Business
Electrovaya Reports Q2 Fiscal Year 2025 Results
Revenue increased 40% y/y to $15.0M with Positive Adjusted EBITDA 1 for Eighth Consecutive Quart...
About this update from Electrovaya Inc.
[{"type":"text","content":"Electrovaya Reports Q2 Fiscal Year 2025 ResultsRevenue increased 40% y/y to $15.0M with Positive Adjusted EBITDA1 for Eighth Consecutive QuarterAdjusted EBITDA1 of $2.0M or 13% of revenueNet Profit for the quarter of $0.8M and EPS of $0.02Reaffirms Fiscal 2025 Revenue Guidance Exceeding $60M, Driven by Strong Order Pipeline TORONTO, ONTARIO / ACCESS Newswire / May 14, 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 second quarter of the fiscal year ending September 30, 2025 (\"Q2 2025\"). All dollar amounts are in U.S. dollars unless otherwise noted. Financial Highlights:Revenue for Q2 2025 was $15.0 million, compared to $10.7 million in Q2 2024, an increase of 40%.Gross margin was 31.1% in Q2 2025. Battery system margins remained strong at 31.5% for the quarter.Adjusted EBITDA1 was $2.0 million. Q2 2025 was the Company's eighth consecutive quarter of positive Adjusted EBITDA1.Net profit for the quarter was $0.8 million, compared to a net loss in the prior year of $0.8 million. Earnings per share for the quarter was $0.02.Total debt was $13.1 million, compared to $18.4 million in the prior year. Total availability in our working capital facility is over $10 million.Key Operational and Strategic Highlights - Q2 2025Closed a $51 million Direct Loan from Export-Import Bank of the United States: On March 7, 2025, the Company announced that it closed a direct loan in the amount of $50.8 million from the Export-Import Bank of the United States (\"EXIM\") under the bank's \"Make More in America\" initiative. This financing, in addition to the various grants and tax credits from the State of New York, is expected to fund Electrovaya's battery manufacturing buildout in Jamestown, New York including equipment, engineering and setup costs for the facility.Closed a $20 million working Capital Debt Facility with the Bank of Montreal: On March 10, 2025, the Company announced that it has closed a credit agreement with the Bank of Montreal Corporate Finance (\"BMO\") for a senior secured asset based lending facility (the \"Facility\") which includes a three year term and which includes the following features:Revolving asset based facility of $20.0 millionAccordion of $5.0 million to support furth...