Electrovaya Reports 2nd Consecutive Profitable Quarter
February 09 2016 - 5:58PM
Electrovaya (TSX:EFL) today reports its Q1 financial results for
the quarter ending December 31, 2015. All numbers are in US
dollars.
Financial Highlights:
- Revenues: Q1 2016 revenue is $8.2 million (Cdn
$11.4 m), a growth of 2,800% over Q1 2015
- Adjusted EBITDA Positive: Q1 2016 of $3.4
million (Cdn$ 4.7m) a positive swing of $5.1 million from loss of
$1.89 million in Q1 2015
- Net Profit Increases: Q1 2016 net profit is
$3.0 million (Cdn$ 4.2 m)
- Cash Balance: December 31, 2015 cash balance
was $3.3 million (Cdn$4.6 m). Cash balance as of 5th February 2016
is $6.8 million (Cdn$9.5 m).
Business Highlights: The acquisition of the
Litarion and its 0.5 Gigawatt hour plant in Germany continues to
accelerate revenues and profits as revenues grow and benefits from
the investment are received. The acquisition of the Global
exclusive rights to the unique flexible Ceramic separator,
SeparionTM also allows Electrovaya Litarion additional large
revenue opportunities and unique capability to deliver the safest
cells in the industry. Income from the legacy Daimler contract
ended in early October 2015 and revenue was $0.7 million in this
Quarter. Previously Litarion was Daimler's captive supplier.
Electrovaya's acquisition allows Electrovaya and Litarion to expand
its sales to multiple customers in multiple business sectors. The
combined technology from Electrovaya and Litarion generates
industry leading technology in non-toxic production, safety, cycle
life and costs. Quarter highlights include:
- Notable Contracts: the announcement of a $ 16
million (Cdn $22.4 million) contract for the supply of Lithium Ion
Cells (40 Ah) to an US energy storage group
- Strong Revenue Pipeline: a rapidly growing
revenue pipeline, largest in the history of Electrovaya and
Litarion especially with the announcement of our new cell
production.
Commenting on the results Electrovaya Chairman and CEO, Dr.
Sankar Das Gupta stated "We are pleased with the Q1 results. We
expect good revenue growth in the next few years as demand for safe
and high cycle life lithium ion cells and batteries grows in high
value applications". Conference Call Details: The
Company will hold a conference call on Wednesday February 10, 2015
at 8:00 a.m. Eastern Time (ET) to discuss the Q1, 2016 results
ended December 31, 2015 and to provide a business update.
Conference ID: 13630400 US and Canada toll free: (877) 407-8291
International: + 1(201) 689-8345 To help ensure that the conference
begins in a timely manner, please dial in 10 minutes prior to the
start of the call. For those unable to participate in the
conference call, a replay will be available for two weeks beginning
on February 10, 2016 through February 24, 2016. To access the
replay, the U.S. dial-in number is (877) 660-6853 and the non-U.S.
dial-in number is +1 (201) 612-7415. The replay conference ID is
13630400. Financial Summary: The Company's
complete Q1, 2016 First Quarter and Annual Financial Statements
and Management Discussion and Analysis are available at
www.sedar.com or on the Company's website at
www.electrovaya.com. FINANCIAL HIGHLIGHTS
(thousands of US dollars)
Q1 2016
Q1 2015
$change
%change Revenue
8,240
280
7,9602,8 43%
Adjusted EBITDA(1)
3,355
(1,724)
5,079
- Net Earnings (Loss) Attributable
2,959
(1,891)
4,850
- to Common Shareholders
Cash and cash equivalents – December 31
3,259 1,662
1,597
96% (1) Adjusted
EBITDA does not have a standardized meaning under IFRS. Therefore
it is unlikely to be comparable to similar measures presented by
other issuers. We define adjusted EBITDA as gain from operations
less stock based compensation expense, finance cost and
amortization. We believe that certain investors and analysts use
adjusted EBITDA to measure the performance of the business.
About Electrovaya Inc. Electrovaya Inc. (TSX:EFL)
designs, develops and manufactures proprietary Lithium Ion Super
Polymer® batteries, battery systems, and battery-related products
for energy storage, clean electric transportation and other
specialized applications. Electrovaya, through its fully owned
subsidiary, Litarion GmbH, also produces cells, electrodes and
SEPARION™ ceramic separators and has manufacturing capacity of
about 500MWh/annum. Electrovaya is a technology focused company
with extensive IP. Headquartered in Ontario, Canada, Electrovaya
has production facilities in Canada and Germany with customers
around the globe. To learn more about how Electrovaya and Litarion
is powering mobility and energy storage, please explore
www.electrovaya.com, www.litarion.com and www.separion.com
Forward-Looking Statements This press release
contains forward-looking statements, including statements that
relate to, among other things, revenue forecasts, technology
development progress, plans for shipment using the Company's
technology, production plans, the Company's markets, objectives,
goals, strategies, intentions, beliefs, expectations and estimates,
and can generally be identified by the use of words such as "may",
"will", "could", "should", "would", "likely", "possible", "expect",
"intend", "estimate", "anticipate", "believe", "plan", "objective"
and "continue" (or the negative thereof) and words and expressions
of similar import. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, such statements involve risks and uncertainties, and
undue reliance should not be placed on such statements. Certain
material factors or assumptions are applied in making
forward-looking statements, and actual results may differ
materially from those expressed or implied in such statements.
Important factors that could cause actual results to differ
materially from expectations include but are not limited to:
general business and economic conditions (including but not limited
to currency rates and creditworthiness of customers); Company
liquidity and capital resources, including the availability of
additional capital resources to fund its activities; level of
competition; changes in laws and regulations; legal and regulatory
proceedings; the ability to adapt products and services to the
changing market; the ability to attract and retain key executives;
and the ability to execute strategic plans. Additional information
about material factors that could cause actual results to differ
materially from expectations and about material factors or
assumptions applied in making forward-looking statements may be
found in the Company's most recent annual and interim Management's
Discussion and Analysis under "Risk and Uncertainties" as well as
in other public disclosure documents filed with Canadian securities
regulatory authorities. The Company does not undertake any
obligation to update publicly or to revise any of the
forward-looking statements contained in this document, whether as a
result of new information, future events or otherwise, except as
required by law.
CONTACT: For more information, please contact:
Electrovaya Inc.
Email: ir@electrovaya.com
Phone: (905) 855-4618
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