Business
Electrovaya Reports Q4 FY2020 and Fiscal 2020 Results Strong Revenue Growth and Positive EBITDA1 in the Fourth Quarter, While Annual Revenue Nearly Triples Year-Over-Year
TORONTO, ON / ACCESSWIRE / November 30, 2020 / Electrovaya Inc. ("Electrovaya" or the "Com...
About this update from Electrovaya Inc.
[{"type":"text","content":"Electrovaya Reports Q4 FY2020 and Fiscal 2020 Results Strong Revenue Growth and Positive EBITDA1 in the Fourth Quarter, While Annual Revenue Nearly Triples Year-Over-YearTORONTO, ON / ACCESSWIRE / November 30, 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 fourth quarter and fiscal year ended September 30, 2020 (\"Q4 FY2020\" & \"FY 2020\", respectively). All dollar amounts are in U.S. dollars unless otherwise noted.Financial Highlights:Revenue for Q4 FY2020 was $6.9 million (C$9.1 million), compared to $0.5 million (C$.7 million) in the fiscal fourth quarter ended September 30, 2019 (\"Q4 FY2019\"). Revenue for Q4 FY2020 increased by 44% on a sequential basis compared to $4.8 million (C$6.3 million) in the fiscal third quarter ended June 30, 2020 (\"Q3 FY2020\"). The strong sequential revenue growth reflects robust customer demand and the scaling up of production.Revenue for FY 2020 was $14.5 million (C$19 million), a nearly three-fold increase from revenue of $4.9 million (C$6.4 million) in the 12 months ended September 30, 2019 (\"FY 2019\").The Company generated a positive EBITDA1 of $0.8 million for Q4 FY2020, compared to negative $0.9 million (C$1.2 million) in Q4 FY2019. EBITDA1 for Q4 FY2020 increased 68% on a sequential basis compared to $0.5 million (C$0.7 million) in Q3 FY2020.Net loss was $0.7 million (C$0.9 million) for Q4 FY2020, compared to a net loss of $2.5 million (C$3.3 million) in Q4 FY2019.Net profit was $1.1 million (C$1.4 million) for FY 2020, compared to a net loss of $2.8 million (C$3.7 million) in FY 2019.1 Non-IFRS Measure: EBITDA does not have a standardized meaning under IFRS. Therefore it is unlikely to be comparable to similar measures presented by other issuers. We believe that certain investors and analysts use EBITDA to measure the performance of the business. EBITDA is defined as loss from operations, plus finance costs, plus stock-based compensation costs.Q4 FY2020 Business Highlights:Electrovaya completed deliveries on the C$7.3 million purchase order of lithium ion batteries from Walmart Canada. The Company also announced the C$5.5 million credit facility that was used to finance the order, was fully...