Revenue grew from $0.6M to $6.7M in six quarters. 333% year-over-year growth in Q1 FY2026. American-assembled battery storage in a market with structural legislative tailwinds from the Grid Modernization Act. The ramp is real. The losses are real. The question is whether the revenue outpaces the cost structure before the equity raises run out.
NeoVolta sells home battery systems; the kind that store solar power so you can use it at night or when the grid goes down. Six quarters ago they were doing $600K a quarter. Last quarter: $6.7 million. That is not a typo. They are growing because the government just made it cheaper to buy this stuff through tax credits, because California now requires batteries with new solar installations, and because every major weather event reminds people that the grid is not reliable. They assemble in America, which qualifies them for additional tax credits that foreign competitors cannot claim. They sell through solar installers, not directly to homeowners; so growth depends on those installers choosing NeoVolta over Tesla Powerwall or Enphase. They are spending more than they make right now and have raised about $20M in stock to cover the gap. The revenue needs to keep climbing faster than the spending, or they need to raise more money; which dilutes existing shareholders.
Watch Q3 FY2026 revenue (January-March 2026 quarter) for whether the $6.7M record holds or accelerates. If the sequential growth rate continues, the trailing twelve month figure will cross $25M and the profitability math changes. If it flattens, the cost structure needs to be explained against a slower top line and the next equity raise becomes more consequential. Also watch gross margin by quarter; hardware margin compression below 15 percent would signal pricing pressure that revenue scale alone cannot fix.