2Q23 Results: Record Q2 Revenue of $10.5 Million; Registers Positive E...

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 s...