DGAP-News

Electrovaya Reports Profitable Q4 Along With FY 2015 Results

DGAP-News: Electrovaya Inc. / Key word(s): Miscellaneous
Electrovaya Reports Profitable Q4 Along With FY 2015 Results

02.12.2015 / 05:03
The issuer is solely responsible for the content of this announcement.

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TORONTO, ON --(Marketwired - December 01, 2015) - Electrovaya
(TSX: EFL) today reports its financial results for the quarter
and year ending September 30, 2015. Q4, 2015 was the first full
quarter results after the transformational acquisition of
Litarion GmbH, Europe's largest lithium ion plant. The FY 2015
numbers include five months of operation after the acquisition.
All numbers are in US dollars.

Financial Highlights:

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-- Revenues Surge: Q4 $9.8 million (Cdn $13.1m), a growth of 495% over Q4
2014 and a growth of 64% over preceding Q3, 2015; FY 2015 revenue $16.6
million (Cdn $22.2m) a growth of 124% from $ 7.4 million (Cdn $9.9m)
-- Gross Margin Improves: Q4, 2015 of $3.5 million (Cdn $4.7m), a growth of
440% over Q4, 2014; gross margin of 36% achieved in Q4 FY 2015 gross
margin 30%
-- Adjusted EBITDA Positive: Q4 $1.7 million (Cdn$ 2.3m) a positive swing
of $2.5 million from loss of $0.76 million in Q4, 2014.
-- Net Profit Increases in Q4 $1.3 million (Cdn $1.8m)
-- Cash Balance Jumps: September 30, 2015 cash balance $6.3 million (Cdn
$8.5 m), an increase of $3.1 million (Cdn $4.2m) over June 30, 2015

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Business Highlights:

The acquisition of the Litarion and its 0.5 Gigawatt hour plant,
completed April 29, 2015, has created a large momentum in our
sales pipeline and has been the catalyst to produce a strong
profitable fourth quarter. Q4 was the first full quarter after
the acquisition.

The second acquisition from Evonik of all of the Global exclusive
rights to Separion(TM), an unique flexible ceramic separator, opens
up additional large revenue opportunities. This proprietary
material generates highest safety and performance in lithium ion
cells.

The combined technology from Electrovaya and Litarion generates
industry leading technology in non-toxic production, safety,
cycle life and costs.

Quarter highlights include:

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-- Notable Contracts:
-- the announcement of a $ 20.6 million (EUR 18.5 million) contract for
the supply of Lithium Ion battery products;
-- the announcement of a contract to supply a portable, high capacity
battery storage system to Con Edison for Clean Energy Grid Support;
-- New Products: the announcement of the introduction of our new 40Ah
Lithium Ion Cell;
-- Notable Deliveries: Delivery of a grid connected MWh Energy Storage