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NeoVolta Inc. (NEOV-3.45%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing revenues of $1,071,581, a slight increase from $1,017,828 in the same quarter the previous year. The increase is attributed to new sales channels opened since the engagement of a new CEO in April 2024.
Cost of goods sold for the quarter was $747,670, resulting in a gross profit of $323,911, or approximately 30% of sales, compared to 20% in the previous year. This increase is largely due to the reversal of a prior year reserve for obsolescence.
General and administrative expenses increased to $1,228,517 from $774,698, primarily due to the hiring of a new CEO and additional personnel, leading to higher compensation and related expenses.
Research and development expenses for the quarter were $42,324, compared to zero in the same period the previous year, reflecting recent product development efforts.
Net loss for the quarter was $971,137, up from $556,044 in the previous year, with the increase attributed to higher operating expenses.
For the six months ended December 31, 2024, revenues were $1,661,817, down from $1,781,958 in the previous year, impacted by macroeconomic factors and regulatory changes.
Cost of goods sold for the six-month period was $1,245,059, resulting in a gross profit margin of 25%, up from 18% in the previous year.
General and administrative expenses for the six months increased to $2,278,636 from $1,329,858, due to the same factors affecting the quarterly results.
The company reported a net loss of $1,935,631 for the six-month period, compared to $984,759 in the previous year.
NeoVolta secured a line of credit for up to $5,000,000 in September 2024, with net borrowings of $383,538 as of December 31, 2024, to support operations and a short-term customer loan.
On February 4, 2025, NeoVolta issued 500,000 shares of common stock to an investor group, raising $1,000,000 for working capital and general corporate purposes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NeoVolta Inc. quarterly 10-Q report dated February 7, 2025. To report an error, please email earnings@qz.com.