Electrovaya Reports Fiscal Year Q1 2026 Results

Executive Summary

• Q1 FY 2026 revenue rose 39% YoY to $15.5 M, with adjusted EBITDA up 265% to $2.0 M and net profit of $1.0 M ($0.02/share).
• Cash balance increased to $22.7 M (non‑restricted) from $8.2 M a year earlier, driven by strong operating cash flow and an equity raise in Nov 2025.
• Company reaffirmed FY 2026 revenue guidance of >$83 M, citing new OEM high‑voltage battery deliveries, defense & robotics contracts, and progress on ultra‑fast charging cell development.

Key Details

• Financial Highlights
• Revenue: $15.5 M (Q1 FY 2026) vs. $11.1 M (Q1 FY 2025).
• Gross margin: 32.9% vs. 30.5% a year earlier (+240 bps).
• Adjusted EBITDA¹: $2.0 M vs. $0.5 M a year earlier (+265%).
• Net profit: $1.0 M vs. a loss of $0.4 M a year earlier.
• EPS: $0.02 vs. $(0.01) a year earlier.
• Operating cash flow: $1.9 M generated (vs. $1.0 M prior year).

• Non‑restricted cash balance: $22.7 M vs. $8.2 M a year earlier.

• Business Development

• New OEM‑integrated high‑voltage battery systems slated for delivery March 2026.
• Delivered batteries to a global defense contractor for a new vehicle platform, expanding the relationship to two applications.
• Began deliveries of modular 48 V battery systems for robotic applications (Jan 2026).
• Airport Ground Support Equipment (GSE) battery testing underway with a leading U.S. airline.

• Established Japanese subsidiary to capture Asia‑Pacific opportunities.

• Product & Technology Progress

• Ultra‑fast charging Li‑ion cell (≈5‑minute charge) in development; sampling targeted for 2026, commercial launch expected 2027.
• Next‑generation 800 V DC energy‑storage architecture under development; commercialization aimed for 2027.
• New material‑handling products to be showcased at MODEX 2026 (Atlanta).

• Pilot‑scale ceramic‑separator equipment installation scheduled for March 2026, accelerating solid‑state battery work.

• Jamestown Manufacturing Expansion

• Site construction commenced for interior & exterior upgrades.
• Received initial dry‑room equipment essential for cell manufacturing.

• Hiring of key personnel to support equipment installation and automation.

• Guidance & Outlook

• FY 2026 revenue expected to exceed $83 M (≈30% YoY growth).

• Guidance reflects existing purchase orders, pipeline demand, and anticipated new vertical market entry.

• Management Commentary

• CEO Dr. Raj DasGupta highlighted progress across core markets, defense, robotics, and airport GSE applications, despite seasonal revenue patterns.

• CFO John Gibson emphasized strong balance‑sheet positioning, use of EXIM and BMO facilities for plant build‑out, and confidence in continued cash generation.

• Conference Call

• Date: Thursday, Feb 12 2026, 5:00 pm ET.
• Access details provided (toll‑free numbers, access code 824578, webcast link).

Notable Quotes

“We are expanding our offerings within material handling with new OEM‑integrated high‑voltage systems scheduled for initial deliveries in March, while also advancing our presence in defense, robotics, and airport ground equipment applications.” – Dr. Raj DasGupta, CEO

“This quarter saw a 39% increase in revenue, a 265% increase in Adjusted EBITDA¹, a Net Profit of $1 M, which gave us an earnings per share figure of $0.02, and positive cash flow from operations.” – John Gibson, CFO