MeritValue

NeoVolta Inc.

NEOVdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'pretaxIncome'

The thesis, from the filings

NeoVolta Inc. earns about -146% on equity, but has diluted owners by 88% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$4.82M1$4.47M2$3.46M3$2.65M4$8.43M4
Net income−$7.65M5−$5.8M6−$2.64M7−$2.3M8−$5.03M8
Operating cash flow−$883,6239−$1.16M10−$2.11M11−$1.02M12−$4.43M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—$1.12M13—$014$2.6M14
Cash & equivalents$425,68115$330,38516$2M17$986,42718$794,83618
Diluted shares17.9M20.6M32.0M33.2M33.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.87
your share of equity
Profit it earned you last year
−$1.5
Free cash flow it threw off
—
Debt you’d be carrying
$0.78

10 shares is a claim on $0.87 of net worth that earned you −$1.5 last year, against $0.78 of debt.

iii. Is this a good business?
Moat signal · return on equity
-146% avg · 5y
FY21 -243%FY22 -222%FY23 -41%FY24 -50%FY25 -173%

It earned an average -146% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+88% shares · 5y

Share count is up 88% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 132% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0001683168-22-006609 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0001683168-23-006642 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0001683168-24-006718 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-06-30 · accession 0001683168-25-007304 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-06-30 · accession 0001683168-22-006609 (NetIncomeLoss)
  6. 10-K · period ending 2022-06-30 · accession 0001683168-23-006642 (NetIncomeLoss)
  7. 10-K · period ending 2023-06-30 · accession 0001683168-24-006718 (NetIncomeLoss)
  8. 10-K · period ending 2024-06-30 · accession 0001683168-25-007304 (NetIncomeLoss)
  9. 10-K · period ending 2021-06-30 · accession 0001683168-22-006609 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001683168-23-006642 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-06-30 · accession 0001683168-24-006718 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-06-30 · accession 0001683168-25-007304 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-06-30 · accession 0001683168-22-006609 (LongTermDebt)
  14. 10-K · period ending 2024-06-30 · accession 0001683168-25-007304 (ShortTermBorrowings)
  15. 10-K · period ending 2021-06-30 · accession 0001683168-22-006609 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-06-30 · accession 0001683168-23-006642 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-06-30 · accession 0001683168-24-006718 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-06-30 · accession 0001683168-25-007304 (CashAndCashEquivalentsAtCarryingValue)