1926 0 Kommentare Electrovaya Reports Financial Results for Fiscal 2016

TORONTO, ON--(Marketwired - December 28, 2016) - Electrovaya (TSX: EFL) (OTCQX: EFLVF) today reports its financial results for the fiscal year ending September 30, 2016. All numbers are in US dollars.

Financial Highlights:

FY2016 revenue is $19.5 million (Cdn $26.4m) for the year ended September 30, 2016, a 17.5% increase over FY 2015 revenue of $16.6 million (Cdn $22.5m).
The net loss for FY2016 is $8.8 million (Cdn $11.9m) compared to the net loss for FY2015 of $3.2 million (Cdn $4.3m). This increase in net loss of $5.6 million (Cdn $7.6m) was mainly attributed to:
- Increased research investment to develop the high value and easily usable battery modules, battery management systems (BMS) and systems engineering for multiple Original Equipment Manufacturer (OEM) customers which resulted in an increase in R&D expenditures of $1.6 million (Cdn $2.2m), and;
- Significant non-cash expenses in the fourth quarter at our German operations of $3.8million (Cdn$5.2million) including a provision for inventory revaluation and obsolescence of $1.3 million (Cdn $1.8m) and an allowance for credit losses of $2.5 million (Cdn $3.4m) as our German operations transitioned from component sales to valued added products.
Inventory is $18.2 million (Cdn $24.7m) as at September 30, 2016 of which $8.1 million (Cdn $11.0m) is in finished goods and $5.9 million (Cdn $8.0m) in semi-finished goods as the company prepares to meet confirmed forward orders for fulfillment in 2017.

Business Highlights:
FY 2016 was pivotal for Electrovaya as the company developed its value added products and several major OEM customers/relationships. These developments, although, not significant in FY2016 revenue, are expected to have a strong influence on CY2017 revenue. The company is focusing on applications where its competitive advantage is more accentuated, namely applications that have higher duty cycles and greater requirements for cycle life and safety.

Business Highlights by Target Industrial Sectors

Miscellaneous sales of Cells: certain battery and other companies have purchased cells and components which provided revenues in FY2016; these revenues are expected to continue however we do not expect significant growth in this sector; growth in CY2017 onwards is expected to come from recent activities and product launches in newly targeted industrial sectors as mentioned below.
Residential Energy Storage Sector: Electrovaya in May 2016 announced its intelligent 48V, 2.3 kWh module (Litastore™ 2.3) with an integrated BMS as building blocks for OEMs. Electrovaya signed a non-binding Letter of Intent with a major Residential Energy Storage OEM in June 2016 followed by signing a multi-year Strategic Supplier Agreement in October 2016 and received a Purchase Order for about Euro 6.9 million (US$7.2 million) in November 2016
Materials Handling Sector sales to OEM: Electrovaya announced in May 2016, a Multiyear Master Service Agreement (MSA) with a NYSE Fortune 1000 OEM for the supply of Lithium Ion battery Modules. Initial functional product deliveries have started under this MSA with Hyster-Yale.
Materials Handling Sector sales directly to the end user: Electrovaya announced on 14^th November 2016 battery products for the fork lift materials handling market which can be delivered directly to the fork-lift user and is a drop-in replacement for the user's lead acid battery. Trials are underway with multiple users in this sector.
Electric bus sector: Electrovaya's subsidiary Litarion in June 2016, announced a non-binding MOU with a leading European OEM, with operations in Europe and Asia, to deliver Lithium Ion cells for Electric Buses. The development work is continuing.
Electric-Mobility and Electric Delivery Truck sector: Electrovaya's subsidiary Litarion in July 2016, signed a non-binding MOU with a Major Global OEM in the electro-mobility industry, for the delivery of Lithium Ion Battery Cells and Modules later in CY2017. Development work on this project is continuing. Electrovaya has started working with other companies in this sector including, as announced in September 2016, a Fortune 1000 NYSE company where Electrovaya is designing, under a purchase order, the complete battery system for integration into the OEM's off-road electric vehicle.
Utility and Grid connected systems: The system for ConEdison will have cells with the Separion™, ceramic embedded separator to give longer cycle-life and higher safety to the system. The Electrovaya system will also have the latest battery management system with advanced capabilities. The system is expected to be delivered by H1, 2017.