Electrovaya Reports Strong Revenue Growth
Electrovaya Inc. (TSX:EFL)(OTCQB:EFLVF) reported preliminary unaudited revenues of $6.9 million for Q4 FY2020, marking a 40% sequential increase from Q3 FY2020. For FY2020, revenues reached $14.5 million, nearly tripling from $4.9 million in FY2019, driven by strong demand in the electric forklift market. The company specializes in lithium ion battery technology with a focus on performance and safety. Note that these preliminary figures are subject to changes due to year-end adjustments and market fluctuations.
- Q4 FY2020 preliminary revenue increased by 40% sequentially to $6.9 million.
- FY2020 preliminary revenue nearly tripled to $14.5 million compared to FY2019.
- Demand for lithium ion batteries in the electric forklift market remains strong.
- Preliminary results are subject to change, which could be material.
- Actual results may differ significantly due to market risks and uncertainties.
Significant revenue growth in both the fiscal fourth quarter and year on a preliminary unaudited basis
TORONTO, ON / ACCESSWIRE / October 5, 2020 / Electrovaya Inc. ("Electrovaya" or the "Company") (TSX:EFL)(OTCQB:EFLVF), a lithium ion battery manufacturer with industry-leading performance and substantial intellectual property, announces preliminary and unaudited revenues for its fiscal fourth quarter and year ended September 30, 2020 ("Q4 FY2020" and "FY 2020", respectively). The preliminary and unaudited figures are subject to currency fluctuations. All dollar amounts are in U.S. dollars unless otherwise noted.
- Preliminary unaudited revenue for Q4 FY2020 is
$6.9 million (1) (C$9.1 million ), approximately a40% sequential increase in revenue over$4.8 million (C$6.5 million ), in the fiscal third quarter ended June 30, 2020. The sequential revenue growth reflects continued strong demand for the Company's lithium ion batteries from customers in the electric forklift truck market. - For FY 2020, preliminary unaudited revenue is
$14.5 million (1) (C$19.2 million ), a nearly three-fold increase from revenue of$4.9 million (C$6.5 million ) in the 2019 fiscal year.
Electrovaya's ceramic lithium ion batteries provide industry-leading cycle life and safety along with excellent energy, power, and fast charge capabilities.
Note:
- The preliminary results set forth above are based on an initial review of the Company's operations for the quarter and year ended September 30, 2020 and are subject to change. Actual results could differ from these preliminary results following the completion of year-end closing procedures, final adjustments and other developments arising between now and the time that the Company's financial results are finalized, and such changes could be material. While the Company believes there is a reasonable basis for these preliminary financial results, the results involve known and unknown risks and uncertainties that may cause actual results to differ materially. These preliminary fiscal results represent forward-looking information. See "Forward Looking Information".
For more information, please contact:
Investor Contact:
Jason Roy
Electrovaya Inc.
Telephone: 905-855-4618
Email: jroy@electrovaya.com
Media Contact:
Peter Koven
Bay Street Communications
Telephone: 647-496-7857
Email: peterkoven@baystreetcommunications.com
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.
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 that relate to, among other things, revenue forecasts and in particular the revenue forecasts for the fiscal year ending September 30, 2020 and the quarter ending September 30, 2020, preliminary and unaudited revenue numbers for Q4 FY2020 and for the complete FY 2020,currency fluctuation, continuation of anticipated positive quarterly and annual revenue growth, continuation of sequential growth, positive EBITDA, anticipated further sequential revenue growth in fiscal 2020 and 2021, the ability to satisfy the Company's order backlog, the Company's ability to satisfy its ongoing debt obligations, anticipated increased collaboration with OEMs and OEM channels constituting a source of sales growth for the Company, anticipated continued increase in sales momentum in fiscal 2020 through OEMs and directly to large global companies, including Fortune 500 companies, the future direction of the Company's business and products, the effect of the ongoing global COVID-19 public health emergency on the Company's operations, its employees and other stakeholders, including on customer demand, supply chain, and delivery schedule, the Company's ability to source supply to satisfy demand for its products and satisfy current order volume, technology development progress, pre-launch plans, plans for product development, plans for shipment using the Company's technology, production plans, the Company's markets, objectives, goals, strategies, intentions, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" 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, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: that current customers will continue to make and increase orders for the Company's products, and in accordance with communicated intentions, that the Company's alternate supply chain will be adequate to replace material supply and manufacturing, that the Company's interpretation of the effect of any comfort given to Litarion's auditors of the Company's financial support for Litarion's operations is correct, and that Litarion's insolvency process will proceed in an orderly fashion that will satisfy Litarion's debt without a significant negative effect on the Company or its assets, actions taken by creditors and remedies granted by German courts in the Litarion insolvency proceedings and their effect on the Company's business and assets, negative reactions of the Company's existing customers to Litarion's insolvency process, general business and economic conditions (including but not limited to currency rates and creditworthiness of customers), Company liquidity and capital resources, including the availability of additional capital resources to fund its activities, level of competition, changes in laws and regulations, legal and regulatory proceedings, the ability to adapt products and services to the changing market, the ability to attract and retain key executives, the granting of additional intellectual property protection, and the ability to execute strategic plans. 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, 2019 under "Risk Factors", 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.
The preliminary unaudited revenue for the periods described herein constitute future‐oriented financial information and financial outlooks (collectively, "FOFI"), and generally, are, without limitation, based on the assumptions and subject to the risks set out above under "Forward‐Looking Statements". Although management believes such assumption 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.
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