TurnOnGreen Reports Explosive Growth Amidst Deep Financial Pressures

SAN JOSE, CA – April 01, 2026 – TurnOnGreen, Inc. (OTC: TOGI) celebrated a year of dramatic growth, announcing a 47% surge in revenue in its 2025 fiscal year-end report. The company, which specializes in power electronics and electric vehicle (EV) charging solutions, highlighted major gains in profitability and operational discipline. However, buried within the same regulatory filings is a stark warning about the company's ability to continue operations, painting a complex picture of a firm at a critical crossroads.

In a press release issued today, the San Jose-based company reported that its annual revenue climbed to $7.2 million, a significant increase from the $4.9 million recorded in 2024. Gross profit saw an even steeper rise, jumping 56% to $3.3 million. Perhaps most notably, TurnOnGreen drastically reduced its operating loss by 62%, narrowing it to $1.3 million, while its net loss also improved by 47%.

"2025 marked a pivotal year for TurnOnGreen, highlighted by strong revenue growth, improved operational discipline, and expanding opportunities in both power electronics segment and EV infrastructure markets," said Amos Kohn, Chief Executive Officer and Chairman of TurnOnGreen. The company attributed the robust performance to securing a new defense customer, expanding sales with existing clients, and growing its EV charging division.

A Tale of Two Ledgers

Despite the optimistic top-line figures, the company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission reveals a precarious financial position. The report includes a "going concern" notice, an accounting term used when a company may not have sufficient resources to stay afloat for the next 12 months. According to the filing, TurnOnGreen ended 2025 with just $100,000 in cash and a negative working capital of $8.2 million, indicating substantial doubt about its ability to meet its financial obligations.

This juxtaposition of rapid growth and severe liquidity risk defines the challenge for the micro-cap firm. While it is successfully winning business and improving margins, its ability to fund day-to-day operations and future growth remains a significant hurdle. The positive market-facing announcements stand in sharp contrast to the cautionary language reserved for regulators and discerning investors.

Powering the Front Lines

The lion's share of TurnOnGreen's success is rooted in its legacy power electronics business, which accounts for approximately 83% of its revenue. Operating through its subsidiary Digital Power Corporation, the company has carved out a niche providing custom, high-performance power systems for mission-critical applications.

The defense sector has been a particularly strong driver of this growth. Throughout 2024 and 2025, the company announced a series of multi-million dollar contracts. These deals include designing advanced power systems for the full electrification of military reconnaissance vehicles, developing power solutions for missile launchers and infantry fighting vehicles, and supplying uninterruptible power systems for critical communications platforms.

In early 2025, TurnOnGreen announced $4.5 million in new defense contracts and a strategic agreement with a major defense OEM. It was also selected for a multi-year program to develop power solutions for next-generation Light Armored Vehicles, with a potential contract value between $15 million and $19 million. These high-stakes projects underscore the company's technical expertise in creating ruggedized electronics that can perform in harsh environments, from tactical vehicles to missile defense systems.

Charging into a Growing Market

While defense and industrial applications form its bedrock, TurnOnGreen is also strategically positioning itself in the burgeoning EV charging market. This segment, which includes hardware and subscription-based network management services, currently contributes about 17% of the company's revenue and represents a significant avenue for future growth.

The global EV charging infrastructure market is projected to grow at a compound annual growth rate of over 25% through 2033. TurnOnGreen aims to capture a piece of this expansion, targeting clients such as school districts, utilities, and major hotel brands. In 2024, the company reported a 37% year-over-year increase in its networked charging ports across 28 states and two Canadian provinces. During that period, its network dispensed nearly 736,000 kWh of energy to over 13,000 unique drivers, demonstrating growing adoption.

This dual-pronged strategy—maintaining a profitable, specialized core business while investing in a high-growth adjacent market—is central to the company's long-term vision. "We remain focused on delivering high-performance power solutions tailored to demanding applications... while scaling our recurring revenue streams through EV charging infrastructure and services," Kohn added in his statement.

Navigating Global Headwinds

TurnOnGreen's path to profitability has not been without obstacles. The company's gross margins, while improved, were partially impacted by "higher component costs from China and related tariffs." This reflects a broader industry challenge faced by electronics manufacturers in 2025. Tariffs on key components, including semiconductors and printed circuit boards sourced from China, saw significant increases, raising production costs and creating supply chain uncertainty.

For investors, TurnOnGreen presents a high-risk, high-reward proposition. Its stock has been highly volatile, posting dramatic gains over the past year while also drawing caution from market analysts. The stark liquidity warnings in its SEC filing are a serious concern, yet the company continues to secure major contracts in the resilient defense sector and expand its footprint in the fast-growing EV market, offering a potential pathway to sustained growth if it can successfully navigate its current financial constraints.