NeoVolta reports a sharp quarterly revenue collapse and wider annual loss

NeoVolta ($NEOV) reported fiscal-year revenue of $13.3 million, up 58%, but its final quarter deteriorated sharply. Quarterly revenue was only $13,500, compared with $4.8 million a year earlier. The full-year net loss widened to $21.5 million from $5 million, while the fourth-quarter loss reached $11.7 million versus $1.6 million.

The quarter included a $3.9 million bad-debt charge and a $1.1 million inventory reserve. Management linked weakness in its residential business to changes in federal tax incentives and customer demand. Annual adjusted EBITDA also worsened to a $12.8 million loss from $2.6 million. The headline annual revenue growth therefore masks a much weaker exit quarter, and should not be presented as evidence of an accelerating sales trend.

Sources:

• NeoVolta — fourth-quarter and annual results