Company: NEOV
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001683168-25-007304
Chunk: 91

Company: NeoVolta Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1
Chunk 91
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 we are purely dedicated to energy solar systems, virtually all of our current resources and
efforts go into further developing our flagship NV14 and NV 24 products, while focusing on specific industry needs for our next generation
of products. We believe we are unique in the marketplace due to our low cost, our innovative battery chemistry, our product versatility
and our commitment to installer service. Because of these factors, we believe NeoVolta is uniquely equipped to establish itself as a major
player in the energy storage market.

As 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 are using 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

Comparison of the Years
Ended June 30, 2025 and 2024

Revenues - Revenues
from contracts with customers for the year ended June 30, 2025 were $8,426,835 compared to $2,645,072 for the year ended June 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 since the engagement of our new chief executive
officer in April 2024. As a result, we achieved the highest level of annual sales in our history.

Cost of Goods Sold
- Cost of goods sold for the year ended June 30, 2025 were $6,920,130 compared to $2,134,725 for the year ended June 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 essentially comparable gross profits on such sales of approximately 18% and 19% in each year.

 23 

General and Administrative
Expense - General and administrative expenses for the year ended June 30, 2025