Electrovaya: annual revenue nearly triples year-over-year

Electrovaya Inc., Mississauga, Canada, (TSX:EFL)(OTCQB:EFLVF), a lithium ion battery manufacturer with industry-leading performance and substantial intellectual property, has reported its financial results for the fourth quarter and fiscal year ended September 30, 2020 (“Q4 FY2020” & “FY 2020”, respectively; all dollar amounts are in U.S. dollars unless otherwise noted).

Financial Highlights

  • Revenue for Q4 FY2020 was $6.9 million (C$9.1 million), compared to $0.5 million (C$.7 million) in the fiscal fourth quarter ended September 30, 2019 (“Q4 FY2019”). Revenue for Q4 FY2020 increased by 44% on a sequential basis compared to $4.8 million (C$6.3 million) in the fiscal third quarter ended June 30, 2020 (“Q3 FY2020”). The strong sequential revenue growth reflects robust customer demand and the scaling up of production.
  • Revenue for FY 2020 was $14.5 million (C$19 million), a nearly three-fold increase from revenue of $4.9 million (C$6.4 million) in the 12 months ended September 30, 2019 (“FY 2019”).
  • The Company generated a positive EBITDA1 of $0.8 million for Q4 FY2020, compared to negative $0.9 million (C$1.2 million) in Q4 FY2019. EBITDA1 for Q4 FY2020 increased 68% on a sequential basis compared to $0.5 million (C$0.7 million) in Q3 FY2020.
  • Net loss was $0.7 million (C$0.9 million) for Q4 FY2020, compared to a net loss of $2.5 million (C$3.3 million) in Q4 FY2019.
  • Net profit was $1.1 million (C$1.4 million) for FY 2020, compared to a net loss of $2.8 million (C$3.7 million) in FY 2019.

Q4 FY2020 Business Highlights

  • Electrovaya completed deliveries on the C$7.3 million purchase order of lithium ion batteries from Walmart Canada. The Company also announced the C$5.5 million credit facility that was used to finance the order, was fully repaid.
  • Electrovaya announced that the final payment on its amended C$15 million, 9% convertible debentures was made and all obligations under the debt settled. The Company also announced that an additional C$4.5 million purchase order facility was repaid. In total, C$25 million of debt was settled during the quarter.
  • Electrovaya announced that its working capital facility was increased to a maximum of C$7 million, and its promissory note was increased to C$6 million. This provides the working capital necessary to continue the Company’s strong growth.
  • Subsequent to Q4 FY2020, in November 2020, Electrovaya announced that it achieved UL2580 listing across its line of 24V and 36V forklift batteries. The safety certification covers more than 25 different models and demonstrates the Company’s continued commitment to safety and quality.
  • Electrovaya’s batteries are currently powering e-forklift systems in more than 40 locations.

Positive Financial Outlook

Electrovaya is experiencing strong and growing customer demand for its battery products through both of its key sales channels: direct sales to end customers and OEM distribution. Accordingly, the Company currently anticipates that revenue in the 2021 fiscal year will exceed $28 million (C$37 million), which was the approximate annualized run rate in Q4 FY2020. The Company also anticipates continued positive EBITDA1 growth in the fiscal year 2021, barring unforeseen circumstances. See “Forward-Looking Statements”.

Results of Operations
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Year ended September 30,








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About Electrovaya Inc.

Electrovaya Inc. (TSX:EFL) (OTCQB:EFLVF) 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 is a technology focused company with extensive IP. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada with customers around the globe.


Full report HERE

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