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Electrovaya Inc. engages in the design, development, manufacture, and sale of lithium-ion batteries, battery management systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications in North America. It operates infinity battery systems comprising of low and high voltage systems. The company also operates solid state battery technology. In addition, it offers lithium-ion battery systems to power MHEV, including fork-lifts, as well as accessories, such as battery chargers to charge the batteries; lithium-ion batteries for robotic applications; lithium ion battery cell and modules for sales to OEM customers in the defense, construction, and other applications; high voltage battery systems for electric bus, truck, and defense applications; and industrial products for energy storage. The company was formerly known as Electrofuel Inc. and changed its name to Electrovaya Inc. in March 2002. Electrovaya Inc. was incorporated in 1996 and is headquartered in Mississauga, Canada.
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.
Electrovaya develops and manufactures proprietary lithium-ion cells and battery systems for stationary energy storage, commercial electric vehicles and industrial applications. Long-term growth drivers include electrification, rising demand for grid and commercial storage and potential scaling or licensing of its cell technology, which may benefit from broader EV and renewable integration.
Key risks include commercialization and manufacturing scale-up, intense competition from larger battery makers, ongoing unprofitable operations that may require additional financing, and supply-chain and commodity price exposure.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
| Income before tax | 1.31M | -1.49M | -2.16M | -9.21M | -7.53M |
| Net income | 3.36M | -1.49M | -1.48M | -9.21M | -7.53M |
| Selling general administrative | 5.43M | 6.09M | 4.85M | 6.27M | 3.25M |
| Selling and marketing expenses | 2.93M | 2.94M | 1.90M | 1.15M | 1.28M |
| Gross profit | 19.47M | 13.66M | 11.16M | 3.22M | 2.26M |
| Reconciled depreciation | 1.45M | 1.21M | 0.91M | 0.40M | 0.32M |
| Ebit | 3.91M | 1.72M | 0.68M | -8.01M | -4.61M |
| Ebitda | 5.44M | 2.92M | 1.58M | -7.51M | -4.29M |
| Depreciation and amortization | 1.53M | 1.21M | 0.91M | 0.50M | 0.32M |
| Operating income | 5.54M | 0.73M | 1.20M | -7.27M | -7.28M |
| Other operating expenses | 58.04M | 43.86M | 42.16M | 22.89M | 14.53M |
| Interest expense | 2.60M | 3.20M | 2.31M | 2.29M | 2.67M |
| Tax provision | -2.05M | 0.00M | -0.68M | 0.00M | - |
| Net interest income | -2.75M | -3.70M | -2.83M | -2.70M | -2.67M |
| Income tax expense | -2.05M | - | -0.68M | 2.29M | -6.60M |
| Total revenue | 63.58M | 44.59M | 43.37M | 15.62M | 9.92M |
| Total operating expenses | 13.93M | 12.93M | 9.96M | 10.49M | 6.87M |
| Cost of revenue | 44.11M | 30.93M | 32.20M | 12.40M | 7.66M |
| Total other income expense net | -4.23M | -2.21M | -0.53M | 1.09M | -0.26M |
| Net income from continuing ops | 3.36M | -1.49M | -1.48M | -6.55M | -7.53M |
| Net income applicable to common shares | - | - | - | -6.55M | -7.53M |
| Breakdown | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
| Total assets | 63.93M | 39.48M | 36.51M | 18.08M | 14.98M |
| Intangible assets | 1.58M | - | - | - | - |
| Other current assets | 6.67M | 7.65M | 5.97M | 0.37M | - |
| Total liab | 32.80M | 30.90M | 29.37M | 24.00M | 16.67M |
| Total stockholder equity | 31.13M | 8.59M | 7.15M | -5.92M | -1.70M |
| Other current liab | 2.97M | 2.59M | 1.49M | 0.95M | 1.62M |
| Common stock | 134.87M | 116.41M | 115.04M | 103.31M | 102.50M |
| Capital stock | 134.87M | 116.41M | 115.04M | 103.31M | 102.50M |
| Retained earnings | -125.88M | -129.24M | -130.45M | -133.68M | -127.13M |
| Other liab | - | - | - | 0.39M | 0.62M |
| Other assets | - | - | - | 0.09M | 0.08M |
| Cash | 6.36M | 0.78M | 1.03M | 0.63M | 4.20M |
| Total current liabilities | 10.08M | 28.53M | 26.61M | 21.37M | 13.45M |
| Current deferred revenue | - | - | 2.38M | - | - |
| Net debt | 16.20M | 19.99M | 18.00M | 15.95M | 4.44M |
| Short term debt | 0.36M | 18.90M | 16.69M | - | - |
| Short long term debt | - | 18.43M | 16.30M | 16.58M | 8.64M |
| Short long term debt total | 22.56M | 20.77M | 19.03M | - | - |
| Other stockholder equity | 16.23M | 15.63M | 13.24M | 18.22M | 18.03M |
| Property plant equipment | - | - | - | 2.31M | 2.87M |
| Total current assets | 41.96M | 29.42M | 25.91M | 15.68M | 12.03M |
| Net tangible assets | - | - | - | -5.92M | -1.70M |
| Net receivables | 16.47M | 11.29M | 10.61M | 6.31M | 1.34M |
| Long term debt | 20.74M | - | - | - | - |
| Inventory | 12.45M | 9.70M | 8.27M | 4.48M | 4.67M |
| Accounts payable | 6.75M | 7.04M | 6.05M | 3.13M | 1.66M |
| Accumulated other comprehensive income | 5.91M | 5.79M | 8.58M | - | - |
| Non currrent assets other | 6.87M | 0.09M | 0.46M | - | - |
| Non current assets total | 21.98M | 10.06M | 10.61M | 2.40M | 2.95M |
| Capital lease obligations | 1.81M | 2.34M | 2.73M | 2.54M | 2.89M |
| Breakdown | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
| Investments | - | -0.67M | -0.90M | -0.42M | -0.56M |
| Change to liabilities | - | - | - | -0.04M | -1.74M |
| Total cashflows from investing activities | -12.04M | -0.67M | - | -0.42M | -0.56M |
| Net borrowings | 3.35M | 1.83M | - | 9.12M | -1.64M |
| Total cash from financing activities | 15.90M | -0.63M | 6.20M | 7.89M | 10.92M |
| Change to operating activities | - | - | - | -2.25M | 0.63M |
| Net income | 3.36M | -1.49M | -1.48M | -9.21M | -7.53M |
| Change in cash | 5.58M | -0.25M | 0.41M | -3.58M | 3.08M |
| Begin period cash flow | 0.78M | 1.03M | 0.63M | 4.20M | 1.12M |
| End period cash flow | 6.36M | 0.78M | 1.03M | 0.63M | 4.20M |
| Total cash from operating activities | 1.72M | 1.04M | -4.86M | -8.82M | -8.12M |
| Issuance of capital stock | 11.58M | 0.00M | 7.17M | 0.78M | 12.94M |
| Depreciation | 1.45M | 1.21M | 0.91M | 0.50M | 0.32M |
| Other cashflows from investing activities | -0.82M | -0.54M | - | -0.37M | -0.37M |
| Dividends paid | 0.00M | 0.00M | 0.00M | 0.00M | - |
| Change to inventory | -3.04M | -1.42M | -0.72M | -2.79M | -2.64M |
| Change to account receivables | -5.18M | -0.73M | -7.79M | -1.50M | 1.15M |
| Other cashflows from financing activities | -3.83M | -2.59M | 39.62M | 19.43M | -1.53M |
| Change to netincome | - | - | - | 1.40M | 1.70M |
| Capital expenditures | 11.22M | 0.67M | 0.51M | 0.20M | 0.56M |
| Change in working capital | -7.12M | -2.25M | -7.74M | -6.37M | -2.60M |
| Stock based compensation | 1.76M | 2.15M | 1.17M | 3.22M | 0.54M |
| Other non cash items | 4.32M | 1.41M | 2.96M | 3.03M | 1.16M |
| Free cash flow | -9.50M | 0.37M | -5.36M | -9.03M | -8.68M |
Sector: Industrials Industry: Electrical Equipment & Parts
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| ELVA Electrovaya Inc. |
-0.37 7.01% |
4.91 | 86.27 | 58.48 | 7.34 | 8.16 | 7.28 | 73.91 |
| CYATY Contemporary Amperex Technology Co., Limited |
-0.20 1.67% |
11.76 | 36.64 | 32.15 | 0.91 | 7.88 | 3.67 | 16.91 |
| ABBNY ABB Ltd |
-0.45 0.54% |
83.56 | 38.41 | 30.96 | 5.22 | 10.79 | 5.24 | 24.44 |
| ABLZF ABB Ltd |
-0.00 0.00% |
83.53 | 33.82 | 23.15 | 4.71 | 10.45 | 4.77 | 22.47 |
| BE Bloom Energy Corp |
-7.96 4.10% |
185.93 | 332.50 | 53.48 | 24.54 | 46.97 | 24.35 | 216.72 |
Electrovaya Inc. engages in the design, development, manufacture, and sale of lithium-ion batteries, battery management systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications in North America. It operates infinity battery systems comprising of low and high voltage systems. The company also operates solid state battery technology. In addition, it offers lithium-ion battery systems to power MHEV, including fork-lifts, as well as accessories, such as battery chargers to charge the batteries; lithium-ion batteries for robotic applications; lithium ion battery cell and modules for sales to OEM customers in the defense, construction, and other applications; high voltage battery systems for electric bus, truck, and defense applications; and industrial products for energy storage. The company was formerly known as Electrofuel Inc. and changed its name to Electrovaya Inc. in March 2002. Electrovaya Inc. was incorporated in 1996 and is headquartered in Mississauga, Canada.
| Name | Title | Year Born |
|---|---|---|
| Dr. Sankar Das Gupta DIC, Ph.D. | Executive Chairman | 1951 |
| Dr. Rajshekar Das Gupta Ph.D. | CEO & Director | NA |
| Dr. James K. Jacobs MA, Ph.D. | Co-Founder & Independent Director | 1949 |
| Mr. Francis John Gibson | CFO & Secretary | NA |
| Mr. Kyle O'Leary | Director of Operations | NA |
| Mr. Jason Roy | Director of Corporate Development & Investor Relations | NA |
| Dr. Jeremy Dang Ph.D. | Vice President of Business & Project Development | NA |
| Dr. Sankar Das Gupta Ph.D. | Executive Chairman | 1951 |
| Dr. James K. Jacobs MA, Ph.D. | Co-Founder & Director | 1949 |
| Mr. Jason Roy | Vice President of Corporate Development & Investor Relations | NA |
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