Business
Electrovaya Reports Q3 FY2020 Results Strong Revenue Growth, Positive EBITDA(1) and Net Profit for the Quarter
TORONTO, ONTARIO / ACCESSWIRE / July 20, 2020 / Electrovaya Inc. ("Electrovaya" or the "Co...
About this update from Electrovaya Inc.
[{"type":"text","content":"Electrovaya Reports Q3 FY2020 Results Strong Revenue Growth, Positive EBITDA(1) and Net Profit for the QuarterTORONTO, ONTARIO / ACCESSWIRE / July 20, 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 third quarter ended June 30, 2020 (\"Q3 FY2020\"). All dollar amounts are in U.S. dollars unless otherwise noted.Q3 FY2020 Financial Highlights:Revenue was $4.8 million (C$6.5 million), a four-fold increase compared to $1.2million C$1.6 million) for the fiscal third quarter ended June 30, 2019 (\"Q3 FY2019\"). Revenue for Q3 FY2020 also more than doubled compared to revenue of $1.9 million (C$2.6 million) for the fiscal second quarter ended March 31, 2020. The strong sequential revenue growth resulted from robust customer demand and the scaling up of production.The Company generated a positive EBITDA1 of $0.5 million (C$0.7 million).Net profit was $4.8 million (C$6.5 million), compared to a net loss of $1.2 million (C$1.6 million) in Q3 FY2019. The net profit in Q3 FY2020 was primarily attributable to a gain of $5.2 million (C$7 million) on the amendment of convertible debentures and strong growth in revenue and gross profit.Business Highlights:Strengthened operating performance during Q3 FY2020 as the Company scaled up production at its facilities in Mississauga, Ontario.Electrovaya's current order backlog exceeds $7 million (C$9 million).Sales are generated by the Company's OEM channel as well as through direct sales. Electrovaya's batteries are currently powering e-forklift systems in over 30 locations.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. On July 2, 2020, the Company announced an agreement with the financial institution to increase its revolving credit faci...