Electrovaya Reports Financial Results for Q2 2018
Toronto, Ontario – April 24, 2018– Electrovaya Inc. (“Electrovaya” or the “Company”) (TSX: EFL; OTCQX: EFLVF) today reported its financial results for the fiscal second quarter ended March 31, 2018 (“Q2 2018”). All numbers are in U.S. dollars unless otherwise noted. The Company is pleased to report a tenfold increase in revenue from continuing operations in Q2 2018 compared to the fiscal second quarter ended March 31, 2017 (“Q2 2017”). Revenue from continuing operations was US$3.3 million (Cdn $4.2 million), compared to US$0.3 million (Cdn $0.4 million) in Q2 2017. The increase was primarily attributable to revenue collected on the Cdn $4.3 million purchase order from Walmart Canada announced on September 18, 2017, and also included other purchase orders for materials handling electric vehicle (MHEV) batteries. Electrovaya is encouraged by continued interest in its lithium ion forklift battery systems from new and existing customers. In addition to the six Fortune 500 companies which have issued initial and/or follow-up purchase orders, validation testing is ongoing by major global companies, and the Company is confident that sales momentum for these products will increase during fiscal 2018. Multiple manufacturers of MHEVs have approved the use of Electrovaya’s lithium ion batteries in certain of their vehicles for the North American market.