Business
Electrovaya Reports Third Quarter FY2024 Financial Results
Continued gross margin growth, Revenue of $10.3 million, Adjusted EBITDA 1 of $0.6 million. ...
About this update from Electrovaya Inc.
[{"type":"text","content":"Electrovaya Reports Third Quarter FY2024 Financial Results Continued gross margin growth, Revenue of $10.3 million, Adjusted EBITDA1 of $0.6 million.Progress in meeting strategic financing objectives including refinancing existing working capital facilities and in negotiations with a US federal agency with regards to financing planned Jamestown, New York lithium-ion battery manufacturing facility TORONTO, ON / ACCESSWIRE / August 13, 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 fiscal 2024 third quarter ended June 30, 2024 (\"Q3 FY2024\"). All dollar amounts are in U.S. dollars unless otherwise noted. \"We continue to strengthen our business through new product development, business development initiatives and in continuing to post consistent strong margins for our core material handling battery product lines,\" said Dr. Raj DasGupta, Electrovaya's CEO. \"Our focus this fiscal year, and where we demonstrated significant progress in the current quarter, is to establish the foundations so that the business can continue with a rapid growth trajectory in fiscal 2025 and beyond. This not only includes the development of new product lines for current and new OEM partners, but also with respect to establishing financial partnerships to sustain our long-term growth objectives. While we continue to expect fiscal 2024 to be a strong year, we are experiencing an impact from the movement of orders to fiscal 2025 by our customers, particularly when the orders are related to new warehouse construction.\"In the current quarter, we had additional costs associated with new product development, including certification and third-party validation testing. These are part of large co-investments that we have been making over the course of the last year with respect to an OEM project that is scheduled to launch in fiscal year 2025. This is just one example of development programs we are currently engaged in that we expect will transform into significant revenue drivers in subsequent fiscal years.\"We have been making significant progress in achieving our strategic financing objectives for both our existing operations in the form of a lower cost and longer term refinancing with a major North American bank...