ELVA preannounces record Quarterly and Annual Revenue

[twillo]

Electrovaya Announces Estimated Preliminary Unaudited Q4 FY2025 Revenues at $20 million(1) and Full Year FY2025 Revenue at $64 million(1)

Monday, October 6, 2025 7:00 AM

Preliminary unaudited results indicate record quarterly and annual revenue, beating internal guidance by over 5% and representing approximately 43% annual growth

Deliveries in the quarter included core material handling battery system products in addition to initial deliveries of robotic battery products

TORONTO, ON / ACCESS Newswire / October 6, 2025 / Electrovaya Inc. (“Electrovaya” or the “Company”) (NASDAQ:ELVA)(TSX:ELVA), a lithium-ion battery technology and manufacturing company, today announced its preliminary unaudited revenue for the Quarter (“Q4”) and Fiscal Year (“FY”) ending 30th September 2025. All figures in this updated are expressed in US dollars.

Q4 FY2025 Revenue Estimate

The Company estimates the revenue for the quarter ended September 30th,2025, exceeded $20 million1, representing a quarterly record for the Company with approximately 72% year over year growth. This revenue was mostly derived from deliveries of battery systems for the material handling sector but also included deliveries of battery modules for a major construction vehicle OEM in Japan and multiple robotic application customers.

Full Year FY2025 Revenue Estimate

The Company estimates the revenue for the year ended September 30th, 2025, was approximately $64 million 1, representing an annual record for the Company with approximately 43% year over year growth.

Electrovaya expects to release its full audited financial statements for fiscal 2025 in the first half of December 2025 and each of these items will be described in further detail.

[wpr101]

Interesting, maybe they are pre-reporting to re-assure the market they are on track. They didn’t post profitability or gross margin numbers which would be have given a fair amount more info. It seems this boils down to,

• Revenue was at least 20M, +72% yoy
• Initial deliveries of robotic battery products were made
• Batteries were shipped to an OEM in Japan during the quarter

I’ll be interested to see what they say in the report and if profitability is increasing as well.

[wpr101]

The CEO Raj DasGupta was at the Lytham Partners Investor Conference two weeks ago. Some good discussion here on the new markets they are targeting. There’s a video and replay available on Youtube,

Electrovaya Inc. Company Webcast @ Lytham Partners Fall 2025 Investor Conference

[Smorgasbord1]

At about 2 minutes in, DasGupta talks about their primary advantage - safety - coming from a ceramic layer in the modules. Sounds a lot like Aspen Aerogels material, which also has ceramic in it. I wonder how unique Electrovaya’s approach really is, and whether it’s truly unique and patent-protectable, or whether it’s just they’re the only ones currently using it in their market (forklift batteries).

At about 3 minutes in, DasGupta mistates cycle life. He claims that “about 800 cycles” is equivalent to 2 years of cell phone use. In the battery industry, a “cycle” is defined as a 0% to 100% SOC charge/discharge cycle. If you charge your phone at night from 50% to 100% and then use it the next day down to 50%, that’s only a half cycle. In this example, 800 cycles is equivalent to 1600 days, or over 4 years. Another aspect of cycle life is that it “ends” when the battery capacity is 80% of new, so batteries are still usable after that.

BTW, Electrovaya has previously described its product as “a million mile battery,” but do not compare with car/truck batteries , which have different operating requirements. For instance, Electrovaya’s best battery has a WH/Kg (Watt-Hour to Kilogram) ratio of 171 while Tesla’s batteries are between 260 and 295 today. It’s fine for a forklift to be heavy - it’s actually considered a good thing to help counterbalance the weight of what it’s carrying on the forks! Not so much for passenger cars, where it adversely impacts range.

Another thing I found odd was that at one point DasGupta says they’re not going after the EV market, but then shows this slide:

Even though its for comparison of cycle life, one can’t isolate cycle life from other battery attributes. Personal electronic devices can’t have sophisticated cooling mechanisms, E-bikes and EVs can’t be too heavy and have to operate in wide temperature ranges, etc. And the numbers for cycle life can be (and have by some automotive companies) juiced by the BMS preventing the cells from being fully charged or discharged. Like having a pack that looks like a 60kWh pack, but in reality is a 100kWh pack where the BMS stops charging at 80kWh and shuts down at 20kWh. You’ll get great cycle life out of that, at the price of additional cost and weight. Although that does vary with chemistry as the LFP lithium cells can go to 100% with no additional degradation.

Thinking about this, Electrovaya might be doing this. Their Wh/Kg ratio isn’t great, so maybe they’re reserving additional cell capacity to help apparent cycle life. But, I’m speculating here.

OTOH, they claim “Set to be one of the only profitable battery companies in North America.” That would be great if it comes to pass, but it also shows how tough an industry batteries are.

Market cap of just over $200M is pretty small, making this a true “micro-cap” company.

One AI says:

Electrovaya (TSX:ELVA)

Overview: Electrovaya Inc. designs, develops, manufactures, and sells lithium-ion batteries and related products for energy storage and clean electric transportation in North America, with a market cap of CA$415.51 million.

Operations: The company generates revenue of $54.88 million from the development, manufacturing, and marketing of power technology products.

Estimated Discount To Fair Value: 47.3%

Electrovaya, trading at CA$10.27, is significantly undervalued based on discounted cash flow analysis with an estimated fair value of CA$19.51. The company recently reported record revenue growth, exceeding $64 million for fiscal 2025 and showing strong year-over-year performance. Despite past shareholder dilution and interest coverage concerns, Electrovaya’s earnings are forecast to grow over 41% annually, driven by robust demand for its innovative energy storage systems and strategic positioning in the North American market.

So, I can’t say anything about the financials. If the above is correct, then it’s had some dilution and interest rate concerns, but those may be in the past, making this stock still undervalued. The only thing I can say is that the battery business is tough. That ELVA is so small, however, does give it a possibility of growing into it’s limited market, which if it does, would boost the stock. I’m just so wary of battery companies, it’ll take more than what I’ve seen to make me invest.

[brittlerock]

From my perspective (I think closer to Saul’s methodolgy), @wpr101 is focused on the financial performance of the company. Even though we are all acutely aware that past performance is no prediction of future performance, it’s the best information we’ve got.

@Smorgasbord1 is more attentive to the underlying technogy of the company’s products. Obviously, he understands way more about batteries than the average investor. Certainly, a boatload more than I do.

At present, Electrovaya is performing at a high level with respect to their finances. In the future, there’s a lot of unknowns with respect to how well their technology might hold up in the marketplace.

I don’t want to speak for @wpr101, but as for myself, even if Electrovaya faces more aggresive competition in the future, which is inevitable if they have continued financial success, it’s an open question whether or not they can hold their position in the marketplace, or if batteries for this application become commoditized, or even entirely displaced.

But, even if the latter outcome comes to pass, it’s highly unlikely that Electrovaya will see their market evaporate rapidly. A much more likely scenario is that their financial performance will deteriorate over several quarters, maybe a year or more. If that’s the case the question becomes one of how quickly will investors in Electrovaya recognize the reason for decaying financial performance and react appropriately by exiting the position?

That’s not an idle question. I for one, often react slowly under these circumstances. I have a nasty habit of holding positions past their expiry date. It’s easy to convince oneself that a falling stock price is a buying opportunity rather than clear evidence to sell.

For example, those of us who have been paying attention have seen the stock price of Astera Labs take quite a beating lately. There’s controversy regarding the future viability of their product offerings. I still hold a rather large position in ALAB. Will I regret it later, or pat myself on the back for this decision? Hmm . . .

OTOH, it’s not at all unlikely that the stock price will girate. It’s a small company in the position of disrupter. As @Smorgasbord1 notes, battery technology is complex, and there are numerous factors that have different priorities depending upon the application. It’s not at all unlikely that the stock price proves to be highly volatile for any number of different reasons. Some of those reasons may be external, such as macro economic forecast. Other reasons may be the emergence of an alternative technology being offered (or maybe maybe just claimed) for this application. It’s my impression that this is similar to the current situation with ALAB.

My personal decision is that at persent Electrovaya looks like a promising investment, and the future remains stubbornly opaque.

[wpr101]

@brittlerock That’s a pretty fair assessment that a lot of my reason to invest here is based off the underlying financials. I also like the story of the company, but I’m not a technology enthusiast for batteries or anything close to a subject matter expert. I’ll add I don’t consider this investment to be a prediction of Electrovaya winning out, it’s more based on them already winning from what I can tell from the financials. Does that mean they can continue to keep ramping revenue? That will be the big question going forward if they can expand in the warehouse battery segment along with the adjacent markets they are targeting.

ELVA revenue numbers and growth rate look like this,

11.6M → 11.2 → 15.0 → 17.1 → 20 (pre-reported)

-30% → -8% → 40% → 67% → 72%

More impressively while scaling revenue like this, they have transitioned to GAAP profitability. Typically that is indicating they are able to find additional efficiencies as they are scaling up.

On the narrative side, I do like that this company is practically founder led. The founder Sankar retired a few years ago, is still chairman of the Board and owns 25%. His son Raj took over the CEO role a few years ago, after working his way up the company from R&D to business development, and then to higher positions. Raj’s background is a PhD in Material Sciences having studied at MIT and Cambridge. From my perspective, this is the best of both worlds: you get the wisdom and experience of the father, but new energy and enthusiasm from the son to carry through on the vision.

As Raj stated before, the company was on the ropes before, practically on the verge of bankruptcy some years ago. I know some would view that as negative, but I do think this leadership has a lot of experience in the field. This battery business has a very high bar to entry for startups because of how capitally intensive it is. They did run into some walls before like trying to get into auto and then realizing it is a more commoditized business than other industries which are willing to pay up for performance.

I do like that this is a Canadian company with an American presence. They qualify for the 45X tax credits just like any other American company and can host the whole supply chain locally. Just a few hours drive away they have their Canadian HQ. I believe this gives the company a significant competitive advantage, in that they can position themselves as either a Canadian company or American company depending on who they are selling to.

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@Smorgasbord1 ELVA does have a fair number of patents, but like the leadership said it’s really the know how that is important. The CEO mentioned the “Asian conglomerates” don’t respect patents, and I liked that realistic perspective he has on this issue.

As for Wh/Kg, from what I’ve gathered they do offer an improvement. The one case they talked about specifically is for the nuclear submarines where their battery has about 4x the energy density of the standard lead-acid batteries that are in this type of submarine currently. It sounds like they’ve made some initial small sales there. I am cautious about counting this part too much for my thesis though. A lot of times at this stage companies like Electrovaya are selling prototypes, and it’s not a guarantee that defense related businesses will come back for a larger contract.

I’ll add that the last battery company I owned was Amprius did not do well in the time frame I owned that stock. They missed some milestones for factory capacity and needed to raise additional capital. That experience made me understand how important it is for these manufacturing companies to stay on their projected timeline. I will be keeping an eye on that April timeframe for the Jamestown facility to ramp up. Missing that deadline could mean they might not be able to satisfy all their orders, as they’ve said they are basically at production capacity currently.

[Smorgasbord1]

@wpr101

They did run into some walls before like trying to get into auto and then realizing it is a more commoditized business than other industries which are willing to pay up for performance.

Well, as I stated up thread, I think the weight (Wh/Kg) of Electorvaya’s solution is what prevented them from gaining ground in automotive, and so I regard mangement’s excuse as, frankly, lame.

@wpr101

The one case they talked about specifically is for the nuclear submarines where their battery has about 4x the energy density of the standard lead-acid batteries that are in this type of submarine currently.

Sure, but for automotive, the comparison is to lighter, already energy-dense lithium batteries, not lead acid. How many nuclear submarines are there for Electrovaya to sell into?

I know they like to talk about Solid State batteries, which is kind of a holy grail for many battery applications right now. I suspect that for Electrovaya to really be able to do that will require them to raise capital above and beyond what they’re earning today. And that’s even if the company is able to beat much larger and more financially backed companies also trying to develop the technology.

[twillo]

ELVA priced a ~$24M offering today, with the underwriter receiving options for an additional $4M. These figures are gross before underwriting and other fees. The offering document states “The Company intends to use the net proceeds from the Offering to invest in energy as a service, investment in next generation battery and separator research and development and for working capital and general corporate purposes.” In its fiscal Q3 conference call the CEO mentions EAAS as a recurring revenue stream with regard to warehouse batteries. ELVA’s batteries have a long duty cycle which leads to a long resale cycle. He mentions having an off balance sheet vehicle to own the batteries and ELVA would provide its own monitoring and diagnostic software and what he called an “AI-driven demand response system, which will allow end customers to save on electricity without seeing any reduction in performance.” So ELVA would substitute a sale for a recurring revenue stream, and if the potential energy savings are significant, I suspect they would earn a portion of that, too. Since the batteries are a big ticket item, providing off balance sheet financing would unlock sales to customers who would prefer to use their capital for other investments.