NeoVolta Experiencing Continued Wave of Revenue Growth in Q2 FY 2024, Following Company’s Solar Energy Storage Sales Surge to End 2023
San Diego-based home solar battery storage leader, recognized as Solar Power World’s Top Solar Storage Products for three years running, powered through new NEM3 regulations in California and booked over $1M in revenue in the fourth quarter of 2023
SAN DIEGO, Feb. 13, 2024 (GLOBE NEWSWIRE) -- (NASDAQ: NEOV) – , a San Diego-based manufacturer of Smart Energy Storage Solutions, today announced that it booked over $1M in gross revenue for the fourth quarter, marking a tremendous 80% growth year-over-year with Gross Margins topping 20%, in a year where many feared the negative impacts of California’s Net Energy Metering 4 (NEM3) on solar sales.
“We experienced a strong rebound in revenue now that the impact of NEM3, which went into effect April 14, 2023, is being understood. New installers are being trained, and opportunities outside of California are being explored and courted,” said Brent Willson, CEO at NeoVolta Inc. “Additionally, NeoVolta has seen a significant increase in solar installer applications for certifications in the past several months,” Willson added.
NeoVolta is proud to include new installers as part of a new direct marketing campaign that continues to gain traction.
“We see that the independent solar dealer/installers had to make changes in the new NEM3 environment, and we are welcoming them as certified installers of NeoVolta home energy storage solution - a growing must in home solar energy solutions,” Willson added. “NEM3 actually provided an opportunity for solar installers to optimize their prior customers’ solar experience by offering the total solution of solar energy storage.”
NeoVolta’s NV14 system was recognized as one of for the third year in a row. The company also earned accolades in April 2022, as the NV14 was named one of the most affordable solar batteries in the U.S. in .
About NeoVolta - NeoVolta designs, develops, and manufactures advanced energy storage systems for both residential and industrial use. Its storage solutions are engineered with lithium iron phosphate (LiFe(PO4)) battery chemistry, which is clean, nontoxic, and nonflammable. The residential-focused NeoVolta 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. The system’s 6,000-cycle battery life, one of the longest on the market, translates to 16.5 years of useful life, based on a full charge and discharge each day. The NV14 has passed the product safety standards set forth by Underwriters Laboratories (UL) for battery energy storage safety testing.
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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 Form 1-A 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.
