Business
Electrovaya Reports Q2 FY2020 Results
Quarterly revenue more than doubles compared to sequential first quarter; Third quarter reve...
About this update from Electrovaya Inc.
[{"type":"text","content":"Electrovaya Reports Q2 FY2020 ResultsQuarterly revenue more than doubles compared to sequential first quarter; Third quarter revenue on track to double compared to second quarterTORONTO, ONTARIO / ACCESSWIRE / May 15, 2020 / 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 second quarter ended March 31, 2020 (\"Q2 FY2020\"). All dollar amounts are in U.S. dollars unless otherwise noted.Business Highlights:Strong operating performance in Q2 FY2020 as the Company rapidly reorganized infrastructure for production in its new facilities in Mississauga, Ontario, while managing significant supply chain disruptions related to COVID-19.Q2 FY2020 revenue was $1.9 million (C$2.7 million), more than double the revenue generated in the fiscal first quarter, amid strong demand from customers in essential industries. The result was achieved despite the challenges outlined above, which prevented the Company from generating a positive EBITDA for the quarter.Electrovaya's current order backlog exceeds $10 million (C$14 million).The Company is generating stronger sales performance from the OEM channel, which is expected to be a major growth driver in the 2021 fiscal year.Electrovaya is continuing to operate during the COVID-19 pandemic as an essential service due to its role in the supply chains for food and other essential goods.The Company's batteries are currently powering e-forklift systems in 31 locations, mainly replacing lead acid batteries, and, hydrogen fuel cells and also powering new electric forklifts.On April 8, 2020, Electrovaya announced that it amended the terms of its C$15 million convertible debentures with a 9% coupon. The Company paid its lender C$2 million in cash, issued C$2 million of common shares of Electrovaya, and agreed to a further C$2 million cash payment on or before September 29, 2020 to satisfy all obligations under the debenture.On April 22, 2020, the Company announced that it closed an agreement with a financial institution for an additional secured C$4.5 million working capital credit facility, bringing the total facility limit to C$11.5 million. The facility supports fulfillment of purchase orders.Positive Financial Outlook:G...