Electrovaya Reports Improved Financial Performance in Q2 FY2023

Revenue increases by 144% year-over-year to $10.5 million; Significant increases in adjusted EBITDA and net profitability

TORONTO, ON / ACCESSWIRE / May 4, 2023 / Electrovaya Inc. ("Electrovaya" or the "Company") (TSX:EFL)(OTCQB:EFLVF), a leading lithium-ion battery technology and manufacturing company, today reported its financial results for the fiscal second quarter ended March 31, 2023 ("Q2 FY2023"). All dollar amounts are in U.S. dollars unless otherwise noted.

Foto: Accesswire

Financial Highlights:

• Revenue for Q2 FY2023 was $10.5 million (C$14.2 million), an increase of 144% compared to $4.3 million (C$5.8 million) in the fiscal second quarter ended March 31, 2022 ("Q2 FY2022"). Management anticipates continued strong year-over-year revenue growth in the second half of Fiscal 2023 ("FY 2023"). The Company has a substantial backlog of orders, and has received indications of significant new orders for delivery during the 2023 calendar year. Management maintains its guidance for revenue of approximately $42 million (C$53 million) in FY 2023, more than double the total of $19 million (C$25.4 million) in Fiscal 2022 ("FY 2022").
• Adjusted EBITDA¹ for Q2 FY2023 was $0.8 million (C$1.1 million), compared to a loss of $1.1 million (C$1.5 million) in Q2 FY2022. Management anticipates generating positive Adjusted EBITDA¹ for the remainder of FY 2023.
• Net profit for Q2 FY2023 was $0.2 million (C$0.3 million), compared to a net loss of $2.3 million (C$3.1 million) in Q2 FY 2022.
• The Company received purchase orders in excess of $20 million during Q2 FY2023.
• Total debt as at March 31, 2023 was $16.8 million (C$22.7 million) compared to $16 million (C$21.6 million) as at September 30, 2022, the FY 2022 year end. This includes the additional debt relating to the building at 1 Precision Way, Jamestown, NY and the promissory note issued as a result of the acquisition of Sustainable Energy Jamestown, LLC. Management is actively managing cash to reduce interest charges and believes that available liquidity, plus $8.2 million of accounts receivable and $5.1 million of inventory, will provide adequate working capital to support operating activities and growth targets for FY 2023.

Business Highlights: