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ELVA

Electrovaya Inc.

ELVA

Electrovaya Inc. • NASDAQ
$4.73 ▲ 1.28% (+0.06)
Market Cap $190.68 M
52w High $7.72
52w Low $1.80
Dividend Yield 0%
P/E 157.67
Volume 154.75K
Outstanding Shares 40.31M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $17.133M ▲ $3.315M ▲ $907K ▲ 5.294% ▼ $0.02 ▼ $1.886M ▲
Q2-2025 $15.018M ▲ $3.277M ▼ $828K ▲ 5.513% ▲ $0.021 ▲ $1.798M ▲
Q1-2025 $11.169M ▼ $3.598M ▲ $-420K ▼ -3.76% ▼ $-0.012 ▼ $582K ▼
Q4-2024 $11.555M ▲ $2.266M ▼ $-114K ▲ -0.987% ▲ $-0.003 ▲ $1.133M ▲
Q3-2024 $10.248M $4.017M $-324K -3.162% $-0.009 $389.916K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.293M ▲ $53.991M ▲ $31.391M ▲ $22.384M ▲
Q2-2025 $283K ▼ $45.423M ▲ $24.293M ▼ $21.13M ▲
Q1-2025 $8.17M ▲ $45.067M ▲ $25.008M ▼ $20.059M ▲
Q4-2024 $781K ▲ $39.482M ▲ $30.897M ▲ $8.585M ▲
Q3-2024 $534K $37.81M $30.19M $7.62M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $921.945K ▲ $-2.99M ▲ $-1.737M ▼ $5.837M ▲ $1.01M ▲ $-4.548M ▲
Q2-2025 $828K ▲ $-4.475M ▼ $-879K ▼ $-2.483M ▼ $-7.887M ▼ $-5.354M ▼
Q1-2025 $-420K ▼ $-277K ▼ $-10K ▲ $7.681M ▲ $7.389M ▲ $-287K ▼
Q4-2024 $-114K ▲ $2.844M ▲ $-128K ▲ $-81.014K ▼ $247K ▲ $2.831M ▲
Q3-2024 $-324K $-533K $-143.108K $306K $-580.928K $-550.987K

Five-Year Company Overview

Income Statement

Income Statement Electrovaya’s revenue base is still very small but has been moving in the right direction over the last few years. The company has shifted from clear losses to roughly break-even results at the operating and net income level, which suggests better cost control and early benefits from scaling. Gross profit has turned positive and is holding, but margins still look thin, so the business is in an early stage where any slowdown in sales or cost overruns could quickly push results back into the red. Overall, the trend is improving, but the earnings profile is not yet robust or firmly established.

Balance Sheet

Balance Sheet The balance sheet is compact and still developing. Assets have been growing, but cash balances appear very lean, indicating limited financial cushion. Debt sits meaningfully on the balance sheet relative to the size of the company, though not at crisis levels based on the data provided. Equity has moved from negative to positive territory, which is a clear improvement and points to past losses being largely cleaned up or offset. Even so, the capital base remains thin, and the company looks sensitive to any prolonged period of weak performance or higher spending needs.

Cash Flow

Cash Flow Cash flow from operations has improved from consistent outflows to roughly break-even more recently, matching the shift seen in earnings. Free cash flow tells a similar story, with only modest pressure in earlier years and near balance more recently. Capital spending so far appears quite light, which helps near-term cash flow but also means the larger manufacturing expansion described will likely require a step-up in investment and, potentially, external funding. Overall, cash generation is not yet strong or self-sustaining, and the business still looks financially tight, especially heading into a growth and build-out phase.

Competitive Edge

Competitive Edge Electrovaya is positioned as a specialist rather than a mass-market battery player. Its focus is on heavy-duty, mission-critical uses—like forklifts, robotics, airport equipment, and some commercial vehicles—where safety, long life, and reliability matter more than the absolute lowest cost. The proprietary ceramic-based separator and strong safety record give it a clear technical edge in these niches, and long battery life can lower total ownership costs for customers. Relationships with large industrial and retail customers, plus integration with key equipment makers, create switching costs that support its position. However, the company operates in a global industry dominated by much larger competitors with deeper resources, and its success will depend on continuing to defend and extend its niche rather than competing head-on in commoditized segments.

Innovation and R&D

Innovation and R&D Innovation is the core of Electrovaya’s story. Its Infinity Battery platform, built around a ceramic separator and in-house battery management system, is designed for very long life and high safety. The company has built a sizable patent portfolio around these ideas, which helps protect its approach. It is also investing in next-generation technologies such as solid-state batteries, improved separators, and faster charging, aiming to stay ahead of rivals in performance and safety. Vertical integration—from cell technology to full battery systems—gives it control over quality and customization, but also increases execution complexity. The planned large-scale plant in New York is a major strategic move: if executed well, it could support strong growth; if delayed or over budget, it could strain finances. Overall, the technology roadmap is ambitious and promising, but it carries meaningful development and commercialization risk.

Summary

Electrovaya is a small but technologically distinctive battery company that has moved from clear losses toward break-even performance, with modest improvement in profitability and cash flow. Its balance sheet has strengthened from a negative equity position to a positive one, but remains thin, with limited cash and a noticeable reliance on debt, leaving little room for major missteps. The company’s real strength lies in its specialized focus on demanding industrial and mission-critical applications, supported by proprietary, safety-focused technology and a growing web of relationships with large customers. Its innovation pipeline—especially around ceramic-based designs, solid-state batteries, and fast-charging capabilities—offers meaningful upside if successfully brought to scale. At the same time, the combination of small size, capital needs for factory expansion, and intense industry competition means execution quality and balance-sheet discipline will be critical to its long-term outcome.

NEWS

November 25, 2025 · 7:00 AM UTC

Electrovaya Announces date for Q4 and FY-2025 Financial Results & Conference Call

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November 19, 2025 · 7:00 AM UTC

Electrovaya Provides a Business Update

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November 12, 2025 · 7:00 AM UTC

Electrovaya to Participate in Three Investor Conferences

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November 6, 2025 · 11:28 AM UTC

Electrovaya Inc. Announces Closing of Oversubscribed US$28.1 Million Public Offering of Common Shares, Including Full Exercise of Overallotment Option

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November 5, 2025 · 7:45 AM UTC

Electrovaya Inc. Announces Pricing of Oversubscribed US$24.4 Million Public Offering of Common Shares

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