Electrovaya reports Q1 revenue of $12.1M
by CM Staff
The Company continues to make progress with regards to its planned battery “gigafactory” in Jamestown, NY.
Electrovaya Inc., a lithium-ion battery technology and manufacturing company, reported its financial results for the first quarter fiscal year ended September 30, 2024. All dollar amounts are in U.S. dollars unless otherwise noted.
“Q1 FY2024 represented a good start for the fiscal year for the Company with strong revenue growth, improved margins and our fourth consecutive positive EBITDA1 result,” said Dr. Raj DasGupta, Electrovya’s CEO. “Given the strength of the backlog and the current line of sight for other orders, we are reaffirming guidance of between $65 million and $75 million revenue for FY 2024.”
“We continue our long term planning with respect to increasing the adoption of our Infinity Battery Technology into new verticals from 2025 and are making good progress including in the electric bus, construction and mining vehicles as well as energy storage applications. While not having meaningful revenue in 2024, these new vertices will help support our vision to become the leading battery player for heavy duty applications that require longer lasting and safer batteries”
John Gibson, Electrovaya’s CFO commented, “Q1 FY2024 was by far our strongest first quarter in recent history. The Company is making progress in reaching a new debt facility with increased working capital availability, which is going to support further revenue growth in the quarters ahead. In parallel, good progress is also being made with our project financing goals to support our Jamestown New York gigafactory build out .”
Revenue for Q1 FY2024 $12.1 million, compared to restated revenue of $8.6 million in Q1 FY2023, an increase of 41%.
The Company had over $1.7 million within finished goods at the end of the quarter. This would represent completed units that are in transit to customers but have not yet been delivered and are not counted to the quarter’s recognized revenue.
On October 24, 2023, the Company announced the appointment of Steven Berkenfeld to the Company’s board of directors. In previous roles, Steven served as Managing Director in investment banking at Barclays Capital co-heading the firm’s Cleantech Initiative, and leading the banking effort for Emerging Industrial Technology companies amongst other roles.
In October 2023, the Company established a relationship with one of the four largest Japanese trading houses or “sogo shosha”. Through this partnership, Electrovaya products are being marketed to a host of Japanese and international OEMs representing a significant boost to the Company’s sales reach.
The Company continues to make progress with regards to its planned battery “gigafactory” in Jamestown, NY. The Company has completed engineering studies for the manufacturing site and anticipated manufacturing equipment and also updated environmental studies. Recently the Company hired Lee Gilmore as the General Manager and it continues to identify other key staff. The Company also continues to make progress in securing additional non-dilutive financing, including government backed debt, for the planned facility, however it will only proceed on making significant investments once this is finalized.
