Electrovaya Reports Q3 2019 Financial Results

About this update from Electrovaya Inc.

[{"type":"text","content":"\n\n\n\nElectrovaya Reports Q3 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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Aug. 13, 2019\n\n\n\nTORONTO, Aug. 13, 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 third quarter ended June 30, 2019 (\"Q3 2019\"). All dollar amounts are in U.S. dollars unless otherwise noted.\n\n \n \n\n \nQ3 2019 Financial Highlights:\nRevenue was $1.2 million (C$1.6 million), a nearly 200% increase compared to $0.4 million (C$0.5 million) for the fiscal third quarter ended June 30, 2018 (\"Q3 2018\") due to the fulfilment of orders and other projects. Revenue for the nine months ended June 30, 2019 (\"YTD 2019\") was $4.4 million (C$5.8 million), similar to the nine months ended June 30, 2018 (\"YTD 2018\"). Gross profit was $0.4 million (C$0.5 million), or 35% of revenue, compared to a slightly negative balance in Q3 2018. Gross profit for YTD 2019 was $1.6 million (C$2.1 million), or 36% of revenue, an increase of 35% from gross profit of $1.2 million (C$1.6 million), or 26% of revenue, in YTD 2018. Earnings before interest, tax, depreciation and amortization (\"EBITDA\") was negative $0.6 million (C$0.8 million) for Q3 2019, as compared to negative $1.7 million (C$2.2 million) for Q3 2018, a 65% reduction. The variance was due to a substantial reduction in Research & Development expenses in Q3 2019, as these expenses were applied to the direct cost of the electric bus project, and lower General & Administrative expenses in Q3 2019 due to a concerted effort to reduce overheads. Net loss from continued operations was $1.2 million (C$1.6 million) compared to a net loss from continued operations of $2.5 million (C$3.3 million) in Q3 2018, a reduction in net loss of 52%. Net loss from continued operations for YTD 2019 was $0.4 million (C$0.5 million), compared to a net loss from continued operations of $7.8 million (C$10.3...

More updates from Electrovaya Inc.