Record Revenue Growth
Electrovaya achieved a revenue growth of over 40% year-over-year and reached $20.5 million in Q4, marking a 77% increase compared to the prior year. The full fiscal year revenue was $63.8 million, a 43% increase from the previous year.
First Full Year of Profitability
Electrovaya reported its first full year of profitability with a net profit of $3.4 million for the fiscal year, compared to a net loss of $1.5 million the previous year.
Strong Financial Position and Liquidity
The company improved its balance sheet with a new $25 million facility from Bank of Montreal and a $51 million direct loan from EXIM. Total available liquidity is over $40 million.
Significant Gross Margin Improvement
Gross margin for Q4 was 31%, a 530 basis point increase over the prior year, with the full year gross margin at 30.9%.
Expansion into New Verticals
Electrovaya is expanding into new verticals such as robotics, airport ground equipment, and energy storage systems, with expectations of these areas contributing significantly to future revenue.
Strong Operational Scale and Efficiency
The company demonstrated improved throughput and productivity while maintaining margins and managing costs effectively.