Electrovaya Provides a Business Update

Module manufacturing equipment has been accepted for delivery to Jamestown, while testing of cell manufacturing equipment continues.

Rhea-AI Summary

Electrovaya (ELVA) expects record fiscal 2026 normalized revenue within its previously issued guidance of approximately $71 million, despite macroeconomic headwinds.

The revenue expectation is unaudited and covers the year ended September 30, 2026. Audited results are expected in early December 2026, marking the company's first annual reporting under U.S. GAAP after its transition from IFRS.

Electrovaya expects Jamestown cell, module and pack manufacturing and its ElvaPulse stationary energy storage product line to come online in FY2027. Module manufacturing equipment has completed factory acceptance testing and been accepted for delivery; cell equipment testing continues.

The company expects defense, robotics, airport ground equipment and high-voltage battery systems each to provide material FY2027 revenue. It also reports increased demand for port-related applications.

6 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.FY2026 normalized revenue is expected to be record and within approximately $71 million guidance.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Jamestown cell, module and pack manufacturing is expected to come online in FY2027.
• Moderate point. Forward-looking: it has not happened yet and may not happen.ElvaPulse stationary energy storage product line is expected to come online in FY2027.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Defense, robotics, airport ground equipment and high-voltage battery systems are each expected to deliver material FY2027 revenue.
• Minor pointJamestown module equipment has completed factory acceptance testing and been accepted for delivery.
• Minor pointPort-related applications show increased demand for Toyota Material Handling battery products and electric-truck battery systems.

Negative

• Minor pointCore end markets faced macroeconomic headwinds during FY2026.
• Minor pointJamestown cell equipment testing remains ongoing to ensure equipment and integrated-process performance and quality.

Key Figures

FY2026 normalized revenue: approximately $71 million ElvaPulse 1500 power: 7 MW per block Audited FY2026 results: early December 2026 +1 more

FY2026 normalized revenue

approximately $71 million

Unaudited; expected to be a record and within previously issued guidance

ElvaPulse 1500 power

7 MW per block

Product specification stated by the company

Audited FY2026 results

early December 2026

Expected release; first annual results reported under U.S. GAAP

Initiatives expected online

FY2027

Jamestown manufacturing and the ElvaPulse product line

Historical Context

1 past event · Latest: Aug 24

1 event

1. Aug 24

   Factory testing

   24h Move

   -3.6%

   Cell-line factory acceptance testing began ahead of planned Jamestown installation and commissioning.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

u.s. gaap, ifrs, factory acceptance testing, battery energy storage system (bess), +1 more

5 terms

u.s. gaap financial

"first annual results reported under U.S. GAAP"

U.S. GAAP is a set of rules and standards that companies in the United States follow to prepare their financial reports. It helps ensure that financial information is consistent and clear, so investors and others can compare and understand a company's financial health easily.

ifrs financial

"following its transition from IFRS"

International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.

factory acceptance testing technical

"Factory Acceptance Testing of the module manufacturing equipment"

A final round of checks performed on machinery, systems, or equipment at the manufacturer's site to confirm they meet contractual specifications and work as expected before shipment and installation. Like a test-drive or dress rehearsal, it reduces the risk of defects, delays, or extra costs once the item is on-site, and matters to investors because successful testing protects revenue timing, lowers warranty or remediation expenses, and supports predictable project schedules and cash flow.

battery energy storage system (bess) technical

"battery energy storage system (BESS) solutions"

A battery energy storage system (BESS) is a large-scale setup that stores electricity in rechargeable batteries and releases it when needed, like a giant rechargeable battery for the power grid. It matters to investors because it helps smooth out supply and demand, capture surplus renewable power, provide backup and short-term grid services that can earn recurring revenue, and can boost the value of generation and transmission assets as demand for flexible energy grows.

uninterruptible power supply (ups) technical

"uninterruptible power supply (UPS) requirements"

An uninterruptible power supply (UPS) is a device that provides immediate backup power and surge protection to electronic systems when the main electricity supply fails or fluctuates. For investors it matters because a UPS helps prevent costly downtime, data loss, damaged equipment and business disruption—think of it as a short-term battery or emergency parachute that keeps critical operations like trading platforms, servers and medical equipment running long enough to switch to a safe shutdown or secondary power source.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TORONTO, ON / ACCESS Newswire / October 14, 2026 / Electrovaya Inc. ("Electrovaya" or the "Company") (NASDAQ:ELVA)(TSX:ELVA), a lithium-ion battery technology and manufacturing company, today provided a business update, including preliminary fiscal 2026 revenue expectations and progress on its Jamestown, New York manufacturing facility and ElvaPulse™ stationary energy storage product line. All dollar amounts are in U.S. dollars unless otherwise noted.

Highlights:

• Unaudited revenue for the fiscal year ended September 30, 2026 ("FY2026") is expected to be a record and within previously issued guidance of approximately $71 million of normalized revenue, despite macroeconomic headwinds in core end markets.

• Audited FY2026 results, expected in early December 2026, will be the Company's first reported under U.S. GAAP, supporting its transition to U.S. domestic filer status.

• FY2027 is expected to see the Company's two most pivotal initiatives come online: Jamestown lithium-ion cell, module and pack manufacturing, and the ElvaPulse™ product line.

• Jamestown module manufacturing equipment has completed Factory Acceptance Testing; cell equipment testing is progressing well.

• Appointed Kris Kuzniewski, Ph.D., as Vice President, Data Center Sales, to lead ElvaPulse™ data center sales.

"Fiscal 2026 was another record year for Electrovaya, delivered in an environment where several of our core markets faced real macroeconomic challenges," said Dr. Raj Das Gupta, Chief Executive Officer of Electrovaya. "We are excited to begin fiscal 2027, the year in which our two most pivotal initiatives come online: domestic cell, module and pack manufacturing in Jamestown, and our ElvaPulse™ energy storage platform. Together, we believe they will be instrumental in transforming Electrovaya and expanding the markets we serve."

Jamestown Manufacturing Site Update

Factory Acceptance Testing of the module manufacturing equipment for the Company's Jamestown, New York facility has been completed, and the equipment has been accepted for delivery to the site. Testing of the cell manufacturing equipment is progressing well and is continuing to ensure the equipment and the integrated manufacturing process meet the Company's performance and quality expectations. This extensive testing program is a deliberate risk-mitigation step, designed to avoid issues that have affected other battery plant start-ups.

The Jamestown team continues to strengthen, with equipment and process engineering leads recently joining. Approximately 10 Electrovaya staff are currently engaged in the extensive testing and acceptance testing effort.

Data Centers and ElvaPulse™

Electrovaya introduced its ElvaPulse™ product line at the Yotta data center energy conference in September, where it received a strong reception. Management is confident that the domestically manufactured ElvaPulse™ provides an optimized solution for shorter-duration energy storage, a segment that is not well addressed by incumbent energy storage solutions.

The ElvaPulse™ 1500 delivers 7 MW per block, which the Company believes is the highest power density of any comparable solution on the market. Higher power density means fewer batteries are required to meet power-firming and uninterruptible power supply (UPS) requirements, which are growing as data centers increase their power needs, while also aligning with tightening utility requirements.

To lead the Company's dedicated sales efforts for data center applications, Electrovaya has appointed Kris Kuzniewski, Ph.D., to the newly created role of Vice President, Data Center Sales. Dr. Kuzniewski brings more than 15 years of sales and business development experience across data center infrastructure, colocation, cloud and critical power. Most recently, as Director, U.S. AI Data Center Sales at Sinexcel, he led the company's U.S. AI data center sales of medium-voltage UPS and battery energy storage system (BESS) solutions, closing hundreds of megawatts of medium-voltage UPS sales. Previously, he spent more than three years at CoreSite, an American Tower company, managing a portfolio of more than 140 enterprise data center accounts. Dr. Kuzniewski has established relationships across U.S. hyperscalers, neoclouds, colocation operators, developers, design firms and EPC contractors. At Electrovaya, he will focus on prequalifying the Company with key data center buyers, securing specification positions for ElvaPulse™ in data center designs, and building a pipeline of named projects, with an emphasis on ElvaPulse's industry-leading power density, safety and domestic manufacturing.

Sales and Market Demand

In FY2027, Electrovaya is expecting a growing share of revenue to come from new verticals such as defense, robotics, airport ground equipment and high voltage battery systems. These opportunities represent an increasingly important component of the Company's growth outlook, extending its reach into new applications and broadening its revenue base. All of these verticals are expected to provide material revenue for the Company during FY 2027. Electrovaya is also seeing increased demand for port-related applications, spanning both its high-voltage material handling battery products for Toyota Material Handling and its high-voltage battery systems for electric trucks.

Fiscal 2026 Results and Transition to U.S. GAAP

Electrovaya expects to release its audited financial results for FY2026 in early December 2026. These will be the Company's first annual results reported under U.S. GAAP, following its transition from IFRS, which supports the Company's transition to U.S. domestic filer status.

Investor Contact:     
Jason Roy
VP, Corporate Development and Investor Relations
Electrovaya Inc.
jroy@electrovaya.com
905-855-4618

Media Contact: 
ICR Inc.
electrovaya@icrinc.com

About Electrovaya Inc.

Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) is a pioneering leader in the global energy transformation, focused on contributing to the prevention of climate change by supplying safe and long-lasting lithium-ion batteries without compromising energy and power. The Company has extensive IP and designs, develops and manufactures proprietary lithium-ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications. Electrovaya has two operating sites in Canada and a 52-acre site with a 135,000 square foot manufacturing facility in Jamestown New York state for its planned gigafactory. To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding the Company's expected FY2026 revenue, the timing of the release of its FY2026 financial results, its transition to U.S. GAAP and U.S. domestic filer status, the timing and success of the start-up of manufacturing at its Jamestown, New York facility, customer demand in port, material handling, electric truck and data center applications, and the performance, market reception and adoption of the ElvaPulse™ product line. Forward-looking statements can generally be identified by words such as "expects," "anticipates," "believes," "intends," "plans," "will," "may" and similar expressions. These statements are based on management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including the completion of the FY2026 audit, the timing of customer orders and deliveries, equipment testing and commissioning outcomes, supply chain conditions, macroeconomic and trade conditions, and the other risk factors described in the Company's filings with securities regulators. FY2026 revenue figures in this release are preliminary and unaudited and may change upon completion of the Company's year-end audit. Except as required by law, the Company undertakes no obligation to update any forward-looking statement.

The preliminary unaudited revenue for the periods described herein constitute future‐oriented financial information and financial outlooks (collectively, "FOFI"), and generally, is, without limitation, based on the assumptions and subject to the risks set out above under "Forward‐Looking Statements". Although management believes such assumptions to be reasonable, a number of such assumptions are beyond the Company's control and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. FOFI is provided for the purpose of providing information about management's current expectations and plans relating to the Company's future performance and may not be appropriate for other purposes.

The FOFI does not purport to present the Company's financial condition in accordance with IFRS, and it is expected that there may be differences between audited results and preliminary results, and the differences may be material. The inclusion of the FOFI in this news release disclosure should not be regarded as an indication that the Company considers the FOFI to be a reliable prediction of future events, and the FOFI should not be relied upon as such.

SOURCE: Electrovaya, Inc.

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What revenue does Electrovaya expect for fiscal 2026?

Electrovaya expects record, unaudited FY2026 normalized revenue within its previously issued guidance of approximately $71 million. The fiscal year ended September 30, 2026, and audited results are expected in early December 2026.

When does Electrovaya expect Jamestown manufacturing and ElvaPulse to come online?

Electrovaya expects Jamestown cell, module and pack manufacturing and the ElvaPulse product line to come online in FY2027. Jamestown module equipment has completed factory acceptance testing and been accepted for delivery, while testing of cell manufacturing equipment continues.

Who will lead Electrovaya's ElvaPulse data center sales efforts?

Kris Kuzniewski, Ph.D., has been appointed Vice President, Data Center Sales, a newly created role. His focus will be prequalifying Electrovaya with data center buyers, securing ElvaPulse specification positions in data center designs and building a pipeline of named projects.