135.61
Correlation (SPY)	22.8%	27.2%

NEOV Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.51	1.87	2.02	1.17	1.39	1.10
Up Beta	-9.18	-6.66	-6.63	-3.24	0.86	0.81
Down Beta	1.94	4.05	3.99	3.15	1.71	1.48
Up Capture	451%	296%	434%	195%	186%	107%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	11	22	34	64	125	362
Down Capture	374%	320%	306%	170%	139%	104%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	19	28	58	119	370

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/23/2025	4.8%	3.5%	12.3%
SUMMARY STATS
# Positive	1	1	1
# Negative	0	0	0
Median Positive	4.8%	3.5%	12.3%
Median Negative
Max Positive	4.8%	3.5%	12.3%
Max Negative

	Forward Returns
10/23/2025	4.8%	3.5%	12.3%
SUMMARY STATS
# Positive	1	1	1
# Negative	0	0	0
Median Positive	4.8%	3.5%	12.3%
Median Negative
Max Positive	4.8%	3.5%	12.3%
Max Negative

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11102025	10-Q 9/30/2025
6302025	9292025	10-K 6/30/2025
3312025	5092025	10-Q 3/31/2025
12312024	2072025	10-Q 12/31/2024
9302024	11082024	10-Q 9/30/2024
6302024	9272024	10-K 6/30/2024
3312024	5102024	10-Q 3/31/2024
12312023	2092024	10-Q 12/31/2023
9302023	11132023	10-Q 9/30/2023
6302023	9222023	10-K 6/30/2023
3312023	5122023	10-Q 3/31/2023
12312022	2102023	10-Q 12/31/2022
9302022	11102022	10-Q 9/30/2022
6302022	9272022	10-K 6/30/2022

Insider Activity

Expand for Morenull

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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NeoVolta (NEOV)

Market Price (12/28/2025): $3.04 | Market Cap: $103.9 MilSector: Industrials | Industry: Electrical Components & Equipment

NeoVolta (NEOV)

Market Price (12/28/2025): $3.04Market Cap: $103.9 MilSector: IndustrialsIndustry: Electrical Components & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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NEOV Stock

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About NeoVolta (NEOV)

Key Risks to NeoVolta (NEOV) Business:

Residential Energy Storage Market

Commercial and Industrial Energy Storage Market

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Better Bets than NeoVolta (NEOV)

INDUSTRY: Electrical Components & Equipment

Higher Rev Chg 3Y Avg | Lower P/S (Values for NEOV: 146.4% | 7.0x)

Higher Rev Chg 3Y Avg (Value for NEOV: 146.4%)

Higher Op Mgn LTM (Value for NEOV: -31.8%)

Higher CFO/Rev LTM (Value for NEOV: -43.7%)

Higher FCF/Rev LTM (Value for NEOV: -43.7%)

Higher Total Yield (Value for NEOV: -5.2%)

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for NEOV: 146.4% | 7.0x)

Higher Rev Chg LTM (Value for NEOV: 486.2%)

Higher Rev Chg 3Y Avg (Value for NEOV: 146.4%)

Higher Op Mgn LTM (Value for NEOV: -31.8%)

Higher CFO/Rev LTM (Value for NEOV: -43.7%)

Higher FCF/Rev LTM (Value for NEOV: -43.7%)

Higher Total Yield (Value for NEOV: -5.2%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for NEOV: 146.4% | 7.0x)

Higher Rev Chg LTM (Value for NEOV: 486.2%)

Higher Rev Chg 3Y Avg (Value for NEOV: 146.4%)

Higher Op Mgn LTM (Value for NEOV: -31.8%)

Higher CFO/Rev LTM (Value for NEOV: -43.7%)

Higher FCF/Rev LTM (Value for NEOV: -43.7%)

Higher Total Yield (Value for NEOV: -5.2%)

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Market Price (12/28/2025): $3.04 | Market Cap: $103.9 Mil
Sector: Industrials | Industry: Electrical Components & Equipment

Market Price (12/28/2025): $3.04
Market Cap: $103.9 Mil
Sector: Industrials
Industry: Electrical Components & Equipment