Business
Electrovaya Reports Q1 FY2021 Financial Results - Quarterly Revenue Triples Year-Over-Year
TORONTO, ON / ACCESSWIRE / February 10, 2021 / Electrovaya Inc. ("Electrovaya" or the "Co...
About this update from Electrovaya Inc.
[{"type":"text","content":"Electrovaya Reports Q1 FY2021 Financial Results - Quarterly Revenue Triples Year-Over-YearTORONTO, ON / ACCESSWIRE / February 10, 2021 / Electrovaya Inc. (\"Electrovaya\" or the \"Company\") (TSX:EFL)(OTCQB:EFLVF), a lithium ion battery manufacturer with industry-leading performance and substantial intellectual property, today reported its financial results for the fiscal first quarter ended December 31, 2020 (\"Q1 FY2021\"). All dollar amounts are in U.S. dollars unless otherwise noted.Q1 FY2021 Financial Highlights:Revenue increased to $2.6 million (C$3.3 million), compared to $0.9 million (C$1.1 million) in the fiscal first quarter ended December 31, 2019 (\"Q1 FY2020\"). The year-over-year revenue growth reflects growing customer demand.EBITDA1 was negative $0.8 million (C$1.0 million), compared to negative $0.9 million (C$1.1 million) in Q1 FY2020. Q1 FY2021 EBITDA1 included a $0.5 million (C$0.6 million) increase in R&D expenditures as the Company added more staff along with an increased focus on areas of cell chemistry, solid state cells, system design, electronic firmware and software.Subsequent to quarter end the Company raised $6.4 million (C$8.1 million) through a private placement of common shares and the exercise of warrants and compensation options. A portion of the gross proceeds was used to reduce the outstanding revolving facility by $1.8 million (C$2.3 million), significantly strengthening the balance sheet.Electrovaya has not historically experienced seasonality in its business. In recent periods, however, revenue has been relatively low in the fiscal first quarter, which reflects customers' preference to defer product delivery past the holiday season and into the New Year. This is due to an increasing e-commerce demand and the need to minimize changes or disruptions at high-volume distribution centers. Seasonality has also increased due to the impact of COVID-19 on the general consumer community as a result of a shift from in-person to online shopping, increasing the activity at distribution centres.The transition from the Raymond Sales Agreement to the Raymond Strategic Supply Agreement also caused some operational delay in shipments, as the new sales support systems was not fully in place until January 2021. This delay in shipment is reflected by the increase in inventory of $2.4 million (C$3.0 million)...