Business
Electrovaya Reports Q3 FY2023 Results
Improved quarterly revenue, EBITDA and gross margins with positive cash flow year to date Ma...
About this update from Electrovaya Inc.
[{"type":"text","content":"Electrovaya Reports Q3 FY2023 ResultsImproved quarterly revenue, EBITDA and gross margins with positive cash flow year to dateMaintains fiscal year revenue guidance of $42 millionTORONTO, ON / ACCESSWIRE / August 14, 2023 / 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 fiscal third quarter ended June 30, 2023 (\"Q3 FY2023\"). All dollar amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS). \"We generated strong growth in revenue and profitability during the third quarter, with battery system gross margins of over 30%. We expect our deliveries to accelerate during the fourth quarter and are maintaining our revenue guidance to double year over year to $42 million for the fiscal year,\" said Dr. Raj DasGupta, Electrovaya's CEO.\"We also made significant progress on other fronts during Q3, including the development and launch of new products, capacity expansion initiatives, and the launch of our Nasdaq listing. All of these initiatives are critical to our long-term success.\"\"Order volumes continue to grow for our low-voltage products, which are used in material handling and robotic applications. The order backlog for these products has increased more than 50% year over year, and our Fortune 500 customer base is expanding. We also recently launched our high-voltage battery systems for use in heavy-duty applications such as electric buses, trucks and energy storage, and I am pleased to say that interest from potential customers is very high and we have received some initial purchase orders,\" Dr. DasGupta continued.\"As previously disclosed, we are currently embarking on the largest expansion in our history. We are close to finalizing a debt facility to fund the first phase of our Jamestown gigafactory, where we plan to produce our Infinity series products including cells, separators and battery systems on a much larger scale.\"Financial Highlights:Revenue for Q3 FY2023 was $10.5 million (C$14.2 million), an increase of 145% compared to $4.3 million (C$5.8 million) in the fiscal third quarter ended June 30, 2022 (\"Q3 FY2022\"). Management maintains guidance of $42 million (C$56 million) for FY2023.G...