2Q23 Results: Record Q2 Revenue of $10.5 Million; Registers Positive EBITDA and Net Profit
In 2QFY23, Electrovaya achieved record revenue of $10.5 million, a 144% Y/Y increase from $4.3 million in 2QFY22. The increase in revenue was due to increased order volume and ramp-up in production to meet the demand, despite ongoing supply chain issues and inflationary pressures. Revenue was predominantly from the sale of batteries for Materials Handling Electric Vehicles (MHEVs), which accounted for $10.2 million (~97%) in 2QFY23, versus $3.9 million (~90%) in 2QFY22. The sale of engineering services, research grants, and other sources of revenue accounted for the remaining $0.2 million (3%) in 2QFY23 versus $0.4 million (20%) in 2QFY22. Electrovaya's gross margin was 25.5% for 2QFY23, a slight increase from the previous quarter, which was 25.0%. The company has locked in pricing from key suppliers for 2023 deliveries and will be taking advantage of volume discounts where available. It expects to see an increase in gross margins in C23...
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