Free cash flow remains deeply negative, reaching a margin of -152.1% in 2026Q3, which indicates a structural inability to fund operations through internal cash generation.
| Cash from Operations | -9.08M | -4.43M | -1.02M | -2.11M | -1.16M | -883.62K | -1.86M | -1.79M | -240.38K |
| Operating CF Margin % | - | -52.52% | -38.42% | -61% | -26% | -18.32% | -92.37% | - | - |
| Operating CF Growth % | -3794.52% | -335.45% | 51.79% | -81.21% | -31.65% | 52.45% | -4.03% | -643.1% | - |
| Net Income | -11.46M | -5.03M | -2.3M | -2.64M | -5.8M | -7.65M | -1.46M | -836.1K | -305.37K |
| Depreciation & Amortization | 431.1K | 80.57K | 0 | 0 | 0 | 21.78K | 0 | 0 | 0 |
| Stock-Based Compensation | 2.81M | 2.1M | 432.37K | 1.53M | 5.31M | 7.44M | 616.67K | 87.67K | 3.46K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 2.26M | -94.25K | 630K | 490K | 0 | -29.6K | 21.78K | 1.07M | 56.44K |
| Working Capital Changes | -3.12M | -1.48M | 224.58K | -1.49M | -666.27K | -667.32K | -1.04M | -1.04M | 5.09K |
| Change in Receivables | -4.48M | -1.63M | -519.6K | -998.65K | -189.29K | -737.33K | -391.11K | 0 | 0 |
| Change in Inventory | 568.67K | 131.86K | 703.26K | -342.36K | -576.07K | -108.84K | -559.38K | -993.91K | 0 |
| Change in Payables | 268.53K | 683.9K | 5.32K | -205.6K | 152.09K | 49.85K | -28.4K | 13.25K | 0 |
| Cash from Investing | -2.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0% | - | - | - | 0% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 22.81M | 4.23M | 0 | 3.78M | 1.07M | 0 | 29.6K | 4.87M | 405.59K |
| Debt Issued (Net) | 509.48K | 2.99M | 0 | 0 | 1.07M | 0 | 29.6K | 0 | 0 |
| Equity Issued (Net) | 23.39M | 1.25M | 0 | 3.78M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.09M | 0 | 0 | 0 | 0 | 0 | 0 | 4.87M | 405.59K |
| Net Change in Cash | 10.94M | -191.59K | -1.02M | 1.67M | -95.3K | -883.62K | -1.83M | 3.08M | 165.21K |
| Free Cash Flow | -9.08M | -4.43M | -1.02M | -2.11M | -1.16M | -883.62K | -1.86M | -1.79M | -240.38K |
| FCF Margin % | -50.25% | -52.52% | -38.42% | -61% | -26% | -18.32% | -92.37% | - | - |
| FCF Growth % | -157.32% | -335.45% | 51.79% | -81.21% | -31.65% | 52.45% | -4.03% | -643.1% | - |
| FCF per Share | -0.23 | -0.13 | -0.03 | -0.07 | -0.06 | -0.05 | -0.15 | -0.43 | -2.28 |
| FCF Conversion (FCF/Net Income) | 0.79x | 0.88x | 0.44x | 0.80x | 0.20x | 0.12x | 1.28x | 2.14x | 0.79x |
| Interest Paid | 290.86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital exhaustion
As reported in recent financial statements, NeoVolta's operating cash flow frequently deviates from net income, with the OCF/NI ratio reaching 2.01 in 2026Q1, suggesting that accounting losses are being exacerbated by cash-intensive operational requirements that are not fully captured by standard accrual-based net income metrics.
The persistent gap between net income and operating cash flow indicates that the company is struggling to convert its revenue growth into actual liquidity. This divergence suggests that the business model is inherently cash-consumptive, likely due to the need to finance inventory and manage receivables in a competitive hardware market.
Based on the company's quarterly filings, the free cash flow trajectory remains deeply negative, with FCF margins reaching -152.1% in 2026Q3, which highlights a structural inability to fund operations through internal cash generation despite the reported top-line expansion observed over the last ten quarters.
The consistent negative FCF trajectory suggests that NeoVolta is currently in a phase of capital destruction rather than value creation. Investors should monitor whether the company can reach a breakeven point before its limited cash reserves are fully exhausted by these ongoing operational deficits.
According to the cash flow statements, working capital changes have frequently acted as a significant drain on liquidity, including a $1.9M outflow in 2026Q1, which indicates that the company's growth is tied to increasingly inefficient inventory and receivables management cycles that pressure the balance sheet.
The volatility in working capital suggests that NeoVolta lacks the scale to optimize its supply chain or enforce favorable payment terms with distributors. This inefficiency forces the company to tie up precious cash in hardware inventory, further limiting its operational flexibility during periods of high demand.
As indicated by the provided data, the reliance on stock-based compensation, such as the $2.6M adjustment in 2026Q2, masks the true extent of the company's cash burn, suggesting that the reported operating cash flow figures may be artificially supported by non-cash accounting adjustments to equity.
The use of equity-based compensation to preserve cash is a common tactic for early-stage firms, but it obscures the underlying operational reality of the business. Analysts should be wary that these adjustments do not solve the fundamental issue of negative cash generation, but rather shift the burden of financing onto existing shareholders.
Quick answers to the most common questions about buying NEOV stock.
NeoVolta Inc. (NEOV) generated $-4.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NeoVolta Inc. (NEOV) reported negative free cash flow of $4.4M in 2025, indicating capital requirements exceeded cash from operations.
NeoVolta Inc. (NEOV) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.