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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.
Electrovaya Inc. will be participating in the Export-Import Bank of the United States (EXIM) 2024 Annual Conference, with its CEO Dr. Raj DasGupta joining a panel discussion on energy transition and the green economy. The conference will take place in Washington, DC, and aims to bring together various industry stakeholders.
Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) will release its Q2-2024 financial results on May 13, 2024, followed by a conference call led by CEO Dr. Raj DasGupta and CFO John Gibson. The call will discuss the financial results and provide business updates.
Electrovaya and Sumitomo Power & Mobility have entered into a supply agreement for lithium-ion battery products. The partnership aims to supply battery modules to a leading Japanese construction equipment OEM. The agreement will enhance Electrovaya's sales reach and ability to serve large market opportunities primarily in the Asia-Pacific region.
