Electrovaya Inc. ( (ELVA) ) has released its Q1 earnings. Here is a breakdown of the information Electrovaya Inc. presented to its investors.
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Electrovaya Inc., a leader in lithium-ion battery technology and manufacturing, is focused on contributing to the prevention of climate change by supplying safe and long-lasting batteries for energy storage and electric transportation.
In its Q1 Fiscal Year 2025 earnings report, Electrovaya announced $11.2 million in revenue and a positive Adjusted EBITDA for the seventh consecutive quarter, along with a strengthened balance sheet. The company also highlighted its progress in securing EXIM and bank financing to support its U.S. manufacturing expansion.
Key financial metrics from the report included a gross margin of 30.5%, positive working capital of $12.6 million, and cash in hand amounting to $8.2 million. Strategic achievements involved securing a $50.8 million direct loan from the Export-Import Bank of the United States and completing an equity offering that raised $12.8 million. The company also accelerated its battery assembly plans in Jamestown, New York, and experienced continued growth from OEM partners and key customers.
Looking ahead, Electrovaya reaffirms its fiscal 2025 revenue guidance exceeding $60 million, driven by a strong order pipeline and growing demand from major end-users. The company is optimistic about its future growth trajectory, bolstered by a fortified financial position and the anticipated expansion of its U.S. operations.
