Electrovaya Achieves First Profitable Year with Record 43% Revenue Growth—Positioned for 30%+ Expansion in 2026
Historic Profitability and Strong Growth Fuel Investor Confidence
Electrovaya (NASDAQ: ELVA, TSX: ELVA), a technology-driven lithium-ion battery leader, has delivered its first profitable fiscal year, notching record revenue of $63.8 million—an impressive 43% year-over-year increase. The company also achieved a net profit of $3.3 million ($0.09 per share) for FY2025, a turnaround from the prior year's $1.5 million net loss. Management credits this leap to surging commercial demand, a solid product pipeline, and substantial improvements in operational efficiency.
Margins Remain Strong as New Verticals and Products Gain Traction
Electrovaya’s gross margin held steady at 30.8%, underscoring healthy pricing and manufacturing discipline. The battery system margin finished at 30.9%—reinforcing the durability and value of its core Infinity Battery platforms, which now boast over 10,000 systems deployed with a flawless safety record.
| Metric | FY2025 | FY2024 | Change |
|---|---|---|---|
| Revenue | $63.8M | $44.6M | +43% |
| Gross Margin | 30.8% | 30.8% | Flat |
| Adjusted EBITDA | $8.8M | $4.1M | +115% |
| Net Profit | $3.3M | ($1.5M) | Profitable |
| Earnings per Share | $0.09 | ($0.04) | Turnaround |
| Cash from Operations | $1.7M | $1.0M | +70% |
| Year-End Cash | $6.4M | $0.8M | +700% |
Commercial Expansion and Product Innovation Accelerate
FY2025 saw major purchase orders from Fortune 100/500 clients and leading OEMs, spanning material handling, robotics, and energy storage markets across North America, Japan, and Australia. The company's product roadmap advanced significantly with launches in robotics and ground support equipment, entry into defense and stationary storage, and the rollout of rapid-charging and solid-state battery initiatives.
The new Jamestown, NY facility buildout is on schedule and fully funded, enabled by $50.8 million in U.S. EXIM direct loans. The manufacturing ramp—combined with $40 million+ invested in new equipment—positions Electrovaya to benefit from U.S. production and investment tax credits and further expand market share in late 2026 and beyond.
Financial Position Strengthened by Strategic Funding Initiatives
To sustain and accelerate its growth, Electrovaya executed two equity offerings raising over $40 million (before fees) and secured new revolving credit lines totaling $76 million from BMO and EXIM. With a year-end cash position of $6.4 million and recent additional funding, liquidity now supports commercialization, technology development, and scaling recurring revenue services like energy-as-a-service and aftermarket support.
Looking Ahead: More Than 30% Revenue Growth Projected for 2026
Management is guiding for more than 30% revenue growth in FY2026—exceeding $83 million—based on a robust purchase order backlog (approximately $100-125 million), ongoing commercial expansion, and strong recurring demand from the company's largest customers. The company anticipates ongoing cash flow improvements, margin expansion from domestic manufacturing, and further market penetration in critical infrastructure sectors.
Key Takeaways for Investors
- Electrovaya achieved record results in revenue, profitability, and cash flow—supported by operational momentum and innovation.
- Strategic capital raises and credit facilities strengthen the balance sheet for future expansion and recurring revenue programs.
- The Jamestown gigafactory and advances in robotics, rapid-charging, and solid-state technologies underscore Electrovaya’s drive for sustainable, high-growth leadership.
- FY2026 guidance points to another year of significant revenue growth, with a path to scale in multiple high-value battery segments.
With fundamentals improving across the board and aggressive growth plans in place, Electrovaya stands out as a notable player to watch as energy security, automation, and clean power demands intensify in 2026.
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