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
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