BornAgain
3 days ago
Electrovaya and Sumitomo Corporation Power & Mobility Enter into Supply Agreement for Electrovaya Lithium Ion Battery Products
Electrovaya, Inc.
Mon, Apr 29, 2024, 7:00 AM EDT3 min read
In This Article:
ELVA
+7.67%
Sumitomo Corporation Power & Mobility, a 100% subsidiary of Sumitomo Corporation and Electrovaya have expanded their sales partnership with a formal supply agreement with the intention to supply battery modules to a leading Japanese construction equipment OEM
TORONTO, ON / ACCESSWIRE / April 29, 2024 / Electrovaya Inc. ("Electrovaya" or the "Company") (NASDAQ:ELVA)(TSX:ELVA), a lithium ion battery technology and manufacturing company, today announced the establishment of a Supply Agreement with Sumitomo Corporation Power & Mobility ("SCPM"), a 100% subsidiary of Sumitomo Corporation (8053). The Supply Agreement will initially cover the supply of battery modules to leading Japanese construction equipment manufacturers. The Supply Agreement will also be used for any subsequent contracts. Together, the partners have begun introducing Electrovaya battery products to multiple OEMs and potential customers, primarily in the Asia-Pacific region.
"We are excited to work with Electrovaya who has unique and specific character of Lithium Ion Battery products. We are ready to work together for our future growth with Electrovaya" said SCPM.
"We are very pleased with the growing relationship with Sumitomo Corporation Power and Mobility and are excited about the opportunities that we are jointly working towards," said Dr. Raj DasGupta, CEO of Electrovaya. "We believe that our competitive advantages with respect to safety and cycle life continue to provide a key benefit for heavy duty electrified applications. SCPM is well connected to major OEMs and customers and we believe the relationship greatly enhances the Company's sales reach and ability to serve these large market opportunities."
For more information, please contact:
Investor and Media Contact:
Jason Roy
VP, Corporate Development and Investor Relations
Electrovaya Inc.
jroy@electrovaya.com
905-855-4618
Brett Maas
Hayden IR
elva@haydenir.com
646-536-7331
About Sumitomo Corporation Power & Mobility Co., Ltd.
Sumitomo Corporation Power & Mobility Co., Ltd. is developing a wide variety of businesses around the world related to "building next-generation mobility systems and social infrastructure" by utilizing the abundant experience and know-how of the Sumitomo Corporation Group and its international network. Major businesses include the(1) Trade in automobiles / automobiles related products, rolling stocks, etc., and electric power project facilities, (2) Overseas automotive supply chain management, (3) Development and implementation of social infrastructure projects such as electric power and railroad, (4) Development of new business in the mobility field.
For details, please access: https://www.sc-pmco.com/en/
About Electrovaya Inc.
Electrovaya Inc. (NASDAQ:ELVA) (TSX:ELVA) is a pioneering leader in the global energy transformation, focused on contributing to the prevention of climate change by supplying safe and long-lasting lithium-ion batteries. The Company has extensive IP and designs, develops and manufactures proprietary lithium-ion batteries and battery systems for energy storage and heavy duty electric vehicles based on its Infinity Battery Technology Platform. This technology offers enhanced safety and industry leading battery longevity. The Company is also developing next generation solid state battery technology at its Labs division. Headquartered in Ontario, Canada, Electrovaya has two operating sites in Canada and has acquired a 52-acre site with a 135,000 square foot manufacturing facility in New York state for its planned gigafactory. To learn more about Electrovaya, please explore www.electrovaya.com.
Forward-Looking Statements
This press release contains forward-looking statements, including statements that relate to, among other things, revenue, purchase orders, revenue guidance, uncommitted accordions and revenue growth forecasts for the fiscal year ending September 30, 2024 . Forward-looking statements can generally, but not always, be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" , "opportunities" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors and assumptions are applied in making forward looking statements, and actual results may differ materially from those expressed or implied in such statements. This includes statements with respect to the Company's intention to supply battery products to construction equipment customers and develop new OEM opportunities in the Asia Pacific Region. Factors that could cause actual results to differ materially from expectations include but are not limited to macroeconomic effects on the Company and its business, the Company's liquidity and cash availability in excess of its operational requirements, and the ability to generate and sustain sales orders. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company's Annual Information Form for the year ended September 30, 2023 under "Risk Factors", and in the Company's most recent annual and interim Management's Discussion and Analysis under "Qualitative And Quantitative Disclosures about Risk and Uncertainties" as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Electrovaya, Inc.
View the original press release on accesswire.com
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BornAgain
2 weeks ago
From Feb 22 post article ... https://www.post-journal.com/news/top-stories/2024/02/we-are-pretty-confident/
Electrovaya is making progress on project financing to build its new factory in Ellicott.
Dr. Raj DasGupta, Electrovaya CEO, discussed progress on the company’s Gigafactory during a conference call with investor analysts recently. DasGupta said Electrovaya has completed engineering studies and anticipated manufacturing equipment for the manufacturing site in the former Acu-Rite building while also updating environmental studies. As was reported by The Post-Journal previously, Electrovaya has hired Lee Gilmore as the general manager of the Ellicott facility and DasGupta said Electrovaya continues to identify other key staff.
“We are pretty confident,” DasGupta said. “We have good visibility because of our frequent conversations with these parties. Some things have given us better clarity over the last few weeks, especially with regards to some of the environmental reviews that were being taken for the site, and those appear to be going faster with a clear end. If it moves into April, that’s also OK. We’ll still be able to have our operation up and running on schedule.”
John Gibson, Electrovaya CFO, said first-quarter revenue was $12.1 million, a 41% increase from the company’s $8.6 million in the first quarter of 2023. EBITDA, or earnings before interest, taxes, depreciation, and amortization grew $800,000 from the first quarter of 2023 to the first quarter of 2024 to $600,000. EBITDA attempts to represent the cash profit generated by the company’s operations.
The first quarter still resulted in a $100,000 operating loss, according to Gibson, after accounting for some one-off costs in the first quarter, though Gibson said he expects that to turn into a profit as the year progresses. Despite the operating loss, the company’s financial picture is much-improved from the same time two years ago. Electrovaya reported an overall net loss of $200,000 in the first quarter of 2024 compared to a $2.4 million loss in the first quarter of 2022.
Company officials are projecting between $65 and $75 million in revenues for the 2024 fiscal year. That guidance is independent of the planned opening of the Gigafactory in Chautauqua County. Electrovaya’s Infinity-HV systems target heavy-duty, high-voltage applications including buses, delivery trucks, construction trucks, hybrid-fuel cell/battery systems and stationary energy storage systems. The first shipment was made to a global aerospace company for a new vehicle type, according to a late December news release, while company officials also anticipate shipping additional pre-production systems early in the new year for electrified airport diesel generator replacement devices. Electrovaya continues to experience strong interest in the electric bus market and other applications and is working towards securing long-term contracts.
Mass production of the Infinity-HV products is planned at the Gigafactory once it opens. According to Electrovaya’s corporate presentations, module and pack assembly in the Ellicott factory could begin this fall with cell assembly possible starting in the spring of 2025. Those timelines are important for Electrovaya to expand as planned, according to DasGupta.
“No, our fiscal year guidance is independent of Jamestown completely,” DasGupta said. “So, as I mentioned previously, the Canadian operations, which are focused on material handling applications, they can sustain revenue of about $130 million per annum, so roughly double our guidance. And the guidance is all based on material handling. Where Jamestown is going to be important is to support our High-Voltage Battery Systems and of course cell and module production that becomes IRA-eligible.”
greatnessawaits
3 months ago
Electrovaya Reports Revenue of $12.1 Million for Q1 FY2024; Up 41% Y/Y
$0.6 million in Adjusted EBITDA1, the fourth consecutive quarter with positive Adjusted EBITDA
Gross Margins improved by 360 basis points to 29% with battery systems exceeding 30%
Reaffirmed Fiscal 2024 Guidance of $65 to 75 million underpinned by increasing order backlog and an updated Three Year Strategic Supply Agreement with two of the largest OEMs in the Material Handling sector
TORONTO, ON / ACCESSWIRE / February 12, 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 first quarter fiscal year ended September 30, 2024 ("Q1 FY2024"). All dollar amounts are in U.S. dollars unless otherwise noted.
"Q1 FY2024 represented a good start for the fiscal year for the Company with strong revenue growth, improved margins and our fourth consecutive positive EBITDA1 result," said Dr. Raj DasGupta, Electrovya's CEO. Given the strength of the backlog and the current line of sight for other orders, we are reaffirming guidance of between $65 million and $75 million revenue for FY 2024."
"We continue our long term planning with respect to increasing the adoption of our Infinity Battery Technology into new verticals from 2025 and are making good progress including in the electric bus, construction and mining vehicles as well as energy storage applications. While not having meaningful revenue in 2024, these new vertices will help support our vision to become the leading battery player for heavy duty applications that require longer lasting and safer batteries."
John Gibson, Electrovaya's CFO commented, "Q1 FY2024 was by far our strongest first quarter in recent history. The Company is making progress in reaching a new debt facility with increased working capital availability, which is going to support further revenue growth in the quarters ahead. In parallel, good progress is also being made with our project financing goals to support our Jamestown New York gigafactory build out."
BornAgain
3 months ago
Conference Call Today!
Electrovaya, Inc.
February 5, 2024
In this article:
ELVA
+6.00%
Watchlist
Watchlist
Recommendation Rating
Buy
TORONTO, ON / ACCESSWIRE / February 5, 2024 / Electrovaya Inc. (Nasdaq:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, announces that it will file and release its first quarter ending December 31, 2023, following the market close on Monday, February 12, 2024. This will be followed by a conference call at 5:00 p.m. ET on the same day, presented by CEO, Dr. Raj DasGupta and CFO, John Gibson to discuss the financial results and provide a business update.
Conference Call details:
Date: Monday, February 12, 2024
Time: 5:00 pm. Eastern Time (ET)
Toll Free: 888-506-0062
International: 973-528-0011
Participant Access Code: 437462
To help ensure that the conference begins in a timely manner, please dial in 10 minutes prior to the start of the call.
For those unable to participate in the conference call, a replay will be available for two weeks beginning on February 12, 2024 through February 26, 2024. To access the replay, the dial-in number is 877-481-4010 and 919-882-2331. The replay access ID is 49873.
Investor and Media Contact:
Jason Roy
Director, Corporate Development and Investor Relations
Electrovaya Inc.
jroy@electrovaya.com
905-855-4618
Brett Maas
Hayden IR
elva@haydenir.com
646-536-7331
About Electrovaya Inc.
BornAgain
4 months ago
All You Need to Know About Electrovaya Inc. (ELVA) Rating Upgrade to Strong Buy
Jan 5, 202412:00 EST
ELVA
+14.37%
Electrovaya Inc.
ELVA
could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.
Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.
Therefore, the Zacks rating upgrade for Electrovaya Inc. basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Electrovaya Inc. imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate Revisions
Empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Earnings Estimate Revisions for Electrovaya Inc.
This company is expected to earn $0.18 per share for the fiscal year ending September 2024, which represents a year-over-year change of 550%.
Analysts have been steadily raising their estimates for Electrovaya Inc. Over the past three months, the Zacks Consensus Estimate for the company has increased 100%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
The upgrade of Electrovaya Inc. to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
Zacks Investment Research
https://www.tradingview.com/news/zacks:629739611094b:0-all-you-need-to-know-about-electrovaya-inc-elva-rating-upgrade-to-strong-buy/
BornAgain
4 months ago
Electrovaya Has Big Plans For Ellicott Battery Factory If Construction Funding Is Secured
Electrovaya is hiring key staff members for its Ellicott gigafactory with production possible in mid 2025 – as long as financing for construction is secured.
https://www.post-journal.com/news/top-stories/2024/01/on-the-cusp-of-a-charge/
The company has completed engineering studies for the Jamestown site, located in the former Acu-Rite building in Ellicott, and has also updated environmental studies. Lee Gilmore as the general manager of the Ellicott facility and other staff are being hired. Raj Das Gupta, Electrovaya CEO, told investor analysts in a conference call earlier this week that the company is looking toward 2025, when it will require additional manufacturing capacity, to open the Ellicott plant.
While the Ellicott building is in the company’s long-term plans, there is still a hurdle that remains before the project becomes a reality. Electrovaya officials are working to secure financing to pay for the expansion needed for the Ellicott project while, at the same time, working to refinance its working capital in both Canada and for the Ellicott plant. If financing isn’t secured, the Ellicott plant could find itself back on the open market.
“That said, we will pursue large-scale investments only in the event that we close the debt facility which needs to include advantageous terms with minimal impacts to operating cash flow and equity dilution,” Das Gupta said during a conference call with investor analysts earlier this week. “If we are unable to secure such financing we expect there will be limited financial impact as investments made to date are primarily land and building, which can be sold at a profit. That said, I firmly believe that this funding expansion will happen and benefit the company tremendously.”
On December 20, 2023, Electrovaya renewed its revolving loan facility and extended the term of the revolving loan facility by three months through March 29, 2024, with the aim to refinance the loan with another lender by the end of June. Electrovaya does have the option to keep its revolving loan facility with its current lender through June 29, 2024. The reason for refinancing with another lender is because the current lender doesn’t have the capability to handle business in both Canada and the United States.
The company is trying to refinance the Canadian debt and secure construction financing for the Ellicott building at the same time while also setting the stage for construction in Ellicott. Orders for equipment for the Ellicott plant will need to be ordered by the end of March in order to be ready in time for a 2025 opening. A team has been visiting suppliers in Asia to work with contract manufacturers to train on manufacturing processes that will be used in the Ellicott plant.
Das Gupta said a federal Department of Energy grant is being eyed for some of the needed construction costs for the Ellicott facility. The grant is specifically for heavy duty, off-road and other applications that fit with the Ellicott plant’s future use. The application is due by the end of March and would provide the company with significant funding toward expansion of the Ellicott gigafactory.
“There’s a lot of work that’s taking place in parallel to the financing efforts,” Das Gupta said.
Electrovaya announced 2023 revenues of $44.1 million, a 27% increase from 2022 revenues of $16.3 million, while Earnings Before Income Taxes, Depreciation And Amortization (EBITDA) increased from a $3.5 million loss in 2022 to $3.2 million in 2023. EBITDA is a measure of the cash profit generated by a company’s operations.
In November, Electrovaya announced it had executed a strategic supply agreement with two leading affiliated OEM partners for material handling vehicles and other affiliates for the supply of battery systems. The new agreement supersedes a preceding agreement from December 2020 with just one of the OEM partners and includes a longer term with larger minimum purchases to maintain exclusivity. Das Gupta also discussed at length the company’s relationship that was cemented in October with one of the four largest Japanese trading houses that will result in Electrovaya products being marketed to a host of Japanese and international OEMs to boost the company’s sales reach.
All told, the positive developments are leading Electrovaya officials to project 2024 revenues of between $65 million and $75 million. That growth is one reason the company is bullish on the prospects for its Ellicott gigafactory.
The company’s existing Canadian plant is expected to produce existing low-voltage products while the Ellicott factory will make higher voltage products. Electrovaya launched its Infinity-HV battery systems earlier this year. The first shipments were announced in late December to a global aerospace and defense company. The Infinity-HV systems target heavy-duty, high-voltage applications including buses, trucks, hybrid-fuel cell/battery systems and stationary energy storage systems.
“The intention is to build these packs in Jamestown,” Das Gupta said. “We did hire a great gentleman in Jamestown who’s going to be the plant manager and he’s well aware that this is the product that will be built first there. So the plan is to build it down there.”
According to an October investor presentation, a term sheet received in 2022 by a consortium of New York lenders covers 80% of the stage 1 costs for the Ellicott plant. The plant can currently handle about 300 megawatt hours in the building’s current footprint. Construction and expansion will boost that to roughly 2-3 gigawatts of capacity.
“The first phase of Jamestown is approximately 300 megawatt hours,” Das Gupta said. “The reason we use that figure is it takes advantage of the existing building. That’s the building footprint so that’s what we can fit into that building. And that also meets quite a lot of our requirements. However if demand continues to go up as we anticipate we will need to go larger.”
BornAgain
4 months ago
TORONTO, ON / ACCESSWIRE / January 2, 2024 / Electrovaya Inc. (Nasdaq:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, announces that it will file and release its fourth quarter and fiscal year ending September 30, 2023 (Q4 FY2023" & "FY 2023", respectively) financial results, after market close on Tuesday, January 2, 2024.
This will be followed by a conference call at 8:00 a.m. EST on Wednesday, January 3, 2024 presented by CEO, Dr. Raj DasGupta and CFO, John Gibson to discuss the financial results and provide a business update. The conference call details will be included in the Q4 FY2023 & FY2023 financial results press release.
Conference Call & Webcast details:
Date: Wednesday, January 3rd, 2024
Time: 8:00 am. Eastern Standard Time (EST)
Toll Free: 888-506-0062
International: 973-528-0011
Participant Access Code: 193374
Webcast: https://www.webcaster4.com/Webcast/Page/2975/49582
To help ensure that the conference begins in a timely manner, please dial in 10 minutes prior to the start of the call.
For those unable to participate in the conference call, a replay will be available for two weeks beginning on January 3, 2024 through January 17, 2024. To access the replay, the dial-in number is 877-481-4010 and 919-882-2331. The replay access ID is 49582.
Investor and Media Contact:
Jason Roy
Director, Corporate Development and Investor Relations
Electrovaya Inc.
jroy@electrovaya.com
905-855-4618
Brett Maas
Hayden IR
elva@haydenir.com
646-536-7331
About Electrovaya Inc.
Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) is a pioneering leader in the global energy transformation, focused on contributing to the prevention of climate change by supplying safe and long-lasting lithium-ion batteries. The Company has extensive IP and designs, develops and manufactures proprietary lithium-ion batteries and battery systems for energy storage and heavy duty electric vehicles based on its Infinity Battery Technology Platform. This technology offers enhanced safety and industry leading battery longevity. The Company is also developing next generation solid state battery technology at its Labs division. Headquartered in Ontario, Canada, Electrovaya has two operating sites in Canada and has acquired a 52-acre site with a 135,000 square foot manufacturing facility in New York state for its planned gigafactory. To learn more about Electrovaya, please explore www.electrovaya.com.
SOURCE: Electrovaya, Inc.
BornAgain
6 months ago
Electrovaya Announces Three Year Strategic Supply Agreement with Existing and New Global OEM Partners
ELVA
+10.90%
Electrovaya, Inc.
Thu, November 2, 2023 at 7:00 AM EDT
In this article:
TORONTO, ON / ACCESSWIRE / November 2, 2023 / Electrovaya Inc. ("Electrovaya" or the "Company") (NASDAQ:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, today announced that it has executed a Strategic Supply Agreement with two leading affiliated OEM partners for material handling vehicles and other affiliates for the supply of battery systems.
The new three-year agreement provides the two leading OEMs and other affiliated companies with branded lithium ion batteries that are UL 2580 Listed and compatible with most class I, II and III lift trucks as well as automated guided vehicles and robots. The new agreement supersedes a preceding agreement from December 2020 with just one of the OEM partners and includes a longer term with larger minimum purchases to maintain exclusivity. The battery systems will utilize the latest Electrovaya Infinity Battery Technology NMC-Ceramic based systems and provide a full integration with the OEM's vehicles. This technology has demonstrated industry leading cycle life performance from both internal testing and through independent third-party laboratory testing.
"We are pleased to announce this expanded strategic supply agreement with our largest OEM partner and to welcome the additional OEM partnership," said Dr. Raj DasGupta, CEO at Electrovaya. "The new agreement builds upon our existing relationship and will enable us to further increase market penetration with two of the largest OEMs in the industry. The material handling and robotics markets require battery systems to operate heavy duty cycles indoors, which calls for technologies with superior safety and longevity. These requirements play to Electrovaya's strengths, where the Infinity Technology Platform has been shown to provide up to five times the cycle life of typical lithium ion batteries with improved safety due to our proprietary ceramic separator technology. Electrovaya powered equipment is already operational with over 12 Fortune 100 customers and at over 170 warehouse sites on four continents. With this new agreement we believe that we will be able to significantly expand our growing list of global customers."
"Our relationship with our current material handling OEM partner has been instrumental in our sales success in recent years," said Dr. Jeremy Dang, Vice President of Business Development at Electrovaya. "For instance in fiscal year 2023, we delivered approximately $36 million worth of products through our OEM channel. We anticipate that having a second major OEM partner should have a strong impact on our sales growth in the coming years."
For more information, please contact:
Investors:
Jason Roy, Director Investor Relations and Communications
Electrovaya Inc.
905-855-4618
jroy@electrovaya.com
Brett Maas, Managing Partner
Hayden IR
646-536-7331
brett@haydenir.com
About Electrovaya Inc.
Electrovaya Inc. (NASDAQ:ELVA) (TSX:ELVA) is a pioneering leader in the global energy transformation, focused on contributing to the prevention of climate change by supplying safe and long-lasting lithium-ion batteries. The Company has extensive IP and designs, develops and manufactures proprietary lithium-ion batteries and battery systems for energy storage and heavy duty electric vehicles based on its Infinity Battery Technology Platform. This technology offers enhanced safety and industry leading battery longevity. The Company is also developing next generation solid state battery technology at its Labs division. Headquartered in Ontario, Canada, Electrovaya has two operating sites in Canada and has acquired a 52-acre site with a 135,000 square foot manufacturing facility in New York state for its planned gigafactory. To learn more about Electrovaya, please explore www.electrovaya.com.
Forward-Looking Statements
This press release contains forward-looking statements, including statements that relate to, technology development progress, plans for shipment using the Company's technology, production plans, the Company's markets, objectives, goals, strategies, intentions, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "substantial", "growth", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to currency rates and creditworthiness of customers); Company's UL2580 listing and continuity of that listing on safety and quality is not guaranteed, Company liquidity and capital resources, including the availability of additional capital resources to fund its activities; anticipated revenue growth; ability to maintain revenue and delivery results; anticipated additional customers; ability of the OEMs to meet revenue expectations; that significant price reductions on the purchase price of products may apply in the case of late delivery; level of competition; changes in laws and regulations; legal and regulatory proceedings; the ability to adapt products and services to the changing market; the ability to attract and retain key executives; and the ability to execute strategic plans. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company's most recent annual information form under the heading "Risk Factors" and annual and interim Management's Discussion and Analysis under "Risk and Uncertainties" as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Electrovaya, Inc.
View source version on accesswire.com:
https://www.accesswire.com/798702/electrovaya-announces-three-year-strategic-supply-agreement-with-existing-and-new-global-oem-partners
BornAgain
7 months ago
Electrovaya's Preliminary FY2023 Revenue of $42.2 Million, Up 113% Y/Y
FY 2023 Revenue In line with Guidance; CAGR of 100% over 2 years
TORONTO, ON / ACCESSWIRE / October 3, 2023 / Electrovaya Inc. ("Electrovaya" or the "Company") (NASDAQ:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, announced preliminary unaudited Q4 and Fiscal Year 2023 revenue. ("Q4 FY2023" and "FY2023", respectively). All dollar amounts are in U.S. dollars unless otherwise noted.
Preliminary unaudited Q4 FY 2023 revenue of US$13.4 million(1) (C$18.1 million(2)) for the quarter ending September 30, 2023, an increase of 35% compared with Q4 FY 2022
Preliminary unaudited FY 2023 revenue of US$42.2 million(1) (C$56.9 million(2)), an increase of 113% compared with $19.8 million (C$26.7 million(2)) in FY 2022; and an increase of 264% compared to $11.6 million (C$15.6 million(2)) in FY 2021; a CAGR of 100% over 2 years
Management expects strong growth to continue in FY2024. The Company intends to provide formal guidance for FY2024 when it releases its audited FY2023 financial statements
Dr. Raj DasGupta, CEO of Electrovaya, said, "We have passed a key inflection point demonstrating our ability to scale our core Infinity Battery technology to meet the needs of the world's most intensive electrified applications. This is exemplified by the execution of our growth, production and profitability objectives for the fiscal year. We plan to build on this momentum in FY2024 with continued growth in our core material handling vertical and develop new applications where our Infinity Technology provides a competitive edge.
John Gibson, CFO of Electrovaya, said, "This has been a record revenue quarter with continued profitability for Electrovaya. We are maintaining our focus on high value applications while continuing to expand and penetrate our end markets."
The preliminary results set forth above are based on an initial review of the Company's operations for the quarter and year ended September 30, 20223 and are subject to change. Actual results could differ from these preliminary results following the completion of year-end closing procedures, final adjustments and other developments arising between now and the time that the Company's financial results are finalized, and such changes could be material. While the Company believes there is a reasonable basis for these preliminary financial results, the results involve known and unknown risks and uncertainties that may cause actual results to differ materially. These preliminary fiscal results represent forward-looking information. See "Forward Looking Information".
Using an average exchange rate for twelve months of 1US Dollar=1.3481 Canadian Dollars
For more information, please contact:
Investor Contact:
Jason Roy
Director, Corporate Development and Investor Relations
Electrovaya Inc.
Telephone: 905-855-4618
Email: jroy@electrovaya.com
About Electrovaya Inc.
Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) is a pioneering leader in the global energy transformation, focused on contributing to the prevention of climate change by supplying safe and long-lasting lithium-ion batteries. The Company has extensive IP and designs, develops and manufactures proprietary lithium-ion batteries and battery systems for energy storage and heavy duty electric vehicles based on its Infinity Battery Technology Platform. This technology offers enhanced safety and industry leading battery longevity. The Company is also developing next generation solid state battery technology at its Labs division. Headquartered in Ontario, Canada, Electrovaya has two operating sites in Canada and has acquired a 52-acre site with a 135,000 square foot manufacturing facility in New York state for its planned gigafactory. To learn more about Electrovaya, please explore www.electrovaya.com.
Forward-Looking Statements
This press release contains forward-looking statements relating to the deployment of the Company's products by the Company's customers and the timing for delivery thereof, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective", "inflection", "growth" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors and assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Statements with respect to the Fiscal Year 2023 guidance, compounded annual revenue growth (CAGR) to the purchase and deployment of the Company's products by the Company's customers and users, and the timing for delivery thereof, and levels of expected sales and expected further purchases and demand growth are based on an assumption that the Company's customers and users will deploy its products in accordance with communicated intentions, that the Company will be able to deliver the ordered products on a basis consistent with past deliveries, and the anticipation of the Company delivering Infinity Battery Technology Products in FY2023 and FY2024 on the present purchase order to meet FY 2023 and FY2024 revenue targets, anticipated revenues in FY 2023 and FY 2024, gross margin and ability to increase prices to help maintain gross margins, ability to have production ramps of the Infinity Battery Technology Products in FY2023 to meet demand, are all based on assumptions by the company and its end users. Important factors that could cause actual results to differ materially from expectations include but are not limited to macroeconomic effects on the Company and its business and on the Company's customers, economic conditions generally and their effect on consumer demand, labor shortages, inflation, supply chain constraints, the potential effect of COVID restrictions in Canada and internationally on the Company's ability to produce and deliver products, and on its customers' and end users' demand for and use of products, which effects are not predictable and may be affected by additional regional outbreaks and variants, and other factors which may cause disruptions in the Company's supply chain and Company's capability to deliver the products. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company's Annual Information Form for the year ended September 30, 2021 under "Risk Factors", and in the Company's most recent annual Management's Discussion and Analysis under "Qualitative And Quantitative Disclosures about Risk and Uncertainties" as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.
The preliminary unaudited revenue and CAGR for the periods described herein constitute future-oriented financial information and financial outlooks (collectively, "FOFI"), and generally, are, without limitation, based on the assumptions and subject to the risks set out above under "Forward-Looking Statements". Although management believes such assumptions to be reasonable, a number of such assumptions are beyond the Company's control and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. FOFI is provided for the purpose of providing information about management's current expectations and plans relating to the Company's future performance, and may not be appropriate for other purposes.
The FOFI does not purport to present the Company's financial condition in accordance with IFRS, and it is expected that there may be differences between audited results and preliminary results, and the differences may be material. The inclusion of the FOFI in this news release disclosure should not be regarded as an indication that the Company considers the FOFI to be a reliable prediction of future events, and the FOFI should not be relied upon as such.
SOURCE: Electrovaya, Inc.
View source version on accesswire.com:
https://www.accesswire.com/789477/electrovayas-preliminary-fy2023-revenue-of-422-million-up-113-yy
BornAgain
7 months ago
Electrovaya Provides a Business Update
Improved operational efficiency with increased manufacturing capacity; expansion of engineering capabilities; product updates; management open market share purchases
TORONTO, ON / ACCESSWIRE / September 21, 2023 / Electrovaya Inc. ("Electrovaya" or the "Company") (NASDAQ:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, today announced a business update.
Canadian Manufacturing Site Upgrades and Capacity Increase
Electrovaya has made incremental improvements in its manufacturing process, equipment and facilities over the last several months that have led to increased capacity and efficiency. The Company believes that the overall manufacturing capacity at its 6688 Kitimat Road location in Mississauga, Ontario has nearly doubled year to date, with an annual capacity of approximately US$130 million of battery systems. Given the capacity improvements, the Company continues to operate a single shift to meet its production goals. The Company believes that there are further optimizations available, including through additional automation and equipment, and intends to pursue these opportunities. Electrovaya has applied for Canadian government funding to support these potential further investments.
Expansion of Engineering Capabilities
Electrovaya is growing its engineering capabilities significantly. The Company expects that its engineering staffing will increase by approximately 50% in 2023, with most of the targeted additions on-boarded over the past three months. The additional staff brings expertise in many engineering disciplines, including firmware, software, mechanical engineering, industrial engineering and electrical engineering. With the expanded team, Electrovaya expects to have the capability to execute on additional OEM projects for both low-voltage and high-voltage applications, and to develop new products, from battery systems to value added software. The Company is also planning to hire additional staff to support cell manufacturing activities, and recently hired a General Manager for its Jamestown, New York facility.
Product and Project Updates
Electrovaya continues to execute on growing deliveries in the material handling vehicle industry. The Company recently made shipments to Australia, received its first orders from Asia, and received a new order from its largest Fortune 100 end user, which already uses the Company's batteries at 14 of its facilities and now plans to use them in a 15th. There continues to be strong interest in Electrovaya's newest high voltage offerings and are targeting the transit, mining, defense and other heavy duty vehicle applications. The Company is on track to ship its first pre-production systems this calendar year.
Management Share Purchases
Electrovaya's management team remains confident in the Company's ability to execute on its strategy and continue to build a strong and sustainable growth trajectory. Both Dr. Raj DasGupta, CEO, and John Gibson, CFO, have recently purchased shares on the open market, underscoring their confidence in the Company.
For more information, please contact:
Jason Roy
Director, Corporate Development and Investor Relations
Electrovaya Inc.
Telephone: 905-855-4618
Email: jroy@electrovaya.com
About Electrovaya Inc.
Electrovaya Inc. (NASDAQ:ELVA) (TSX:ELVA) is a pioneering leader in the global energy transformation, focused on contributing to the prevention of climate change by supplying safe and long-lasting lithium-ion batteries. The Company has extensive IP and designs, develops and manufactures proprietary lithium-ion batteries and battery systems for energy storage and heavy duty electric vehicles based on its Infinity Battery Technology Platform. This technology offers enhanced safety and industry leading battery longevity. The Company is also developing next generation solid state battery technology at its Labs division. Headquartered in Ontario, Canada, Electrovaya has two operating sites in Canada and has acquired a 52-acre site with a 135,000 square foot manufacturing facility in New York state for its planned gigafactory. To learn more about Electrovaya, please explore www.electrovaya.com.
Forward-Looking Statements
This press release contains forward-looking statements relating to announcements regarding planned growth, manufacturing capacity, manufacturing efficiency and further optimization, engineering and development capabilities including additional engineering staffing, planned production in Jamestown New York, ability to produce US$130 million of battery systems out of the Kitimat manufacturing site, overseas demand, cell performance, safety, cost of ownership, life cycle cost, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective", "seed", "growing" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors and assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Statements with respect to solid state batteries, battery technologies and production roadmaps, are based on an assumption that the Company's customers and users will deploy its products in accordance with communicated intentions, and the Company has investment capital to deploy. Important factors that could cause actual results to differ materially from expectations include but are not limited to macroeconomic effects on the Company and its business and on the Company's customers, including inflation and tightening credit availability due to systemic bank risk, economic conditions generally and their effect on consumer demand and capital availability, labor shortages, supply chain constraints, the potential effect of health based restrictions in Canada, the US and internationally on the Company's ability to produce and deliver products, and on its customers' and end users' demand for and use of products, which effects are not predictable and may be affected by additional regional outbreaks and variants, and other factors which may cause disruptions in the Company's supply chain and Company's capability to deliver and develop its products. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company's Annual Information Form for the year ended September 30, 2022 under "Risk Factors", and in the Company's most recent annual Management's Discussion and Analysis under "Qualitative And Quantitative Disclosures about Risk and Uncertainties" as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Electrovaya, Inc.
View source version on accesswire.com:
https://www.accesswire.com/786171/electrovaya-provides-a-business-update
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