Electrovaya Reports Q3 Fiscal Year 2025 Results

Executive Summary

• Electrovaya Inc. reported strong financial results for the third quarter of fiscal year 2025, with revenue increasing 67% year-over-year to $17.1 million and achieving positive Adjusted EBITDA for the ninth consecutive quarter.
• The company returned to net profitability with a net profit of $0.9 million ($0.02 EPS), reversing a net loss in the prior year period, and reaffirmed its fiscal 2025 revenue guidance to exceed $60 million.
• Strategic expansion continues with new product developments for robotics, airport ground equipment, Class 8 trucks, and defense applications, alongside operational updates on manufacturing capacity and cell production.

Key Details

• Q3 2025 Financial Performance:
  • Revenue: $17.1 million (up 67% from $10.3 million in Q3 2024).
  • Year-to-Date Revenue: $43.3 million (up 31% from $33.0 million).
  • Gross Margin: 30.8% overall; Battery system margins were 30.9%.
  • Adjusted EBITDA: $2.9 million (up 387% year-over-year), representing 17% of revenue.
  • Net Profit: $0.9 million (compared to a net loss of $0.3 million in Q3 2024).
  • Year-to-Date Net Profit: $1.3 million (compared to a net loss of $1.4 million).
  • Earnings Per Share (EPS): $0.02.
• Order Backlog and Pipeline:
  • Secured more than $21 million in new orders during Q3.
  • Total orders reached over $66 million for the nine months ending June 30, 2025.
  • Current firm purchase order backlog totals approximately $80 million.
• Operational Updates:
  • Implemented a second production shift at the Mississauga facility in mid-June.
  • Commenced assembly operations in Jamestown, NY, in May.
  • Infinity product line achieved UL certification for more than 400 battery systems.
  • Jamestown cell manufacturing is on track for a start date in mid-calendar year 2026; output will be eligible for 45X tax credits under the Inflation Reduction Act.
• New Market Developments:
  • Robots and Autonomous Vehicles: Introduced battery systems for three distinct OEM customers, covering material handling and surveillance applications.
  • Airport Ground Equipment: Launched products targeting the ground support segment, with plans to showcase at the GSE Expo in Las Vegas in September.
  • Class 8 Trucks: Partnered with Janus Electric Holdings Limited to develop custom high-voltage battery systems for battery-swapping applications in the U.S. and Australia.
  • Construction and Mining: Partnering with Sumitomo Corporation Power and Mobility to pursue opportunities with Japan-based OEMs.
  • Defense: Expanding collaboration with a global defense contractor on electrification projects.
• Guidance:
  • Reaffirmed Fiscal 2025 revenue guidance to exceed $60 million, driven by demand from material handling battery users and the existing order pipeline.

Notable Quotes

• Dr. Raj DasGupta, CEO: "Our Q3 FY2025 results reflect the strong momentum we've built, with continued growth in both revenue and profitability, while advancing our industry-leading Infinity technology into a broader range of applications... With the rise of AI and rapid expansion across sectors like e-commerce and robotics, we are well-positioned to provide superior battery solutions that power these high-growth industries."
• John Gibson, CFO: "FY Q3 2025 quarter was our ninth consecutive quarter of positive adjusted EBITDA1 and also our second consecutive quarterly net profit. Margins remained robust at above 30%... We are confident in our ability to exceed $60 million in revenue for FY 2025 while advancing profitability and scaling operations."