NeoVolta Inc. Files 10-Q for Period Ending Dec 31, 2024

TL;DR

NEOV 10-Q filed for Q2 2024. Financials out.

AI Summary

NeoVolta Inc. filed its 10-Q for the period ending December 31, 2024. The company, incorporated in Nevada and headquartered in Poway, California, operates in the electrical machinery sector. This filing covers the second quarter of their fiscal year, which ends on June 30th. The report was filed on February 7, 2025.

Why It Matters

This 10-Q filing provides investors with a quarterly update on NeoVolta's financial performance and operational status, crucial for understanding the company's trajectory in the energy storage market.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information which can reveal risks and opportunities, but without specific financial performance data, the risk level is assessed as medium.

Key Numbers

• 0630 — Fiscal Year End (Indicates the end of NeoVolta's financial year.)
• 001-41447 — SEC File Number (Unique identifier for NeoVolta's SEC filings.)

Key Players & Entities

• NeoVolta Inc. (company) — Filer of the 10-Q
• 2024-12-31 (date) — End of the reporting period
• 2025-02-07 (date) — Filing date of the 10-Q
• Poway, CA (location) — Company headquarters

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share NEOV The NASDAQ Stock Marke
• $250,000 — xcess of the federally insured limit of $250,000, per bank. At December 31, 2024, the Co
• $78,746 — n excess of the FDIC insurance limit by $78,746. Inventory – Inventory consists of bat
• $90,000 — e for obsolescence on assembly parts of $90,000) as of December 31, 2024 and June 30, 2
• $2,000,000 — by certain property interests, of up to $2,000,000. As of December 31, 2024, we had made b
• $4.00 — of common stock at an exercise price of $4.00 per share. The shares of common stock a
• $4.40 — 58,500 Warrants at an exercise price of $4.40 per share, via a cashless exercise, as
• $660,000 — 30, 2025, with a target value of up to $660,000 each. However, no such additional grant

Filing Documents

• neovolta_10q-123124.htm (10-Q) — 422KB
• neovolta_ex1001.htm (EX-10.1) — 65KB
• neovolta_ex1002.htm (EX-10.2) — 70KB
• neovolta_ex1003.htm (EX-10.3) — 65KB
• neovolta_ex3101.htm (EX-31.1) — 9KB
• neovolta_ex3102.htm (EX-31.2) — 8KB
• neovolta_ex3201.htm (EX-32.1) — 4KB
• neovolta_ex3202.htm (EX-32.2) — 4KB
• image_001.jpg (GRAPHIC) — 3KB
• image_002.jpg (GRAPHIC) — 4KB
• 0001683168-25-000834.txt ( ) — 2905KB
• neov-20241231.xsd (EX-101.SCH) — 19KB
• neov-20241231_cal.xml (EX-101.CAL) — 27KB
• neov-20241231_def.xml (EX-101.DEF) — 103KB
• neov-20241231_lab.xml (EX-101.LAB) — 221KB
• neov-20241231_pre.xml (EX-101.PRE) — 175KB
• neovolta_10q-123124_htm.xml (XML) — 250KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 4

Financial Statements

Item 1. Financial Statements 4 Balance Sheets as of December 31, 2024 and June 30, 2024 (Unaudited) 4 5 6 7 8

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 20

Controls and Procedures

Item 4. Controls and Procedures 20

OTHER INFORMATION

PART II. OTHER INFORMATION 21

Legal Proceedings

Item 1. Legal Proceedings 21

Risk Factors

Item 1A. Risk Factors 21

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 22

Other Information

Item 5. Other Information 22

Exhibits

Item 6. Exhibits 23

Signatures

Signatures 24 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this " Report ") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We make forward-looking statements under the " Risk Factors, " " Management's Discussion and Analysis of Financial Condition and Results of Operations " and in other sections of this Report. In some cases, you can identify

forward-looking statements by the following words: " anticipate, " " believe, " " continue, "

forward-looking statements by the following words: " anticipate, " " believe, " " continue, " " could, " " estimate, " " expect, " " intend, " " may, " " ongoing, " " plan, " " potential, " " predict, " " project, " " should, " or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking You should read the matters described in, and incorporated by reference in, " Risk Factors " and the other cautionary statements made in this Report, as being applicable to all related forward-looking statements wherever they appear in this Report. We cannot assure you that the forward-looking

forward-looking statements

forward-looking statements. All forward-looking statements speak only at the date of the filing of this Quarterly Report. You should not rely upon forward-looking statements as predictions of future events. The reader should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this Quarterly Report are reasonable, we provide no assurance that these plans, intentions or expectations will be achieved. We disclose important factors that could cause our actual results to differ materially from our expectations under " Risk Factors " and " Management's Discussion and Analysis of Financial Condition and Results of Operations " and elsewhere in this Quarterly Report and our Annual Report on Form 10-K for the year ended June 30, 2024, as filed with the SEC on September 27, 2024. These cautionary statements qualify all forward-looking 3

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS NEOVOLTA, INC. Balance Sheets (Unaudited) December 31, June 30, 2024 2024 Assets Current assets: Cash and cash equivalents $ 328,746 $ 986,427 Accounts receivable, net 1,656,114 1,805,980 Inventory, net 2,033,258 1,787,308 Prepaid insurance and other current assets – 76,815 Total current assets 4,018,118 4,656,530 Total assets $ 4,018,118 $ 4,656,530 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 38,465 $ 5,316 Accrued liabilities 46,116 55,784 Short-term notes payable 249,711 – Total current liabilities 334,292 61,100 Payable to line of credit lender 383,538 – Total liabilities 717,830 61,100 Commitments and contingencies (Note 4) – – Stockholders' equity: Common stock, $ 0.001 par value, 100,000,000 shares authorized, 33,417,123 and 33,236,091 shares, respectively, issued and outstanding 33,417 33,236 Additional paid-in capital 25,945,040 25,304,732 Accumulated deficit ( 22,678,169 ) ( 20,742,538 ) Total stockholders' equity 3,300,288 4,595,430 Total liabilities and stockholders' equity $ 4,018,118 $ 4,656,530 See accompanying notes to unaudited financial statements. 4 NEOVOLTA, INC. (Unaudited) Three Months Ended December 31, 2024 2023 Revenues from contracts with customers $ 1,071,581 $ 1,017,828 Cost of goods sold 747,670 811,955 Gross profit 323,911 205,873 Operating expenses: General and administrative 1,228,517 774,698 Research and development 42,324 – Total operating expenses 1,270,841 774,698 Loss from operations ( 946,930 ) ( 568,825 ) Other income (expense): Interest expense ( 24,546 ) – Interest income 339 12,781 Total other income (expense) ( 24,207 ) 12,781 Net loss $ ( 971,137 ) $ ( 556,044 ) Weighted average shares outstanding - basic and diluted 33,301,150 33,226,411 Net loss per share - basic and diluted

Notes to Financial Statements

Notes to Financial Statements (Unaudited) (1) Business and Summary of Significant Accounting Policies Description of Business – NeoVolta Inc. ("we", "our" or the "Company") is a Nevada corporation, which was formed on March 5, 2018. The Company is a designer, seller and manufacturer of Energy Storage Systems (ESS) which can store and use energy via batteries and an inverter at residential and commercial sites. The Company sells its proprietary ESS units through wholesale customers, primarily in California, and in an expanding number of other states. In August 2022, the Company completed an underwritten public offering of its equity securities resulting in its common stock and warrants becoming listed on a national exchange (see Note 3). Interim Financial Information – The Company has prepared the accompanying financial statements, without audit, in accordance with accounting principles generally accepted in the Unites States of America for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). In the opinion of management, these financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the Company's financial position as of December 31, 2024, the results of its operations for the three and six month periods ended December 31, 2024 and 2023, the changes in its stockholders' equity for the three and six month periods ended December 31, 2024 and 2023, and cash flows for the six month periods ended December 31, 2024 and 2023. The balance sheet as of June 30, 2024 has been derived from the Company's June 30, 2024 financial statements that were audited by an independent registered public accounting firm but does not include all of the information and footnotes required for complete annual financial statements. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full ye

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View this 10-Q filing on SEC EDGAR