NeoVolta Inc. Files 2024 Annual Report

TL;DR

NEOV 10-K is out. Check financials for energy storage biz.

AI Summary

NeoVolta Inc. filed its 10-K for the fiscal year ending June 30, 2024, reporting on its operations in the energy storage sector. The company, headquartered in Poway, California, is involved in manufacturing electrical equipment. This filing provides a comprehensive overview of its financial performance, business operations, and risk factors for investors.

Why It Matters

This 10-K filing provides crucial financial and operational details for NeoVolta Inc., allowing investors to assess the company's performance and future prospects in the energy storage market.

Risk Assessment

Risk Level: medium — As a company in the manufacturing and technology sector, NeoVolta faces risks related to market competition, technological advancements, and supply chain disruptions.

Key Players & Entities

• NeoVolta Inc. (company) — Filer of the 10-K report
• Poway, CA (location) — Company headquarters location
• June 30, 2024 (date) — Fiscal year end for the 10-K report
• 0001683168-24-006718 (accession_number) — Unique identifier for the SEC filing

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share NEOV The NASDAQ Stock Marke
• $17 billion — ies Association (SEIA) refers to as the $17 billion U.S. residential solar PV market. Accor
• $8.5 billion — 6, reaching a market value of more than $8.5 billion by 2026 from $2.2 billion in 2019. The
• $2.2 billion — of more than $8.5 billion by 2026 from $2.2 billion in 2019. The growth of the ESS market c
• $4,500 — TC can reduce the cost of the system by $4,500 to $6,000. In certain instances, the in
• $6,000 — uce the cost of the system by $4,500 to $6,000. In certain instances, the incentives o
• $0.20 — he utility from a rate of approximately $0.20 per KW to $0.09 per KW (each Utility va
• $0.09 — a rate of approximately $0.20 per KW to $0.09 per KW (each Utility varies). NEM3 effe

Filing Documents

• neovolta_10k-063024.htm (10-K) — 564KB
• neovolta_ex1901.htm (EX-19.1) — 51KB
• neovolta_ex2301.htm (EX-23.1) — 5KB
• neovolta_ex3101.htm (EX-31.1) — 10KB
• neovolta_ex3102.htm (EX-31.2) — 10KB
• neovolta_ex3201.htm (EX-32.1) — 4KB
• neovolta_ex3202.htm (EX-32.2) — 4KB
• neovolta_ex9701.htm (EX-97.1) — 24KB
• image_001.jpg (GRAPHIC) — 2KB
• image_002.jpg (GRAPHIC) — 5KB
• image_003.jpg (GRAPHIC) — 5KB
• image_004.jpg (GRAPHIC) — 9KB
• image_005.jpg (GRAPHIC) — 5KB
• 0001683168-24-006718.txt ( ) — 2984KB
• neov-20240630.xsd (EX-101.SCH) — 22KB
• neov-20240630_cal.xml (EX-101.CAL) — 27KB
• neov-20240630_def.xml (EX-101.DEF) — 94KB
• neov-20240630_lab.xml (EX-101.LAB) — 220KB
• neov-20240630_pre.xml (EX-101.PRE) — 176KB
• neovolta_10k-063024_htm.xml (XML) — 257KB

RISK FACTORS

ITEM 1A. RISK FACTORS 10

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 21

CYBERSECURITY

ITEM 1C. CYBERSECURITY 21

PROPERTIES

ITEM 2. PROPERTIES 22

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 22

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 22 PART II 23

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 23

[RESERVED]

ITEM 6. [RESERVED] 23

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 23

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS 26

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 27

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 40

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 40

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 40

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 40 PART III 41

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 41

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 41

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 41

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 42

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 42 PART IV 43

EXHIBITS AND FINANCIAL STATEMENTS

ITEM 15. EXHIBITS AND FINANCIAL STATEMENTS 43

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 44 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING This Annual Report on Form 10-K (this "Report") contains certain statements that constitute "forward-looking statements", including within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. The words "believe," "may," "will," "potentially," "estimate," "continue," "anticipate," "intend," "could," "would," "project," "plan," "expect" and the negative and plural forms of these words and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Those statements appear in this Report, particularly in the sections titled "Business," " Management's Discussion and Analysis of Financial Condition and Results of Operations " and " Risk Factors ," and include statements regarding the intent, belief or current expectations of the Company and management that are subject to known and unknown risks, uncertainties and assumptions.

Forward-looking statements

Forward-looking statements include, but are not limited to, statements about: our ability to obtain additional funding to develop and market our products; the need to obtain regulatory approval of our products in the our ability to market our products; market acceptance of our products; competition from existing products or new products that may emerge; potential product liability claims; our dependency on third-party manufacturers to supply or manufacture our products; our ability to establish or maintain collaborations, licensing or other arrangements; our ability and third parties' abilities to protect intellectual property rights; our ability to adequately support future growth; and our ability to attract and retain key personnel to manage our business effectively. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely upon forward-looking or occur and actual results could differ materially from those projected in the forward-looking statements. Forward-looking statements speak only as of the date of this Report or the date of any document incorporated by reference in this Report, as applicable. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the SEC, we do not plan to publicly update or revise any forward-looking statements contained herein after we distribute this Report, whether as a result of any new information, future events or otherwise. You should not rely upon forward-looking Report to conform our prior statements to actual res

BUSINESS

ITEM 1. BUSINESS Overview We are a designer, manufacturer, and seller of high-end Energy Storage Systems (or ESS), primarily our NeoVolta NV14, NV 24 and, to a lesser extent, our NV14-K, which can store and use energy via batteries and an inverter at residential or commercial sites. We were founded to identify new ways to leverage emerging technologies with the dynamic changes that are taking place in the energy delivery space. We primarily market and sell our products directly to our certified solar installers and solar equipment distributors. In the future, we intend to expand multiple opportunities with residential developers, commercial developers, and other commercial opportunities. Because we are purely dedicated to energy solar systems, virtually all of our current resources and efforts go into further developing our flagship NV14, NV14-K, and NV 24 products, while focusing on specific industry needs for our next generation of products. We believe we are unique in the marketplace due to our low cost, our innovative battery chemistry, our product versatility, and our commitment to installer service. Because of these factors, we believe NeoVolta is uniquely equipped to establish ourselves as a major player in the energy storage market. Our NV14 ESS contains a 7,680 W hybrid 120V / 240V and 208V 3-phase inverter and a 14.4 kWh battery system power. The NV14 is energy efficient, has a variety of operating options, and uses Lithium Iron Phosphate (LiFe (PO4)) batteries. The batteries we utilize are capable of 6,000 cycles at a Depth of Discharge (DoD) of 90% and have a high thermal range (heat and cold tolerances). Our NV14 ESS integrates all components and is NEMA Type 3R rated (indoor/outdoor). Our NV14-K variant is specifically designed for inclusion into EOS Linx Electric Vehicle charging and advertising products named "Aurora Charge Station." Our NV24 provides additional energy storage capacity raising the NV14 from 14.4 KW to 24.0 KW. Our newest update o

View Full Filing

View this 10-K filing on SEC EDGAR