Electrovaya sees Q4 revenue $13.4M, up 35% year-over-year

Preliminary unaudited FY 2023 revenue of $42.2M, an increase of 113% compared with $19.8M in FY 2022. Management expects strong growth to continue in FY2024. The Company intends to provide formal guidance for FY2024 when it releases its audited FY2023 financial statements. Raj DasGupta, CEO of Electrovaya, said, “We have passed a key inflection point demonstrating our ability to scale our core Infinity Battery technology to meet the needs of the world’s most intensive electrified applications. This is exemplified by the execution of our growth, production and profitability objectives for the fiscal year. We plan to build on this momentum in FY2024 with continued growth in our core material handling vertical and develop new applications where our Infinity Technology provides a competitive edge.”