Business
Electrovaya Reports Q1 Fiscal Year 2025 Results
Revenue of $11.2M and Positive Adjusted EBITDA for Seventh Consecutive Quarter Strengthened ...
About this update from Electrovaya Inc.
[{"type":"text","content":"Electrovaya Reports Q1 Fiscal Year 2025 ResultsRevenue of $11.2M and Positive Adjusted EBITDA for Seventh Consecutive QuarterStrengthened Balance Sheet and improved financial positionSignificant Progress in Closing EXIM and Bank Financing to support US Manufacturing Expansion and Overall Growth PlansReaffirms Fiscal 2025 Revenue Guidance Exceeding $60M, Driven by Strong Order Pipeline TORONTO, ONTARIO / ACCESS Newswire / February 13, 2025 / 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 of the fiscal year ending September 30, 2025 (\"Q1 2025\"). All dollar amounts are in U.S. dollars unless otherwise noted. Financial Highlights:Revenue for Q1 2025 was $11.2 million, compared to $12.1 million in the fiscal year ended December 31, 2023 (\"Q1 2024\").Gross margin was 30.5% in Q1 2025, an improvement of 130 basis points compared to Q1 2024. Battery system margins remained strong at 30.8% for the quarter.Adjusted EBITDA1 was $0.6 million. Q1 2025 was the Company's seventh consecutive quarter of positive Adjusted EBITDA1.The Company had positive working capital of $12.6 million for Q1 2025 compared to negative working capital of $0.4 million in Q1 2024.Cash in hand was $8.2 million at the end of Q1 2025 compared to $0.6 million for Q1 2024.The Company paid off all debts associated with its property in Jamestown, New York, including the existing mortgage and promissory notes.Key Operational and Strategic Highlights - Q1 2025Received Direct Loan Approval from Export-Import Bank of the United States: On November 14, 2024, the Company announced that it had secured approval for a direct loan in the amount of US$50.8 million from the Export-Import Bank of the United States (\"EXIM\") under the bank's \"Make More in America\" initiative. This financing is expected to fund Electrovaya's battery manufacturing buildout in Jamestown, New York including equipment, engineering and setup costs for the facility.Completed an Equity Offering with Gross Proceeds of $12.8 million: On December 18, 2024, the Company, after giving effect to the full exercise of the Over-Allotment Option, sold 5,951,250 Common Shares under a public offering, for aggregate gross proceeds of US$12,795,188.00. The Compan...