Electrovaya Inc. Annual Report - How They Did This Year

Okay, let's dive into Electrovaya Inc.'s performance for the fiscal year that wrapped up on September 30, 2025.

A Quick Look at the Company Electrovaya Inc. (trading as ELVA on both Nasdaq and the Toronto Stock Exchange) had 42,108,920 shares out in the market as of the end of this fiscal year.

Looking Ahead: What's Next for Electrovaya? The company is pretty optimistic about the future! They're expecting some significant growth in the next fiscal year (FY 2026).

• Big Revenue Hopes: They're guiding for more than 30% revenue growth in FY 2026 compared to FY 2025, aiming to bring in over $83 million. This is a strong signal of their confidence.
• New Production Facility: A major development is their plan to start mass production of cells at their Jamestown, New York facility. They're targeting this to begin by the end of FY 2026 or early FY 2027. This move is expected to bring several benefits, including leveraging IRA45X tax credits, getting incentives from New York state, and potentially improving their profit margins by manufacturing domestically. It should also help them attract even more customers.
• Strong Order Book: Electrovaya already has a solid foundation for future sales, with a current firm purchase order backlog of approximately $100 million to $125 million. This means they have a good chunk of future business already lined up.
• Cost & Pricing Trends: They're anticipating some good news on the cost front, with expected decreases in the cost of materials and other inputs in FY 2026, while selling prices are expected to remain stable. This combination could be great for their profitability.

What Could Go Wrong? (Risks to Keep in Mind) Like any investment, there are things that could impact Electrovaya's plans:

• Customer Orders: Their growth depends on customers placing orders as expected. If customers delay or reduce orders, it could affect their revenue targets.
• New Markets: While they're strong in material handling, success in other product areas isn't guaranteed.
• Trade & Economy: Changes in trade policies (like tariffs on Canadian exports to the US) or broader economic slowdowns could hurt their business.
• Cash Flow: They need to ensure they have enough cash to fund their operations and growth plans.