Electrovaya Inc. (TSE:ELVA) has released an update.
Electrovaya Inc. has announced strong second quarter results for FY2024, with a notable increase in Adjusted EBITDA to $1.5 million and improved gross margins to 35%, signaling a robust operating profit of $0.7 million. The company, known for its advanced lithium-ion battery technology, has secured a supply agreement and is expanding into new markets, including defense and heavy machinery, while preparing for mass production with a Japanese OEM in 2026. Despite customer-driven revenue delays, Electrovaya expects accelerated growth in the upcoming periods.
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