Electrovaya Inc. Q3 FY2025 earnings call

• The quarter marked strong momentum with revenue growth of 67% YOY to over $17 million and adjusted EBITDA of nearly $3 million (17% of revenue).
• Secured over $21 million in orders during the quarter, bringing total orders to over $65 million in 9 months. Initiated a second shift at Mississauga facilities and began assembly at Jamestown facility to address demand.
• Advanced Infinity technology is being applied to expanded applications, including material handling, robotics, airport ground equipment, defense, and energy storage. Partnerships with OEMs and Fortune 500/100 customers are strong.
• Jamestown manufacturing expansion continues, with cell production expected to start mid-next year, eligible for 45X production tax credits. Developed next-generation ceramic separator and solid-state battery efforts with positive small cell results.

In Q3 2025, Electrovaya achieved revenue of $17.1 million, a 67% year-over-year growth. Adjusted EBITDA was nearly $3 million, representing about 17% of revenue. For the 9 months ended June 30, 2025, revenue was $43.3 million, up 31% year-over-year. Gross margin for Q3 was 30.8%, and 9-month gross margin was also 30.8%. The company recorded a net profit of $0.9 million for Q3 2025 and $1.3 million for the 9 months ended June, compared to net losses in the prior year periods.

• Expect to continue growth trajectory into current quarter and beyond, leveraging demand from core material handling sector and developing verticals.
• Anticipate separately itemizing recurring revenue stream products (energy services, software) in fiscal year 2026.

• Forward-looking statements involve risks and uncertainties; actual results may differ from expectations. Factors causing material differences include those in press releases, annual information forms, and other public disclosures related to risks and uncertainties.

Q: How do you think about the change or potential change in revenue makeup in 2026 as a result of new verticals?

A: '26 will have significant contribution from other verticals; robotic vertical shipments to OEMs start next quarter, airport ground equipment shipments in next week or 2, and construction/OEM shipments scaling. Energy storage product launch soon but not yet in press release.

Q: Update on rail electric locomotive projects?

A: Rail is sensitive to government incentives; had a partner but government money disappeared; hybridized rail and Class 8 trucks are more realistic areas, with Class 8 trucks being a better focus currently Q: Comments on solid-state R&D?

A: Labs team has solid-state product with good small cell results; investing in dry room facilities and equipment at Mississauga labs to produce larger cells for sampling; suboptimal lab conditions need upgrading but results point to meeting aerospace/drone attributes'