NeoVolta Inc.

Effective with the filing of this Report, the Company has relocated its corporate office to the following address:

NeoVolta, Inc.

12195 Dearborn Place

Poway, CA 92064

The Company’s phone number remains unchanged.

During the period covered by this Quarterly Report, none of the Company’s directors or executive officers hasadopted orterminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (each as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended).

On February 4, 2025, the Company entered into an agreement with an accredited investor group under which the Company issued a total of 500,000 shares of its common stock to the investor group at an offering price of $2.00 per share resulting in gross proceeds to the Company in the amount of $1,000,000. The Company expects to use the proceeds of this private offering to meet working capital needs and for other general corporate purposes. The issuances were made pursuant to an exemption from registration as set forth in Section 4(a)(2) of the Securities Act and/or Rule 506 of Regulation D promulgated under the Securities Act.

On February 4, 2025, Brent Willson retired as the Chairman of the Board of Directors and Ardes Johnson, the Company’s chief executive officer, was elected as a director and as the new Chairman of the Board of Directors. Mr. Johnson will not receive any additional compensation for his service on the Board and will not serve on any Board committees.

On such date, Col Willson also informed the Company that he would also retire from his position as Chief Technology Officer of the Company on February 28, 2025. Upon Col Willson’s retirement, the Company agreed to enter into a consulting agreement with Col Willson for a period of three months at a monthly fee of $13,750 per month.

Effective February 4, 2025, the Company’s Board of Directors and Compensation Committee approved an amended and restated employment agreement with Steve Bond, the Company’s chief financial officer (“CFO”) and a director. The initial term of the employment agreement ends on December 31, 2027 and will be automatically renewable for additional one-year terms unless either party chooses not to renew the agreement. The agreement provides for an initial base salary of $193,000 and a potential one-time bonus of $40,000. If Mr. Bond’s employment is terminated at our election without “cause” (as defined in the employment agreement), by Mr. Bond for “good reason” (as defined in the employment agreement), or if we choose not renew the agreement, Mr. Bond is entitled to receive severance payments equal to six months of base salary. Pursuant to the agreement, we issued Mr. Bond an award of 240,000 RSUs vesting in four annual installments.

In February 2025, the Company entered into a referral agreement with a marketing company to market the Company’s products to qualified solar and energy storage system installers. The term of the referral agreement ends on December 31, 2026. The agreement provides for the issuance of shares of the Company’s common stock in exchange for reaching specified target levels of product sales, up to a maximum total of 2,000,000 shares for reaching a total of 2,500 units sold and paid for.