Company: NEOV
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001683168-25-008147
Chunk: 49

Company: NeoVolta Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 49
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 further discussed below
under “Liquidity and Capital Resources,” we completed an underwritten public offering of our equity securities in the form
of Units in August 2022. We sold a total of 1,121,250 Units in the offering at an offering price to the public of $4.00 per Unit. The
gross proceeds of the offering were $4,485,000 and the net proceeds, after deduction of underwriting discounts and other offering costs,
were approximately $3,780,000. We have used the proceeds of this public offering to increase our current production capacity, expand our
product portfolio, enlarge our product marketing and sales efforts, and for other general corporate purposes.

Results of Operations

The following discussion
reflects the Company’s revenues and expenses for the three-month periods ended September 30, 2025 and 2024, as reported in our financial
statements included in Item 1.

Comparison of three months ended September
30, 2025 versus three months ended September 30, 2024

Revenues - Revenues
from contracts with customers for the three months ended September 30, 2025 were $6,650,258 compared to $590,236 for the three months
ended September 30, 2024. Such increase in our revenues was primarily due to the rapid expansion
of various new sales channels outside of our traditional focus on the local installer market in the Southern California area while maintaining
essentially the same price points since the engagement of our new chief executive officer in April 2024.

 14 

Cost of Goods Sold
- Cost of goods sold for the three months ended September 30, 2025 were $5,073,006 compared to $497,389 for the three months ended September
30, 2024. The cost of goods sold in both periods reflected the cost of procuring and assembling the component parts of the energy storage
systems that were sold in each fiscal year and resulted in gross profits on such sales of approximately 24% and 16%, respectively, with
the increase due to manufacturing efficiencies and the correction of a prior period entry.

General and Administrative
Expense - General and administrative expenses for the three months ended September 30, 2025 were $2,374,668 compared to $1,050,119
for the three months ended September 30, 2024. Such increase was mainly due to our engagement of a new chief executive officer, who was
engaged at an