Electrovaya Inc (ELVA)

[MFH55]

07:02 AM EST, 01/03/2024 (MT Newswires) -- Electrovaya Inc. (ELVA), a lithium-ion battery technology and manufacturing company, reported full-year 2023 revenue of US$44.1 million, an increase of 171% from US$16.3 million a year ago.
Net loss for the year came in at US$1.5 million, narrowing from a net loss of US$9.2 million a year ago.
Adiusted EBITDA in 2023 amounted to US$3.2 million, up from negative US$3.5 million a year ago.
For the fourth quarter of 2023, total revenue was at US$11.9
million and net profit was at US$769,000.
"FY 2023 represented a breakthrough year for the Company with strong revenue growth and over $3.2 million in Adjusted
EBITDA1", said Electrovaya (ELVA) CEO Raj DasGupta.
The company provided fiscal 2024 guidance of US$65
million to US$75 million, supported by an increasing order backlog and an udpated three-year strategic supply agreement with two major original equipment manufacturers in the material handling sector. The guidance