Electrovaya (ELVA) AI Stock Analysis

• Market Cap: C$694.18M
• Dividend Yield: N/A
• Average Volume (3M): 125.91K
• Price to Earnings (P/E): 131.5
• Beta (1Y): 1.48
• Revenue Growth: 46.80%
• EPS Growth: N/A
• Country: CA
• Employees: 97
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): 0.07
• Shares Outstanding: 47,513,920
• 10 Day Avg. Volume: 172,195
• 30 Day Avg. Volume: 125,914
• PEG Ratio: -0.13
• Price to Book (P/B): 7.39
• Price to Sales (P/S): 2.58
• 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$14.31
• Price Target Upside: -2.08% Downside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 0.17
• Revenue Forecast (FY): C$115.42M

• Rating: 64 Neutral
• Price Target: C$16.00 ▲(9.51% Upside)

The score is driven primarily by improving financial performance (growth and margins) but held back by weak cash flow conversion and balance-sheet reliance on debt. Technicals are strong but overbought, adding near-term risk. Valuation is the largest headwind due to the very high P/E, while the earnings call adds support via profitability and strong growth guidance.

Positive Factors

Revenue Growth

Sustained double-digit and >40% YoY revenue growth signals broadening product adoption and stronger market penetration across material handling and new end markets. Durable top-line expansion supports reinvestment, scale benefits, and long-term revenue base expansion if execution continues.

Margin Improvement

A meaningful gross margin increase (530 bps) reflects improved manufacturing efficiency, pricing power, or product mix. Higher sustainable gross margins provide a buffer for operating leverage, supporting long-term profitability as sales scale and enabling funds for R&D and capex.

Improved Liquidity & Financing

Access to multiple financing sources and >$40M liquidity materially strengthens funding for capacity expansion and working capital. Longer-dated financing from EXIM and bank facilities reduces short-term rollover risk and supports strategic investments into new verticals over the medium term.

Negative Factors

Cash Flow Conversion

Negative conversion of net income into free cash flow indicates earnings are not yet translating into durable cash generation. Persistent weak cash conversion can constrain capex, slow deleveraging, and force reliance on external capital, raising long-term funding and execution risk.

Reliance on Debt

A debt-to-equity near 1.0 with a low equity ratio shows material leverage dependence. Even with recent improvement, elevated debt raises interest and refinancing risk and limits financial flexibility for capex or downturns, making long-term growth more balance-sheet sensitive.

Execution Risk in New Verticals

Expanding into robotics, airport ground equipment, and ESS offers scale but is early-stage and uncertain. Delays or slower-than-expected adoption would limit projected revenue diversification, raising the risk that current growth relies mainly on existing markets rather than durable multi-vertical expansion.

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

Income statement strength (75) from solid revenue growth and improved gross margin is tempered by a weaker cash flow profile (55), including poor conversion of earnings into free cash flow. Balance sheet is mixed (65): leverage has improved, but the equity ratio remains low, implying higher reliance on debt.

Income Statement

Electrovaya has demonstrated strong revenue growth of 15.86% in the latest year, indicating a positive trajectory. The gross profit margin improved to 40.01%, reflecting efficient cost management. However, the net profit margin is relatively low at 7.40%, suggesting room for improvement in profitability. The EBIT and EBITDA margins are moderate, indicating stable operational performance.

Balance Sheet

The company's debt-to-equity ratio has improved significantly to 1.01, showing better leverage management compared to previous years. Return on equity is positive at 15.11%, indicating effective use of equity to generate profits. However, the equity ratio is relatively low, suggesting a higher reliance on debt financing.

Cash Flow

Electrovaya's free cash flow growth rate is positive at 37.77%, showing improvement in cash generation. However, the free cash flow to net income ratio is negative, indicating challenges in converting profits into free cash flow. The operating cash flow to net income ratio is low, suggesting potential issues in cash flow efficiency.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	63.58M	89.25M	44.59M	43.37M	15.62M	9.92M
Gross Profit	19.47M	25.44M	13.66M	11.16M	4.33M	2.26M
EBITDA	5.59M	5.59M	2.92M	1.25M	-6.42M	-4.55M
Net Income	3.36M	4.70M	-1.49M	-1.48M	-9.21M	-7.53M
Balance Sheet
Total Assets	63.93M	63.93M	39.48M	36.51M	18.08M	14.98M
Cash, Cash Equivalents and Short-Term Investments	9.76M	9.76M	781.00K	1.03M	626.00K	4.20M
Total Debt	31.39M	31.39M	20.77M	19.03M	23.11M	11.53M
Total Liabilities	32.80M	32.80M	30.90M	29.37M	24.00M	16.67M
Stockholders Equity	31.13M	31.13M	8.59M	7.15M	-5.92M	-1.70M
Cash Flow
Free Cash Flow	-847.90K	-9.50M	913.00K	-5.36M	-11.86M	-8.68M
Operating Cash Flow	4.63M	1.72M	1.04M	-4.86M	-11.81M	-8.12M
Investing Cash Flow	-14.88M	-15.92M	-666.00K	-903.00K	-423.00K	-560.00K
Financing Cash Flow	17.80M	24.29M	-629.00K	6.20M	9.52M	10.92M

Electrovaya Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 14.61
• 50DMA: Positive
• 100DMA: Positive
• 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 Positive. The current price of 14.61 is above the 20-day moving average (MA) of 13.43, above the 50-day MA of 10.30, and above the 200-day MA of 7.33, indicating a bullish trend. The MACD of 1.22 indicates Positive momentum. The RSI at 68.08 is Neutral, neither overbought nor oversold. The STOCH value of 50.61 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	64 Neutral	C$694.18M	131.50	16.94%	―	46.80%	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
GRID	57 Neutral	C$296.34M	-234.15	-13.77%	―	26.28%	27.86%
BES	43 Neutral	C$6.04M	-3.48	―	―	-3.93%	-27.37%
LPS	42 Neutral	C$14.90M	-4.38	-341.84%	―	27.76%	-0.37%
EGT	40 Underperform	C$4.75M	-0.44	―	―	―	―
NHHH	35 Underperform	C$27.53M	-1.93	-67.64%	―	―	-8.37%

Electrovaya Corporate Events

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.

Electrovaya to Announce Q4 and FY-2025 Financial Results

Electrovaya Inc. announced that it will release its fourth quarter and fiscal year 2025 financial results on December 10, 2025, followed by a conference call and webcast to discuss the results and provide a business update. This announcement is significant as it provides stakeholders with insights into the company’s financial health and strategic direction, potentially impacting its market positioning and investor relations.

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.

Electrovaya Advances with Strategic Investments and Gigafactory Progress

Electrovaya Inc. announced significant business updates, including insider share purchases and progress on its Jamestown gigafactory, supported by EXIM loan drawdowns. The company plans to use proceeds from recent equity financing to enhance its technology roadmap, focusing on rapid-charging capabilities, separator technology, solid-state battery development, and expanding its Energy-as-a-Service program. These initiatives aim to strengthen Electrovaya’s market position and support long-term revenue growth across multiple electrification verticals.

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.

Electrovaya to Engage Investors at Key Conferences

Electrovaya Inc. announced its participation in three upcoming investor conferences, highlighting its active engagement with the investment community. This participation underscores Electrovaya’s strategic efforts to enhance its visibility and strengthen its industry positioning as a key player in the lithium-ion battery market, potentially impacting stakeholder perceptions and investment opportunities.

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.

Electrovaya Closes Oversubscribed $28.1 Million Public Offering

Electrovaya Inc. has successfully closed an oversubscribed public offering, raising approximately US$28.1 million through the sale of common shares. The proceeds will be used to invest in energy services, next-generation battery research and development, and general corporate purposes, potentially enhancing the company’s market position and operational capabilities.

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.

Electrovaya Raises $24.4 Million in Oversubscribed Public Offering

Electrovaya Inc. has announced the pricing of its oversubscribed public offering, raising approximately US$24.4 million through the sale of 4,700,000 common shares at US$5.20 each. The proceeds will be used for investments in energy services, next-generation battery research, and general corporate purposes, with the offering expected to close on November 6, 2025, subject to customary conditions.

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.

Electrovaya Inc. Launches Public Offering to Boost Battery Innovation

Electrovaya Inc. has announced the initiation of an underwritten public offering of its common shares, with the possibility for underwriters to purchase an additional 15% of shares. The proceeds from this offering are intended to be used for investments in energy services, next-generation battery research, and general corporate purposes, potentially strengthening the company’s market position and operational capabilities.

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.