Electrovaya closed its public offering on November 6, 2025, selling 4.7 million common shares at $5.20 each and fully exercising the overallotment option for an additional 705,000 shares. The transaction generated $28.1 million in gross proceeds, up from the $24.4 million expected for the initial offering, and the offering was oversubscribed, indicating strong investor demand.
In the third quarter of 2025, Electrovaya reported revenue of $17.1 million, a 67% year‑over‑year increase, and a net profit of $0.9 million after a net loss the previous year. Gross margin stood at 30.8%, consistent with the company’s target of above‑30% margins and reflecting disciplined cost management as the business scales.
The proceeds will be deployed to accelerate the company’s expansion plans. Key uses include the construction and ramp‑up of the Jamestown, New York gigafactory, scaling of its Infinity battery technology, and expansion of manufacturing capacity. The company also plans to broaden its market reach into robotics, airport ground equipment, and stationary energy storage, leveraging its battery platform to capture new revenue streams.
CEO Dr. Raj DasGupta emphasized that the capital raise supports the company’s commitment to expanding U.S. manufacturing and highlighted the strategic importance of the Jamestown facility. CFO John Gibson noted that Electrovaya’s gross margins have remained above 30% and that the company has delivered a second consecutive quarterly net profit, underscoring the financial discipline behind the growth strategy.
Investors reacted negatively to the pricing announcement on November 5, citing dilution concerns, but the oversubscription of the offering signals confidence in the company’s long‑term prospects. The capital infusion strengthens Electrovaya’s balance sheet, reduces reliance on debt, and positions the firm to capture growth in high‑margin battery markets.
The $28.1 million raise positions Electrovaya to accelerate product development, expand manufacturing capacity, and pursue new market opportunities, reinforcing its competitive edge in the rapidly evolving battery technology landscape.
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