Electrovaya Inc.

Third-quarter revenue was $17.7 million versus $17.1 million in the prior-year quarter. Gross margin was 34.9%, up 410 basis points from 30.8% a year ago. Operating profit was $0.8 million versus $1.9 million last year, net profit was $0.3 million versus $0.9 million, and adjusted EBITDA was $3.7 million versus $2.9 million, with adjusted EBITDA margin at 20.7%. For the 9-month period, revenue was $51.3 million versus $43.3 million, gross margin was 33.8% versus 30.8%, operating profit was $4.3 million versus $3.2 million, net profit was $2.4 million versus $1.3 million, and adjusted EBITDA was $8.5 million versus $5.4 million. Management now expects full-year normalized revenue of approximately $70 million to $73 million. The company ended the quarter with $13.1 million in unrestricted cash, more than $7.8 million available under its bank facility, positive net working capital of $65.9 million, and total debt of $38.3 million. It said about $5 million of high-voltage battery system revenue shifted into fiscal 2027, with those deliveries expected to start contributing in early fiscal 2027.

Raj Das Gupta framed the quarter as a “strategic inflection” driven by four pillars: Amazon, ElvaPulse, Jamestown, and margins. He emphasized that the Amazon agreement is a long-term commercial validation and that the ElvaPulse launch opens a new stationary storage growth platform tied to data centers and other high-power applications. His tone was upbeat but candid, repeatedly saying the near-term revenue miss was about timing rather than demand and that fiscal 2027 is when the new pieces converge.

John Gibson focused on the financial bridge between lower revenue and still-strong profitability. He cited gross margin expansion to 34.9% from 30.8%, adjusted EBITDA of $3.7 million, and positive operating cash flow of $8.6 million for the quarter, while noting year-to-date cash used in operating activities of $17.4 million due mainly to working-capital timing, including accounts receivable, inventory, and prepaids. He also said the company had collected over $15 million in cash from customers within two weeks after quarter-end and reiterated liquidity of $13.1 million in cash plus more than $7.8 million available under its bank facility.

Analysts pressed on ElvaPulse pipeline size, Jamestown timing, 2027 material handling demand, 800-volt delivery delays, and the Amazon warrant accounting. Management said the ElvaPulse pipeline is substantial enough that winning even part of it could fully book 2027 production, with deliveries targeted to begin in calendar Q2 2027 after certification. On Amazon accounting, John Gibson said the initial warrant tranche will be amortized over roughly 7 to 10 years, while the revenue-linked tranches will vest in $2.8 million revenue increments. Management also said 2027 should be a much better year for material handling and that 800-volt delays are largely supply-chain timing issues expected to improve by fiscal Q1.