Electrovaya Inc. (“Electrovaya” or the “Company”) reported its financial results for the fiscal third quarter ended June 30, 2023 (“Q3 FY2023”). The company, a leading lithium-ion battery technology and manufacturing company, saw improved quarterly Revenue, EBITDA, and gross margins. They also maintained their fiscal year revenue guidance of $42 million.
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During Q3 FY2023, Electrovaya generated strong growth in revenue and profitability, with battery system gross margins exceeding 30%. The company expects deliveries to accelerate during the fourth quarter and is confident in its revenue guidance to double year over year to $42 million for the fiscal year.
In addition to financial success, Electrovaya made significant progress in other areas during Q3. They developed and launched new products, expanded their capacity, and launched their Nasdaq listing. These initiatives are considered critical to the company’s long-term success.
Order volumes for Electrovaya’s low-voltage products, used in material handling and robotic applications, continued to grow during Q3. The order backlog for these products increased by over 50% year over year, and the company’s Fortune 500 customer base expanded. Additionally, Electrovaya recently launched high-voltage battery systems for heavy-duty applications, such as electric buses, trucks, and energy storage. They have received high interest from potential customers and have received initial purchase orders.
Electrovaya is also embarking on its largest expansion to date. They are finalizing a debt facility to fund the first phase of their Jamestown gigafactory, where they plan to produce their Infinity series products on a much larger scale.
Highlights from the financial report include:
– Revenue for Q3 FY2023 was $10.5 million, a 145% increase compared to Q3 FY2022.
– Gross margin for Q3 FY2023 increased to 28.1%.
– Battery system gross margin in the quarter was over 30%.
– Adjusted EBITDA for Q3 FY2023 was $1.1 million, compared to a loss in Q3 FY2022.
Electrovaya continues to show strong financial performance and is positioning itself for further growth in the lithium-ion battery technology industry.
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