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Electrovaya Inc. (TSX:EFL)(OTCQB:EFLVF) announced plans to release its financial results for the quarter ending December 31, 2020, on February 10, 2021, after market close. A conference call will be held the following day, February 11, 2021, at 8:00 a.m. ET, featuring CEO Dr. Sankar Das Gupta and CFO Richard Halka, to discuss the results and provide business updates. The call is accessible via toll-free U.S. and Canada numbers or internationally, with a webcast link available for online participation. A replay will also be provided following the call.
Electrovaya Inc. (OTCQB:EFLVF) will release its financial results for the year ended September 30, 2020, on November 30, 2020, after market close. CEO Dr. Sankar Das Gupta and EVP & CFO Richard Halka will host a conference call on December 1, 2020, at 8:00 a.m. ET to discuss these results and provide a business update. Investors can access the call by dialing in 10 minutes early. A replay will be available from December 1 to December 14, 2020.
Electrovaya Inc. (TSX:EFL, OTCQB:EFLVF) has achieved a significant milestone with the UL2580 listing for its 24V and 36V forklift batteries, covering over 25 models. This certification reflects high safety standards, including extensive fire propagation tests and certifications for Electrovaya's proprietary Battery Management System. The batteries boast industry-leading charge rates and capacities, showcasing the company's commitment to safety and quality in the growing lithium-ion battery sector. This achievement positions Electrovaya favorably in the market for electric vehicle and energy storage solutions.
Electrovaya Inc. (TSX:EFL)(OTCQB:EFLVF) reported preliminary unaudited revenues of $6.9 million for Q4 FY2020, marking a 40% sequential increase from Q3 FY2020. For FY2020, revenues reached $14.5 million, nearly tripling from $4.9 million in FY2019, driven by strong demand in the electric forklift market. The company specializes in lithium ion battery technology with a focus on performance and safety. Note that these preliminary figures are subject to changes due to year-end adjustments and market fluctuations.
Electrovaya Inc. has successfully repaid its remaining $2 million of $15 million in unsecured convertible debentures, originally due on September 29, 2020. The company utilized an amended promissory note to facilitate this repayment, increasing its outstanding amount to $6 million. Moreover, it has repaid two purchase order facilities totaling $10 million, financed through operating cash flow. Electrovaya continues to maintain a $7 million revolving credit facility for its lithium-ion battery business, ensuring ongoing operational support.
Electrovaya Inc. has successfully closed an agreement to increase its revolving credit facility from C$4.5 million to C$7.0 million with a Canadian financial institution. The extended facility will help fulfill recent purchase orders and cover corporate expenses. Furthermore, Electrovaya has repaid C$5.5 million from its operating cash flows and expects to repay an additional C$4.5 million in the coming months. The company reports a significant revenue increase of approximately five-fold year-over-year, anticipating a seven-fold growth for Q4 FY2020.
Electrovaya Inc. completed its largest order of lift truck batteries to date for Walmart Canada at two distribution centers. The company delivered all batteries and has now powered three distribution centers with its lithium-ion batteries, enhancing energy efficiency and reducing environmental impacts. Electrovaya secured a C$5.5 million credit facility to fulfill this order, now fully repaid. Walmart's sustainability drive aligns with Electrovaya's technology, which allows for off-peak charging, supporting emissions reduction strategies.