Electrovaya Reports Strong Financial Results for Second Quarter FY2024

Electrovaya Inc. announced its financial results for the second quarter of fiscal year 2024, demonstrating a notable improvement in financial performance. The company reported $10.7 million in revenue and an adjusted EBITDA of $1.5 million. This marks a significant year-over-year growth with gross margins rising sharply by 1240 basis points to 35%. The operating profit reached $0.7 million, compared to a loss in the previous year.

In addition to financial growth, Electrovaya has secured a new supply agreement with Sumitomo Corporation Power and Mobility, enhancing its market position. The company also reported advancements in their technology and partnerships, including increased activities in sectors like defense and construction. A notable development is their selection by a Japanese OEM to supply battery modules for construction equipment, set to commence mass production in 2026.

The company also increased its non-dilutive working capital debt facilities and is making progress with project financing to support its upcoming gigafactory in Jamestown, New York. With a positive outlook for the second half of the fiscal year, Electrovaya expects an acceleration in revenue growth, anticipating $65-75 million in revenue for FY2024.