Electrovaya Receives $10.5 Million P.O from Fortune 500 Customer
Rhea-AI Summary
Electrovaya (NASDAQ:ELVA) received approximately $10.5 million in purchase orders on February 24, 2026, from a Fortune 500 U.S. customer through its OEM sales channel.
The orders cover Infinity battery systems for material-handling electric vehicles at multiple distribution centers, and the company says additional orders are anticipated as the customer advances electrification.
Positive
- $10.5 million purchase orders from a Fortune 500 customer
- Orders target Infinity battery systems for multiple distribution centers
- Sales secured via OEM channel supporting logistics electrification
Negative
- Customer concentration: single Fortune 500 buyer referenced
Key Figures
Market Reality Check
Peers on Argus
Pre-news, ELVA was down 4.82% while peers showed mixed moves; one peer (TE) appeared in momentum scanners moving down, with others up or down modestly, suggesting stock-specific factors rather than a broad sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 12 | Q1 2026 earnings | Positive | -6.0% | Strong Q1 growth, profitability and reaffirmed FY2026 revenue guidance. |
| Feb 05 | Earnings date set | Neutral | -11.5% | Announcement of Q1 FY2026 release date and conference call details. |
| Jan 20 | Insider warrant exercise | Positive | +8.0% | Chairman exercised 1,420,000 warrants to increase common share ownership. |
| Dec 10 | FY2025 results | Positive | +0.0% | Record FY2025 revenue and first annual net profit with positive cash flow. |
| Nov 25 | Earnings date set | Neutral | +6.9% | Scheduled Q4 and FY2025 results release and business update call. |
Recent history shows several instances where positive fundamentals or corporate developments were followed by flat or negative price reactions, indicating occasional divergence between news tone and near-term trading.
Over the last few months, Electrovaya has reported strong growth, with FY2025 revenue of $63.8M and its first annual net profit of $3.3M, followed by Q1 FY2026 revenue of $15.5M and net profit of $1.0M. The company also raised $28.1M via an oversubscribed equity offering and outlined guidance above $83M revenue for FY2026. Insider alignment was highlighted when the chairman exercised 1,420,000 warrants. Against this backdrop, today’s new $10.5M purchase orders extend a pattern of growing commercial traction.
Market Pulse Summary
This announcement highlights additional traction in Electrovaya’s OEM channel, with new purchase orders totaling $10.5M from a Fortune 500 U.S.-based customer for its Infinity battery systems. In the past few quarters, the company reported FY2025 revenue of $63.8M and Q1 FY2026 revenue of $15.5M, alongside growing profitability. Investors may watch how this order contributes to the reaffirmed FY2026 revenue target above $83M and whether it leads to follow-on orders as the customer advances its electrification strategy.
Key Terms
lithium-ion technical
oem technical
AI-generated analysis. Not financial advice.
TORONTO, ON / ACCESS Newswire / February 24, 2026 / Electrovaya Inc. ("Electrovaya" or the "Company") (NASDAQ:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, today announced the receipt of new purchase orders totaling approximately
These orders are for a Fortune 500 U.S.-based customer and cover Electrovaya's Infinity battery systems, powering material handling electric vehicles at multiple distribution centers.
"We are pleased to receive this latest order from a strategic customer," said Dr. Jeremy Dang, Vice President of Business Development at Electrovaya.
Dr. Dang added, "Electrovaya is proud to support our customers' shift toward safe and long-lasting energy solutions for their logistics operations. Additional orders are also anticipated as they continue to advance their electrification strategy."
Electrovaya's Infinity battery systems are engineered for demanding, high-duty-cycle applications, delivering exceptional safety, longevity, and performance for industrial electric vehicle fleets.
Investor and Media Contact :
Jason Roy
VP, Corporate Development and Investor Relations
Electrovaya Inc.
jroy@electrovaya.com
905-855-4618
About Electrovaya Inc.
Electrovaya Inc. (NASDAQ:ELVA) (TSX:ELVA) is a technology-driven lithium-ion battery company commercializing its proprietary Infinity Battery Technology, designed for superior safety, longevity, and performance in mission-critical industrial, robotics, defense and energy-storage applications. The Company leverages a strong intellectual-property portfolio and advanced materials expertise to deliver durable, high-value battery solutions to global OEMs and end users. To support growing demand and advancing energy-security and national-security objectives, Electrovaya is expanding U.S. manufacturing through its 52-acre Jamestown, New York, site, which includes a 137,000-square-foot facility planned as its first gigafactory. Electrovaya also operates two Canadian sites focused on research, engineering, and product commercialization. For more information, please visit www.electrovaya.com.
Forward-Looking Statements
This press release contains forward-looking statements, including statements that relate to, among other things, revenue, purchase orders, the potential for additional purchase orders from the described customer in CY 2026, order growth and customer demand FY and CY 2026, future business opportunities, and the ability to deliver to customer requirements. Forward-looking statements can generally, but not always, be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "intend", "estimate", "anticipate", "believe", "plan", "planned", "objective", "estimated" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate are necessarily applied in making forward looking statements and such statements are subject to risks and uncertainties, therefore actual results may differ materially from those expressed or implied in such statements and undue reliance should not be placed on such statements. Material assumptions made in disclosing the forward-looking statements included in this news release include, but are not limited to assumptions that the Company's customers will deploy its products in accordance with communicated timing and volumes, that the Company's customers will complete new distribution centers in accordance with communicated expectations, intentions and plans, and stable political climate with respect to exports from Canada to the United. Factors that could cause actual results to differ materially from expectations include but are not limited to customers not placing roughly in accordance with historical ordering patterns and communicated intentions, the fact that the expected additional sales from the described customer are expressions of interest and not yet purchase orders, the uncertain effects of the imposition of a new tariff regime on Canadian exports by the United States, macroeconomic effects on the Company and its business and on the lithium battery industry generally, the Company's liquidity and cash availability in excess of its operational requirements, and the ability to generate and sustain sales orders. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company's Annual Information Form for the year ended September 30, 2024 under "Risk Factors", in the Company's base shelf prospectus dated September 17, 2024, and in the Company's most recent annual and interim Management's Discussion and Analysis under "Qualitative And Quantitative Disclosures about Risk and Uncertainties" as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Electrovaya
View the original press release on ACCESS Newswire
FAQ
What did Electrovaya (ELVA) announce on February 24, 2026 regarding new orders?
How will the $10.5 million Electrovaya (ELVA) order be used by the customer?
Does Electrovaya (ELVA) expect more orders after the February 24, 2026 purchase orders?
Which Electrovaya product is included in the $10.5 million PO reported February 24, 2026?
What is the investor implication of Electrovaya's (ELVA) $10.5 million order announcement?
