3Q23 Results: Revenue of $10.5 Million; Registers Positive EBITDA and Net Profit
In 3Q23, Electrovaya achieved revenue of $10.5 million, a 160% Y/Y increase from $4.1 million in 3Q22. The increase in revenue was due to increased order volume and a ramp-up in production to meet demand. Guidance of $42 million for the year has been reiterated. Revenue was predominantly from the sale of batteries for materials handling electric vehicles (MHEVs), which accounted for $9.6 million (~91%) in 3Q23 versus $4.2 million (~98%) in 3Q22. The sale of engineering services, research grants, and other sources of revenue accounted for the remaining $0.9 million (9%) in 3Q23 versus $0.1 million (~1%) in 3Q22. Electrovaya’s gross margin was 28.1% for 3Q23, a 258-bp increase from the previous quarter, which was 25.5%. The battery materials segment’s gross margin stood at 30.3%. The company has noted that there were some increases in material prices due to inflationary pressures, which has been offset by engineering design optimization and sales price increases. It expects to see an increase in gross margins in FY23...
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