Electrovaya (TSE:ELVA)
TSX:ELVA
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Electrovaya
(TSX:ELVA)
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Rating:58Neutral
Price Target:
C$10.50
▼(-6.75% Downside)
Action:ReiteratedDate:02/18/26
The score is driven primarily by improving fundamentals and a constructive earnings update (growth, margin expansion, profitability, and stronger liquidity), tempered by weak cash-flow conversion/negative free cash flow, bearish near-term technical signals, and a high valuation multiple with no dividend support.
Positive Factors
Sustained Revenue Momentum
A 39% YoY top-line increase and management’s $100–$125M backlog indicate durable demand from material-handling, OEM and fleet customers. This backs multi-quarter revenue visibility and supports scaling production and channel expansion over the next 2–6 months.
Negative Factors
Weak Free Cash Flow / Cash Conversion
Persistent negative free cash flow and low cash conversion versus earnings signal working-capital strain or elevated investment pace. This structural cash weakness increases reliance on external funding until steady positive FCF is established, impacting long-term financial flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Momentum
A 39% YoY top-line increase and management’s $100–$125M backlog indicate durable demand from material-handling, OEM and fleet customers. This backs multi-quarter revenue visibility and supports scaling production and channel expansion over the next 2–6 months.
Read all positive factors
Electrovaya (ELVA) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$535.01M
Dividend YieldN/A
Average Volume (3M)107.25K
Price to Earnings (P/E)79.8
Beta (1Y)1.31
Revenue Growth46.80%
EPS GrowthN/A
CountryCA
Employees97
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)0.03
Shares Outstanding47,513,920
10 Day Avg. Volume98,880
30 Day Avg. Volume107,248
Financial Highlights & Ratios
PEG Ratio-0.23
Price to Book (P/B)7.39
Price to Sales (P/S)3.60
P/FCF Ratio-24.21
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$15.63Price Target Upside38.81% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.14
Revenue Forecast (FY)C$84.87M
Electrovaya Business Overview & Revenue Model
Company Description
Electrovaya Inc., together with its subsidiaries, engages in the designing, developing, and manufacturing lithium-ion advanced battery and battery systems in North America. It offers lithium-ion batteries and systems for materials handling electri...
How the Company Makes Money
Electrovaya makes money primarily by selling lithium-ion battery systems (battery packs/energy storage solutions) to equipment OEMs, fleet operators, and industrial end users, with a significant focus on material-handling and warehouse electrifica...
Electrovaya Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:May 14, 2026
Earnings Call Sentiment Positive
The call presented a clear operational and financial improvement: revenue grew 39% year-over-year, gross margins expanded by 240 basis points, EBITDA rose 300%, and the company returned to sustained profitability and positive operating cash flow. Management showcased multiple commercial progress points (OEM deliveries, robotics, defense engagements), significant product development milestones (ultrafast charging cell, 800V systems, ceramic separator, solid-state scale-up), and active execution on the Jamestown manufacturing expansion supported by equity and Ex-Im funding. Key risks include higher total debt and upcoming Ex-Im interest payments, timing uncertainty for cell-level production in Jamestown (expected FY2027), extended pilot/qualification timelines in airport GSE and defense, and typical input cost/supply volatility. On balance, the positive operational and financial momentum and the strengthened liquidity and product pipeline outweigh the timing and funding risks disclosed.Positive Updates
Strong Revenue Growth
Revenue of $15.5M in Q1 FY2026 vs $11.1M prior year, a year-over-year increase of 39%.
Negative Updates
Increased Total Debt
Total debt increased to $27.3M at quarter end vs $15.3M prior year. Ex-Im loan drawn $16.4M (interest payments begin 03/30/2026; principal payments start 03/31/2027), increasing future cash obligations.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue Growth
Revenue of $15.5M in Q1 FY2026 vs $11.1M prior year, a year-over-year increase of 39%.
Read all positive updates
Company Guidance
Electrovaya reaffirmed revenue guidance of 30% growth for fiscal 2026, citing a backlog/front‑log of roughly $100–$125 million and the strong start in Q1: revenue $15.5M (up 39% YoY from $11.1M), gross margin 32.9% (+240 bps vs 30.5%), operating profit $1.4M (vs a $0.2M loss prior year), net income $1.0M (vs a $0.4M loss), and adjusted EBITDA $2.0M (vs $0.5M prior, +300%) with EBITDA margin 13%. Management highlighted positive operating cash flow of $1.7M (vs cash used $0.3M prior), positive net working capital of $51.9M (vs $12.6M), current ratio 6.0 (vs 1.6), total debt $27.3M (vs $15.3M), working capital debt $10.9M (down $4.4M), $16.4M drawn on the Ex‑Im facility (interest payments begin 03/30/2026; principal 03/31/2027), $28M gross equity proceeds raised in Nov 2025, cash on hand $22.7M and $9M available on the credit facility; they expect to sustain margin improvements and profitability through 2026, with Jamestown cell revenue targeted for fiscal 2027 (modules/systems possible in FY26 Q4) and planned CapEx draw/installation (over $16M drawn of a $50M Ex‑Im facility, ~90% to be spent this fiscal year, weighted to Q3–Q4).Electrovaya Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
70
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Sep 2025 | Sep 2024 | Dec 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 68.20M | 63.98M | 44.59M | 43.37M | 15.62M | 9.92M |
| Gross Profit | 20.83M | 18.24M | 13.66M | 11.16M | 4.33M | 2.26M |
| EBITDA | 6.62M | 5.44M | 2.92M | 1.25M | -6.42M | -4.55M |
| Net Income | 4.84M | 3.36M | -1.49M | -1.48M | -9.21M | -7.53M |
Balance Sheet | ||||||
| Total Assets | 99.75M | 63.93M | 39.48M | 36.51M | 18.08M | 14.98M |
| Cash, Cash Equivalents and Short-Term Investments | 25.07M | 9.76M | 781.00K | 1.03M | 626.00K | 4.20M |
| Total Debt | 28.98M | 22.56M | 20.77M | 19.03M | 23.11M | 11.53M |
| Total Liabilities | 39.26M | 32.80M | 30.90M | 29.37M | 24.00M | 16.67M |
| Stockholders Equity | 60.21M | 31.13M | 8.59M | 7.15M | -5.92M | -1.70M |
Cash Flow | ||||||
| Free Cash Flow | -1.40M | -9.50M | 913.00K | -5.36M | -11.86M | -8.68M |
| Operating Cash Flow | 6.33M | 1.72M | 1.04M | -4.86M | -11.81M | -8.12M |
| Investing Cash Flow | -31.05M | -15.92M | -666.00K | -903.00K | -423.00K | -560.00K |
| Financing Cash Flow | 41.39M | 24.29M | -629.00K | 6.20M | 9.52M | 10.92M |
Electrovaya Technical Analysis
Positive
11.26
Price Trends
11.65
Negative
10.43
Positive
8.85
Positive
Market Momentum
-0.12
Negative
53.76
Neutral
78.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ELVA, the sentiment is Positive. The current price of 11.26 is above the 20-day moving average (MA) of 10.77, below the 50-day MA of 11.65, and above the 200-day MA of 8.85, indicating a neutral trend. The MACD of -0.12 indicates Negative momentum. The RSI at 53.76 is Neutral, neither overbought nor oversold. The STOCH value of 78.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:ELVA.
Electrovaya Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
58 Neutral | C$535.01M | 79.82 | 14.29% | ― | 46.80% | ― | |
40 Underperform | C$5.88M | -1.12 | 26.22% | ― | ― | ― | |
| ― | C$27.53M | -3.24 | -67.64% | ― | ― | -8.37% | |
54 Neutral | C$252.03M | -172.86 | -13.77% | ― | 26.28% | 27.86% | |
43 Neutral | C$13.20M | -7.82 | -1552.79% | ― | 27.76% | -0.37% | |
40 Underperform | C$3.84M | -1.85 | ― | ― | -3.93% | -27.37% |
* Industrials Sector Average
TSE:ELVA
Electrovaya
11.26
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229.24%
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Electrovaya Corporate Events
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
Electrovaya Wins Pioneering UL 2580 Safety Nod for High-Voltage Industrial Batteries
Positive
Mar 10, 2026
Electrovaya has secured UL 2580 safety certification for six models of its next-generation high-voltage lithium-ion battery systems, which are aimed at integrated material-handling vehicles operating in all-season outdoor environments. The certifi...
Business Operations and StrategyShareholder Meetings
Electrovaya Wins Strong Shareholder Backing for U.S. Domestication and Governance Moves
Positive
Mar 2, 2026
Electrovaya shareholders approved all resolutions at the 2025 annual meeting, including the re-election of six directors with more than 98.7% support for each candidate and the reappointment of MNP LLP as auditor. These results underscore strong s...
Business Operations and Strategy
Electrovaya Schedules Investor Webcast to Detail Strategy and Battery Technology
Positive
Feb 26, 2026
Electrovaya Inc. will host an investor webcast on March 5, 2026, where CEO Dr. Raj DasGupta and CFO John Gibson will present the company’s corporate strategy, business model, and technology. The event, which includes an interactive QA sessio...
Business Operations and Strategy
Electrovaya Wins $10.5 Million Battery Order From Fortune 500 Customer
Positive
Feb 24, 2026
Electrovaya has secured approximately $10.5 million in new purchase orders through its OEM sales channel from a U.S.-based Fortune 500 customer for its Infinity battery systems. The batteries will power material handling electric vehicles across m...
Business Operations and StrategyFinancial Disclosures
Electrovaya Posts Strong Q1, Boosts Cash as It Ramps Next-Gen Battery Push
Positive
Feb 12, 2026
Electrovaya reported strong Q1 fiscal 2026 results, with revenue rising 39% year over year to $15.5 million, gross margin improving to 32.9%, and adjusted EBITDA jumping to $2 million, while the company swung to a $1 million net profit and generat...
Business Operations and StrategyFinancial Disclosures
Electrovaya Sets February 12 Date for Q1 2026 Results and Investor Call
Neutral
Feb 5, 2026
Electrovaya said it will release its financial results for the first quarter ended December 31, 2025, after markets close on February 12, 2026, followed by a conference call and webcast that evening hosted by CEO Dr. Raj DasGupta and CFO John Gibs...
Private Placements and Financing
Electrovaya Chairman Boosts Stake With Exercise of 1.42 Million Warrants
Positive
Jan 20, 2026
Electrovaya Inc. announced that its chairman and director, Dr. Sankar Das Gupta, has exercised 1,420,000 warrants at an exercise price of $0.90 per share, increasing his direct ownership to 11,690,751 common shares, or about 23.66% of the company ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.