Shares of NeoVolta cratered more than 21% to $2.68 after the San Diego-based battery-storage company reported fiscal fourth-quarter revenue that essentially vanished. Fourth-quarter revenue fell to roughly $13,500 from $4.8 million a year earlier — a 99.7% collapse — turning what had been a solid full-year growth story into an existential question about the company's next act.
• The Residential Market Went to Zero Almost Overnight. The quarterly collapse reflected "a substantial decline in residential and traditional installer-channel sales following federal tax law changes in early calendar year 2026." In plain terms, when the personal solar investment tax credit expired at the end of 2025, homeowners and their solar installers stopped ordering battery systems. The residential business "has essentially evaporated," and management offered no fiscal 2027 revenue guidance — a red flag that the near-term pipeline remains thin.
• Full-Year Numbers Look Better, but Losses Are Ballooning. Fiscal 2026 revenue still rose 58% year-over-year to $13.3 million , so the company was growing before the bottom fell out. The cost of transformation, however, is steep: the full-year net loss widened to $21.5 million (55 cents a share) from $5.0 million a year earlier , and adjusted EBITDA sank to negative $12.8 million from negative $2.6 million . That means NeoVolta burned roughly $4 for every $1 it earned in fiscal 2026.
• The Georgia Factory Is the Entire Bull Case Now. Management is betting the company's future on a 210,600-square-foot manufacturing plant in Pendergrass, Georgia, where the initial production line is "advancing through commissioning" with ramp-up on track for late calendar 2026 . The company recently announced a binding ~$53 million capacity reservation with Infinite Grid Capital, the first commitment under a broader ~$200 million utility-scale framework . That's promising — but binding orders and collected revenue are very different things for a company that still needs to prove it can manufacture at scale.
• Cash Runway Is the Clock Shareholders Are Watching. NeoVolta ended the year with $25.4 million in total liquidity , but it may owe up to $25 million in additional capital contributions to the Georgia joint venture through June 2027 . The company raised roughly $50 million in equity during fiscal 2026 , diluting existing shareholders. If the factory ramp stalls, another fundraise — and more dilution — looks unavoidable.