Electrovaya Inc. (“Electrovaya” or the “Company”) (TSX:EFL)
(OTCQX:EFLVF) today reported its financial results for the fiscal
third quarter ended June 30, 2017 (“Q3 2017”). All numbers are in
US dollars unless otherwise noted.
In Q3 2017, Electrovaya progressed with respect to the long
sales cycle that characterizes its target markets and has
successfully delivered to its target vertical markets. In Q3 2017,
Electrovaya’s sales increased by 120% over Q2 2017, which in turn
were significantly higher than Q1 2017.
“Our growth initiatives and business focus
remain on applications where the lithium ion battery is intensively
used and requires high performance,” said Dr. Sankar Das Gupta,
Chief Executive Officer. “We are seeing progress in our key target
verticals including electric commercial vehicles and energy
storage. We continued to make component sales of cells during the
third quarter,” said Dr. Das Gupta.
Financial Highlights:
- Q3 2017 revenue was $4.4 million (Cdn $5.5m) compared to Q3
2016 revenue of $2.6 million (Cdn $3.3m), an increase of
approximately 70%; and compared to Q2 2017 of $2.0 million (Cdn
$2.5), an increase of 120%
- The net loss for Q3 2017 was $6.3 million (Cdn $7.9m) compared
to a net loss for Q3 2016 of $3.1 million (Cdn $3.9m);
- Cash and restricted cash totaled $1.7 million (Cdn $2.1m) as at
June 30, 2017 compared to $2.7 million (Cdn $3.4m) at June 30,
2016; and
- Inventory was $13.7 million (Cdn $17.1m) as at June 30, 2017 as
compared to $16.7 million (Cdn $20.9m) the previous year.
Business Developments:
Electrovaya made deliveries of cells to OEMs who
utilized them for electric commercial vehicle applications, modules
deliveries to the Hyster Yale Group and made the first deliveries
of its Elivate line of forklift battery systems to Mondelez
International. The Elivate product is undergoing extensive trials
at multiple distribution center and manufacturing sites in the
United States and Canada.
Subsequent to the end of Q3 2017, Electrovaya
announced that it completed delivery of two important orders:
- A $634,000 order from Mondelez International for replacement
forklift lithium ion ceramic batteries; and
- A €1 million order of lithium ion cells from an electric
vehicle producer.
On June 30, 2017, Electrovaya announced a
settlement agreement with Ontario Securities Commission related to
prior disclosure. The Company agreed to make a series of corporate
governance enhancements as part of the settlement. The Company did
not pay a financial penalty.
Richard Halka, the Company’s EVP & CFO
accepted an invitation from Global Affairs Canada to join its Clean
Technology Advisory Group.
Ian Lyons, CFA, joined the Company as VP
Investor Relations. Mr. Lyons based in Boston, was until
recently, a senior executive with Nomura and Societe Generale and
has over 20 years of experience in the Capitals Markets in USA and
Europe.
Conference Call Details: The Company will hold
a conference call on Wednesday, August 2, 2017 at 9:00 a.m. Eastern
Time (ET) to discuss the fiscal Q3 2017 results for the period
ended June 30, 2017 and to provide a business update.
Conference ID: 13668171US and Canada toll free: (877)
407-8291International: + 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 August 2, 2017 through
August 16 , 2017. 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 13668171.
About Electrovaya
Inc.Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) 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 and sales forecasts, inventory levels, 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); results of
product trials, Company liquidity and capital resources, including
the availability of additional capital resources to fund its
activities; level of competition; inventory levels, 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.
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:
results of sales efforts, parties with whom Electrovaya has
executed a memorandum of understanding or letters of intent (each,
an “MoU”) not entering into a definitive agreement with
Electrovaya in a timely manner or at all, or on terms different
than those contained in the applicable MoU; the purchase orders
actually placed by customers of Electrovaya; the customers of
Electrovaya terminating the agreements or not renewing such
agreements annually; general business and economic conditions
(including but not limited to currency rates and creditworthiness
of customers); the Company’s liquidity and capital resources,
including the availability of additional capital resources to fund
its activities; inventory levels, 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 herein under the heading
“Risk Factors” in the Company’s “Annual Information Form” (“AIF”)
for the year ended September 30, 2016, and 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 or
incorporated by reference in this document, whether as a result of
new information, future events or otherwise, except as required by
law.
For more information, please contact:
Peter Koven,
Bay Street Communications
Telephone: 1.647.496.7857
Email: peterkoven@baystreetcommunications.com
Electrovaya (TSX:EFL)
Historical Stock Chart
From Jul 2024 to Jul 2024
Electrovaya (TSX:EFL)
Historical Stock Chart
From Jul 2023 to Jul 2024