ELVA

This article first appeared on GuruFocus. Revenue: $17.7 million for Q3 2026, compared to $17.1 million in the prior year; $51.3 million for the nine-month period, up 18.5% year-over-year. Gross Margin: 34.9% for the quarter, up 410 basis points year-over-year; 33.8% for the nine-month period, compared to 30.8% in the prior year. Operating Profit: $0.8 million for the quarter, down from $1.9 million in the prior year; $4.3 million for the nine-month period, up 37% year-over-year. Net Profit: $0.3 million for the quarter, compared to $0.9 million in the prior year; $2.4 million for the nine-month period, compared to $1.3 million in the prior year. Adjusted EBITDA: $3.7 million for the quarter, up 27% year-over-year; $8.5 million for the nine-month period, up 56% year-over-year. Adjusted EBITDA Margin: 20.7% for the quarter and 16.5% for the nine months. Cash Flow from Operations: Positive $8.6 million for the quarter, compared to $5.4 million in the prior year; cash used in operating activities was $17.4 million year-to-date. Net Working Capital: $65.9 million at quarter end, compared to $31.9 million in the prior year; current ratio of 7.5. Total Debt: $38.3 million at June 30, 2026, including $19.8 million drawn from the EXIM loan. Cash Position: $13.1 million in unrestricted cash and more than $7.8 million available under its bank facility. Full-Year Revenue Outlook: Revised to approximately $70 million-$73 million, with about $5 million of deferred high-voltage system revenue expected to be recognized early in fiscal 2027. Warning! GuruFocus has detected 5 Warning Signs with ELVA. Is ELVA fairly valued? Test your thesis with our free DCF calculator. Release Date: August 11, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Electrovaya Inc (NASDAQ:ELVA) signed a new commercial agreement with Amazon, its largest customer, which formalizes and expands the relationship and could lead to broader collaboration in robotics and stationary energy storage. The launch of the ElvaPulse 1500, a high-power density stationary energy storage system, positions the company to capitalize on the growing demand from AI data centers, with a strong pipeline of potential projects. The company achieved record gross margins of 34.9% and record adjusted EBITDA, with an adjusted EBITDA margin of approximately 20% for the quarter, demonstrating improved profitability. Jamestown manufacturing facility is nearing operation, with the completion of dry room construction and the start of an eight-week factory acceptance test program, which will enable domestic production and support future growth. The company continues to diversify beyond material handling, with progress in defense, robotics, high-voltage battery systems, and solid-state battery development, including a new 800-V hybrid drive battery for a major defense contractor. The company has maintained profitability for six consecutive quarters and generated positive cash flow from operating activities of $8.6 million in the quarter. The company's strong liquidity position, with positive net working capital of $65.9 million and a current ratio of 7.5, provides a solid foundation for expansion. The company is making progress on next-generation technologies, including a thinner ceramic separator and niobium oxide batteries, which could lead to improved performance and cost reductions. The company's partnership with Sumitomo Corporation in Japan is progressing, with potential for material deliveries from fiscal 2027 onward. The company has completed UL 2580 safety certification for six models of its next-generation high-voltage battery systems, removing a key prerequisite for commercialization. Electrovaya Inc (NASDAQ:ELVA) reported lower-than-expected revenue for the quarter, with approximately $5 million of high-voltage battery system deliveries shifted to fiscal 2027 due to supply chain constraints. The company revised its full-year revenue outlook to $70 million-$73 million, reflecting timing delays in customer programs rather than lost business. Operating profit for the quarter decreased by 58% year-over-year, primarily due to increases in SG&A and non-cash stock-based compensation. The company's cash used in operating activities on a year-to-date basis was $17.4 million, reflecting timing differences in working capital, including increases in accounts receivable, inventory, and prepaids. The company's total debt increased to $38.3 million, up from $18.8 million in the prior year, including debt from the EXIM facility. The company faces ongoing challenges with quarterly revenue volatility due to customer timing and product mix, which can impact financial performance. The company's expansion into new verticals, such as energy storage and robotics, is still in early stages and may not contribute significantly to revenue until fiscal 2027 or later. The company's solid-state battery development is still in early stages, with considerable development and scale-up work remaining before commercialization. The company's high-voltage battery systems are facing supply chain constraints, which have impacted delivery schedules and may continue to affect near-term revenue. The company's reliance on a limited number of large customers, such as Amazon, exposes it to concentration risk, although the new agreement mitigates this to some extent. Q: Can you talk a little bit about the scope and scale of the ElvaPulse pipeline at this point, and how you expect that to start flowing through into the P&L?A: Rajshekar Das Gupta (CEO): The number of projects we're in discussions with are quite substantial. If we're successful with any of these guys, our 2027 production levels will be fully booked. Right now, what we're focused on is getting the systems through its certification. That process has already started. The manufacturing of these systems will be set up such that we can make deliveries starting really Q2 2027 calendar year but with a ramp-up over the rest of the year. In terms of some of these sites, one data center would take our full production. Q: Just maybe sticking with material handling. I know the two customers, just the timing pushed out a little bit or differences with the schedule. Just curious, from those two customers, what kind of indications are you getting in terms of their plans for 2027? Just curious, more broadly across material handling, what you are thinking about for 2027.A: Rajshekar Das Gupta (CEO): Broadly speaking, we expect 2027 to be a much better year in material handling than 2026 has been. I would presume some of that will be driven by increased demand from Amazon. If you look at 2026 versus 2025, it has been pretty much the same. I would expect the impacts from our recent agreement to manifest really in fiscal 2027. Today, it is August 10th, 11th, and there is really not much time for us to have any impact. The production slots for the rest of the quarter are already scheduled, and there is no way for us to make significant adjustments. Q: Just high level for 2027, when you think about all these end markets, factor in certification, timing, Jamestown production, et cetera. How do you think about the mix? I would assume material handling is still the biggest, but the mix between the others.A: Rajshekar Das Gupta (CEO): You are correct in that analysis. Electrovaya, to one sense of things, what we have done over the last few years is prove the business, prove the technology. We do not have the scale as yet to make it very significant. That changes with the advent of the Jamestown production. And some of these new products which we have been working on, which will be able to be scaled as that new capacity comes online. 2028 is when that is all there, right? That is really I would say the first full year where we have capacity, we have the products. That is where we will really demonstrate to the world the significance of this technology and how it can be impactful on some of those key end markets. In terms of how the breakdown of revenues will come out in 2027, what we are seeing is robotics is a key space for us already. We expect that to accelerate. High voltage battery systems has been somewhat of a surprise, where the demand is higher than we expected. There is some complexity in how to manufacture those systems. They are very large. Our current facility in Mississauga is not well optimized to pump out lots of them, so we are making those adjustments now. Q: Just on the 800-volt system shipments that touching on that question previously, are you seeing any broader patterns, I guess, in customer behavior like around the timing between placing an order and actually taking delivery?A: Rajshekar Das Gupta (CEO): Right now we have more orders for 800 V than we can, quite a lot more than we can make delivery of. The deliveries of these products have been impacted by, it is a new product, so the design cycle has had impact on the supply chain, so we cannot get the right parts in soon enough. So it really comes down to a timing issue. We expect that to be resolved by our fiscal Q1, and we will start ramping up deliveries into customers for the 800-V systems. Importantly, that 800-V architecture that we have developed is common. So that same battery management system design architecture that will be used in some of these vehicle applications will be very similar to the one that we are going to use in our energy storage applications. So it is a very important effort which has common outcomes. Q: Gross margins were impressive for the quarter. Can you just give a bit more color, I guess, on the source of that as it relates to the relationship between product mix and economies of scale? And maybe just to follow up to that, but on the 45X manufacturing credit, how much of a boost when Jamestown is operational, that could be to margins?A: John Gibson (CFO): Margins are always affected by product mix. This quarter, we had some prototypes and some high-margin defense units, but those were not material to the overall revenue position. What we are seeing is a gradual creep up of the margins as we are able to take advantage of our purchasing power. We're getting better pricing with some suppliers, which obviously is cascading through the BOM and to the cost of sales line. So take that and add just increased efficiency on the floor, and it's translating into these better margins. From a 45X standpoint, when Jamestown's up and running, I think that would probably represent a couple of percent of additional margin, depending on how the accounting treatment would work for those tax credits. Q: You mentioned that your next-generation ceramic separator was reducing thickness by 25% and would have significant implications for improvements in cost and energy density. I was wondering, is this separator for applications where you're pushing energy density, some of these high-voltage type things? Or could this separator eventually feature in both the low voltage as well as the high voltage batteries?A: Rajshekar Das Gupta (CEO): Yeah, I'd say this would go in all our products when it's ready. It's a step improvement to the existing technology, which already is, I would say, the world's best for ceramic separator technologies. Making it thinner obviously will lead to improvements in energy density. One thing we're investigating is whether the new version will be able to allow winding, which would be a significant benefit for the technology that would enable it to be used in cylindrical cells and a much larger number of cell formats, which could be very interesting in the long term. It's too early to say whether that is the case or not, but overall, we're pleased with the progress here. Generally, making something thinner, using less materials with the same end result is a good thing. It's going to lead to lower cost. It's going to lead to higher performance in terms of energy density. But most importantly, we are focused on maintaining the thermal performance that the existing For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Electrovaya Inc.? Here are five stocks we like better. Q3 revenue rose modestly to $17.7 million, while gross margin improved to 34.9% and adjusted EBITDA reached a record $3.7 million. However, about $5 million of expected fiscal 2026 deliveries shifted into fiscal 2027 due to supply-chain and project delays, prompting a revised revenue outlook of $70 million to $73 million. Electrovaya’s expanded commercial agreement with Amazon covers potential collaboration in material handling, robotics and stationary energy storage, but includes warrants tied to revenue milestones that could create future non-cash revenue reductions and dilution. The company launched its ElvaPulse 1500 stationary storage system and is progressing toward commissioning its Jamestown, New York, facility. Certification is underway, with initial ElvaPulse deliveries and Jamestown revenue targeted for the second quarter of calendar 2027. Electrovaya (NASDAQ:ELVA) reported third-quarter fiscal 2026 revenue of $17.7 million, up from $17.1 million a year earlier, while highlighting a recently announced commercial agreement with Amazon, the launch of its ElvaPulse stationary energy-storage system and progress toward opening its Jamestown, New York, manufacturing facility. Chief Executive Officer Raj DasGupta described the period as a “strategic inflection quarter,” while acknowledging that revenue came in below the company’s expectations due to delivery timing. Electrovaya said approximately $5 million of high-voltage battery-system deliveries expected in fiscal 2026 have moved into the first quarter of fiscal 2027 because of supply-chain constraints. Delays in certain material-handling projects also affected third-quarter results and are expected to have some fourth-quarter impact. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat Management said the delayed orders remain active and characterized the changes as timing shifts rather than lost business. Electrovaya revised its fiscal 2026 normalized revenue outlook to approximately $70 million to $73 million. Third-quarter gross margin rose to 34.9% from 30.8% in the prior-year period. Chief Financial Officer John Gibson said results benefited from product mix, including higher-margin defense shipments and prototype shipments, as well as gradual structural margin improvements in material-handling products as purchasing scale and factory efficiency improve. → 3 Dividend Champion Utilities for a Market That Can't Sit Still Adjusted EBITDA increased 27% year over year to a record $3.7 million, representing 20.7% of revenue. Net profit was $0.3 million, compared with $0.9 million in the prior-year quarter, while operating profit declined to $0.8 million from $1.9 million. Gibson attributed the reduction in operating profit primarily to higher selling, general and administrative expenses and $1.8 million of non-cash stock-based compensation. Nine-month revenue increased 18.5% to $51.3 million. Nine-month gross margin increased to 33.8% from 30.8%. Nine-month adjusted EBITDA rose 56% to $8.5 million. Nine-month net profit increased to $2.4 million from $1.3 million. The company generated $8.6 million of cash from operating activities during the quarter. However, cash used in operating activities totaled $17.4 million for the first nine months, which management said reflected working-capital timing, including higher accounts receivable, inventory and prepaids. Gibson said Electrovaya collected more than $15 million from customers within two weeks after quarter-end. → Take-Two’s Q1 Results Leave GTA 6 Bulls Stuck in the Fog of War At June 30, Electrovaya had $13.1 million of unrestricted cash, more than $7.8 million available under its bank facility, and total debt of $38.3 million. The company reported net working capital of $65.9 million and a current ratio of 7.5. DasGupta said the company’s July 14 commercial agreement with Amazon formalizes and expands an existing relationship. Amazon was Electrovaya’s largest end customer in fiscal 2025, according to management. The agreement provides a framework for potential collaboration in material handling, robotics and stationary energy storage, although future orders will continue through the normal commercial process. Gibson said the related warrant arrangement includes an initial vesting component and a revenue-based component. The initial portion is expected to be recognized as a non-cash reduction of reported revenue over a vesting period of between seven and 10 years, with the final Black-Scholes valuation to be disclosed in fourth-quarter financial statements. The revenue-related warrants consist of 100 tranches tied to $2.8 million revenue milestones, representing an aggregate $280 million revenue target. Gibson said the value of those warrants would affect revenue as applicable milestones vest. He added that the warrants may be exercised for cash or, where permitted, on a cashless basis, and the ultimate dilution will depend on the number of vested warrants, exercise price, share price and settlement formula. Electrovaya recently launched the ElvaPulse 1500, a containerized stationary energy-storage product aimed at high-power applications, including AI data centers and critical infrastructure. The system uses a 1,500-volt DC architecture and can provide up to 2.88 megawatt-hours of nominal energy and up to approximately 9 megawatts of power, according to the company. Management said it has begun UL 1973 and UL 9540 certification activities and is targeting completion in the first quarter of calendar 2027. Electrovaya is accepting production reservations and expects initial ElvaPulse deliveries in the second quarter of calendar 2027 from Jamestown. During the question-and-answer session, DasGupta said Electrovaya is in discussions with multiple potential energy-storage customers and developers. He said that securing even one data-center project could use the company’s initial production capacity, but the company remains focused on completing certification before commercial deliveries begin. At the Jamestown facility, dry-room construction has been completed, while electrical and HVAC upgrades continue. The company said its major manufacturing equipment has been built and will undergo an approximately eight-week factory acceptance test in South Korea before shipment. DasGupta said Jamestown will enter a startup and validation period in the first quarter of calendar 2027, with revenue expected to begin in the second quarter. Electrovaya said it completed UL 2580 safety certification for six next-generation high-voltage battery-system models intended for integrated material-handling vehicles operating in outdoor conditions. Management expects high-voltage platforms to become a meaningful revenue contributor starting in fiscal 2027. DasGupta said the company currently has more orders for 800-volt systems than it can fulfill, with deliveries constrained by supply-chain and production complexities associated with a new product. He said management expects those constraints to be resolved by the company’s fiscal first quarter, allowing deliveries to ramp. The company also continued defense shipments, including development of an 800-volt, 100-kilowatt-hour hybrid-drive battery for a defense contractor. Commercial robotics deliveries continued during the quarter, while Electrovaya has shipped prototype systems to a North American fuel-cell manufacturer for testing and evaluation. Management said it is advancing solid-state battery research, producing approximately 1 amp-hour cells and working toward 5 amp-hour cells. It is also developing a thinner ceramic separator and commissioning a 24-volt niobium-oxide module designed for charge and discharge rates of up to 20C. DasGupta said the company is evaluating data-center energy storage and robotics as potential applications for the niobium-oxide technology. Electrovaya is a Canada-based energy storage company that designs and manufactures advanced lithium-ion battery systems and components. The company's core business revolves around the development of proprietary electrode and cell technologies that deliver high energy density, rapid charge capability and enhanced safety features. Electrovaya's product portfolio encompasses large-format battery cells, modules, complete battery packs and integrated energy storage systems tailored to industrial, commercial and utility-scale applications. In the industrial sector, Electrovaya supplies modular battery systems for material-handling equipment such as electric forklifts, automated guided vehicles and airport ground support vehicles. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Electrovaya Q3 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management characterized Q3 as a strategic inflection quarter, driven by the formalization of a long-term commercial agreement with Amazon and the launch of the ElvaPulse energy storage system. Revenue performance of $17.7 million reflected timing shifts rather than lost business, with approximately $5 million in high-voltage battery deliveries moving from fiscal 2026 into Q1 2027 due to supply chain constraints. Record gross margins of 34.9% were achieved through a favorable product mix including defense and prototype shipments, alongside structural improvements in material handling economies of scale. The Amazon agreement formalizes a relationship with the company's largest customer, providing a framework for expansion into robotics and stationary energy storage beyond traditional material handling. The new ElvaPulse 1500 system targets AI data centers with a high power-to-energy ratio, capable of full discharge in under 30 minutes to meet rapidly changing power demands. Diversification efforts are yielding results as defense platforms become a recurring part of the order book and high-voltage systems (800-volt class) prepare for meaningful revenue contribution in fiscal 2027. Operational focus is shifting toward the Jamestown facility, which is nearing production and will position the company as a domestic manufacturer of advanced lithium-ion batteries. Full-year fiscal 2026 normalized revenue is now expected to be approximately $70 million to $73 million, reflecting the timing of revenue recognition for deferred high-voltage and material handling projects. Fiscal 2027 is projected to be a scaling year as Jamestown capacity comes online and newer verticals like robotics and stationary energy storage begin to contribute materially. Initial deliveries for the ElvaPulse system from the Jamestown facility are targeted for the second quarter of calendar 2027, following UL certification activities. Management expects 2028 to be the first full year of scaled capacity, demonstrating the technology's impact across key end markets including physical AI and industrial applications. The company is advancing solid-state battery development, targeting a volumetric energy density of approximately 700 watt hours per liter and increasing cell capacity to 5 amp-hours. The Amazon warrant transaction includes a revenue-related component divided into 100 tranches, each tied to $2.8 million milestones for an aggregate target of $280 million. Supply chain constraints for new 800-volt products caused delivery delays, though management expects these to be resolved by fiscal Q1 2027. Jamestown expansion reached a critical milestone with the scheduled commencement of an 8-week factory acceptance test program in Korea for the full cell assembly line in approximately 7 to 10 days. The company maintained its sixth consecutive quarter of net profit and positive EPS despite increased SG&A and non-cash stock-based compensation expenses. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management stated that current discussions are substantial enough that successful conversion could fully book 2027 production levels. Revenue from these systems is expected to start in Q2 calendar 2027 (fiscal Q3) following the start-up and validation period at Jamestown. The initial warrant tranche will be amortized as a non-cash revenue reduction over 7 to 10 years, while revenue-related tranches will vest as milestones are met. Ultimate dilution is expected to be meaningfully lower than the 20% notional coverage, particularly if Amazon utilizes the permitted cashless exercise option. Management argued that incumbent LFP systems are grossly oversized for data center power swings, whereas ElvaPulse is purpose-built for high-power response. Electrovaya's technology is positioned as more cost-effective than Lithium Titanate while offering superior energy density for high-rate applications. Demand for 800-volt systems is currently higher than the Mississauga facility's optimized capacity, necessitating the transition to Jamestown for volume production. The 800-volt architecture is common across vehicle and energy storage applications, creating design and supply chain efficiencies.

Record Quarterly Gross Margin of 34.9%; Record Adjusted EBITDA¹ of $3.7 Million, Up 27% Year over Year; Quarterly revenue of $17.7 million Amazon Commercial Agreement and ElvaPulse™ 1500 Launch Position Company for Expanded Growth Opportunities TORONTO, ON / ACCESS Newswire / August 10, 2026 / Electrovaya Inc. ("Electrovaya" or the "Company") (NASDAQ:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, today reported its financial results for the third quarter and nine month period ended June 30, 2026 ("Q3 FY 2026"). All dollar amounts are in U.S. dollars unless otherwise noted.6"). All dollar amounts are in U.S. dollars unless otherwise noted. Financial Highlights: Revenue for Q3 FY2026 was $17.7 million, compared to $17.1 million in Q3 FY2025, an increase of approximately 3% year over year. Revenue for the nine months ended June 30, 2026 was $51.3 million, compared to $43.3 million in the prior-year period, an increase of approximately 18%. Gross margin for Q3 FY2026 reached a Company record of 34.9%, compared to 30.8% in Q3 FY2025, an increase of approximately 410 basis points. Gross margin for the nine months ended June 30, 2026 was 33.8%, compared to 30.8% in the prior-year period. Adjusted EBITDA¹ for Q3 FY2026 was a record $3.7 million, compared to $2.9 million in Q3 FY2025, an increase of approximately 27%. Adjusted EBITDA¹ represented approximately 20.7% of revenue, exceeding 20% for the first time. Adjusted EBITDA¹ for the nine-month period was approximately $8.5 million, compared to $5.4 million in the prior-year period, an increase of approximately 56%. Net profit for Q3 FY2026 was $0.3 million, compared to $0.9 million in Q3 FY2025. The third quarter represented the Company's sixth consecutive quarter of net profitability and positive earnings per share. Net profit for the nine months ended June 30, 2026 was $2.4 million, compared to $1.3 million in the prior-year period, an increase of approximately 80%. The Company generated $8.6 million of cash provided by operating activities before changes in working capital during the nine-month period, compared with $5.4 million in the prior-year period. The closing cash balance for Q3 FY 2026 was $13.1 million (non-restricted) compared to $1.3 million in the prior year, an increase of $11.8 million. Key Operational and Strategic Highlights- Q3 FY2026 & Subsequent Events: Amazon Commercial Agreement In July, Electrovaya announced a new commercial agreement with Amazon, together with an associated warrant transaction designed to support a long-term relationship between the companies. The agreement provides a framework to support the continued deployment of Electrovaya's Infinity Battery Technology in Amazon's material-handling operations and potential expanded engagement across additional applications, including robotics and stationary energy storage. The Company is in active discussions with Amazon for potential implementation of the Infinity technology across a broad range of applications. Under the associated warrant transaction, Amazon may acquire up to 13,880,345 common shares of Electrovaya, with full vesting tied to cumulative future purchases of US$280 million. A portion of the warrants vested upon execution of the agreement. Future purchases remain subject to Amazon's normal commercial ordering processes. Electrovaya believes the expanded relationship has the potential to support increased demand for its existing material-handling products during fiscal 2027 and beyond, while also accelerating opportunities in newer markets. Launch of ElvaPulse™ Stationary Energy Storage Platform In July, Electrovaya launched ElvaPulse™ 1500, the first product in its new high-power stationary energy-storage portfolio. ElvaPulse 1500 utilizes a modular 20-foot enclosure and a 1500-volt DC architecture, providing up to approximately 2.88 MWh of nominal energy and configurable continuous power of up to approximately 7 MW- which the Company believes is the highest power density available in the industry today. The system is designed for high-power, high-utilization applications including AI and data-center infrastructure, resilient microgrids, industrial power management and other mission-critical energy applications. The Company has initiated UL 1973 and UL 9540 certification activities, with completion currently targeted for the first quarter of calendar 2027. Initial commercial deliveries are targeted to begin in the second quarter of calendar 2027 from the Company's Jamestown, New York facility. Electrovaya is currently in active discussions with hyperscale customers, data-center developers and major power and energy developers regarding potential ElvaPulse deployments. Based on the scale of opportunities currently under discussion, successful conversion of a portion of this pipeline could require substantial utilization of the Company's planned Jamestown production capacity. Robotics, Defense and High-Voltage Product Commercialization Commercial deliveries of Electrovaya battery systems for robotics and defense applications continued during the quarter. This included the Company's first 800V high-voltage systems for a hybrid-drive defense application. Electrovaya completed UL 2580 certification for six models of its next-generation high-voltage lithium-ion battery systems, which are designed for integrated material-handling vehicles operating in demanding all-season outdoor environments. Electrovaya continues to participate in the U.S. Department of Energy-funded program, led by Binghamton University and supported by a US$5 million DOE award. The project includes development and demonstration of an energy storage system in a data-center test environment. The Company continues work closely with a major construction equipment OEM in Japan through its relationship with Sumitomo Corporation and expects certain programs to move to series production from mid 2027. Technology Development Highlights: Electrovaya has made continued progress in solid-state battery development and is currently producing approximately 1-Ah solid-state cells, with development efforts underway toward approximately 5-Ah cells. Development of the Company's next-generation ceramic separator continues to advance. At the pilot scale, the Company has demonstrated performance comparable to the Company's existing ceramic separator technology while reducing separator thickness by approximately 25% which has significant implications for improvements in cost and energy density. Initial shipments of Electrovaya's 800-volt battery systems for specialized trucking and defense applications have commenced. Development of Electrovaya's niobium-oxide ultra-fast-charging battery technology continues, including commissioning of a 24-volt module designed to support charge and discharge rates of up to 20C. Jamestown Manufacturing Expansion Development of the Company's Jamestown, New York manufacturing facility continues to progress. Dry-room construction has been completed. Site electrical and HVAC infrastructure upgrades are ongoing. Construction of the major cell-manufacturing equipment has been completed. The Company expects to shortly commence an approximately eight-week factory-acceptance-testing program at its equipment supplier in Korea, during which the complete cell assembly line will be assembled and operated prior to shipment to Jamestown. Members of Electrovaya's Jamestown operations team will participate directly in the testing program in preparation for installation and commissioning in New York. The Jamestown facility is expected to provide increased manufacturing capacity to support Electrovaya's expansion into energy storage, robotics, defense and other mission-critical applications, while establishing domestic U.S. lithium-ion cell-manufacturing capability. Management Commentary "The underlying profitability of the business continued to strengthen," said Dr. Raj Das Gupta, CEO of Electrovaya. "We achieved the highest quarterly gross margin in Electrovaya's history at 34.9%, record Adjusted EBITDA, and an Adjusted EBITDA margin above 20% for the first time, while remaining profitable for the sixth consecutive quarter." "Overall topline revenue was affected by several customer programs shifting later than we had originally anticipated, including approximately $5 million of high-voltage systems that are now expected to be delivered early in fiscal 2027. These are timing shifts rather than lost orders, and the programs remain active." "The more important development is the position we are building for fiscal 2027 and beyond. During the past several weeks, we formalized and expanded our commercial relationship with Amazon and launched ElvaPulse 1500 into the rapidly developing market for high-power stationary energy storage for data centers and other mission critical infrastructure. We believe the Amazon relationship can support further growth in our existing material-handling business while accelerating opportunities in robotics and energy storage. At the same time, the commercial interest we are seeing in ElvaPulse gives us increased confidence in the strategic importance of our Jamestown manufacturing expansion." "Electrovaya's technology has now been validated across more than 35,000 battery systems operating in demanding industrial environments. We believe the combination of safety, longevity, high-power capability and domestic U.S. manufacturing positions the Company particularly well for mission-critical applications across material handling, robotics, defense and data-center energy infrastructure." John Gibson, Electrovaya's Chief Financial Officer, added: "Electrovaya delivered record Adjusted EBITDA of $3.7 million and a record gross margin of 34.9%. For the first nine months of fiscal 2026, revenue increased 18% to $51.3 million, Adjusted EBITDA increased approximately 56% to $8.5 million and net profit increased approximately 80% to $2.4 million with some potential Q3 revenues shifting to subsequent quarters." "We ended the quarter with approximately $13.1 million of unrestricted cash, $65.9 million of positive working capital and $67.2 million of shareholders' equity. We remain focused on disciplined management of margins, liquidity and working capital as we complete the Jamestown manufacturing expansion and position the Company for growth across its existing and emerging markets." Fiscal 2026 Revenue Outlook Based on the customer order and delivery timing currently visible through the fourth quarter, Electrovaya now expects fiscal 2026 normalized revenue of approximately $70 million to $73 million. The revised outlook reflects the timing of certain customer programs, including approximately $5 million of high-voltage battery-system deliveries now expected in the first quarter of fiscal 2027; in addition to some material handling customer pushouts that were identified as risks that the Company discussed during the FYQ2 financial release. While quarterly order and delivery timing can vary, Electrovaya remains confident in the underlying order pipeline and long-term demand across its principal markets. The Company also believes its expanded relationship with Amazon has the potential to support increased demand for its existing material-handling products during fiscal 2027 and beyond. Revenue guidance is subject to change and is made barring unforeseen circumstances, including evolving geopolitical and economic conditions that may impact supply chains, customer demand and the timing of revenue realization. See "Forward-Looking Statements."   Selected Annual Financial Information for the Quarter ended June 30, 2026 and 2025: Results of Operations(Expressed in thousands of U.S. dollars) Summary Financial Position(Expressed in thousands of U.S. dollars) Cash flow statement(Expressed in thousands of U.S. dollars) 1 Non-IFRS Measure: Adjusted EBITDA is defined as income/(loss) from operations, plus stock-based compensation costs and depreciation and amortization costs. Adjusted EBITDA does not have a standardized meaning under IFRS. Therefore it is unlikely to be comparable to similar measures presented by other issuers. Management believes that certain investors and analysts use adjusted EBITDA to measure the performance of the business and is an accepted measure of financial performance in our industry. It is not a measure of financial performance under IFRS, and may not be defined and calculated in the same manner by other companies and should not be considered in isolation or as an alternative to IFRS measures. The most directly comparable measure to Adjusted EBITDA calculated in accordance with IFRS is income (loss) from operations. The Company's unaudited consolidated Financial Statements and Management Discussion and Analysis for the first quarter ended June 30, 2026 are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov, as well as on the Company's website at www.electrovaya.com. Conference Call & Webcast details: Date: Tuesday, August 11, 2026 Time: 8:30 am. Eastern Time (ET) Toll Free: 888-506-0062 International: 973-528-0011 Participant Access Code: 793337 Webcast link: https://www.webcaster5.com/Webcast/Page/2975/54401 To help ensure that the conference begins in a timely manner, please dial in 10 minutes prior to the start of the call. For those unable to participate in the conference call, a replay will be available for two weeks beginning on August 11, 2026, through August 25, 2026. To access the replay, the dial-in number is 877-481-4010 and 919-882-2331. The replay passcode is 54401. Investor Contact: Jason RoyVP, Corporate Development and Investor RelationsElectrovaya [email protected] Media Contact: ICR [email protected] About Electrovaya Inc. Electrovaya Inc. (NASDAQ: ELVA; TSX: ELVA) is a technology-driven lithium-ion battery company commercializing its proprietary Infinity Battery Technology, designed for superior safety, longevity, and performance in mission-critical industrial, robotics, defense and energy-storage applications. The Company leverages a strong intellectual-property portfolio and advanced materials expertise to deliver durable, high-value battery solutions to global OEMs and end users. To support growing demand and advancing energy-security and national-security objectives, Electrovaya is expanding U.S. manufacturing through its 52-acre Jamestown, New York site, which includes a 137,000-square-foot facility planned as its first gigafactory. Electrovaya also operates two Canadian sites focused on research, engineering, and product commercialization. For more information, please visit www.electrovaya.com. Forward-Looking Statements This press release contains forward-looking statements, including statements that relate to, among other things, revenue and performance expectations, including revised revenue guidance for fiscal 2026, future purchase orders, order growth and customer demand in FY 2026 and associated timing, mass production schedules, the Company's ability to start production of cells at the Jamestown, New York facility by the end of CY 2026 or in the first quarter of CY 2027, future business opportunities including growth into additional verticals beyond material handling vehicles, use of proceeds, ability to deliver to customer requirements, and revenue growth forecasts for the fiscal year ending September 30, 2026. Forward-looking statements can generally, but not always, be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate are necessarily applied in making forward looking statements and such statements are subject to risks and uncertainties, therefore actual results may differ materially from those expressed or implied in such statements and undue reliance should not be placed on such statements. In light of updated customer demand assumptions, timing of certain programs, and prevailing macroeconomic and trade conditions, that were identified as risks that the Company discussed during the FYQ2 financial release, the Company has revised its revenue expectations for fiscal 2026. The Company now expects normalized FY 2026 revenue in the range of approximately $70 million to $73 million, representing growth over FY 2025 but below its previously disclosed revenue guidance of more than 30% revenue growth over FY 2025 (exceeding $83 million). The Company's revised revenue expectations for FY 2026 are based on its current firm purchase order backlog, a more conservative assessment of anticipated deliveries in FY 2026 based on customers' historical patterns and additional demand communicated to the Company and its partners and continued application of a discount to the overall expected order pipeline to account for potential delays in customer orders and program ramps. Material assumptions made in disclosing the forward‑looking statements included in this press release include, but are not limited to, assumptions that: the Company's customers will purchase and deploy its products in accordance with communicated timing and volumes, subject to potential delays; that the Company's customers will complete new distribution centers in accordance with communicated expectations, intentions and plans, subject to potential schedule slippage; the sum of anticipated new orders in FY 2026 based on customers' historical patterns and additional demand communicated to the Company and its partners but not yet provided as a purchase order, along with the Company's current firm purchase order backlog, combined totalling approximately $100-125 million, will convert to normalized revenue in FY 2026 within the $70-$73 million range; a discount of approximately 25% (or higher, as appropriate) used in the revenue modeling applied to the overall expected order pipeline to account for potential delays in customer orders; expected decreases in input and material costs combined with stable selling prices in FY 2026, subject to market volatility; a stable political climate with respect to exports from Canada to the United States, including no new or increased tariff regime; the start‑up date for manufacturing in Jamestown, NY will be towards the end of FY 2026 or first quarter of FY 2027; the ability to leverage IRA 45X credits; the ability to receive incentives from the State of New York; the ability to improve margins from domestic manufacturing; and the ability to attract additional customers through domestic manufacturing. Factors that could cause actual results to differ materially from expectations include, but are not limited to: customers not placing orders roughly in accordance with historical ordering patterns and communicated intentions, resulting in normalized FY 2026 revenue below the $70-$73 million range; the predictability of sales and success of the Company's products in verticals other than material handling; the imposition of a tariff regime on Canadian exports by the United States or other adverse trade developments, including renegotiation or repudiation of existing trade agreements; macroeconomic effects on the Company and its business and on the lithium battery industry generally; the Company's liquidity and cash availability in excess of its operational requirements; the ability to generate and sustain sales orders; potential delays in the ramp‑up of the Jamestown, NY facility; and uncertainty around the availability, timing and magnitude of government incentives and tax credits, including IRA 45X credits and New York State incentives. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward‑looking statements may be found in the Company's Annual Information Form for the year ended September 30, 2025 under "Risk Factors", in the Company's base shelf prospectus dated September 17, 2024, and in the Company's most recent annual and interim Management's Discussion and Analysis under "Qualitative And Quantitative Disclosures about Risk and Uncertainties", as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward‑looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law. The revenue for the periods described herein constitute future‐oriented financial information and financial outlooks (collectively, "FOFI"), and generally, is, without limitation, based on the assumptions and subject to the risks set out above under "Forward‐Looking Statements". Although management believes such assumptions to be reasonable, a number of such assumptions are beyond the Company's control and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. FOFI is provided for the purpose of providing information about management's current expectations and plans relating to the Company's future performance and may not be appropriate for other purposes. The FOFI does not purport to present the Company's financial condition in accordance with IFRS, and the differences may be material. The inclusion of the FOFI in this news release disclosure should not be regarded as an indication that the Company considers the FOFI to be a reliable prediction of future events, and the FOFI should not be relied upon as such. SOURCE: Electrovaya, Inc. View the original press release on ACCESS Newswire

Electrovaya Inc. (ELVA) came out with quarterly earnings of $0.01 per share, missing the Zacks Consensus Estimate of $0.03 per share. This compares to earnings of $0.02 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -66.67%. A quarter ago, it was expected that this company would post earnings of $0.01 per share when it actually produced earnings of $0.02, delivering a surprise of +100%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Electrovaya Inc., which belongs to the Zacks Electronics - Miscellaneous Products industry, posted revenues of $17.72 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 17.62%. This compares to year-ago revenues of $17.13 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Electrovaya Inc. shares have added about 22.9% since the beginning of the year versus the S&P 500's gain of 13.3%. While Electrovaya Inc. has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Electrovaya Inc. was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.07 on $28.37 million in revenues for the coming quarter and $0.14 on $82.82 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Electronics - Miscellaneous Products is currently in the top 20% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Beam Global (BEEM), another stock in the same industry, has yet to report results for the quarter ended June 2026. This company is expected to post quarterly loss of $0.17 per share in its upcoming report, which represents a year-over-year change of +39.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Beam Global's revenues are expected to be $8 million, up 13.2% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Electrovaya Inc. (ELVA) : Free Stock Analysis Report Beam Global (BEEM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Thursday, May 14, 2026 at 5:00 p.m. ET Chief Executive Officer — Dr. Rajshekar Das Gupta Chief Financial Officer — John Gibson John Gibson: Thank you. Good afternoon, everyone, and thank you for joining today's call to discuss Electrovaya's Q2 2026 financial results. Today's call is being hosted by Dr. Raj Das Gupta, CEO of Electrovaya; and myself, John Gibson, CFO. Today, Electrovaya issued a press release concerning its business highlights and financial results for the quarter and 6 months ended March 31, 2026. If you would like a copy of the release, you can access it on our website. If you want to view our financial statements, management discussion and analysis, you can access those documents on SEDAR+ at www.sedarplus.ca, the SEC's EDGAR website at sec.gov/edgar or at our updated website at www.electrovaya.com. As with previous calls, our comments today are subject to the normal provisions relating to forward-looking information. We will provide information relating to our current views regarding market trends, including their size and potential for growth and our competitive position within our target markets. Although we believe that the expectations reflected in such forward-looking statements are reasonable, they do obviously involve risks and uncertainties, and actual results may differ materially from those expressed or implied in such statements. Additional information about factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the company's press release announcing the Q2 fiscal 2026 results and the most recent annual information form and management discussion and analysis under Risks and Uncertainties as well as in other public disclosure documents filed with Canadian and U.S. security regulatory authorities. Also, please note that all numbers discussed on the call are in U.S. dollars, unless otherwise noted. And now I'd like to turn the call over to Raj. Rajshekar Gupta: Thank you, John, and good evening, everyone. It is a pleasure to speak with you today as we review our second quarter fiscal 2026 results. Despite some supply chain disruptions stemming from recent geopolitical developments, we continued steady progress during the quarter across our financial, technology and strategic business objectives. While our material handling products continue to form the foundation of our revenue base, the quarter also marks the commencement of commercial deliveries of our latest battery systems for robotic applications in addition to shipments to 2 defense contractors. These developments reflect the continued expansion of our technology platform into new and strategically important verticals. We remain highly focused on new product development, continued advancement of our core battery technologies and the ramp-up of our Jamestown manufacturing facility, all of which we believe will play a central role in supporting the company's long-term growth and success. During the quarter, we also commenced shipments of our latest high-voltage battery systems. We expect high-voltage vehicle platforms to scale over the coming years and become a meaningful contributor to revenues beginning in fiscal 2027. In the airport ground support equipment sector, testing activities have continued to progress well, and our trial battery systems are now operating commercially at multiple airports. However, recent disruptions within the airline industry and broader macroeconomic uncertainty may impact the timing of capital spending decisions and near-term order flow within this sector. Turning to product and technology development. We continue to advance our technology and product portfolio, spanning advanced ceramic separator technologies through to next-generation software solutions. Our most significant development initiative is focused on energy storage products, which we expect will become a showcase of the company's integrated battery system, cell and software capabilities, delivering differentiated solutions for mission-critical energy storage applications. Electrovaya is developing products and technologies that fundamentally build upon our core strengths in advanced ceramic separators, cell and system safety, longevity, cycle life and high-performance battery operations. I'm particularly excited about our push into energy storage. This is a sector that I personally led at Electrovaya more than a decade ago before the market became increasingly commoditized. Today, however, with the rapid growth in demand for mission-critical energy infrastructure, we believe that the market environment has fundamentally changed and presents a significant opportunity for differentiated technology solutions. We believe our energy storage platforms can deliver an outsized impact through a combination of high power density, long cycle life and industry-leading safety. Our objective is to enable customers to achieve more with a smaller and more efficient battery solution, improving both operational performance and overall economics. In addition, given the exceptional safety and field performance record of our Infinity technology, we believe mission-critical applications will represent a key target market for the company. We've already demonstrated the strength of this approach within the material handling sector, where we successfully introduced a premium battery solution to some of the world's largest companies. We believe a similar strategy can be applied to energy storage infrastructure markets. Within our energy storage product portfolio, which is in development, we are advancing both AC-coupled 1,500-volt systems and DC-coupled 800-volt system architectures. These platforms are being engineered to meet UL 9540A certification standards while supporting materially higher power densities than conventional lithium-ion energy storage systems. Fundamentally, our goal is to deliver greater performance and capability with a smaller overall battery footprint. I'm also encouraged by the continued progress of our next-generation ceramic separator development program, which is expected to deliver further improvements in battery performance and capability. To support future commercialization, we are planning scaled manufacturing expansion at one of our Ontario facilities with production targeted to commence in 2027. In parallel, our solid-state battery development efforts have accelerated following the installation of upgraded infrastructure and a new dry room earlier this year. As I mentioned previously, we are also advancing rapidly towards the development of an ultra-fast charging lithium-ion cell and accompanying battery systems. This technology integrates a next-generation niobium oxide anode with the company's Infinity Platform to deliver enhanced safety, long cycle life and charging times of approximately 5 minutes. In-house testing of prototype cells is ongoing and has successfully demonstrated the targeted high rate charging capabilities alongside excellent cycle life performance. We've also already produced prototype battery modules utilizing these cells and are actively designing complete battery systems targeting applications such as robotics, data center infrastructure support and other high-power industrial markets. We are currently targeting customer sampling this year with commercial availability expected in 2027. Finally, regarding our Jamestown expansion. I was at the facility yesterday, in fact, and I'm very pleased with the significant progress being made in site preparation and infrastructure development. Construction of the dry rooms is underway. Building floors have been reinforced to support advanced manufacturing equipment and a number of additional facility upgrades are progressing on schedule. Most importantly, we continue to strengthen the leadership and technical expertise required to successfully scale the operation. Our cell manufacturing lead for Jamestown, Ok-soo Han, recently joined the company and has already relocated to the region. Ok-soo has been based in Michigan since 2015 and previously led new cell product introduction initiatives at LG Energy Solutions. In addition, we have continued to add other key personnel, including process engineers and manufacturing specialists with experience across several major North American battery operations. Along with our ongoing capital equipment investments at the site, experienced talent will be critical to the successful execution of our long-term manufacturing strategy. The Jamestown expansion remains a core component of our plans to increase production capacity and support domestic manufacturing, particularly for our future energy storage and defense-related product lines. With that, I will now turn the call back over to John for a detailed review of our financial results. John Gibson: Thanks, Raj. Electrovaya continued its steady growth through the second quarter of fiscal 2026. As Raj mentioned, the company did experience supply chain issues due to the current geopolitical and macroeconomic environment. At the end of the quarter, the company had approximately $1.4 million of finished goods waiting to be shipped solely due to the supply chain delays. It's important to note that revenue is only recognized once the units are delivered to customers. Despite these issues, revenue for the quarter was $18 million compared to $15 million in the prior year, year-over-year growth of 20%. Revenue for the 6-month period was $33.6 million compared to $26.2 million in the prior year, year-over-year growth of 28%. Gross margin for the quarter was 33.4%, an increase of 230 basis points over the prior year gross margin of 31.1%, and gross margin for the 6-month period was 33.2% compared to 30.9% in the prior year. As is the case with previous quarters, the gross margin is primarily driven by product mix. Managing suppliers, prices and tariffs continues to be at the forefront of our activities as we scale, and management believes the company is positioned -- well positioned to maintain these strong margins as we continue through 2026 and into 2027. Operating profits increased significantly year-over-year. Operating profit for the quarter was $2.2 million compared to $1.4 million in the prior year, an increase of 56% and operating profit for the 6-month period was $3.6 million compared to $1.2 million, an increase of 195% year-over-year. Net profit for the quarter was $1 million compared to $0.8 million in the prior year, and net profit for the 6-month period was $2.1 million compared to $0.4 million in the prior year, a significant increase of 404% year-over-year. Q2 represents the fifth consecutive quarter of net profit and positive earnings per share. Adjusted EBITDA for the quarter was $2.8 million compared to $2 million in the prior year, an increase of $0.8 million or 41%. Adjusted EBITDA for the 6-month period was $4.8 million compared to $2.6 million in the prior year, an increase of 89% year-over-year. EBITDA grew in the current year due to the improved margins and managing operating costs. Adjusted EBITDA as a percentage of sales was 15.7% for the quarter and 14.3% for the 6 months. The company generated positive cash provided by operating activities of $4.3 million compared to $3.2 million in the prior year and cash used in operating activities of $5.6 million compared to $4.8 million in the prior year. The cash used being driven by increases in accounts receivable, inventory and prepaids. The company ended its first quarter with positive net working capital of $57.8 million compared to $26.2 million in the prior year, a current ratio of 7.7 compared to 3.9, a clear indicator of improved financial performance and management is committed to continuing this positive trend. At the end of the quarter, total debt was $21.9 million compared to $13.1 million in the prior year. This debt includes both working capital debt and the debt from the EXIM facility, while the prior year figure is solely working capital. Working capital debt was $12.2 million at the end of the quarter, a slight decrease of $0.9 million over the prior year. And at March 31, the company had drawn $19.8 million from the EXIM loan. The company made the first interest payment on the EXIM loan at the end of the quarter. The company continues to utilize cash from the equity raise for engineering and R&D efforts. At the end of the quarter, the company had $20.4 million in unrestricted cash on hand and availability within its banking facility of $7.8 million. We believe we have adequate liquidity to support our expansion into new verticals and anticipated growth as we continue through fiscal year 2026. Finally, we are seeing some impact from the current geopolitical environment and resulting elevated energy prices on customer ordering patterns, particularly as uncertainty around operational costs, supply chain and regional demand continues to evolve. As a result, we may see a portion of orders that we had previously anticipated within the current fiscal year being deferred with some customers taking a more cautious approach to capital deployment. However, we are also seeing some customers potentially increasing their demand from our initial expectations, which may compensate for any disruptions. While underlying demand for our products remain strong, given this potential uncertainty, we may see a portion of this activity shift into fiscal 2027. We continue to engage closely with our customers and remain confident of our long-term outlook with these timing dynamics reflecting prudence rather than any structural change in demand overall. That concludes our financial overview. Raj and I would now be pleased to hold a question-and-answer session. Operator: [Operator Instructions] Your first question comes from Colin Rusch with Oppenheimer. Colin Rusch: Could you give us an update on validation and testing of the line that will go into Jamestown? I just want to see or just understand how far along you are in terms of that testing and when we might expect delivery of all that equipment into the facility in the U.S. Rajshekar Gupta: Colin, good to hear you. So the equipment, there's a bunch of different equipment, right? So there's the cell manufacturing equipment, which is coming primarily from a Korean supplier. And for the -- for that, we're setting up the entire line actually in Korea, and we'll be conducting a pretty extensive factory acceptance test plan over there, right? So we'll have a very large team from Jamestown primarily out there for a period of 6 weeks, where we'll run the entire production line essentially from start to finish. And that's, I would say, a somewhat unusual factory acceptance test plan, but we've done that to derisk operations in Jamestown and reduce site acceptance test work that we would do. So that's going to start occurring late summer. Earlier in the summer, the same sort of activity is going to occur for our module production lines, which are highly automated. And so -- but that's not as complicated, so it will be a little bit shorter. Other equipment, a lot of it is already on site. So all the infrastructure equipment, things like dry rooms, switchgears, all -- a lot of the other ancillary infrastructure is already on site. So there's more or less a permanent construction crew on site in Jamestown right now. Colin Rusch: Excellent. That's super helpful. And then with the niobium batteries, obviously, there's a lot of potential opportunities with that product. I just want to get a sense of what the form factor looks like right now and how big these batteries are, like how much capacity they'll ultimately have as you start to roll them out because there's certainly a number of different form factors that they could end up in different duty cycles. Just want a sense of that initial trajectory on that product. Rajshekar Gupta: So essentially, what we've done here with the niobium oxide is we've partnered with a leading technology player who's developed the anode material, combined it with our Infinity Platform, which is essentially our ceramic separator, our unique electrolyte. And appears that we've -- we're getting actually higher rate performance with our platform as opposed to a standard setup. So that's a good sign. The cells we're making with these -- with this new material, we're going straight to large cell format, so about 40 amp power cells, which would allow us to make larger battery systems, which we think is what the market would want for this type of technology. And so we're going after both the robotics segment. We have a product being developed for that as well as the, I would say, a rack-based energy storage system. The rates that these are getting is about in battery terms, over 10C. So 5-minute charge, 5-minute discharge, which is very, very high power levels for a battery and then it's quite exciting. But it's still early. So it's too hard to say exactly how this is going to progress, but it's moving quickly. Operator: The next question comes from Eric Stine with Craig-Hallum. Eric Stine: Maybe we could just talk a little bit about the guidance qualification. So I just want to be clear, I guess I was unclear. So are you seeing some impact to order patterns now? Or is this just kind of being prudent in taking your typical approach to be conservative that it is possible that you see it? I guess that would be first. And then second, I mean, is there a way you can kind of give at least a high-level idea of what sort of a range or amount we are talking about? John Gibson: We've not seen significant impact to order flow, but there is -- with the current global environment, there is a chance that it does happen. So while some orders may -- some customers may slow down their orders, we are seeing some customers potentially speeding up the orders. So it's really -- it's difficult to determine and show the full impact it may have on the fiscal year, which is why we wanted to just kind of communicate that to date. Rajshekar Gupta: Yes. May I'll expand a little bit on that is we -- for instance, I'll give you an example of the airport ground equipment, which is a new space for us. Most certainly, I would say the current geopolitical situation is affecting what may have been an earlier order flow from that sector into something that's further out. As John just said, we've seen some -- we haven't necessarily seen direct impacts just yet, but we've heard chatter that some capital budgets in some of our customer segments may be getting pushed. At the same time, potentially one of our largest buyers might be increasing their demand beyond what we had initially expected. So it's just -- there's just a lot of noise at the moment, which is creating a little bit of difficulty for us in predicting how the rest of the fiscal year is going to go specifically. But in general, the trend and demand signals for our products is very strong. It's just this is a relatively unpredictable time, and it's always hard to give specific guidance. Eric Stine: Right. No, I mean, I think it's prudent to take that approach given everything that's going on. Okay. And maybe you mentioned airport ground support equipment. You do -- I mean, even though, yes, a possibility that things get pushed a little bit, your commentary seems to indicate that things have taken a bit of a step forward. I think previously, you talked about deployed at 2 airports and kind of a pilot. This go around talking about that it's deployed at multiple airports and that it's more commercialized. So I don't know if I'm reading too much into that or not. Rajshekar Gupta: It's not commercialized in material terms at this point. But the batteries, which I would call demo -- demonstration batteries, which have been purchased, but they're very small numbers of them. They are being used in commercial activities, right? They're at the airport doing work. The airline seems to be happy with them, right? Otherwise, we would have heard. But I do believe these airlines are pushing back some of their capital expenditures due to the higher fuel prices. Eric Stine: Okay. All right. Maybe last one for me. Just as you've talked about the emerging applications and energy storage, I mean, that certainly has been positioned as it will arguably or likely be the largest market, but that maybe it was a little bit further out. And today, it does seem like, again, maybe I'm reading too much into it, but it does seem like you are kind of well, you're more optimistic and potentially that it maybe is moved forward a little bit in terms of the contribution to your business. So I guess, correct me if I'm reading too much into it. Rajshekar Gupta: No, you're not. We're definitely aggressively pursuing this segment. We see -- we've been in discussions with, I'd say, a fairly wide array of potential stakeholders and interested parties in this technology. The initial reception has been very strong. I think our -- the direction on the product development is fitting a portion of the market, which is not served well, right? So what is that? That's short duration energy storage. There's a lot of players looking at 2 hours, 4-hour energy storage. I mean that's obviously an important area, but it is not an area we're focused on. We're focused on high-power mission-critical applications. And there is -- there are a lack of solutions for that, in my opinion. We also bring fully -- there's a word for this FEOC compliant, which is a FEOC-compliant U.S. manufactured solutions. So our solutions coming out of the Jamestown plant will be eligible to up to 40% investment tax credits. Those are -- that's a very strong incentive. And finally, it will be a fantastic product. It's -- we have -- we know these batteries work extremely well, extremely reliably in very high-stress environments already. We already have an extremely -- a very good customer roster of folks who are using our batteries inside buildings. Now we're asking them to use them outside the building. So I think things are aligning well. We also recently won a Department of Energy project, which is a good example of how this is going to move. And we're going to use these products ourselves. So right, the Jamestown facility in terms of improving power reliability, which is important for an industrial site such as ours. We're going to install our own energy storage systems there instead of using diesel gensets, right? So we are going at this aggressively in terms of hiring people to support it. We have -- we've been adding key personnel including a Head of the Product Design, someone to support the high power, high thermal modeling capabilities. That guy just came from StoreDot. So we're going all in on this. And I think it can become quite rapidly a very significant part of our business. Operator: The next question comes from Theo Genzebu with Raymond James. Theophilos Genzebu: Just, Raj, piggybacking off of your -- the last question just there on energy storage. It clearly appears to be becoming a much larger strategic focus for the company. And as of this stage, I guess, are customer discussions primarily centered around like pilot scale deployments? Or are you beginning to see like maybe interest around like larger multi-site commercial opportunities there? Just any color on that would be great. Rajshekar Gupta: We're looking at both. Both are important to us, right? So we've started giving pricing for larger opportunities. At the same time, we want to support our existing base of customers, right? There is an opportunity to sell these solutions coinciding with existing installations of our forklift battery solutions, right? So if a building has 100 batteries inside it that are made by Electrovaya, there's an opportunity to upsell to that same customer and putting an energy storage system outside, right, which would benefit them in terms of reducing electricity costs, right? That's one opportunity. There's also opportunities to do with single customers, larger scale deployments, right? So... Theophilos Genzebu: Okay. Great. Thanks for expanding on that. And you mentioned also the FEOC, the FEOC compliance there. Are you -- so would you say are you beginning to see that become a more important competitive -- like competitive differentiator when you're -- for customer procurement discussions at all? Rajshekar Gupta: I think so. Obviously, we're not going to be the only manufacturer who has that capability, but it becomes a slimmer number, right? Theophilos Genzebu: Okay. Great. And maybe just last one. I know, like, last quarter, you highlighted the start of commercial robotics and the reason increasing activities with like several OEMs. Can you help maybe frame for me how those engagements have progressed over the last few months and whether you're beginning to see maybe broader like fleet scale deployment discussions emerge? Rajshekar Gupta: Yes, that is progressing well. I mean this last quarter, John, we shipped hundreds of packs. John Gibson: 300. Rajshekar Gupta: 300 packs, and that's going to continue and accelerate. We're adding additional OEMs, right? It takes time, of course, as there's a qualification and validation period, but we're working with already a handful of OEM partners. These are often very large companies, and we're developing more as time goes on, right? So that's definitely a key area of focus. It's already our second, #2 after material handling in terms of revenue generation, and it's going to grow. We're very bullish about the segment for sure. Theophilos Genzebu: Okay. Great. So it sounds like it's kind of it's safe to say that it's coming along more or less in line with your expectations from like, say, 5 months ago? Rajshekar Gupta: Correct. Now these are much smaller batteries, right, that go into these devices as opposed to our material handling systems, which are larger, right? So you need more of them to generate more -- to have a more material revenue generation. But it's most certainly a sector which has a long way to go and a huge growth trajectory. Operator: The next question comes from Craig Irwin with ROTH Capital. Craig Irwin: The first question I have is about backlog, right? So in your press release, there's a boiler plate section about forward-looking statements where you talk about backlog being approximately $100 million to $125 million. That's very similar to your comments last quarter where you said in your prepared remarks, $100 million to $125 million. Can you maybe update us on backlog trends? Has your backlog been kind of flattish sequentially quarter-over-quarter? Are we seeing a little bit of churn there? What do we need to see the backlog grow? I do realize that it is a healthy level above what you will be shipping over the next 12 months. But what do we need to see for people to commit around the Jamestown facility and your capacity expansion and your new technologies and everything else? John Gibson: This is John. I'll take that one on. So the number we use there is a combination of the backlog, frontlog and the pipeline, right? So the backlog of the orders in hand, frontlog is orders that are one that we know are coming in and pipeline are things that we have pretty good certainty over them coming in. So that's really how we get to that number. And that number has not really changed from last year to this year. All that's happened is there's going to be increases and decreases in each of the 3 categories to make up the same figure. So that's really more than just like a 12-month outlook as well. That would cover 2026 and then go right into 2027. So some of that frontlog, some of that pipeline is definitely going to be going to Jamestown. And it's also only material handling. There's no revenue for -- there's no pipeline or amounts counted from other verticals in that number either. So there's no real robotics number. There's no energy storage. There's no airport ground equipment in there. There's no defense equipment in there. It's really just the material handling. So in terms of looking at us filling up Jamestown, once you bring all those new verticals into the conversation, we don't have any fear about there being any downtime or anything within Jamestown. Rajshekar Gupta: Yes. The other point there on that, it's -- for material handling specifically, companies actually place orders often at the last moment, right? Like today, we received a pretty -- an order, which is over $1 million, which requires delivery within 2 weeks. Obviously, we were expecting that order well before. So it would be part of a pipeline, which we were expecting, which gets delivered. So that's often how it works in material handling. The other sectors are more traditional in the fact they give longer forecasting and it's more predictable in some senses. But we have obviously a number of key relationships, which we rely on both our OEM partner provides us pretty good forecasting, which is built into this as well as our largest end customers, right? So that's how we put this together. Obviously, timing can always shift, and that's built into the FOI. Craig Irwin: Okay. I understand that. So my second question is about the energy storage market and your technology and how it fits, right? So when we looked at what the hyperscalers have done, there's not a whole lot of business with Toshiba around their titanate batteries, which tend to be very, very expensive, but have an impressive safety profile and a tremendous cycle life. Now your product is sold at a modest premium to the typical industrial lithium, but has a vastly superior product profile with -- I guess we're still running out the cycles, but let's say, somewhere between 9,000 or 10,000 and 14,000 cycles available. So it should be really compelling economics to these potential customers. Can you talk about where you stand in conversation with some of these very large customers? The third-party test data has to be very interesting to them. Are you in advanced discussions with any specific hyperscalers? Or is this product approach is simply built a block and market it and let people choose if that's what they want to use? Rajshekar Gupta: Yes. I think as you just stated there, Craig, the product technology, the performance is compelling for this space. And that's why we're going after it in such a big way. We've had -- for the larger systems, which we're developing, we've been presenting the specifications to a wide variety of potential end customers, one of which is, I guess, you could classify as a hyperscaler and a few others are supporting hyperscalers in terms of power infrastructure. And so we're getting good feedback, good responses. However, the product isn't quite ready yet, right? So we're in that development phase and hope to bring it to market pretty much coinciding with the start-up of the Jamestown plant, right? So in early 2027, when we're making cells and modules there, that's when we're aiming to ramp up deliveries into the sector. The Toshiba product with lithium titanate, that's one we admire and have -- both in terms of the robotics segment, that robotics segment, that technology has done well. We're going after the same sort of customers that, that technology has gone after with, I would say, higher performance and lower cost. Craig Irwin: That makes a lot of sense. Last question, if I may. You did mention robotics. That's something people ask about a lot. Can you maybe update us on the applications you're serving there? Any new customer interest or progress with existing customers where we might see commercial ramps for the demand for your product over the next couple of quarters? Rajshekar Gupta: Yes. So the ones we're delivering now to are primarily going into, I would call, a surveillance robot machine, all right? However, most of the ones we're in discussions with are in material handling devices which are autonomous, right? So we already have 2 of them, which are validated and will go into production later and a number of others in discussions. These are -- sometimes they're American companies, sometimes they're Japanese companies. That's -- but there's a lot of discussions taking place for sure. Nothing too much in the humanoid space at this point, but that could always happen. Operator: Next question comes from Jeffrey Campbell with Seaport Research. Jeffrey Campbell: Congratulations on another strong quarter. I wanted to ask with regard to the storage products, this might be a John question. And regarding the storage products, can you help us understand what significant scaling of the product would look like from a financing perspective? Will this possibly be a lease or a lease to own or will the customer own it? Will you bring in financial partners to take the tax benefit? Just any color you can provide would be appreciated. John Gibson: I think we'd offer a number of different options to each customer. Each customer is going to have a different capital budget. In some instances, it's going to be beneficial for us to own it and lease it to them. In some instances, they're going to want to purchase it and take the tax credits. It's really just going to be customer-specific. I don't think we're initially going to bring in a financing partner to help us with this just because I expect more people, more companies to actually purchase the storage units. So if we get to a point where we find that leasing is more advantageous, then we need to sit down and think about how we finance that. But in the short term, short to medium term, I think most of them are going to be purchased. Jeffrey Campbell: Okay. My other question was, I was glad to see the solid-state battery work is accelerating. It would seem like a natural tech for certain military applications. I was just wondering if the traction that you're getting in this space with the Infinity technology might be paving the way for the solid-state battery testing when you deem it's ready. Rajshekar Gupta: Yes, certainly, right? We have developed good relationships in the defense space already with the Infinity technology. When we think we're ready to bring this other platform up to them, we certainly will. In my experience, it's never good to bring something that's premature to a potential commercial activity, right? So we're not there yet. But there was a period of time where we -- work was essentially stalled in this area, partly due to infrastructure and equipment, and that's now been resolved. So in a priority level, it's not as high as some of the other endeavors we're after, but it's certainly we're not ignoring it. Operator: Okay. We've reached the end of the question-and-answer session. I would like to turn the floor back over to management for any closing remarks. Rajshekar Gupta: Thanks so much. That concludes our call this evening, and thanks for listening. We look forward to speaking with you again after we report our third quarter 2026 results. Operator: This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation. Before you buy stock in Electrovaya, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Electrovaya wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $468,861!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,445,212!* Now, it’s worth noting Stock Advisor’s total average return is 1,013% — a market-crushing outperformance compared to 210% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 15, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends Electrovaya. The Motley Fool has a disclosure policy. Electrovaya (ELVA) Q2 2026 Earnings Transcript was originally published by The Motley Fool

Interested in Electrovaya Inc.? Here are five stocks we like better. Revenue and profitability improved in fiscal Q2, with sales up 20% to $18 million and gross margin expanding to 33.4%. Electrovaya also posted its fifth straight quarter of net profit, while adjusted EBITDA rose 41% year over year. Supply chain delays held back about $1.4 million of finished goods from shipping, and management warned that macroeconomic uncertainty, tariffs and customer caution could push some orders from fiscal 2026 into fiscal 2027. Growth is broadening beyond material handling into robotics, defense, airport ground support and energy storage. The company is also advancing its Jamestown expansion and next-generation battery technologies, including ultra-fast-charging cells and ceramic separators. Electrovaya (NASDAQ:ELVA) reported higher fiscal second-quarter revenue and profitability while cautioning that supply chain delays and macroeconomic uncertainty could affect the timing of some customer orders. On the company’s earnings call, Chief Financial Officer John Gibson said revenue for the quarter ended March 31, 2026, rose 20% to $18 million from $15 million a year earlier. Revenue for the first six months of fiscal 2026 increased 28% to $33.6 million from $26.2 million in the prior-year period. All figures discussed on the call were in U.S. dollars. → Micron Investors Face a High-Stakes Moment After the Latest Rally Gibson said the company had approximately $1.4 million of finished goods at quarter-end that were waiting to be shipped because of supply chain delays. Electrovaya recognizes revenue only after units are delivered to customers. “Despite these issues, revenue for the quarter was $18 million,” Gibson said. → How Bad Could Tesla’s Cybertruck Recall Be for Shares? Gross margin expanded to 33.4% in the quarter, up from 31.1% a year earlier. For the six-month period, gross margin was 33.2%, compared with 30.9% in the prior year. Gibson said margins continued to be driven primarily by product mix, while supplier pricing and tariffs remain areas of focus as the company scales. Operating profit for the quarter rose 56% to $2.2 million from $1.4 million a year earlier. For the six-month period, operating profit increased 195% to $3.6 million from $1.2 million. → Reading the Stripes: Is The Industrial Recession Over? Net profit was $1 million for the quarter, compared with $0.8 million in the prior-year period. Six-month net profit increased to $2.1 million from $0.4 million, a 404% year-over-year increase. Gibson said the quarter represented Electrovaya’s fifth consecutive quarter of net profit and positive earnings per share. Adjusted EBITDA increased 41% to $2.8 million in the quarter from $2 million a year earlier. For the first six months of fiscal 2026, adjusted EBITDA rose 89% to $4.8 million from $2.6 million. Adjusted EBITDA as a percentage of sales was 15.7% for the quarter and 14.3% for the six-month period. Gibson said Electrovaya ended the quarter with $20.4 million in unrestricted cash and $7.8 million of availability under its banking facility. Net working capital was $57.8 million, compared with $26.2 million a year earlier, and the current ratio was 7.7x, compared with 3.9x. Total debt was $21.9 million at quarter-end, compared with $13.1 million in the prior year. Gibson said the current debt balance includes both working capital debt and debt from the company’s EXIM facility, while the prior-year figure consisted only of working capital debt. Working capital debt was $12.2 million, down $0.9 million from the prior year. Electrovaya had drawn $19.8 million from the EXIM loan as of March 31 and made its first interest payment on the facility at the end of the quarter. Gibson said the company believes it has sufficient liquidity to support expansion into new verticals and anticipated growth through fiscal 2026. Chief Executive Officer Dr. Raj DasGupta said material handling products continue to form the foundation of Electrovaya’s revenue base, but the company is expanding into additional markets. During the quarter, Electrovaya began commercial deliveries of its latest battery systems for robotic applications and shipped products to two defense contractors. DasGupta said the company also began shipping its latest high-voltage battery systems, with high-voltage vehicle platforms expected to become a more meaningful revenue contributor beginning in fiscal 2027. In robotics, DasGupta said Electrovaya shipped about 300 packs during the quarter and expects that activity to continue and accelerate. He said robotics is already the company’s second-largest revenue segment after material handling, though the batteries are smaller than those used in material handling applications and require larger volumes to generate material revenue. Asked about the applications being served, DasGupta said current deliveries are primarily for a “surveillance robot machine,” while many ongoing discussions involve autonomous material-handling devices. He said Electrovaya has two such devices validated and expected to go into production later, with additional discussions underway. In airport ground support equipment, DasGupta said trial battery systems are operating commercially at multiple airports. However, he said the systems remain small-volume demonstration batteries, and higher fuel prices and airline capital spending constraints may push out broader order flow. DasGupta said Electrovaya is pursuing energy storage products as a major development initiative, emphasizing high-power, mission-critical applications rather than two-hour or four-hour storage systems. He said the company is developing AC-coupled 1,500-volt systems and DC-coupled 800-volt architectures designed to meet UL 9540 certification standards while supporting higher power densities than conventional lithium-ion energy storage systems. “We’re definitely aggressively pursuing this segment,” DasGupta said, adding that initial reception from potential stakeholders has been strong. He said Electrovaya is targeting applications where safety, cycle life and high power density are priorities. The company plans to use its own energy storage systems at the Jamestown facility to improve power reliability instead of diesel generators, he said. Gibson said financing structures for energy storage deployments may vary by customer. In the short to medium term, he expects most customers to purchase the storage units, though leasing could be considered if it becomes advantageous. Electrovaya continues to advance its Jamestown manufacturing facility, which DasGupta described as central to the company’s plans to expand production capacity and support domestic manufacturing, particularly for future energy storage and defense-related products. DasGupta said construction of dry rooms is underway, building floors have been reinforced and other facility upgrades are progressing on schedule. He also noted the addition of Ok-soo Han as cell manufacturing lead for Jamestown. Han previously led new cell product introduction initiatives at LG Energy Solution, according to DasGupta. On equipment validation, DasGupta said the cell manufacturing line is being set up in Korea for an extensive factory acceptance test. A large Jamestown team is expected to run the full production line there for about six weeks beginning in late summer. Module production line testing is expected earlier in the summer, while other infrastructure equipment is already on site. The company is also developing an ultra-fast-charging lithium-ion cell using a next-generation niobium oxide anode combined with its Infinity platform. DasGupta said prototype cells have demonstrated targeted high-rate charging capabilities and strong cycle life in in-house testing. The company is targeting customer sampling this year and commercial availability in 2027. Electrovaya also continues to work on next-generation ceramic separators, with scaled manufacturing expansion planned at one of its Ontario facilities and production targeted to begin in 2027. Solid-state battery development has accelerated after installation of upgraded infrastructure and a new dry room, though DasGupta said it is not currently the company’s highest-priority development effort. Management said underlying demand remains strong, but customer ordering patterns may be affected by the geopolitical environment, elevated energy prices, supply chain concerns and capital spending caution. Gibson said some orders previously anticipated in fiscal 2026 could shift into fiscal 2027, though some customers may increase demand from initial expectations. Electrovaya is a Canada-based energy storage company that designs and manufactures advanced lithium-ion battery systems and components. The company's core business revolves around the development of proprietary electrode and cell technologies that deliver high energy density, rapid charge capability and enhanced safety features. Electrovaya's product portfolio encompasses large-format battery cells, modules, complete battery packs and integrated energy storage systems tailored to industrial, commercial and utility-scale applications. In the industrial sector, Electrovaya supplies modular battery systems for material-handling equipment such as electric forklifts, automated guided vehicles and airport ground support vehicles. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Electrovaya Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

This article first appeared on GuruFocus. Release Date: May 14, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Electrovaya Inc (NASDAQ:ELVA) reported a 20% year-over-year revenue growth for the quarter, reaching $18 million. The company achieved a gross margin increase to 33.4%, up by 230 basis points from the previous year. Electrovaya Inc (NASDAQ:ELVA) has commenced commercial deliveries of its latest battery systems for robotic applications and defense contractors. The company is advancing its energy storage product portfolio, targeting high-power, mission-critical applications with significant market potential. Electrovaya Inc (NASDAQ:ELVA) is expanding its manufacturing capabilities with the Jamestown facility, which is on track for production in 2027, supporting future growth. Supply chain disruptions due to geopolitical developments have delayed shipments, with $1.4 million of finished goods awaiting delivery. Macroeconomic uncertainties and disruptions in the airline industry may impact the timing of capital spending and order flow in the airport ground support equipment sector. The company faces potential deferrals in customer orders due to elevated energy prices and geopolitical tensions. Electrovaya Inc (NASDAQ:ELVA) has seen an increase in total debt to $21.9 million, up from $13.1 million in the prior year. The energy storage market, while promising, is still in the development phase, with commercial availability expected in 2027, indicating a longer timeline for revenue realization. Warning! GuruFocus has detected 6 Warning Signs with ELVA. Is ELVA fairly valued? Test your thesis with our free DCF calculator. Q: Could you provide an update on the validation and testing of the equipment for the Jamestown facility? A: Dr. Raj Dasgupta, CEO: The equipment, primarily from a Korean supplier, will undergo extensive factory acceptance testing in Korea. A large team from Jamestown will be there for six weeks to run the entire production line. This is to de-risk operations in Jamestown and reduce site acceptance test work. This process will start in late summer, with module production lines being tested earlier. Q: Can you elaborate on the potential of the niobium oxide batteries and their form factor? A: Dr. Raj Dasgupta, CEO: We are developing large cell formats, about 40 amp-hour cells, for larger battery systems. These are aimed at both the robotic segment and rack-based energy storage systems. The batteries offer high power levels, with a five-minute charge and discharge capability, and are progressing quickly. Q: Are you seeing any impact on order patterns due to the current global environment? A: John Gibson, CFO: We haven't seen significant impacts yet, but there's potential for changes due to the global environment. Some customers might slow down orders, while others might speed up. It's difficult to determine the full impact, but we wanted to communicate this potential uncertainty. Q: How are customer discussions progressing regarding energy storage, and are you seeing interest in larger commercial opportunities? A: Dr. Raj Dasgupta, CEO: We are looking at both pilot scale and larger commercial opportunities. We are providing pricing for larger opportunities and supporting our existing customer base. There is an opportunity to upsell energy storage systems to existing customers with our forklift battery solutions. Q: Can you update us on the backlog trends and what is needed to see it grow? A: John Gibson, CFO: The backlog number includes orders in hand, front log, and pipeline. It hasn't changed much from last year, with fluctuations in each category. The backlog is primarily for material handling, and once new verticals are included, we don't foresee any downtime at Jamestown. For the complete transcript of the earnings call, please refer to the full earnings call transcript.