Electrovaya Stock Price, News & Analysis

Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA.TO), a lithium ion battery technology and manufacturing company, has received its first purchase orders for pre-production battery modules from a global Japanese construction equipment manufacturer. These modules will be part of an electric excavator program with an estimated scaled production start in 2026. Initial shipments are expected to be delivered in Q2 FY2025 to a manufacturing site in Japan.

This order marks Electrovaya's entry into the construction vehicles market and the Japanese market. The order was received under the company's recently established supply agreement with a leading Japanese trading company. Electrovaya's CEO, Dr. Raj DasGupta, highlighted that their Infinity Technology, known for its leading cycle life and safety, is well-suited for electrified heavy-duty equipment used in construction.

Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) reported its Q3 FY2024 financial results, showing revenue of $10.3 million and Adjusted EBITDA of $0.6 million. The company experienced continued gross margin growth, reaching 33.7% for the quarter. Electrovaya is making progress in meeting strategic financing objectives, including refinancing existing working capital facilities and negotiating with a US federal agency for financing its planned Jamestown, New York lithium-ion battery manufacturing facility. The company revised its revenue guidance for FY2024 to $45 million due to order delays. Electrovaya is focusing on new product development and business initiatives to support rapid growth in fiscal 2025 and beyond.

Electrovaya Inc. (Nasdaq:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, has announced the date for its Q3-2024 financial results release and conference call. The company will file and release its third quarter results, ending June 30, 2024, after market close on Tuesday, August 13, 2024. This will be followed by a conference call at 5:00 p.m. ET on the same day, featuring CEO Dr. Raj DasGupta and CFO John Gibson, who will discuss the financial results and provide a business update. For those unable to attend, a replay will be available for two weeks until August 27, 2024.

Electrovaya announced that its Infinity Technology successfully passed fire propagation testing for two high voltage battery systems, each with over 50kWh capacity. The tests, conducted in accordance with UL2580 standards, showed that a thermal runaway in a single cell did not spread to other cells or outside the battery system. This significant achievement underscores the safety of Electrovaya's lithium-ion ceramic technology, important for applications in safety-sensitive industries such as material handling and energy storage. The company aims to leverage this technology to maintain industry-leading profit margins and expand its market presence.

Electrovaya announced advancements in its solid-state battery development at its annual Battery Technology Day event. Key updates include the creation of a scalable lithium-ion conducting ceramic with ionic conductivity of ~8.10-4 S/cm, and the development of an improved separator membrane using this ceramic. The company has also made strides in developing stable cycling pouch cells and plans to ship prototypes to a major automaker by the end of the year. CEO Dr. Raj DasGupta expressed optimism about the commercial viability of these batteries, citing significant progress since early 2023.

Electrovaya announced the launch of its first Infinity Series Lithium Iron Phosphate (LFP) cell, the EV-FP-44, at its annual Battery Technology Day event. This new cell retains the enhanced cycle life and safety of Electrovaya's Infinity technology while offering lower costs due to LFP chemistry. Dr. Raj DasGupta, CEO, noted that this product could unlock new market opportunities, especially in stationary energy storage for data centers and other high-value installations.

Electrovaya, a leader in lithium-ion battery technology and manufacturing, has announced its participation in two major investor conferences. The company will present at the 21st Annual Craig-Hallum Institutional Investor Conference on May 29, 2024, in Minneapolis, MN, USA. Additionally, they will be at the 10th Annual ROTH London Conference from June 25-27, 2024, in London, UK. Both events will include presentations and one-on-one meetings with Electrovaya's executive management team. Interested parties are encouraged to contact their Craig-Hallum or ROTH representative for more information or to schedule meetings.

Electrovaya has reported its financial results for Q2 FY2024, showing a significant improvement in profitability and margins despite delays in revenue growth caused by customer issues. The company achieved $10.7 million in revenue, a 26% year-over-year increase, and improved gross margins by 1240 basis points to 35%. Operating profit was $0.7 million, and Adjusted EBITDA was $1.5 million. Highlights include a new supply agreement with Sumitomo , increased interest in various sectors including defense and electric buses, and an expanded credit facility to support growth. The company anticipates revenue of $65-75 million for FY 2024, though some revenue may be deferred due to customer site delays. Electrovaya is also progressing with technology developments and project financing for its Jamestown gigafactory.

Electrovaya (NASDAQ:ELVA)(TSX:ELVA) announced a reschedule for releasing its Q2-2024 financial results, which will now be filed and released on May 14, 2024, before market open. The results will cover the period ending March 31, 2024.

Following the release, a conference call led by CEO Dr. Raj DasGupta and CFO John Gibson will take place at 8:00 a.m. ET on the same day to discuss the financial results and provide a business update with slides.

Conference Call Details: Date: May 14, 2024, Time: 8:00 a.m. ET, Toll-Free: 888-506-0062, International: 973-528-0011, Participant Access Code: 427679, Webcast URL: https://www.webcaster4.com/Webcast/Page/2975/50573

A replay of the conference call will be available from May 14, 2024, through May 28, 2024. The replay can be accessed by dialing 877-481-4010 or 919-882-2331 with access ID 50573.