Reported Earnings • May 17
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: US$0.021 (in line with 2Q 2025). Revenue: US$18.0m (up 20% from 2Q 2025). Net income: US$1.02m (up 23% from 2Q 2025). Profit margin: 5.6% (up from 5.5% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 67%. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electrical industry in the US. Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 15
Price target increased by 23% to US$11.60 Up from US$9.40, the current price target is an average from 2 analysts. New target price is 21% above last closing price of US$9.55. Stock is up 214% over the past year. The company is forecast to post earnings per share of US$0.13 for next year compared to US$0.086 last year. Announcement • May 06
Electrovaya Inc. to Report Q2, 2026 Results on May 14, 2026 Electrovaya Inc. announced that they will report Q2, 2026 results After-Market on May 14, 2026 Price Target Changed • Feb 23
Price target increased by 11% to US$9.80 Up from US$8.80, the current price target is an average from 2 analysts. New target price is 34% above last closing price of US$7.30. Stock is up 213% over the past year. The company is forecast to post earnings per share of US$0.14 for next year compared to US$0.086 last year. Reported Earnings • Feb 15
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: US$0.024 (up from US$0.012 loss in 1Q 2025). Revenue: US$15.6m (up 39% from 1Q 2025). Net income: US$1.04m (up US$1.46m from 1Q 2025). Profit margin: 6.7% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 6.9%. Earnings per share (EPS) exceeded analyst estimates by 150%. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electrical industry in the US. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Announcement • Feb 13
Electrovaya Inc. Reaffirms Earnings Guidance for the Fiscal Year 2026 Electrovaya Inc. reaffirmed earnings guidance for the fiscal year 2026. For the period, the company anticipates continued strong growth into FY2026 with estimated revenue growth to exceed 30% over Fiscal Year 2025 (in excess of $83 million) driven by sustained demand from the Company's largest end users of material handling batteries and entry into additional market verticals. This guidance reflects existing purchase orders, and anticipated pipeline of key customers. This guidance also takes into consideration a percentage of anticipated revenue that may be deferred to Fiscal Year 2027. This guidance is subject to change and is made barring any unforeseen circumstances. See "Forward-Looking Statements". Announcement • Feb 05
Electrovaya Inc. to Report Q1, 2026 Results on Feb 12, 2026 Electrovaya Inc. announced that they will report Q1, 2026 results After-Market on Feb 12, 2026 Price Target Changed • Jan 15
Price target increased by 10% to US$8.80 Up from US$8.00, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of US$9.06. Stock is up 264% over the past year. The company is forecast to post earnings per share of US$0.12 for next year compared to US$0.086 last year. Buy Or Sell Opportunity • Jan 06
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to US$8.48. The fair value is estimated to be US$6.62, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 26% per annum. Earnings are also forecast to grow by 38% per annum over the same time period. Announcement • Dec 29
Electrovaya Inc., Annual General Meeting, Feb 27, 2026 Electrovaya Inc., Annual General Meeting, Feb 27, 2026. Reported Earnings • Dec 11
Full year 2025 earnings released: EPS: US$0.086 (vs US$0.044 loss in FY 2024) Full year 2025 results: EPS: US$0.086 (up from US$0.044 loss in FY 2024). Revenue: US$63.8m (up 43% from FY 2024). Net income: US$3.36m (up US$4.85m from FY 2024). Profit margin: 5.3% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electrical industry in the US. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Nov 25
Electrovaya Inc. to Report Q4, 2025 Results on Dec 10, 2025 Electrovaya Inc. announced that they will report Q4, 2025 results After-Market on Dec 10, 2025 New Risk • Nov 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 38% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). High level of non-cash earnings (30% accrual ratio). Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). New Risk • Aug 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). High level of non-cash earnings (30% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). Reported Earnings • Aug 14
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: US$0.023 (up from US$0.009 loss in 3Q 2024). Revenue: US$17.1m (up 67% from 3Q 2024). Net income: US$907.0k (up US$1.23m from 3Q 2024). Profit margin: 5.3% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Electrical industry in the US. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 13
Price target increased by 20% to US$7.30 Up from US$6.10, the current price target is provided by 1 analyst. New target price is 46% above last closing price of US$5.00. Stock is up 155% over the past year. The company is forecast to post earnings per share of US$0.05 next year compared to a net loss per share of US$0.044 last year. Announcement • Jul 28
Electrovaya Inc. to Report Q3, 2025 Results on Aug 13, 2025 Electrovaya Inc. announced that they will report Q3, 2025 results After-Market on Aug 13, 2025 Announcement • Jul 10
Electrovaya Inc. Achieves UL2580 Certification for over 400 Next-Generation Lithium-Ion Battery Models Electrovaya Inc. announced that it has successfully completed UL2580 certification for 448 distinct models of its latest generation 24V, 36V, and 48V lithium-ion battery systems. The certification includes battery systems composed of its current 47Ah cell in addition to its 54Ah cell which will be mass produced at its facility in Jamestown, New York in 2026. The next generation models feature improved charge rates, energy density, ergonomics and overall performance. Notably, the new models also provide the highest energy densities of batteries used in the material handling industry, providing an additional competitive advantage. These next generation battery systems will start being made available to customers this year. The UL2580 certification involved some of the most stringent safety testing standards in the industry and included fire propagation testing, vibration, shock and short circuit testing amongst other destructive testing. Announcement • May 17
Electrovaya Inc. Reaffirms Revenue Guidance for Fiscal Year 2025 Electrovaya Inc. reaffirmed revenue guidance for fiscal year 2025. For the period, the company expects revenues to exceed $60 million driven by renewed demand from the Company's largest end users of material handling batteries. Reported Earnings • May 15
Second quarter 2025 earnings: EPS in line with expectations, revenues disappoint Second quarter 2025 results: EPS: US$0.021 (up from US$0.025 loss in 2Q 2024). Revenue: US$15.0m (up 40% from 2Q 2024). Net income: US$828.0k (up US$1.67m from 2Q 2024). Profit margin: 5.5% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Electrical industry in the US. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Apr 24
Electrovaya Inc. to Report Q2, 2025 Results on May 14, 2025 Electrovaya Inc. announced that they will report Q2, 2025 results After-Market on May 14, 2025 Announcement • Apr 17
Electrovaya Inc. Appoints Donald R. Sadoway to the Board of Directors Electrovaya Inc. announced the appointment of Prof. Donald R. Sadoway to the Company's Board of Directors. Donald R. Sadoway is Professor of Materials Chemistry Emeritus in the Department of Materials Science and Engineering at the Massachusetts Institute of Technology. With a Ph.D. in Chemical Metallurgy from the University of Toronto he joined the MIT faculty in 1978. The author of over 180 scientific papers and inventor on 42 U.S. patents, his research is directed towards batteries for grid-scale storage and electric vehicles and towards environmentally sound metals extraction technologies. His accomplishments include the invention of the liquid metal battery for large-scale stationary storage and the invention of molten oxide electrolysis for carbon-free metals production. He is a co-founder of six companies: Ambri, Boston Metal, Lunar Resources, Avanti Battery, Pure Lithium, and Sadoway Labs. Online videos of his chemistry lectures hosted by MIT OpenCourseWare extend his impact on engineering education far beyond the lecture hall. Viewed over 2½ million times, his TED talk is as much about inventing inventors as it is about inventing technology. In 2012 Time magazine named him one of the 100 Most Influential People in the World. New Risk • Feb 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$99.7m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (US$99.7m market cap). Announcement • Feb 15
Electrovaya Inc. Reaffirms Earnings Guidance for Fiscal Year Ending September 30, 2025 Electrovaya Inc. reaffirmed earning guidance for Fiscal year ending September 30, 2025. The Company anticipates revenue of approximately $60 million for the fiscal year ending September 30, 2025 (“FY 2025”), an increase of between approximately 35% over the revenue generated in FY2024 of $44 million. The revenue is anticipated to be generated primarily from sales of material handling battery systems. Reported Earnings • Feb 14
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: US$0.012 loss per share (further deteriorated from US$0.006 loss in 1Q 2024). Revenue: US$11.2m (down 7.6% from 1Q 2024). Net loss: US$420.0k (loss widened 102% from 1Q 2024). Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) exceeded analyst estimates by 60%. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Electrical industry in the US. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. New Risk • Feb 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Announcement • Feb 03
Electrovaya Inc. to Report Q1, 2025 Results on Feb 13, 2025 Electrovaya Inc. announced that they will report Q1, 2025 results After-Market on Feb 13, 2025 Board Change • Feb 03
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Kartick Kumar was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 20
Electrovaya Inc., Annual General Meeting, Mar 28, 2025 Electrovaya Inc., Annual General Meeting, Mar 28, 2025. New Risk • Jan 19
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 34% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jan 10
Now 20% undervalued Over the last 90 days, the stock has risen 6.7% to US$2.46. The fair value is estimated to be US$3.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last 3 years. Earnings per share has grown by 68%. Announcement • Dec 17
Electrovaya Inc. Announces its Infinity Series Lithium Ion Phosphate Based Cell Have Successfully Achieves UL2580 Recognition Electrovaya Inc. announced that its Infinity Series Lithium Ion Phosphate (LFP) based cell have successfully achieved UL2580 recognition. This milestone underscores the exceptional safety and reliability of Electrovaya's battery technology, meeting the rigorous safety standards set by UL2580, including the stringent external fire test (projectile test). UL2580 is a globally recognized safety standard for rechargeable lithium-ion batteries in electric vehicles. The successful completion of UL2580 certification demonstrates that Electrovaya's LFP based Infinity cells have passed a comprehensive series of safety tests, ensuring they meet the highest safety benchmarks. Electrovaya's NMC based cells also have previously achieved the same certification. Electrovaya's LFP cells will be produced in parallel with its NMC based products at its planned cell manufacturing facility in Jamestown, New York. Reported Earnings • Dec 13
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: US$0.044 loss per share (in line with FY 2023). Revenue: US$44.6m (up 1.3% from FY 2023). Net loss: US$1.49m (flat on FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 20%. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Electrical industry in the US. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Dec 06
Electrovaya Inc. to Report Q4, 2024 Results on Dec 12, 2024 Electrovaya Inc. announced that they will report Q4, 2024 results After-Market on Dec 12, 2024 Announcement • Nov 27
Electrovaya Inc. Provides Earnings Guidance for the Financial Year 2024 and for Financial Year 2025 Electrovaya Inc. provided earnings guidance for the financial year 2024. For the year 2024, Preliminary unaudited Fiscal Year 2024 revenue is estimated at USD 44.6 million.
For the year 2025, The Company anticipates strong growth into FY2025 with estimated revenues to exceed $60 million driven by renewed demand from the Company's largest end users of material handling batteries. Announcement • Oct 18
Electrovaya Inc. Receives Funding from Government of Canada Through Federal Economic Development Agency for Southern Ontario Electrovaya Inc. announced a CAD 2-million investment from the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). This funding will be used to support investments in automation, AI and capacity enhancements at Electrovaya's Mississauga, Ontario manufacturing facility. Reported Earnings • Aug 15
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: US$0.009 loss per share (down from US$0.002 profit in 3Q 2023). Revenue: US$10.3m (down 2.4% from 3Q 2023). Net loss: US$324.0k (down US$401.0k from profit in 3Q 2023). Revenue missed analyst estimates by 38%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 38% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Electrical industry in the US. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Breakeven Date Change • Aug 15
Forecast breakeven date pushed back to 2025 The 4 analysts covering Electrovaya previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of US$15.7m in 2025. Average annual earnings growth of 58% is required to achieve expected profit on schedule. Announcement • Aug 15
Electrovaya Inc. Revises Revenue Guidance for the Fiscal Year Ending September 30, 2024 Electrovaya Inc. revised revenue guidance for the fiscal year ending September 30, 2024. Due to previously announced risks associated with changes in delivery dates for battery system orders tied to new distribution center construction which have since transpired, the company has revised its anticipated revenue guidance to approximately $45 million for the fiscal year ending September 30, 2024. Price Target Changed • Aug 13
Price target decreased by 12% to US$9.00 Down from US$10.25, the current price target is provided by 1 analyst. New target price is 339% above last closing price of US$2.05. Stock is down 49% over the past year. The company is forecast to post earnings per share of US$0.093 next year compared to a net loss per share of US$0.044 last year. Announcement • Aug 05
Electrovaya Inc. to Report Q3, 2024 Results on Aug 13, 2024 Electrovaya Inc. announced that they will report Q3, 2024 results After-Market on Aug 13, 2024 Announcement • Jul 12
Electrovaya Inc.'s High Voltage Battery System Passes Fire Propagation Testing Electrovaya Inc. announced that it completed and passed fire propagation testing on two of its high voltage battery systems, each with over 50kWh in capacity. The testing was done in accordance with the UL2580 standard and one test was completed at an independent lab and the second completed in-house. This testing involved forcing a single cell in the battery system to thermal runaway through directly heating a cell. The passing result was the fire remained contained and did not spread within or outside of the battery system. A real world comparison would be if there was a fire within the battery system at a single cell level, but did not propagate and lead to a further fire. From the Company's understanding, in most cases, this type of scenario with competing battery suppliers would lead to large and well documented battery fires. Announcement • Jun 14
Electrovaya Launches Lithium Iron Phosphate (Lfp) Based Infinity Cell Electrovaya Inc. announced the launch of its first Infinity Series Lithium Ion Phosphate (LFP) based cell at its annual Battery Technology Day event. The newly developed EV-FP-44 cells, features LFP chemistry and retains the key competitive advantages of Electrovaya's Infinity technology with respect to enhanced cycle life and safety, while also providing lower costs. New Risk • May 30
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.4x net interest cover). Minor Risks Shareholders have been diluted in the past year (3.5% increase in shares outstanding). Market cap is less than US$100m (US$97.6m market cap). Reported Earnings • May 15
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: US$0.025 loss per share (down from US$0.005 profit in 2Q 2023). Revenue: US$10.7m (up 2.3% from 2Q 2023). Net loss: US$839.0k (down US$1.01m from profit in 2Q 2023). Revenue missed analyst estimates by 33%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Electrical industry in the US. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Announcement • May 15
Electrovaya Inc. Provides Earnings Guidance for the Fiscal Year Ending September 30, 2024 Electrovaya Inc. provided earnings guidance for the fiscal year ending September 30, 2024. For the period, the company continues to anticipate revenue of approximately $65-75 million. Approximately $20 million of this anticipated revenue is dependent on customers’ new distribution center sites. Any delays in the startup of these sites may lead to a proportion of revenue moving into the subsequent fiscal year. The Company expects to have further clarity on firm delivery dates for these sites over the next several months. The annual revenue forecast takes into consideration revenue from already delivered orders, the Company’s current purchase order backlog, which as of May 13, 2024 is over $43 million, in addition to anticipated new orders based on historical patterns and additional demand communicated to the Company, but not yet provided as a purchase order. Announcement • May 03
Electrovaya Inc. to Report Q2, 2024 Results on May 13, 2024 Electrovaya Inc. announced that they will report Q2, 2024 results After-Market on May 13, 2024 New Risk • Apr 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$99.9m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.4x net interest cover). Minor Risks Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Market cap is less than US$100m (US$99.9m market cap). Price Target Changed • Mar 29
Price target decreased by 21% to US$8.33 Down from US$10.50, the current price target is an average from 2 analysts. New target price is 128% above last closing price of US$3.66. Stock is down 4.9% over the past year. The company is forecast to post earnings per share of US$0.12 next year compared to a net loss per share of US$0.044 last year. Announcement • Feb 15
Electrovaya Inc. Re-Affirms Earnings Guidance for the Fiscal Year Ending September 30, 2024 Electrovaya Inc. reaffirmed earnings guidance for the fiscal year ending September 30, 2024. For the period, Company anticipates revenue of approximately $65 million to $75 million representing year-over-year growth of approximately 58% at the midpoint. Announcement • Feb 06
Electrovaya Inc. to Report Q1, 2024 Results on Feb 12, 2024 Electrovaya Inc. announced that they will report Q1, 2024 results After-Market on Feb 12, 2024 Announcement • Jan 23
Electrovaya Inc., Annual General Meeting, Mar 28, 2024 Electrovaya Inc., Annual General Meeting, Mar 28, 2024. Announcement • Dec 31
Electrovaya Inc. announced delayed annual 10-K filing On 12/29/2023, Electrovaya Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Announcement • Dec 26
Electrovaya Inc. Begins Shipping Infinity-HV Battery Systems Electrovaya Inc. announced the first shipment of its Infinity-HV battery systems, an addition to its infinity product line. The Infinity-HV systems target heavy-duty, high-voltage applications including buses, delivery trucks, construction trucks, hybrid-fuel cell/battery systems and stationary energy storage systems. Electrovaya's Infinity-HV systems offer safety and longevity for these applications, ultimately providing lower liability costs, better warranty coverage and an overall lower cost of ownership. The first shipment was made to a global aerospace company for a new vehicle type. Electrovaya also anticipates shipping additional pre-production systems early in the new year for electrified airport diesel generator replacement devices. Electrovaya continues to experience strong interest in the electric bus market and other applications and is working towards securing long-term contracts. The new Infinity-HV systems come in two forms: The HV-300 and HV-700 offering nominal energy of 35 kWh and 70 kWh, respectively, and serving both 400V and 800V applications. The systems are modular and scalable for the respective requirements. The Infinity-HV batteries use lithium ion ceramic and UL recognized EV series cells and are designed to provide the longest lasting high voltage batteries with a 25 year projected lifetime for one-cycle/day applications. Price Target Changed • Oct 26
Price target decreased by 30% to US$10.50 Down from US$15.00, the current price target is an average from 2 analysts. New target price is 260% above last closing price of US$2.92. Stock is down 18% over the past year. The company is forecast to post a net loss per share of US$0.068 next year compared to a net loss per share of US$0.22 last year. Announcement • Oct 25
Electrovaya Inc. Appoints Steven Berkenfeld to its Board of Directors Electrovaya Inc. announced the appointment of Steven Berkenfeld to the Company's board of directors. Steven Berkenfeld is a renowned and passionate Climate and Clean Technology advocate and has been acting as an advisor to Electrovaya's CEO since 2021. Steven retired from a long career in Investment Banking at the end of 2019 to focus entirely on impact and sustainability. He is the founder of Ecotopia Consulting LLC. and is primarily engaged in helping earlier stage, mission driven companies in the development and growth of their business. In previous roles, Steven served as Managing Director in investment banking at Barclays Capital, where he served as senior sponsor of the Social Impact Banking Initiative, co-head the firm's Cleantech Initiative, and led the banking effort for Emerging Industrial Technology companies. Prior to joining Barclays,Steven had spent over 21 years at Lehman Brothers and his roles included serving as Chief Investment Officer for all principal investing activities and Chair of the Investment Committee. Mr. Berkenfeld's non-profit contributions to the sector have been extensive. He is former chair and a memberof the board of directors of the Sierra Club Foundation; chair of the board of Green City Force; a member of the board of The Clean Fight, a former member of the board of BSR (Business for Social Responsibility), and a member of the President's Council of Ceres. In addition, he was the sponsor of the Employment Sustainability Initiative on Employment and Technology at the ILR School of Cornell University and sponsor of the Carbon Removal /New Carbon Economy initiative of the Atkinson Center for a Sustainable Future at Cornell University. He holds a J.D. from Columbia Law School and a B.S. from Cornell University. In addition to the director role, Mr. Berkenfeld will continue to support Electrovaya's management as a strategic advisor. Reported Earnings • Aug 15
Third quarter 2023 earnings released: EPS: US$0.002 (vs US$0.05 loss in 3Q 2022) Third quarter 2023 results: EPS: US$0.002 (up from US$0.05 loss in 3Q 2022). Revenue: US$10.5m (up 145% from 3Q 2022). Net income: US$77.0k (up US$1.54m from 3Q 2022). Profit margin: 0.7% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 39% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Electrical industry in the US. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Announcement • Aug 08
Electrovaya Inc. to Report Q3, 2023 Results on Aug 14, 2023 Electrovaya Inc. announced that they will report Q3, 2023 results After-Market on Aug 14, 2023 New Risk • Aug 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 10.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-US$8.1m free cash flow). Minor Risks Share price has been volatile over the past 3 months (10.0% average weekly change). Shareholders have been diluted in the past year (12% increase in shares outstanding). Announcement • Jul 23
Electrovaya Launches Infinity-Hv Battery Systems for Electric Bus, Truck and Energy Storage Applications Electrovaya Inc. announced the launch of its Infinity-HV battery systems, an addition to its existing Infinity product line. The Infinity-HV systems target heavy-duty, high-voltage applications including buses, delivery trucks, construction trucks, hybrid-fuel cell/battery systems and stationary energy storage systems. Electrovaya's Infinity-HV systems will offer safety and longevity for these applications, ultimately providing users with lower liability costs, better warranty coverage and an overall lower cost of ownership. The new Infinity-HV systems come in two forms: The HV-90 and HV-180. They offer a nominal energy of 35 kWh and 70 kWh, respectively, and will serve both 400V and 800V applications. The systems are modular and designed to be scaled for the respective requirements. The Infinity-HV batteries use lithium-ion ceramic and UL-recognized EV series cells and have a projected 25-year lifetime for one-cycle/day applications, making them the longest lasting high voltage batteries available. Safety is a top design criterion for Electrovaya, and similar to other Infinity products, the Infinity-HV packs offer a high level of fire protection due to the Company's proprietary multi-level cell and battery fire propagation prevention technology. Infinity-HV systems will be controlled by the Company's in-house fifth generation advanced battery management system (BMS) that is currently deployed in more than 4,000 Infinity products in the field. The Infinity-HV packs will be assembled in house at both Electrovaya's Canadian and U.S. operations, with initial deliveries of pre-production units anticipated in the fourth quarter of 2023. Electrovaya has recently installed an AI-assisted automated assembly line with advanced laser welding capabilities and cutting-edge quality control methods, which will help to accelerate product customizations to meet specific customer requirements. Mass production of the Infinity-HV products is planned at the Company's facility in Jamestown, NY. Electrovaya will be displaying the Infinity-HV products at the upcoming APTA Expo on October9-11, 2023 in Orlando, Florida. Announcement • May 17
Electrovaya Inc. Announces New Higher Capacity Lithium-Ion Infinity Cell Series Electrovaya Inc. announced that it is launching a new Infinity series cell, that features a capacity increase of 10% over its current cell product. This latest iteration, powered by Electrovaya's proprietary lithium-ion ceramic technology, has a cell capacity of 52 ampere hours (Ah) and has recently received both UL 2580 certification and UN38.3 certification. The 52Ah cell is expected to retain the core advantages of the Infinity series products, including industry leading cycle life and safety standards, with significantly improved energy density. It is expected to be the first cell produced at Electrovaya's planned gigafactory in Jamestown, New York. Recently, an earlier version of Electrovaya's Infinity cell platform demonstrated industry leading cycle life at DNV's BEST Test Center battery labs in Rochester NY, following completion of over 9,000 cycles with cycle life projections to about 14,000 cycles. Electrovaya will be highlighting the Infinity Platform in more detail, along with updates regarding its solid state battery developments, at its inaugural Battery Technology and Analyst Day on May 17, 2023. Announcement • May 06
Electrovaya Inc. Provides Earnings Guidance for the Fiscal Year 2023 Electrovaya Inc. provided earnings guidance for the fiscal year 2023. For the period, Company anticipates revenue of approximately $42 million (CAD 53 million) more than double the revenue total in Fiscal Year 2022. The revenue is expected to be generated primarily from sales of its Infinity battery systems for commercial electric vehicles such as materials handling electric vehicles. Announcement • Feb 02
Electrovaya Inc. to Report Q1, 2023 Results on Feb 13, 2023 Electrovaya Inc. announced that they will report Q1, 2023 results at 4:00 PM, US Eastern Standard Time on Feb 13, 2023 
