Dr. Raj DasGupta reports

ELECTROVAYA'S PRELIMINARY FY2023 REVENUE OF $42.2 MILLION, UP 113% Y/Y

Electrovaya Inc. has released preliminary unaudited Q4 and fiscal year 2023 revenue. All dollar amounts are in U.S. dollars unless otherwise noted.

• Preliminary unaudited Q4 FY 2023 revenue of $13.4-million ($18.1-million (Canadian)) for the quarter ending Sept. 30, 2023, an increase of 35 per cent compared with Q4 FY 2022;
• Preliminary unaudited FY 2023 revenue of $42.2-million ($56.9-million (Canadian)), an increase of 113 per cent compared with $19.8-million ($26.7-million (Canadian)) in FY 2022, and an increase of 264 per cent compared with $11.6-million ($15.6-million (Canadian)) in FY 2021, a compound annual growht rate of 100 per cent over two years;
• Management expects strong growth to continue in FY 2024. The company intends to provide formal guidance for FY 2024 when it releases its audited FY 2023 financial statements.

Dr. Raj DasGupta, chief executive officer of Electrovaya, said: "We have passed a key inflection point demonstrating our ability to scale our core Infinity battery technology to meet the needs of the world's most intensive electrified applications. This is exemplified by the execution of our growth, production and profitability objectives for the fiscal year. We plan to build on this momentum in FY 2024 with continued growth in our core material handling vertical and develop new applications where our Infinity technology provides a competitive edge."

John Gibson, chief financial officer of Electrovaya, said: "This has been a record revenue quarter with continued profitability for Electrovaya. We are maintaining our focus on high-value applications while continuing to expand and penetrate our end markets."

About Electrovaya Inc.

Electrovaya is a pioneering leader in the global energy transformation, focused on contributing to the prevention of climate change by supplying safe and long-lasting lithium-ion batteries. The company has extensive intellectual property and designs, develops and manufactures proprietary lithium-ion batteries and battery systems for energy storage and heavy-duty electric vehicles based on its Infinity battery technology platform. This technology offers enhanced safety and industry-leading battery longevity. The company is also developing next-generation solid-state battery technology at its labs division. Headquartered in Ontario, Canada, Electrovaya has two operating sites in Canada and has acquired a 52-acre site with a 135,000-square-foot manufacturing facility in New York State for its planned gigafactory.

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