Electrovaya (ELVA) AI Stock Analysis

• Market Cap: $256.68M
• Dividend Yield: N/A
• Average Volume (3M): 36.42K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.84
• Revenue Growth: 2.20%
• EPS Growth: 89.34%
• Country: CA
• Employees: 97
• Sector: Industrials
• Sector Strength: 93
• Industry: Electrical Equipment & Parts
• EPS (TTM): 0.03
• Shares Outstanding: 40,106,915
• 10 Day Avg. Volume: 58,799
• 30 Day Avg. Volume: 36,420
• PEG Ratio: -56.93
• Price to Book (P/B): 7.38
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -46.42
• Enterprise Value/Market Cap: 0.67
• Enterprise Value/Revenue: 1.34
• Enterprise Value/Gross Profit: 11.84
• Enterprise Value/Ebitda: 20.76
• 1Y Price Target: $8.87
• Price Target Upside: 44.02% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4

• Rating: 73 Outperform
• Price Target: C$7.00 ▲(13.64%Upside)

Electrovaya benefits from strong technical momentum and positive strategic developments, including expansion into new markets and successful financing. However, high debt levels and valuation concerns due to negative earnings impact the overall score. The company's focus on growth and operational improvements is promising, but financial risks require careful management.

Positive Factors

Financial Performance

Electrovaya reported a 40% year-over-year increase in net revenues for the quarter, highlighting strong financial performance.

Profitability

The company realized a net profit of $0.8M in the quarter, compared to a net loss in the previous year, indicating improved profitability.

Revenue Potential

Electrovaya secured $25M in new orders and has an $80M firm purchase order backlog, suggesting strong future revenue potential.

Negative Factors

Risks and Uncertainties

Risks include dilution risk, global supply-chain delays, execution risk, regulatory risks, competition risk, customer concentration, and uncertainty related to macroeconomic conditions and geopolitical factors.

Tariff Impact

Investors should expect some level of uncertainty around the issue of negative tariff environment under the Trump administration in the near-to-mid term.

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 makes money through the sale of its proprietary Lithium-ion battery products and systems. The company's revenue streams primarily include direct sales of batteries for electric vehicles, grid energy storage solutions, and specialized industrial applications. Additionally, Electrovaya engages in strategic partnerships and collaborations with original equipment manufacturers (OEMs) and other companies in the energy sector to expand its market reach and enhance its technology offerings. Licensing its technology and intellectual property to other manufacturers also contributes to its earnings, alongside potential government or institutional grants and subsidies for developing clean energy solutions.

Electrovaya Financial Statement Overview

Summary

Electrovaya shows strong revenue growth and improved cash flow, but high debt levels and negative net margins present financial risks.

Income Statement

Electrovaya's revenue has shown impressive growth over recent years, with the latest year seeing a 2.83% increase from the previous year. However, profitability remains a challenge as indicated by negative net profit margins, although there is a positive gross profit margin of 30.63% and an EBITDA margin of 6.55%, reflecting some operational efficiency. The company has been narrowing its EBIT losses, suggesting cost management improvements.

Balance Sheet

The company's balance sheet shows a high level of debt relative to equity, with a debt-to-equity ratio of 2.42, indicating significant leverage. A positive equity ratio of 21.75% suggests that while the company has improved its equity position, it remains vulnerable to debt-related risks. Return on Equity (ROE) remains negative due to persistent net losses.

Cash Flow

Electrovaya has demonstrated a turnaround in cash flow from operations, switching from negative to positive, which is a positive sign for liquidity. Free cash flow has also improved significantly with a growth rate of 117.02%. The operating cash flow to net income ratio is positive, reflecting improved cash generation relative to net income losses.

Breakdown	Sep 2024	Sep 2023	Sep 2022	Sep 2021	Sep 2020
Income Statement
Total Revenue	44.59M	43.37M	19.17M	9.92M	13.66M
Gross Profit	13.66M	11.16M	4.33M	2.26M	4.07M
EBITDA	2.92M	1.25M	-6.42M	-4.55M	4.42M
Net Income	-1.49M	-1.48M	-6.55M	-7.53M	1.11M
Balance Sheet
Total Assets	39.48M	36.51M	18.08M	14.98M	10.64M
Cash, Cash Equivalents and Short-Term Investments	781.00K	1.03M	626.00K	4.20M	1.12M
Total Debt	20.77M	19.03M	19.11M	11.53M	12.81M
Total Liabilities	30.90M	29.37M	24.00M	16.67M	19.36M
Stockholders Equity	8.59M	7.15M	-5.92M	-1.70M	-8.71M
Cash Flow
Free Cash Flow	913.00K	-5.36M	-11.86M	-8.68M	-3.94M
Operating Cash Flow	1.04M	-4.86M	-11.81M	-8.12M	-3.90M
Investing Cash Flow	-666.00K	-903.00K	-423.00K	-560.00K	-115.00K
Financing Cash Flow	-629.00K	6.20M	9.52M	10.92M	3.56M

Electrovaya Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 6.16
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: 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 6.16 is above the 20-day moving average (MA) of 5.03, above the 50-day MA of 4.70, and above the 200-day MA of 3.76, indicating a bullish trend. The MACD of 0.36 indicates Negative momentum. The RSI at 79.81 is Negative, neither overbought nor oversold. The STOCH value of 78.03 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ELVA	73 Outperform	$256.68M	―	-0.21%	―	2.20%	89.34%
Sector *	65 Neutral	$11.05B	15.76	5.13%	1.92%	3.11%	-24.90%
EGT	―	C$3.39M	―		―	―	―
BES	47 Neutral	C$4.96M	―	-1239.25%	―	-7.76%	-2.15%
LPS	47 Neutral	C$17.02M	―	-200.00%	―	177.07%	29.71%
EXROF	―	$27.16M	―	-3009.52%	―	―	―
ZAIRF	―	$1.46M	―		―	―	―

Electrovaya Corporate Events

Electrovaya Launches New Battery Systems for Robotic Vehicles with Leading OEMs

Electrovaya has launched multiple battery system products for robotic vehicle platforms in collaboration with three leading OEMs, two in the USA and one in Japan. These products target the rapidly growing robotics segment, offering long run times and rapid wireless charging, with initial deliveries starting this quarter and commercial deliveries expected to accelerate from FY 2026 onwards. This strategic move aligns with Electrovaya’s strengths in lithium-ion technology and positions the company to capitalize on the expanding robotics market, driven by advancements in AI.

The most recent analyst rating on (TSE:ELVA) stock is a Buy with a C$4.00 price target. To see the full list of analyst forecasts on Electrovaya stock, see the TSE:ELVA Stock Forecast page.

Electrovaya Secures Additional $4.5 Million Order from Fortune 100 Client

Electrovaya Inc. announced a new purchase order of approximately US$4.5 million from a leading Fortune 100 e-commerce company, increasing the total demand from this customer to over US$20 million in fiscal 2025. This order highlights the continued demand for Electrovaya’s Infinity battery systems, which are used to power material handling electric vehicles at distribution centers across North America. The company’s collaboration with this major client underscores its role in supporting the transition to clean energy solutions in logistics operations, potentially enhancing its industry positioning and stakeholder value.

The most recent analyst rating on (TSE:ELVA) stock is a Buy with a C$4.00 price target. To see the full list of analyst forecasts on Electrovaya stock, see the TSE:ELVA Stock Forecast page.

Electrovaya Strengthens Market Position with UL2580 Certification for Next-Gen Batteries

Electrovaya has achieved UL2580 certification for 448 models of its next-generation lithium-ion battery systems, which include enhanced performance features and will be mass-produced in Jamestown, NY. This certification, which involves rigorous safety testing, strengthens Electrovaya’s market position in the industrial and heavy-duty vehicle sectors, particularly in the material handling industry, which constitutes a significant portion of its revenue.

The most recent analyst rating on (TSE:ELVA) stock is a Buy with a C$5.00 price target. To see the full list of analyst forecasts on Electrovaya stock, see the TSE:ELVA Stock Forecast page.

Electrovaya Expands into Heavy-Duty Truck Market with Janus Electric Partnership

Electrovaya has entered into a Commercial Supply Agreement with Janus Electric to provide advanced lithium-ion battery systems for electrifying Class 8 trucks in Australia and the US. This partnership marks Electrovaya’s expansion into the heavy-duty truck sector, leveraging its Infinity cell technology to meet the demanding requirements of long-haul transportation. The collaboration aligns with both companies’ sustainability goals and positions them to address the growing demand for clean energy solutions in the transportation industry.

The most recent analyst rating on (TSE:ELVA) stock is a Buy with a C$4.00 price target. To see the full list of analyst forecasts on Electrovaya stock, see the TSE:ELVA Stock Forecast page.

Electrovaya to Engage with European Investors at ROTH London Conference

Electrovaya Inc. announced its participation in the ROTH 15th Annual London Conference, highlighting its commitment to engaging with the global financial community. CEO Dr. Raj DasGupta will meet with European institutional investors to discuss the company’s strategic initiatives and growth outlook, which may enhance Electrovaya’s industry positioning and stakeholder engagement.

The most recent analyst rating on (TSE:ELVA) stock is a Buy with a C$4.00 price target. To see the full list of analyst forecasts on Electrovaya stock, see the TSE:ELVA Stock Forecast page.

Electrovaya Secures $6.3 Million Order from Fortune 100 E-commerce Giant

Electrovaya Inc. has secured an additional US$6.3 million order from a Fortune 100 e-commerce company in the United States, bringing the total orders from this customer to over $16 million for the fiscal year. The batteries will be used to power material handling electric vehicles across multiple distribution centers, with further orders anticipated. This development underscores Electrovaya’s role in providing clean and sustainable energy solutions and strengthens its position in the market for lithium-ion battery technology.

The most recent analyst rating on (TSE:ELVA) stock is a Buy with a C$4.00 price target. To see the full list of analyst forecasts on Electrovaya stock, see the TSE:ELVA Stock Forecast page.

Electrovaya Announces Investor Webcast to Discuss Strategic Insights

Electrovaya Inc. announced an investor webcast presentation scheduled for June 3, 2025, where CEO Dr. Raj DasGupta and CFO John Gibson will discuss the company’s corporate strategy, business model, and advanced battery technology. This event signifies Electrovaya’s commitment to transparency and engagement with stakeholders, potentially impacting its market positioning and investor relations.

The most recent analyst rating on (TSE:ELVA) stock is a Buy with a C$4.00 price target. To see the full list of analyst forecasts on Electrovaya stock, see the TSE:ELVA Stock Forecast page.

Electrovaya Achieves Strong Q2 2025 Results with 40% Revenue Growth

Electrovaya reported a 40% year-over-year increase in revenue to $15 million for Q2 2025, marking its eighth consecutive quarter of positive adjusted EBITDA. The company achieved a net profit of $0.8 million and maintained strong margins. Electrovaya secured significant financing, including a $51 million loan from the Export-Import Bank of the United States and a $20 million working capital facility from the Bank of Montreal, to support its manufacturing expansion in New York. The company is also expanding into new market verticals and growing its recurring revenue base, positioning itself for sustained growth and innovation in the lithium-ion battery sector.

The most recent analyst rating on (TSE:ELVA) stock is a Buy with a C$4.00 price target. To see the full list of analyst forecasts on Electrovaya stock, see the TSE:ELVA Stock Forecast page.

Electrovaya Begins Battery System Manufacturing in Jamestown, NY

Electrovaya Inc. has commenced battery system assembly operations at its Jamestown, New York facility, marking a significant milestone in its manufacturing investment in the region. The company plans to expand operations in response to growing demand and aims to start lithium-ion cell and module production by mid-2026. With over $40 million in capital equipment orders funded by a $51 million loan from the Export Import Bank of the United States, Electrovaya is positioning itself to become a leading domestic lithium-ion battery manufacturer in the U.S., supporting its strategic growth and strengthening its market presence.

Electrovaya Wins Prestigious Award for U.S. Manufacturing Expansion

Electrovaya Inc. has been awarded the Make More in America Deal of the Year Award at the Export-Import Bank of the United States’ 2025 Annual Conference. This recognition highlights Electrovaya’s commitment to onshoring lithium-ion battery manufacturing to the U.S., supported by a $51 million loan from EXIM to expand its production capacity in Jamestown, New York. The expansion is expected to create 290 U.S. jobs and shift a significant portion of production from Asia to the U.S., enhancing the company’s market presence and contributing to U.S. economic security.