Q3 2024 Electrovaya Inc Earnings Call Transcript
Key Points
- Electrovaya Inc (ELVA) continues to post strong margins for its core material handling battery product lines, with a gross margin of 33.7% in Q3 2024.
- The company is making significant progress in strategic financing objectives, including refinancing with a major North American bank and financing for its Jamestown lithium-ion battery manufacturing facility.
- Electrovaya Inc (ELVA) is expanding its market presence with new product lines and partnerships, including a supply agreement with Sumitomo Corporation Power & Mobility.
- The company has a strong demand for its batteries, with orders in hand and expectations for significant growth in fiscal 2025 and beyond.
- Electrovaya Inc (ELVA) is investing in future growth through increased research and development spending and expanding its engineering team.
- Electrovaya Inc (ELVA) experienced a modest decline in Q3 2024 revenue, down 3% year over year, due to customer-requested order delays.
- The company reported an operating loss of $0.6 million in Q3 2024, compared to an operating income of $0.8 million in the prior year.
- Electrovaya Inc (ELVA) adjusted its fiscal-year 2024 revenue outlook to approximately $45 million, citing order shifts to fiscal 2025.
- Increased investments in sales, marketing, and research have contributed to higher operating costs.
- The company's net loss for the quarter was $324,000, although this was an improvement from the prior year.
Greetings. Welcome to the Electrovaya Q3 2024 financial results conference call.(Operator Instructions) Please note this conference is being recorded.
I will now turn the conference over to your host, John Gibson. You may begin.
Thank you, Mike. Good afternoon, everybody, and thank you for joining today's call to discuss Electrovaya's Q3 2024 financial results. Today's call is being hosted by Dr. Raj DasGupta, CEO of Electrovaya; and myself, John Gibson, CFO.
Today, Electrovaya issued a press release concerning its business highlights and financial results for the three- and nine-months period ending June 30, 2024. If you would like a copy of the release, you can access it on our website. If you want to view our financial statements and management discussion and analysis, you can access those documents on the new SEDAR+ website at www.sedarplus.ca or on the SEC EDGAR website at sec.gov/edgar.
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