Research Reports

Summary

Electrovaya Inc. reported Q2 FY2026 revenue of $18.0 million (up 20% YoY), Adjusted EBITDA of $2.8 million (up 41% YoY), net profit of $1.0 million ($0.02/share), and raised full-year revenue guidance to exceed $83 million (over 30% growth vs. FY2025), citing commercial robotics shipments, DOE energy storage projects, and Jamestown manufacturing progress.

Key takeaways

Q2 FY2026 revenue was $18.0M, up 20% YoY from $15.0M — reflects continued demand in material handling and early traction in new verticals.

Adjusted EBITDA was $2.8M for Q2 FY2026, up 41% YoY — driven by improved gross margin (33.4%, +230 bps YoY) and operational leverage.

Net profit was $1.0M ($0.02/share) for Q2 FY2026, up from $0.8M in Q2 2025 — marking the twelfth consecutive quarter of positive Adjusted EBITDA and second consecutive quarter of net profit.

Full-year FY2026 revenue guidance raised to exceed $83M (>30% YoY growth), based on $100–125M pipeline and firm purchase orders, though subject to supply chain and geopolitical risks.

Commercial robotics shipments have commenced with a major OEM; defense contractor revenue expected to reach multi-million-dollar levels in 2027.

Jamestown, NY manufacturing site remains on track to commence assembly operations in summer 2026, supported by EXIM and BMO facilities.

Full analysis

Electrovaya delivered strong Q2 FY2026 financial results, with $18.0M revenue (+20% YoY), $2.8M Adjusted EBITDA (+41% YoY), and $1.0M net profit — its second consecutive quarter of GAAP net profitability and twelfth straight quarter of positive Adjusted EBITDA. Gross margin expanded 230 bps to 33.4%, reflecting improved product mix and cost discipline, though supply chain delays deferred $1.4M of finished goods revenue recognition. Management attributes growth to sustained demand in material handling batteries and early commercialization milestones: initial robotic OEM shipments, UL2580 certification for six high-voltage battery models, and advancement of DOE-backed energy storage systems targeting ITC/FEOC compliance in H1 2027. The Company raised full-year FY2026 revenue guidance to exceed $83M (>30% YoY), anchored in a $100–125M order pipeline and firm purchase orders, while explicitly flagging exposure to evolving geopolitical conditions, supply chain disruptions, and potential revenue deferrals into FY2027. Jamestown manufacturing remains on schedule for summer 2026 assembly commencement, funded via EXIM and BMO facilities. Strategic expansion into robotics, defense (with one global contractor expected to drive multi-million-dollar 2027 revenue), and mission-critical energy storage signals meaningful diversification beyond legacy industrial markets — a key driver of investor confidence in the raised guidance and long-term margin trajectory.