Electrovaya (ELVA) AI Stock Analysis

• Market Cap: C$526.93M
• Dividend Yield: N/A
• Average Volume (3M): 143.06K
• Price to Earnings (P/E): 79.8
• Beta (1Y): 1.31
• Revenue Growth: 46.80%
• EPS Growth: N/A
• Country: CA
• Employees: 97
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): 0.03
• Shares Outstanding: 47,513,920
• 10 Day Avg. Volume: 107,493
• 30 Day Avg. Volume: 143,064
• 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 Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$14.87
• Price Target Upside: 34.12% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 0.14
• Revenue Forecast (FY): C$84.87M

• Rating: 58 Neutral
• Price Target: C$10.50 ▼(-5.32% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 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

Revenue growth & backlog

Sustained double‑digit guidance and a sizable $100–$125M backlog provide multi‑quarter revenue visibility and support scale as production ramps. Durable demand from OEMs and material handling customers underpins predictable revenue growth and reduces single‑quarter volatility risks.

Margin improvement & profitability

Consistent margin expansion and consecutive quarterly profits indicate improving unit economics and operating leverage. Higher gross and EBITDA margins increase the firm's ability to fund growth, absorb input cost swings, and sustainably invest in products and capacity over the next 2–6 months.

Product & manufacturing progress

Technology milestones and domestic manufacturing upgrades create structural differentiation and potential higher‑value product mix. Progress on next‑gen cells and separators supports longer‑term competitiveness, vertical integration potential, and higher margin product pipelines as Jamestown scales.

Negative Factors

Negative free cash flow

Persistent negative free cash flow and weak cash conversion versus net income signal working capital use and elevated investment needs. Until FCF consistently turns positive, external financing or equity dilutions may be required to fund growth and capex, pressuring long‑term financial flexibility.

Elevated debt & upcoming Ex‑Im obligations

Material debt and imminent Ex‑Im interest payments increase fixed cash outflows. With free cash flow not yet consistently positive, servicing these obligations could constrain reinvestment, elevate refinancing risk, and make margins more vulnerable to cyclical revenue dips.

Timing & execution risk for cell production

Delayed cell‑level output and lengthy pilot/qualification cycles postpone benefits from vertical integration, tax credits, and higher margin product sales. Execution timing uncertainty can defer expected revenue and margin contributions, raising medium‑term operational risk.

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 electric vehicles, including warehouse forklifts and automated guided vehicles, as well as battery chargers to charge the batteries; electromotive power products for electric trucks, electric buses, and other transportation applications; industrial products for energy storage; and power solutions, such as building systems for third parties. The company was formerly known as Electrofuel Inc. and changed its name to Electrovaya Inc. in March 2002. Electrovaya Inc. was incorporated in 1996 and is headquartered in Mississauga, Canada.

How the Company Makes Money

Electrovaya generates revenue primarily through the sale of its lithium-ion battery products and energy storage systems to various sectors, including transportation, industrial, and renewable energy markets. Key revenue streams include direct sales of batteries and battery systems, as well as potential licensing agreements for its proprietary technologies. The company may also earn income through partnerships and collaborations with other firms in the clean energy sector, which can enhance its market reach and product offerings. Additionally, government incentives and growing demand for sustainable energy solutions contribute positively to its earnings.

Electrovaya Financial Statement Overview

Summary

Earnings have clearly turned positive with improved profitability and a much healthier leverage profile, but cash flow quality remains the key weakness: free cash flow is still negative and cash conversion is weak despite positive operating cash flow.

Income Statement

Profitability has improved meaningfully versus prior years, with TTM (Trailing-Twelve-Months) revenue of $68.2M up 7.3% and positive net income ($4.8M) versus losses in 2023–2024. Margins are now solid for the company’s recent history (TTM gross margin ~31% and net margin ~7%), though gross margin is below the most recent annual level (~40% in FY2025), suggesting some mix/price or cost volatility. Overall, the income statement shows a clear turnaround, but margin durability remains a key watch item.

Balance Sheet

Leverage has improved substantially from 2023–2024 when debt was high relative to equity (debt-to-equity above 2x), to a much healthier profile in TTM (Trailing-Twelve-Months) with debt-to-equity at ~0.48x and equity at $60.2M. Returns on equity are positive and healthy in the last two periods (~14–15%), reflecting the swing to profitability. The main caution is that total debt is still meaningful in absolute terms (~$30.3M TTM), so continued earnings and cash generation are important to keep the balance sheet strengthening.

Cash Flow

Operating cash flow has turned positive (TTM (Trailing-Twelve-Months) $6.3M), but free cash flow remains negative (TTM -$1.4M) and has been volatile across years. Cash generation quality is mixed: operating cash flow is well below net income in the TTM period (about 0.32x), and free cash flow is negative relative to earnings, indicating working-capital needs and/or elevated investment spending. While the trend in operating cash flow is improving, sustained positive free cash flow is not yet established.

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	30.32M	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

• Technical Analysis Sentiment: Negative
• Last Price: 11.09
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ELVA, the sentiment is Negative. The current price of 11.09 is below the 20-day moving average (MA) of 11.36, below the 50-day MA of 12.10, and above the 200-day MA of 8.15, indicating a neutral trend. The MACD of -0.63 indicates Positive momentum. The RSI at 39.48 is Neutral, neither overbought nor oversold. The STOCH value of 36.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:ELVA.

Electrovaya Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
ELVA	58 Neutral	C$526.93M	79.82	12.00%	―	46.80%	―
GRID	57 Neutral	C$251.36M	83.51	-13.77%	―	26.28%	27.86%
BES	42 Neutral	C$5.49M	-1.85	―	―	-3.93%	-27.37%
LPS	41 Neutral	C$14.75M	-8.04	-341.84%	―	27.76%	-0.37%
EGT	40 Underperform	C$5.88M	-1.12	―	―	―	―
NHHH	35 Underperform	C$26.43M	-3.24	-67.64%	―	―	-8.37%

Electrovaya Corporate Events

Electrovaya Wins Strong Shareholder Backing for U.S. Domestication and Governance Moves

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 shareholder backing for the company’s current leadership and governance structure.

Investors also passed a special resolution to increase the number of options issuable under the company’s stock option plan, with 88.29% in favor, signaling support for equity-based incentives to attract and retain talent. In addition, shareholders overwhelmingly approved the company’s domestication to the United States, with 99.79% voting in favor, a move that could materially reshape its regulatory and capital markets profile.

The most recent analyst rating on (TSE:ELVA) stock is a Buy with a C$11.00 price target. To see the full list of analyst forecasts on Electrovaya stock, see the TSE:ELVA Stock Forecast page.

Electrovaya Schedules Investor Webcast to Detail Strategy and Battery Technology

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 Q&A session, underscores Electrovaya’s engagement with investors as it scales its Infinity Battery Technology and expands manufacturing capacity to support growing demand and energy-security objectives.

The most recent analyst rating on (TSE:ELVA) stock is a Hold with a C$11.00 price target. To see the full list of analyst forecasts on Electrovaya stock, see the TSE:ELVA Stock Forecast page.

Electrovaya Wins $10.5 Million Battery Order From Fortune 500 Customer

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 multiple distribution centers, underscoring the company’s role in enabling safer, long-lasting electrification solutions for logistics and industrial fleets.

The order reinforces Electrovaya’s positioning in high-duty-cycle industrial applications and deepens its ties with a strategic blue-chip customer. It also highlights growing demand for advanced lithium-ion systems in warehouse and logistics operations, supporting the company’s broader manufacturing expansion and its push to supply durable battery technology to large-scale fleet operators.

The most recent analyst rating on (TSE:ELVA) stock is a Buy with a C$12.50 price target. To see the full list of analyst forecasts on Electrovaya stock, see the TSE:ELVA Stock Forecast page.

Electrovaya Posts Strong Q1, Boosts Cash as It Ramps Next-Gen Battery Push

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 generated higher operating cash flow. The balance sheet was bolstered to $22.7 million in cash, underpinning plans to expand manufacturing in Jamestown, New York, move into new verticals and reaffirm revenue guidance above $83 million for fiscal 2026.

Operationally, Electrovaya advanced its core material handling business and broadened its customer base with deliveries to a global defense contractor, initial deployments in robotic applications and airport ground support equipment, and the creation of a Japanese subsidiary to target Asia-Pacific demand. The company also pushed ahead with next-generation technologies, including an ultra-fast charging cell targeting five-minute recharge times, high-voltage energy storage architectures for data centers and solid-state battery work, positioning it for future growth in high-performance industrial and infrastructure markets.

The most recent analyst rating on (TSE:ELVA) stock is a Buy with a C$13.50 price target. To see the full list of analyst forecasts on Electrovaya stock, see the TSE:ELVA Stock Forecast page.

Electrovaya Sets February 12 Date for Q1 2026 Results and Investor Call

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 Gibson to review the numbers and provide a business update. The announcement signals an upcoming checkpoint for investors and industry watchers on the company’s operational progress and its efforts to scale production capacity and meet rising demand for its lithium-ion battery solutions in key industrial and energy-storage markets.

The most recent analyst rating on (TSE:ELVA) stock is a Buy with a C$17.00 price target. To see the full list of analyst forecasts on Electrovaya stock, see the TSE:ELVA Stock Forecast page.

Electrovaya Chairman Boosts Stake With Exercise of 1.42 Million Warrants

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 on a non-diluted basis, along with 605,000 remaining options. If all of his options were exercised, Das Gupta’s stake would rise to approximately 24.58%, signaling a significant capital commitment and vote of confidence in Electrovaya’s valuation and prospects, while leaving open the possibility of future adjustments to his holdings through market or private transactions within applicable securities regulations.

The most recent analyst rating on (TSE:ELVA) stock is a Hold with a C$14.50 price target. To see the full list of analyst forecasts on Electrovaya stock, see the TSE:ELVA Stock Forecast page.

Electrovaya Achieves First Profitable Year with Record Revenue in FY 2025

Electrovaya Inc. announced its fiscal year 2025 results, marking its first profitable year with record revenue of $63.8 million, a 43% increase year-over-year. The company reported a net profit of $3.3 million and strengthened its balance sheet through operational performance and new financial facilities. Electrovaya expanded its product offerings in robotics, ground support equipment, and energy storage, and advanced its manufacturing capabilities in Jamestown, NY. The company secured significant purchase orders from major customers and entered new markets, positioning itself strongly for future growth.

The most recent analyst rating on (TSE:ELVA) stock is a Hold with a C$9.00 price target. To see the full list of analyst forecasts on Electrovaya stock, see the TSE:ELVA Stock Forecast page.