Electrovaya Inc. provided a shareholder update on November 27, 2024, including unaudited preliminary financial results for Fiscal Year 2024, which ended September 30, 2024. The company estimates FY2024 revenue to be approximately $45 million, with a gross margin of 31%.
Electrovaya expects to report an operating profit and improved Adjusted EBITDA for FY2024. Looking ahead, the company projects FY2025 revenues to exceed $60 million, driven by renewed demand from its largest end users.
The update also noted that the US EXIM Bank's recently approved direct loan of $51 million is expected to begin disbursements during the first calendar quarter of 2025. This financing is crucial for supporting the company's Jamestown lithium-ion battery expansion.
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