NeoVolta Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2025. The company generated revenues of $2,014,105, a substantial increase from $283,900 in the same quarter of the previous year, marking a growth of over 608%. For the nine-month period ending March 31, 2025, revenues reached $3,675,922, compared to $2,065,858 for the same period in 2024. Despite this revenue growth, NeoVolta reported a net loss of $1,449,331 for the quarter, up from a loss of $589,473 a year earlier, and a net loss of $3,384,962 for the nine months, compared to $1,574,232 in the prior year.
The increase in revenue is attributed to the opening of new sales channels following the appointment of a new CEO in April 2024. However, the cost of goods sold also rose significantly, reaching $1,499,597 for the quarter, compared to $117,755 in the previous year, resulting in a gross profit margin of approximately 26%. Operating expenses surged to $1,885,478 for the quarter, driven by higher general and administrative costs, including the CEO's salary and stock compensation expenses. Research and development expenses also increased, reflecting the company's ongoing product development efforts.
Operationally, NeoVolta has expanded its customer base and geographic reach, with successful installations of its energy storage systems in multiple states, including California, Arizona, and Puerto Rico. The company has also engaged in strategic financing activities, including a private equity offering in February 2025 that raised $1,087,000 and a line of credit agreement established in September 2024, allowing for borrowings of up to $5 million. As of March 31, 2025, NeoVolta had cash and cash equivalents of approximately $535,966 and total liabilities of $1,885,240.
Looking ahead, NeoVolta anticipates that demand for its products will increase, supported by its recent financing activities and the expansion of its sales channels. However, the company faces challenges related to rising operational costs and the impact of new tariffs on imported components, which could affect pricing strategies and profitability. The management believes that with the current financial resources and strategic initiatives, the company will have sufficient cash to operate for at least the next 12 months.
About NeoVolta Inc.
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