ELVA · Electrovaya Inc.

Electrovaya Inc. delivered strong Q2 FY2026 results with revenue of $18.0 million, up 20% from $15.0 million in the prior year quarter, driven by higher sales in lithium-ion batteries and systems for material handling and other applications. Gross margin expanded to $6.0 million from $4.7 million, reflecting improved manufacturing efficiency as direct costs rose less proportionally. Operating income reached $2.2 million versus $1.4 million last year, supported by government assistance of $0.6 million and controlled expense growth in R&D, sales, and G&A. Net income of $1.0 million yielded $0.02 basic EPS, consistent with prior year on a higher share base. For H1, revenue hit $33.6 million (28% growth), net income $2.1 million, and operating income $3.6 million, signaling sustained momentum. Balance sheet strengthened markedly with cash at $20.4 million (from $6.4 million at FY start), total assets $106.0 million, and equity $62.8 million, bolstered by $25.8 million share issuance, $1.3 million warrant exercises, and $16.7 million EXIM loan proceeds. Financing activities generated $39.5 million net cash, offsetting $5.6 million operating outflow and $19.5 million investing (primarily $15.1 million Jamestown equipment deposits). MD&A highlights $100-125 million order backlog, >30% FY2026 revenue growth targeting over $83 million, and Jamestown facility ramp for cell production by end-CY2026, leveraging IRA incentives and domestic manufacturing for margin gains amid supply chain risks.