Electrovaya Reports Second Quarter FY2024 Financial Results

$1.5 million in Adjusted EBITDA¹, bringing the trailing 12 month Adjusted EBITDA¹ to $5.8 million

Revenue of $10.7 million and Gross Margins improved by 1240 basis points year over year to 35%

Operating profit of $0.7 million with positive cash flow from operations for the quarter

TORONTO, ON / ACCESSWIRE / May 14, 2024 / Electrovaya Inc. ("Electrovaya" or the "Company") (Nasdaq:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, today reported its financial results for the second quarter fiscal year ended March 31, 2024 ("Q2 FY2024"). All dollar amounts are in U.S. dollars unless otherwise noted.

Foto: Accesswire

"Electrovaya continues to make great strides in strengthening our business, including a new supply agreement with Sumitomo Corporation Power and Mobility ("SCPM"), a 100% owned subsidiary of Sumitomo Corporation, improved non-dilutive working capital availability and progress with regards to technology developments and cost optimizations," said Dr. Raj DasGupta, Electrovaya's CEO. " We delivered significant improvement in profitability and margins, despite less revenue growth than anticipated due to delays driven solely by our customers. Our foundations are now in place to ensure continued and stronger financial performance going forward. In our business, there can be uncertainty with respect to delivery dates of our battery systems as customer sites are often newly constructed and are thus subject to potential delays. Nonetheless, we continue to see increasing reception for our products with major Fortune 100 customers. We expect our revenue growth to accelerate in the second half of this fiscal year and into our next fiscal year.

"The Infinity Battery Technology stands, in my opinion, as the best battery technology for heavy duty and mission critical applications. While we continue to see strong growth opportunities in our core material handling and robotics verticals, we are also seeing increased interest in other sectors. During the last few months, we have engaged in multiple projects in the defense sector and are seeding new interest in construction and mining equipment applications. With regards to construction equipment OEMs, we have been selected by one Japanese OEM, through our agreement with SCPM, to supply a mass production start in 2026. We also continue to see interest from the electric bus and truck sectors and are in two research and development programs with major OEMs."