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Electrovaya Inc. (TSX:EFL, OTCQB:EFLVF) will exhibit its innovative lithium-ion ceramic technology at PROMAT 2023, scheduled for March 20-23, 2023, in Chicago, IL. The company highlights its proprietary Infinity battery technology, which powers thousands of material handling vehicles, showcasing superior safety and longevity. This advancement allows commercial clients to achieve the lowest overall cost of ownership. Attendees can visit Electrovaya at Booth S2315 to explore the company's battery solutions.
Electrovaya Inc. (TSX:EFL, OTCQB:EFLVF) has announced its annual and special meeting for shareholders on March 24, 2023, at 4:00 p.m. EST, held at their head office in Mississauga, Ontario. Shareholders are encouraged to vote by mail, fax, or email by completing a proxy form. The meeting will be a hybrid event, allowing both in-person and audio-only participation; however, remote attendees cannot vote. For those wishing to join via conference call or webcast, details are provided. Electrovaya focuses on manufacturing lithium-ion batteries aimed at energy storage and transportation solutions, supporting efforts against climate change.
Electrovaya Inc. (TSX:EFL)(OTCQB:EFLVF) has secured a US$14 million battery purchase order from a prominent Fortune 500 client in the United States. This follow-on order builds on a previous engagement from 2022, indicating a positive trend in business with larger corporations adopting Electrovaya's technology after successful trials. The company anticipates further orders and is scheduled to fulfill this order over the next 12 months. Key executives noted that the client's choice reflects Electrovaya's battery performance in safety and cycle life.
Electrovaya Inc. reported a significant increase in Q1 FY2023 revenue, reaching $7.8 million, compared to $1.3 million in Q1 FY2022. The company maintains its revenue guidance of $42 million for FY2023, driven by a robust order backlog and anticipated growth in the retail sector. Adjusted EBITDA for Q1 FY2023 was $(0.4) million due to one-time R&D costs. The company reduced total debt to $9.7 million from $16 million, indicating improved financial health. Electrovaya is advancing plans for a U.S. gigafactory and has secured its first battery order from a Fortune 100 client.
Electrovaya Inc. (TSX:EFL, OTCQB:EFLVF) announced a US$3.4 million battery purchase order from a new Fortune 100 retailer for Materials Handling Electric Vehicles in the U.S. The delivery is scheduled for fiscal year 2023. This order marks the first distribution center order for the customer and could lead to future orders following successful deployment. Electrovaya's batteries utilize proprietary Infinity technology, offering enhanced safety, cycle life, and lower overall cost of ownership. The company aims to contribute to climate change prevention through its advanced lithium-ion battery solutions.
Electrovaya Inc. (TSX:EFL)(OTCQB:EFLVF) announced it will release its Q1 financial results for the period ending December 31, 2022, on February 13, 2023, post-market close. A conference call led by CEO Dr. Raj DasGupta and CFO John Gibson will follow at 5:00 p.m. EST to discuss the results and provide a business update. Investors are encouraged to dial in 10 minutes early. A replay of the call will be available until February 27, 2023. Electrovaya focuses on delivering lithium-ion battery technology for energy storage and clean electric transportation, contributing to the global energy transformation.
Electrovaya Inc. has announced an amendment to its C$16 million credit facility, resulting in a 1% reduction in interest and a 6-month extension of the term. An option for a further 6-month extension exists under the same terms. The company also repaid a C$6 million promissory note in November. CFO John Gibson expressed gratitude for the lender's support as the business scales into 2023. This financial restructuring aims to improve operational flexibility and continue the company's focus on lithium-ion battery developments.
Electrovaya Inc. (EFLVF) reported a remarkable 140% increase in Q4 revenue year-over-year, totaling $10 million for Q4 FY2022. The annual revenue also surged by 71% to $19.8 million for FY2022. The company projects FY2023 revenue of approximately $42 million, fueled by new orders and increased collaboration with OEM partners. Additionally, Electrovaya generated a positive EBITDA of $0.4 million in Q4 FY2022. However, supply chain disruptions due to COVID-19 did impact operations.
Electrovaya Inc. (TSX:EFL, OTCQB:EFLVF) has announced the release date for its fourth quarter and fiscal year 2022 financial results, which will be available after market close on December 5, 2022. A conference call and webcast with CEO Dr. Raj DasGupta and CFO John Gibson will follow at 5:00 p.m. EST to discuss the financial results and provide a business update. Participants can access the webcast through a provided link and dial in for the call. A replay will be available after the event.
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