Electrovaya Reports Q4 FY2022 and Fiscal 2022 Results
Q4 revenue increased by 140% and FY 2022 revenue increased by 70% year over yearTORONTO, ON / ACCESSWIRE / December 5, 2022 / Electrovaya Inc. ("Electrovaya" or the "Company") (TSX:EFL)(OTCQB:EFLVF), a leading lithium-ion battery technology and …
Q4 revenue increased by 140% and FY 2022 revenue increased by 70% year over year
TORONTO, ON / ACCESSWIRE / December 5, 2022 / 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 fourth quarter and fiscal year ended September 30, 2022 ("Q4 FY2022" & "FY 2022", respectively). All dollar amounts are in U.S. dollars unless otherwise noted.
- Revenue for Q4 FY2022 was $10 million (C$12.7 million), an increase of 140% compared to $4.2 million (C$5.4 million) in the fiscal fourth quarter ended September 30, 2021 ("Q4 FY2021"). Revenue for Q4 FY2022 also increased by 132% on a sequential basis compared to $4.3 million (C$5.4 million) in the fiscal third quarter ended June 30, 2022. Management is encouraged by the strong quarterly revenue growth and anticipates continued strong growth in Fiscal 2023 ("FY 2023"). The Company has received indications of significant new orders for delivery during the 2023 calendar year. Further details are provided in the "Positive Financial Outlook" section below.
- The Company generated positive EBITDA1 of $0.4 million (C$0.5 million) in Q4 FY2022.
- Revenue for FY 2022 increased by 71% to $19.8 million (C$25.4 million), compared to revenue of $11.6 million (C$14.8 million) in the fiscal year ended September 30, 2021 ("FY 2021").
- On November 9, 2022, the Company completed a private placement of Common Shares and Common Share purchase warrants with existing institutional investors, new institutional investors and Company insiders for gross proceeds of approximately C$14.8 million.
- On July 7, 2022, the Company announced the receipt of a battery purchase order through its OEM sales channel valued at approximately $11 million (C$14 million).
- On July 21, 2022, Electrovaya announced that it increased its credit facility limit from C$14 million to C$16 million to support sales growth. As a consideration for this amendment, the Company paid a fee of C$50,000, paid in shares to the financial institution.
- On July 28, 2022, the Company announced that it earned ISO 9001:2015 certification for its quality management system. The scope of the Company's certification includes the design, manufacturing, supply and repair of lithium-ion battery products.
- On October 3, 2022, the Company announced that it selected New York State as the location for its first U.S. gigafactory ("the Gigafactory") for the planned production of cells and batteries. The Company is planning to set up operations at a 137,000 square foot plant on a 52-acre campus near Jamestown, NY. The Gigafactory will be located in a former electronics manufacturing facility. This U.S. site will be in addition to Electrovaya's two operating sites in Canada and it is expected to open in phases starting in 2023.
Positive Financial Outlook: