Electrovaya Reports Third Quarter FY2024 Financial Results

Electrovaya Inc., a leading lithium-ion battery technology company, announced its Q3 FY2024 financial results. The company reported revenue of $10.3 million and an adjusted EBITDA of $0.6 million. Gross margin increased to $3.5 million, representing 33.7% of revenue, indicating continuous financial growth.

CEO Dr. Raj DasGupta highlighted new product development and strategic financing efforts aimed at fostering rapid growth for FY2025. The company is negotiating with a US federal agency for financing its Jamestown, NY manufacturing facility and is close to refinancing with a North American bank.

CFO John Gibson discussed the improved margins and remained optimistic about the company’s future financial health. Despite an increase in expenses due to new product development, the company has revised its fiscal year revenue guidance to $45 million because of order delays tied to new warehouse constructions.