Business
Electrovaya Reports Record Revenue of $44.1 Million for Fiscal Year 2023; Up 171% Y/Y
Over $3.2 million in Adjusted EBITDA 1 with an Operating Profit of $1.2 million for Fiscal 2023;...
About this update from Electrovaya Inc.
[{"type":"text","content":"Electrovaya Reports Record Revenue of $44.1 Million for Fiscal Year 2023; Up 171% Y/YOver $3.2 million in Adjusted EBITDA1 with an Operating Profit of $1.2 million for Fiscal 2023; Two-year Revenue CAGR of 100%;Fiscal 2024 Guidance of $65 to 75 million underpinned by increasing order backlog and an updated Three Year Strategic Supply Agreement with two of the largest OEMs in the Material Handling sectorExpects continued strong growth into Fiscal 2025 and beyond supported by new high voltage battery system product lines and anticipated capacity expansionTORONTO, ON / ACCESSWIRE / January 3, 2024 / 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 fourth quarter and fiscal year ended September 30, 2023 (\"Q4 FY2023\" & \"FY 2023\", respectively). All dollar amounts are in U.S. dollars unless otherwise noted. \"FY 2023 represented a breakthrough year for the Company with strong revenue growth and over $3.2 million in Adjusted EBITDA1\", said Dr. Raj DasGupta, Electrovya's CEO. \"Furthermore, we are building the foundations for a strong FY 2024 including an increased order backlog, a new OEM partner and new product lines. Given the strength of the backlog and the current line of sight for other orders, we are providing guidance of between $65 million and $75 million revenue for FY 2024, which represents approximately 59% annual growth at the mid-point.\"We are also looking ahead to 2025 and beyond and are seeding new markets with our recently developed high voltage battery system line. We are making good progress in securing long term supply contracts for these systems in the electric bus and other market segments that we are targeting.\"John Gibson, Electrovaya's CFO commented, \"Following listing on Nasdaq and due to increasing business size combined with limited resources at our previous auditing firm, we made the decision to engage MNP LLP as our new auditors in September. First year audits tend to take longer than expected as the audit team learns about our business. As a result of discussions, and with the new auditor's guidance, management restated the financials for fiscal year 2022. The restatements pertain to the functional currency, revenue recognition, the addition of the James...