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Electrovaya Reports Fiscal Year Q2 2026 Results

ELVA
  • Electrovaya reported Q2 FY 2026 revenue of $18M, up 20% year-over-year, while six-month revenue reached $33.6M, up 28% year-over-year.
  • Adjusted EBITDA for the quarter was $2.8M, a 41% increase year-over-year, & net profit was $1M ($0.02 per share).
  • Supply chain delays in the quarter's latter half caused production slowdowns, resulting in $1.4M of finished goods not recognized as revenue.
  • Gross margin improved to 33.4% for the quarter & 33.2% for the six-month period, both representing a 230 basis point increase from the prior year.
  • The company achieved positive cash flow from operations of $4.3M for the six months ended March 31, 2026, & closed with $20.4M in non-restricted cash.
  • Initial shipments of commercial robotics batteries have commenced to a major OEM, with several other OEMs in evaluation stages.
  • Electrovaya completed UL2580 safety certification for six next-generation high-voltage battery models, likely the first in its target segment.
  • Energy storage strategy includes targeting scaled deliveries of ITC- & FEOC-compliant products in the first half of 2027.
  • Defense sector revenues from one global contractor are expected to reach multi-million-dollar levels in 2027, with two additional contractors evaluating technology.
  • Development is advancing on AC-coupled 1500VDC & DC-coupled 800VDC energy storage architectures designed to meet UL9540A standards.
  • Next-generation ceramic-separator manufacturing is planned for scaled-up production in Canada by 2027, while solid-state battery development has accelerated.
  • Ultra-fast charging lithium-ion cell prototypes have demonstrated five-minute charging times, with sampling targeted for 2026 & commercial availability in 2027.
  • Jamestown manufacturing expansion is underway with dry room construction progressing, senior management hired, & assembly operations expected to commence this summer.
  • Fiscal 2026 revenue guidance anticipates growth exceeding 30% over FY 2025, targeting over $83M in revenue despite potential deferrals to FY 2027.