Electrovaya Provides a Shareholder Update including Unaudited Preliminary FY2024 Annual Financial Results and Positive Outlook for 2025
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Electrovaya Inc. (NASDAQ:ELVA) announced its unaudited FY2024 financial results, projecting $45 million in revenue with a 31% gross margin. The company expects operating profit and improved adjusted EBITDA for FY2024, with FY2025 revenues anticipated to exceed $60 million due to increased demand. A $51 million direct loan from US EXIM Bank is expected to begin disbursements in Q1 2025.
November 27, 2024 | 12:15 pm
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Electrovaya projects $45 million in revenue for FY2024 with a 31% gross margin, and expects FY2025 revenues to exceed $60 million. The company anticipates operating profit and improved adjusted EBITDA for FY2024. A $51 million loan from US EXIM Bank will begin disbursements in Q1 2025.
The announcement of increased revenue projections and a positive outlook for FY2025, along with the support of a $51 million loan from US EXIM Bank, suggests a strong financial position and growth potential for Electrovaya. This is likely to positively impact the stock price in the short term.
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