Electrovaya Inc., Mississauga, Canada, (TSX: EFL; OTCQB: EFLVF), a lithium ion battery manufacturer with industry-leading performance and substantial intellectual property, announces preliminary and unaudited revenues for its fiscal fourth quarter and year ended September 30, 2020 (“Q4 FY2020” and “FY 2020”, respectively).
The preliminary and unaudited figures are subject to currency fluctuations. All dollar amounts are in U.S. dollars unless otherwise noted.
• Preliminary unaudited revenue for Q4 FY2020 is $6.9 million(1) (C$9.1 million), approximately a 40% sequential increase in revenue over $4.8 million (C$6.5 million), in the fiscal third quarter ended June 30, 2020. The sequential revenue growth reflects continued strong demand for the Company’s lithium ion batteries from customers in the electric forklift truck market.
• For FY 2020, preliminary unaudited revenue is $14.5 million(1) (C$19.2 million), a nearly three-fold increase from revenue of $4.9 million (C$6.5 million) in the 2019 fiscal year.
Electrovaya’s ceramic lithium ion batteries provide industry-leading cycle life and safety along with excellent energy, power, and fast charge capabilities
About Electrovaya Inc.
Electrovaya Inc. 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 is a technology-focused company with extensive IP. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada with customers around the globe.
