Electrovaya Reports Fiscal Year 2025 Results

Executive Summary

• Electrovaya reported its first profitable fiscal year, delivering record FY 2025 revenue of $63.8 M (up 43% YoY) and Adjusted EBITDA of $8.8 M (up 115% YoY).
• Net profit turned positive at $3.3 M ($0.09/share), with cash from operations of $1.7 M and a year‑end cash balance of $6.4 M; subsequent equity issuance raised an additional $28.1 M.
• The company announced strengthened capital structure (new $25 M ABL facility, $51 M EXIM loan) and progress on U.S. manufacturing expansion, while projecting FY 2026 revenue above $83 M (+30% YoY).

Key Details

• Revenue: FY 2025 $63.8 M vs. $44.6 M in FY 2024; Q4 2025 $20.5 M vs. $11.6 M in Q4 2024.
• Gross Margin: 30.8% for FY 2025, stable versus FY 2024. Battery system margin 30.9%.
• Adjusted EBITDA: $8.8 M (FY 2025) vs. $4.1 M (FY 2024).
• Net Profit: $3.3 M (FY 2025) vs. a loss of $1.5 M (FY 2024); EPS $0.09 vs. $(0.04).
• Cash Flow: Operating cash flow $1.7 M (FY 2025); cash before working‑capital changes $8.8 M. Year‑end cash $6.4 M (non‑restricted).
• Financing Activity: Post‑year‑end equity issuance raised $28.1 M (pre‑fees) to fund growth, R&D, and Energy‑as‑a‑Service expansion. Completed two prior equity offerings ($40 M+ proceeds) and secured a $25 M ABL facility with BMO plus a $51 M EXIM “Make More in America” loan.
• Operational Highlights:
• Secured major purchase orders from Fortune 100/500 OEMs across North America and Australia; repeat deployments of Infinity Battery systems.
• Launched dedicated battery solutions for robotics, secured three new robotics OEM programs (U.S., Japan).
• Entered construction‑equipment, airport GSE, defense, stationary storage, heavy‑transport electrification markets via partnerships (e.g., Sumitomo Corp.).
• Achieved UL2580 certification for Infinity Series LFP cell; shipped first commercial ESS modules to Japan.
• Manufacturing Progress: Initiated drawdowns on $50.8 M EXIM loan; placed >$40 M in advanced equipment orders; began initial battery‑system assembly at Jamestown, NY facility; capacity expansion slated for late‑2026 with eligibility for U.S. Production & Investment Tax Credits.
• Guidance FY 2026: Anticipated revenue growth >30% YoY to exceed $83 M, driven by existing purchase orders and pipeline; guidance contingent on order execution and macro conditions.

Notable Quotes

“Fiscal 2025 marked a defining financial and strategic inflection point… we achieved our first profitable year, characterized by record growth, major balance sheet improvements, and continued execution of our long‑term technology roadmap.” – Dr. Raj DasGupta, CEO

“Our strengthened balance sheet provides financial flexibility to support anticipated growth of more than 30% in FY 2026 while simultaneously investing in technology development and recurring revenue expansion.” – John Gibson, CFO