Electrovaya Reports FY2024 Preliminary Results and Positive FY2025 Outlook

Electrovaya Inc., a leader in lithium-ion battery technology, revealed preliminary results for Fiscal Year 2024 with estimated revenue of approximately $44.6 million and a gross margin of 31%. The company expects to report an operating profit and improved Adjusted EBITDA for FY2024.

Looking forward, Electrovaya anticipates revenues exceeding $60 million for FY2025, driven by strong demand for material handling batteries from their largest end users. This forecast considers existing purchase orders and a pipeline from key customers.

The US EXIM Bank approved a $50.8 million direct loan to boost Electrovaya's manufacturing expansion in Jamestown, New York, with funding expected in the first quarter of 2025. The new facility targets material handling markets, defense sectors, and data center energy storage.