Business
Electrovaya Reports Strong Revenue Growth
Significant revenue growth in both the fiscal fourth quarter and year on a preliminary unaud...
About this update from Electrovaya Inc.
[{"type":"text","content":"Electrovaya Reports Strong Revenue GrowthSignificant revenue growth in both the fiscal fourth quarter and year on a preliminary unaudited basisTORONTO, ON / ACCESSWIRE / October 5, 2020 / Electrovaya Inc. (\"Electrovaya\" or the \"Company\") (TSX:EFL)(OTCQB:EFLVF), a lithium ion battery manufacturer with industry-leading performance and substantial intellectual property, announces preliminary and unaudited revenues for its fiscal fourth quarter and year ended September 30, 2020 (\"Q4 FY2020\" and \"FY 2020\", respectively). The preliminary and unaudited figures are subject to currency fluctuations. All dollar amounts are in U.S. dollars unless otherwise noted.Preliminary unaudited revenue for Q4 FY2020 is $6.9 million(1) (C$9.1 million), approximately a 40% sequential increase in revenue over $4.8 million (C$6.5 million), in the fiscal third quarter ended June 30, 2020. The sequential revenue growth reflects continued strong demand for the Company's lithium ion batteries from customers in the electric forklift truck market.For FY 2020, preliminary unaudited revenue is $14.5 million(1) (C$19.2 million), a nearly three-fold increase from revenue of $4.9 million (C$6.5 million) in the 2019 fiscal year.Electrovaya's ceramic lithium ion batteries provide industry-leading cycle life and safety along with excellent energy, power, and fast charge capabilities.Note:The preliminary results set forth above are based on an initial review of the Company's operations for the quarter and year ended September 30, 2020 and are subject to change. Actual results could differ from these preliminary results following the completion of year-end closing procedures, final adjustments and other developments arising between now and the time that the Company's financial results are finalized, and such changes could be material. While the Company believes there is a reasonable basis for these preliminary financial results, the results involve known and unknown risks and uncertainties that may cause actual results to differ materially. These preliminary fiscal results represent forward-looking information. See \"Forward Looking Information\".For more information, please contact:Investor Contact:Jason RoyElectrovaya Inc.Telephone: 905-855-4618Email: [email protected] Contact:Peter KovenBay Street CommunicationsTelephone: 647-496-7857Email: peterkoven...