ELVA stock rises on Q4 results

Shares of Electrovaya (Electrovaya Stock Quote, Chart, News, Analysts, Financials TSX:ELVA) are near the top of the leader board on the TSX today after the company posted its Q4, 2023 results.

For the fiscal year 2023, ELVA posted Adjusted EBITDA of $3.2-million on revenue of $44.1-million, a topline that was up 300 per cent over 2022’s revenue figure of $44.1-million.

“FY 2023 represented a breakthrough year for the company with strong revenue growth and over $3.2 million in Adjusted EBITDA1”, said Dr. Raj DasGupta, Electrovya’s CEO. “Furthermore, we are building the foundations for a strong FY 2024 including an increased order backlog, a new OEM partner and new product lines. Given the strength of the backlog and the current line of sight for other orders, we are providing guidance of between $65 million and $75 million revenue for FY 2024, which represents approximately 59% annual growth at the mid-point.

“We are also looking ahead to 2025 and beyond and are seeding new markets with our recently developed high voltage battery system line. We are making good progress in securing long term supply contracts for these systems in the electric bus and other market segments that we are targeting.”

At press time, shares of ELVA were up 7.9 per cent to $4.39.

Electrovaya is a developer and supplier of durable and secure lithium-ion batteries. Boasting a rich portfolio of intellectual property, the company designs, develops, and produces its own lithium-ion batteries and battery systems for energy storage and heavy-duty electric vehicles, grounded in its innovative Infinity Battery Technology Platform. This platform is recognized for its superior safety features and exceptional battery longevity. Electrovaya also develops solid state battery technology through its advanced research at its Labs division. With its main offices located in Ontario, Canada, Electrovaya operates from two Canadian sites and has recently expanded by acquiring a 52-acre property in New York state, which includes a 135,000 square foot production facility, earmarked for a future gigafactory.