Electrovaya Inc. (TSE:ELVA)
NASDAQ:ELVA
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Electrovaya
(NASDAQ:ELVA)
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Rating:57Neutral
Price Target:
C$16.00
▲(21.03% Upside)
Action:Reiterated
Date:05/16/26
The score is primarily held back by weak cash conversion and deeply negative free cash flow despite improved profitability, alongside an expensive valuation (high P/E). Offsetting factors include a credible operating turnaround supported by positive earnings-call momentum and a generally constructive (but not strong) technical trend.
Positive Factors
Revenue & margin improvement
Sustained top-line growth with materially expanded gross and positive net margins indicates the business is translating scale and product mix into durable profitability. This supports reinvestment in production and R&D while reducing sensitivity to single-quarter swings in orders.
Negative Factors
Weak cash conversion & negative free cash flow
Persistent negative free cash flow despite reported profitability implies heavy working-capital builds and capital spending. This chronic cash burn increases reliance on external financing, elevates dilution or covenant risk, and constrains the firm's ability to self-fund production-scale investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & margin improvement
Sustained top-line growth with materially expanded gross and positive net margins indicates the business is translating scale and product mix into durable profitability. This supports reinvestment in production and R&D while reducing sensitivity to single-quarter swings in orders.
Read all positive factors
Electrovaya (ELVA) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$685.15M
Dividend YieldN/A
Average Volume (3M)142.26K
Price to Earnings (P/E)101.9
Beta (1Y)1.48
Revenue Growth46.91%
EPS GrowthN/A
CountryCA
Employees97
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)0.11
Shares Outstanding47,513,920
10 Day Avg. Volume112,586
30 Day Avg. Volume142,260
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$22.71Price Target Upside71.79% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.13
Revenue Forecast (FY)C$83.20M
Electrovaya Business Overview & Revenue Model
Company Description
Electrovaya Inc., along with its subsidiaries, is actively engaged in the research, engineering, and production of sophisticated lithium-ion battery technology and comprehensive battery systems throughout North America. The company's diverse offer...
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:May 14, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The call conveyed a generally positive operating and financial picture: double-digit revenue growth, expanded margins, improving profitability (notably a 404% increase in 6-month net profit), stronger adjusted EBITDA and a healthier liquidity position. These financial gains are complemented by tangible product commercialization progress (robotics shipments, high-voltage systems, defense shipments), advanced technology development (niobium fast-charge, ceramic separators, energy storage platforms) and visible Jamestown site progress. Offsetting risks include supply chain-related shipment delays (~$1.4M of finished goods), order-timing uncertainty amid geopolitical and energy-price headwinds (potential shifting of some demand into FY2027), and higher total debt due to EXIM drawdowns. On balance, the financial strength and commercial/technology momentum outweigh the execution and timing risks highlighted by management.Positive Updates
Revenue Growth
Q2 revenue of $18.0M vs $15.0M prior year, up 20% YoY; 6-month revenue of $33.6M vs $26.2M prior year, up 28% YoY.
Negative Updates
Supply Chain Disruptions and Shipping Delays
Company reported supply chain disruptions tied to geopolitical developments; approximately $1.4M of finished goods at quarter end waiting to be shipped solely due to supply chain delays, delaying revenue recognition until delivery.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth
Q2 revenue of $18.0M vs $15.0M prior year, up 20% YoY; 6-month revenue of $33.6M vs $26.2M prior year, up 28% YoY.
Read all positive updates
Company Guidance
Management's guidance was cautious on near‑term timing but optimistic on medium‑term growth: Q2 revenue was $18.0M (+20% YoY) and six‑month revenue $33.6M (+28% YoY), gross margin 33.4% in Q2 (+230 bps YoY) and 33.2% for 6 months, operating profit $2.2M in Q2 (+56%) and $3.6M for 6 months (+195%), net profit $1.0M in Q2 and $2.1M for 6 months (+404% YoY), adjusted EBITDA $2.8M in Q2 (+41%) and $4.8M for 6 months (+89%) with adjusted EBITDA margins of 15.7% (Q2) and 14.3% (6 months); the company generated $4.3M of cash from operations (vs. $3.2M prior year), ended the quarter with $20.4M unrestricted cash and $7.8M available on its facility, positive net working capital of $57.8M (vs. $26.2M) and a current ratio of 7.7 (vs. 3.9), total debt of $21.9M (including $19.8M drawn on the EXIM loan and $12.2M of working‑capital debt), and noted $1.4M of finished goods delayed by supply‑chain issues; operational targets include Jamestown production start in 2027 with factory acceptance testing late summer, customer sampling of ultra‑fast niobium‑oxide cells in 2026 and commercial availability in 2027, expectation that high‑voltage platforms become meaningful in FY2027, a material‑handling backlog/pipeline of ~$100–125M (excluding robotics, energy storage, airport and defense), and the caveat that some orders may shift into FY2027 though demand signals remain strong (Q2 marks the fifth consecutive profitable quarter).Electrovaya Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
62
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Sep 2025 | Sep 2024 | Dec 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 70.93M | 63.98M | 44.59M | 43.37M | 15.62M | 9.92M |
| Gross Profit | 21.66M | 18.24M | 13.66M | 11.16M | 4.33M | 2.26M |
| EBITDA | 6.78M | 5.44M | 2.92M | 1.25M | -6.42M | -4.55M |
| Net Income | 5.01M | 3.36M | -1.49M | -1.48M | -9.21M | -7.53M |
Balance Sheet | ||||||
| Total Assets | 106.11M | 63.93M | 39.48M | 36.51M | 18.08M | 14.98M |
| Cash, Cash Equivalents and Short-Term Investments | 23.55M | 9.76M | 781.00K | 1.03M | 626.00K | 4.20M |
| Total Debt | 34.68M | 22.56M | 20.77M | 19.03M | 23.11M | 11.53M |
| Total Liabilities | 42.78M | 32.80M | 30.90M | 29.37M | 24.00M | 16.67M |
| Stockholders Equity | 62.83M | 31.13M | 8.59M | 7.15M | -5.92M | -1.70M |
Cash Flow | ||||||
| Free Cash Flow | -18.13M | -9.50M | 913.00K | -5.36M | -11.86M | -8.68M |
| Operating Cash Flow | 3.37M | 1.72M | 1.04M | -4.86M | -11.81M | -8.12M |
| Investing Cash Flow | -31.11M | -15.92M | -666.00K | -903.00K | -423.00K | -560.00K |
| Financing Cash Flow | 52.81M | 24.29M | -629.00K | 6.20M | 9.52M | 10.92M |
Electrovaya Technical Analysis
Neutral
13.22
Price Trends
13.40
Positive
12.70
Positive
10.65
Positive
Market Momentum
0.64
Positive
48.44
Neutral
24.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ELVA, the sentiment is Neutral. The current price of 13.22 is below the 20-day moving average (MA) of 15.07, below the 50-day MA of 13.40, and above the 200-day MA of 10.65, indicating a neutral trend. The MACD of 0.64 indicates Positive momentum. The RSI at 48.44 is Neutral, neither overbought nor oversold. The STOCH value of 24.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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% | |
62 Neutral | C$321.37M | -301.39 | -6.81% | ― | 21.49% | 60.08% | |
57 Neutral | C$685.15M | 101.88 | 11.31% | ― | 46.91% | ― | |
46 Neutral | C$19.45M | -7.99 | -1552.79% | ― | -20.31% | 34.02% | |
42 Neutral | C$3.98M | -0.40 | 26.22% | ― | -20.21% | 57.49% | |
42 Neutral | C$22.03M | -4.12 | -67.64% | ― | ― | 65.72% | |
40 Underperform | C$4.39M | -2.06 | ― | ― | -17.15% | 11.76% |
* Industrials Sector Average
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Electrovaya Corporate Events
Business Operations and StrategyProduct-Related Announcements
Electrovaya Expands Material Handling Line With New Walkie Pallet Jack Batteries
Positive
Apr 13, 2026
Electrovaya has introduced a new Infinity battery system line designed for Class III walkie pallet jacks, a common tool in warehouses, distribution centers, manufacturing plants and retail stores. The packs come in 108 Ah and 162 Ah capacities wit...
Business Operations and StrategyProduct-Related Announcements
Electrovaya Joins DOE-Backed Data Center Battery Project to Boost Grid Resilience
Positive
Apr 2, 2026
Electrovaya Inc. has joined a U.S. Department of Energy-funded consortium led by Binghamton University to develop and demonstrate a 1.2 MWh next-generation battery system for critical infrastructure, specifically targeting data center applications...
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...
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.