NeoVolta reported QQ2 2025 revenue of 1,071,581 USD and gross profit of 323,911 USD, delivering a gross margin of 30.23%. While top-line momentum improved materially on a QoQ basis (QoQ revenue up 81.6% from Q1 2025 to Q2 2025) and modestly versus prior year (YoY revenue +5.28%), the company remains unprofitable with operating income of -946,930 USD and net income of -971,137 USD. EBITDA stood at -946,591 USD, reflecting heavy operating expenses that continue to eclipse gross margins. EPS came in at -0.0292 for the quarter.
From a liquidity and balance sheet perspective, NeoVolta maintains a solid current ratio of 12.02 and a quick ratio of 5.94, underscoring liquidity to cover near-term obligations. However, the company holds a meaningful debt load (total debt 633,249 USD; net debt 304,503 USD) and carries accumulated losses (retained earnings of -22,678,169 USD), with other equity components contributing to overall equity. Operating cash flow was negative at -858,299 USD, and free cash flow was also negative in QQ2 2025, illustrating ongoing cash burn despite growing revenue. The quarter’s results imply improving top-line dynamics but indicate that significant profitability and cash-flow inflection must come from margin expansion and tighter cost controls, including SG&A leverage and working-capital optimization.
In sum, the QQ2 2025 print signals a revenue ramp in a still-loss-making business. The key questions for investors are whether NeoVolta can translate incremental revenue into meaningful EBITDA and free cash flow through margin expansion, scaling of installed base, and disciplined capital deployment. Absent a clear path to profitability, the stock remains a higher-risk, growth-oriented exposure within the Industrial sector.