Electrovaya Reports Q2 2019 Financial Results

About this update from Electrovaya Inc.

[{"type":"text","content":"\n\n\n\nElectrovaya Reports Q2 2019 Financial Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnml40{\nMARGIN-LEFT:3.33em\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, May 14, 2019\n\n\n\nTORONTO, May 14, 2019 /CNW/ - Electrovaya Inc. (\"Electrovaya\" or the \"Company\") (TSX: EFL; OTCQX: EFLVF), a lithium ion battery manufacturer with industry-leading performance and substantial intellectual property, today reported its financial results for the fiscal second quarter ended March 31, 2019 (\"Q2 2019\"). All dollar amounts are in U.S. dollars unless otherwise noted.\n\n \n \n\n \nQ2 2019 Financial Highlights:\nRevenue was $1.3 million (C$1.8 million), compared to $3.3 million (C$4.4 million) for the fiscal second quarter ended March 31, 2018 (\"Q2 2018\"). The revenue decline was attributable to the fulfillment of a single large order in Q2 2018. Q2 2019 revenue was derived entirely from deliveries of lithium ion batteries to multiple customers in the electric forklift and Automated Guided Vehicle (\"AGV\") markets. Revenues for the six months ended March 31, 2019 (\"YTD 2019\") and March 31, 2018 (\"YTD 2018\") were $3.2 million (C$4.3 million) and $4.0 million (C$5.4 million), respectively. Gross profit was $0.4 million (C$0.5 million), or 35% of revenue, compared to gross profit of $0.9 million (C$1.2 million), or 28% of revenue, in Q2 2018. Gross profit for YTD 2019 was $1.2 million (C$1.6 million), or 36% of revenue, compared to gross profit of $1.2 million (C$1.6 million), or 29% of revenue, in YTD 2018. Net loss from continued operations was $1.9 million (C$2.6 million) compared to a net loss from continued operations of $2.7 million (C$3.6 million) in Q2 2018. Net earnings from continued operations for YTD 2019 were $0.9 million (C$1.2 million), compared to a net loss from continued operations of $5.4 million (C$7.3 million) in YTD 2018. The net profit in YTD 2019 was primarily due to a gain on the sale of capital assets of $4.2 million (C$5.7 million). Other Business Highlights:\nElectrovaya's batteries continue to gain substantial traction in the Materials...

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