Dr. Raj Das Gupta reports

ELECTROVAYA PROVIDES A BUSINESS UPDATE

Electrovaya Inc. has provided a business update, including preliminary fiscal 2026 revenue expectations and progress on its Jamestown, N.Y., manufacturing facility and ElvaPulse stationary energy storage product line. All dollar amounts are in U.S. dollars unless otherwise noted.

Highlights:

• Unaudited revenue for the fiscal year ended Sept. 30, 2026, is expected to be a record and within previously issued guidance of approximately $71-million of normalized revenue, despite macroeconomic headwinds in core end markets.
• Audited FY 2026 results, expected in early December, 2026, will be the company's first reported under U.S. generally accepted accounting principles, supporting its transition to U.S. domestic filer status.
• FY 2027 is expected to see the company's two most pivotal initiatives come on-line: Jamestown lithium-ion cell, module and pack manufacturing and the ElvaPulse product line.
• Jamestown module manufacturing equipment has completed factory acceptance testing. Cell equipment testing is progressing well.
• The company appointed Kris Kuzniewski, PhD, as vice-president, data centre sales, to lead ElvaPulse data centre sales.

"Fiscal 2026 was another record year for Electrovaya, delivered in an environment where several of our core markets faced real macroeconomic challenges," said Dr. Raj Das Gupta, chief executive officer of Electrovaya. "We are excited to begin fiscal 2027, the year in which our two most pivotal initiatives come on-line: domestic cell, module and pack manufacturing in Jamestown, and our ElvaPulse energy storage platform. Together, we believe they will be instrumental in transforming Electrovaya and expanding the markets we serve."

Jamestown manufacturing site update

Factory acceptance testing of the module manufacturing equipment for the company's Jamestown, N.Y., facility has been completed, and the equipment has been accepted for delivery to the site. Testing of the cell manufacturing equipment is progressing well, and is continuing to ensure the equipment and the integrated manufacturing process meet the company's performance and quality expectations. This extensive testing program is a deliberate risk mitigation step, designed to avoid issues that have affected other battery plant start-ups.

The Jamestown team continues to strengthen, with equipment and process engineering leads recently joining. Approximately 10 Electrovaya staff is currently engaged in the extensive testing and acceptance testing effort.

Data centres and ElvaPulse

Electrovaya introduced its ElvaPulse product line at the Yotta data centre energy conference in September, where it received a strong reception. Management is confident that the domestically manufactured ElvaPulse provides an optimized solution for shorter-duration energy storage, a segment that is not well addressed by incumbent energy storage solutions.

The ElvaPulse 1500 delivers seven megawatts per block, which the company believes is the highest power density of any comparable solution on the market. Higher power density means fewer batteries are required to meet power-firming and uninterruptible power supply requirements, which are growing as data centres increase their power needs, while also aligning with tightening utility requirements.

To lead the company's dedicated sales efforts for data centre applications, Electrovaya has appointed Dr. Kuzniewski, PhD, to the newly created role of vice-president, data center sales. Dr. Kuzniewski brings more than 15 years of sales and business development experience across data centre infrastructure, co-location, cloud and critical power. Most recently, as director, U.S. artificial intelligence data centre sales, at Sinexcel, he led the company's U.S. AI data centre sales of medium-voltage UPS and battery energy storage system solutions, closing hundreds of megawatts of medium-voltage UPS sales. Previously, he spent more than three years at CoreSite, an American Tower company, managing a portfolio of more than 140 enterprise data centre accounts. Dr. Kuzniewski has established relationships across U.S. hyperscalers, neoclouds, co-location operators, developers, design firms, and EPC contractors. At Electrovaya, he will focus on prequalifying the company with key data centre buyers, securing specification positions for ElvaPulse in data centre designs, and building a pipeline of named projects, with an emphasis on ElvaPulse's industry-leading power density, safety and domestic manufacturing.

Sales and market demand

In FY 2027, Electrovaya is expecting a growing share of revenue to come from new verticals such as defence, robotics, airport ground equipment and high-voltage battery systems. These opportunities represent an increasingly important component of the company's growth outlook, extending its reach into new applications and broadening its revenue base. All of these verticals are expected to provide material revenue for the company during FY 2027. Electrovaya is also seeing increased demand for port-related applications, spanning both its high-voltage material-handling battery products for Toyota material handling and its high-voltage battery systems for electric trucks.

Fiscal 2026 results and transition to U.S. GAAP

Electrovaya expects to release its audited financial results for FY 2026 in early December, 2026. These will be the company's first annual results reported under U.S. GAAP, following its transition from international financial reporting standards, which supports the company's transition to U.S. domestic filer status.

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 without compromising energy and power. The company has extensive intellectual property, and designs, develops and manufactures proprietary lithium-ion batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications. Electrovaya has two operating sites in Canada and a 52-acre site with a 135,000-square-foot manufacturing facility in Jamestown, N.Y., for its planned gigafactory.

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