NeoVolta Posts Revenue Increase of 213% for Six-Month Period Ending December 31, 2020

Rhea-AI Summary

NeoVolta Inc. (OTCQB: NEOV) reported a remarkable 213% revenue increase for the six months ending December 31, 2020, achieving $2,545,922 from contracts, up from $812,954 in the prior year. This growth is attributed to an expanded network of wholesale dealers and installers since July 2019. The company has not faced negative impacts from COVID-19 on its financial performance. Highlights include the appointment of General James F. Amos to its Board and expansion into Northern California, along with recognition of the NV14 storage system as a leading product.

Positive

• 213% increase in revenue, reaching $2,545,922.
• Expansion of dealer network to 37 in California.
• No adverse impact from COVID-19 on financial performance.
• Appointment of General James F. Amos to the Board.
• The NV14 storage system named a top product for 2020.

Negative

• None.

Sales Growth Driven by Wholesale Dealers and New Installers

SAN DIEGO, March 30, 2021 (GLOBE NEWSWIRE) -- NeoVolta Inc. (OTCQB: NEOV) – NeoVolta Inc., manufacturer of Smart Energy Storage Solutions, has announced its financial results for the six-month period ending December 31, 2020. During that period, NeoVolta posted $2,545,922 in revenue from contracts with customers, compared to $812,954 for the six months ended December 31, 2019.

This 213% increase in revenue reflects a continuing growth in sales of NeoVolta’s energy storage systems, primarily by expanding its network of wholesale dealers and installers since launching sales in July 2019.

NeoVolta also reported that it has not experienced any adverse impact from COVID-19 on its financial performance or operational capability. The company continues to monitor the COVID-19 situation but does not believe it will disrupt NeoVolta’s future financial performance.

“In 2020, our team met the challenges of the COVID-19 pandemic,” said NeoVolta CEO Brent Willson. “We significantly expanded our distribution in California and other states, while making important upgrades to our products. We are in a position of strength in early 2021. So as the U.S. recovery continues, NeoVolta will continue to deliver on its mission of delivering energy resilience and utility savings to American households.”

Recent Business Highlights:

• In January 2021, General James F. Amos, former Commandant of the Marine Corps, joined NeoVolta’s Board of Directors.
  
  
• The NeoVolta NV14 was named one of Solar Power World’s top storage products for 2020—the second year in a row.
  
  
• The company expanded into Northern California and grew its network to 37 certified dealers across the state.
  
  
• In the second half of 2020, the company expanded beyond California with installations in Nevada, Arizona, and Utah.
  
  
• In September 2020, NeoVolta announced that its storage systems can be integrated with residential backup generators, giving homeowners more power options during prolonged blackouts.
  
  
• In August 2020, NeoVolta signed a three-year exclusive distribution agreement with PMP Energy, pursuant to which PMP Energy provides dealers with training and certification to install NeoVolta storage systems in homes and other locations.
  
  
• That same month, NeoVolta was approved for California’s Common Smart Inverter Profile (CSIP), a set of standards for interoperability and data communication between a solar inverter and the electric utility.
  
  
• In June 2020, Tigo Energy certified the compatibility of its DC-to-DC optimization and monitoring solutions with the NV14 energy storage system.
  

About NeoVolta - NeoVolta designs, develops and manufactures utility-bill reducing residential energy storage systems capable of powering your home even when the grid goes down. With a focus on safer Lithium-Iron Phosphate (LiFe(PO4)) chemistry, the NV14 is equipped with a solar rechargeable 14.4 kWh battery system, a 7,680-Watt inverter and a web-based energy management system with 24/7 monitoring. By storing energy instead of sending it back to the grid, consumers can protect themselves against blackouts, avoid expensive peak demand electricity rates charged by utility companies when solar panels aren’t producing, and get one step closer to grid independence. Customers can expand the NV14’s capacity to an industry-leading 24.0 kWh with the optional NeoVolta NV24 add-on battery. NeoVolta has added generator compatibility and is working on other improvements that will be announced soon.

For more information visit: http://www.NeoVolta.com email us: IR@NeoVolta.com or call us: 858-239-2029

Forward-Looking Statements: Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, the future performance, reliability and safety of NeoVolta’s NV14 storage system and the ability of the NV14 to be successfully integrated with residential backup generators. Although NeoVolta believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. NeoVolta has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under the "Risk Factors" section of NeoVolta’s most recent Form 1-K filing filed with the Securities and Exchange Commission ("SEC") and updated from time to time in its other public filings with the SEC. Any forward-looking statements contained in this release speak only as of its date. NeoVolta undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.

 

FAQ

What were NeoVolta's revenue results for the six months ending December 31, 2020?

NeoVolta reported $2,545,922 in revenue, a 213% increase compared to $812,954 for the same period in 2019.

How has COVID-19 affected NeoVolta's business operations?

NeoVolta has not experienced any adverse impact from COVID-19 on its financial performance or operational capability.

What recent developments has NeoVolta announced regarding its products?

NeoVolta expanded its dealer network and received recognition for its NV14 energy storage system as one of the top products for 2020.

Who joined NeoVolta's Board of Directors in January 2021?

General James F. Amos, former Commandant of the Marine Corps, joined NeoVolta's Board of Directors.

What markets has NeoVolta expanded into recently?

NeoVolta expanded into Northern California and installed systems in Nevada, Arizona, and Utah.