NeoVolta Inc. Releases Q3 2024 10-Q Report Highlighting Financial and Operational Performance
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NeoVolta Inc., a leading provider of energy storage systems, has released its Form 10-Q report for the third quarter of 2024. The report provides a detailed overview of the company's financial performance and operational highlights, reflecting both challenges and strategic initiatives undertaken during the period.
Financial Highlights
- Revenues from contracts with customers: $0.59 million, reflecting a decrease from the previous year's $0.76 million due to macroeconomic factors and regulatory changes in California.
- Gross Profit: $0.09 million, down from $0.12 million in the prior year, maintaining a gross profit margin of approximately 16% in both periods.
- Loss from operations: $(0.97) million, compared to $(0.43) million in the previous year, primarily due to increased general and administrative expenses.
- Net loss: $(0.96) million, compared to $(0.43) million in the prior year, with no income tax benefit recognized due to uncertainty of realization.
- Net loss per share - basic and diluted: $(0.03), compared to $(0.01) in the previous year, reflecting the increased net loss.
Business Highlights
- Revenue Segments: NeoVolta generates revenues primarily from contracts with a small number of wholesale dealers and installers, mainly in California. Three dealers accounted for approximately 37%, 26%, and 13% of the company's revenues for the three months ended September 30, 2024.
- Geographical Performance: NeoVolta has expanded its market presence beyond California to include successful installations in Arizona, Utah, Colorado, Wyoming, Texas, Oklahoma, Missouri, Tennessee, Alabama, Georgia, Florida, and Puerto Rico.
- Sales Units: The company has been actively selling its proprietary Energy Storage Systems (ESS) units through wholesale customers, with a focus on increasing sales in response to regulatory changes in California that favor battery systems.
- New Product Launches: NeoVolta continues to focus on its flagship products, the NV14, NV14-K, and NV-24 energy storage systems, which are designed to store and use energy via batteries and an inverter at residential or commercial sites.
- New Production Launches: In April 2023, NeoVolta assumed full responsibility for the manufacturing of its proprietary ESS units from its contract manufacturer, indicating a strategic move to control production processes.
- Future Outlook: The company anticipates an increase in demand for its products due to regulatory changes in California (NEM3) that make solar installations more financially viable when paired with battery systems. NeoVolta is also leveraging a new line of credit to support operational needs and expects to have sufficient financial resources to operate for at least the next 12 months.