Business
Electrovaya Provides a Shareholder Update including Unaudited Preliminary FY2024 Annual Financial Results and Positive Outlook for 2025
Unaudited FY2024 Revenue Estimate of approximately $45 million with a Gross Margin of 31% Ex...
About this update from Electrovaya Inc.
[{"type":"text","content":"Electrovaya Provides a Shareholder Update including Unaudited Preliminary FY2024 Annual Financial Results and Positive Outlook for 2025Unaudited FY2024 Revenue Estimate of approximately $45 million with a Gross Margin of 31%Expects FY 2024 Year Operating Profit and Improved Adjusted EBITDAExpects FY2025 Revenues to Exceed $60 million Driven by Renewed Demand from the Company's Largest End UsersUS EXIM Bank's recently approved Direct Loan of $51 expected to begin disbursements during CY Q1 2025 TORONTO, ON / ACCESSWIRE / November 27, 2024 / Electrovaya Inc. (\"Electrovaya\" or the \"Company\") (NASDAQ:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, announced an unaudited Fiscal Year (\"FY\") 2024 ending 30th September, revenue update along with other business updates. All figures in this update are expressed in US dollars. FY Financial 2024 Update(1):Preliminary unaudited FY 2024 revenue is estimated at US$44.6 million(1)Margins for FY2024 is estimated at approximately 31%Expected operating profit and improved Adjusted EBITDA(2) for FY2024FY Financial 2025 Preview:The Company anticipates strong growth into FY2025 with estimated revenues to exceed $60 million driven by renewed demand from the Company's largest end users of material handling batteries.This guidance was prepared by taking into account the Company's existing purchase orders, along with anticipated pipeline from its key end users and OEM customers. This guidance also takes into consideration a percentage of anticipated revenue that potentially may be deferred to FY 2026.EXIM Direct Loan Update:The Export-Import Bank of the United States (\"EXIM\") on November 14, 2024 approved a direct loan of $50.8 million to Electrovaya to support its lithium ion battery manufacturing expansion in Jamestown, New York.Electrovaya is currently in the process of finalizing documentation with an anticipated funding date in CY Q1 2025.The EXIM facility is expected to have a term of six years with an expected interest rate of 4.25%, subject to any changes in the Federal interest rate prior to closing and annual fees of <2%.The EXIM facility will cover all equipment, engineering and construction costs for the Jamestown battery manufacturing site.Other Jamestown NY Expansion Updates:Electrovaya is in the process of updating disbursement schedules from...