TurnOnGreen, Inc

What they do

TurnOnGreen designs, develops, manufactures and sells power conversion systems and power solutions for mission-critical, life-sustaining and lifesaving applications, including defense and aerospace, medical, industrial, telecommunications and e-Mobility markets. Its Digital Power subsidiary supplies rugged power supplies, custom power systems, open-frame AC/DC switchers and high-power laser and data-center power supplies, with more than 50 years of supplying MIL-STD-compliant products. Its TOG Technologies subsidiary designs, manufactures, resells, owns and operates Level 2 AC and DC fast charging equipment and subscription-based charging network management services.

Revenue drivers

• Digital Power custom and standard power products — Rugged and custom AC/DC and DC/DC power conversion systems, open-frame switchers, laser power supplies and data-center power supplies sold to defense, aerospace, medical, industrial and telecommunications OEMs. This is the core business, representing the majority of revenue.
• EV charging infrastructure and network services (TOGT) — Sales of Level 2 AC and DC fast charging equipment plus subscription-based charging network management for residential, fleet, hospitality, workplace, healthcare, municipal and educational sites. Approximately 17% of revenue is generated from EV charging.
• Custom design and engineering services — The company provides advanced custom product design services and proprietary core technology implementation, including integrated circuits, to replace customers' existing power sources with lower-cost custom designs.

Recent performance

For the quarter ended June 30, 2026, revenue was $1,754,000, up 4% from $1,692,000 in the prior-year quarter, and gross profit was $821,000 versus $681,000. Total operating expenses fell 18% to $975,000, driven by a $202,000 reduction in general and administrative expense, producing an operating loss of $154,000 compared with $504,000 a year earlier. Net loss improved to $348,000 from $651,000, a $303,000 reduction. Full-year 2025 revenue was $7.2 million with a net loss of $2.1 million, compared with $4.9 million of revenue and a $4.0 million net loss in 2024.

Strategy

Management describes the company as an emerging power electronics company seeking to be the supplier of choice in markets requiring custom design, high quality and rapid time to market. The stated business model is evolving, and the company expects to invest a substantial amount of operating capital in the EV charging solutions business, including purchasing EV components and inventory for future sales and installations. TOGT markets and sells scalable EV residential, commercial and ultra-fast charging products alongside charging management software and network services. Management states it will likely need substantial additional funds for working capital and capital expenditure requirements as the EV charging business grows.

Risks

• Recurring net losses and negative working capital — The company had cash of $0.1 million and negative working capital of $8.2 million as of December 31, 2025, with net losses of $2.1 million in 2025 and $4.0 million in 2024.
• Dependence on parent company funding — Operations have been financed principally through investment by parent company Hyperscale, and there is no assurance Hyperscale will continue to support the company.
• Supply chain and component shortages — The company continues to face long lead times and shortages of critical components such as power semiconductors and automotive semiconductor chips, and geopolitical export controls further restrict availability of essential electronic components.
• Material weakness in internal control over financial reporting — The 10-Q notes the company cannot guarantee its ability to successfully remediate the material weakness in its internal control over financial reporting in a timely manner or at all.

Outlook

Management states that it will likely need substantial additional funds for working capital and capital expenditure requirements as it grows the EV charging solutions business, and expects to use the largest portion of any capital raised to purchase EV components and inventory. The company anticipates continuing losses and cannot assure that revenues will grow or gross margins will improve. While certain supply chain disruptions have moderated, availability of critical electronic components remains constrained in certain markets, and lead times and pricing continue to fluctuate.