Benzinga | Jul 23, 2020 07:20AM EDT

Electrovaya Announces $3M Purchase Order; Sees Q4 Sales Exceeding C$8M, Sees FY20 Sales C$17.5M

Strong revenue growth and positive EBITDA expected in fiscal fourth quarter

TORONTO, ON / ACCESSWIRE / July 23, 2020 / Electrovaya Inc. ("Electrovaya" or the "Company") (TSX:EFL)(OTCQB:EFLVF), a lithium ion battery manufacturer with industry-leading performance and substantial intellectual property, announces it has received a purchase order valued at $3 million (C$4 million) for lithium ion batteries for electric lift trucks. All dollar amounts are in U.S. dollars unless otherwise noted.

This purchase order came through Electrovaya's OEM sales channel. The batteries will be used to power lift trucks for use with a major US corporation. The US corporation has annual revenue of more than $30 billion and has many distribution centres.

With this purchase order, Electrovaya's order backlog has increased to approximately C$12 million. Given the Company's order backlog and current customer demand, Electrovaya anticipates continued positive revenue performance in the remainder of the 2020 fiscal year ("FY2020") and is revising its previously issued revenue guidance upwards.

Barring unforeseen circumstances, Electrovaya now expects to generate revenue of more than C$8 million in the fiscal fourth quarter ending September 30, 2020 ("Q4 FY2020") and C$17.5 million for FY2020, an increase from the Company's previously issued guidance of revenue exceeding C$16 million in FY2020.

The Company also expects to generate positive EBITDA in Q4 FY2020 for the second consecutive quarter. Electrovaya recorded revenue of $4.8 million (C$6.5 million) in the third quarter of FY2020, and $1.9 million (C$2.7 million) in the second quarter of FY2020.

The Company's revenue guidance is a forward looking statement based on certain assumptions and subject to certain risks. See "Forward Looking Statements" and "Future Oriented Financial Information" below. EBITDA is a NON-IFRS measure. See "Non-IFRS Measures" below.

Electrovaya's lithium ion ceramic batteries provide industry-leading cycle life and safety along with excellent energy, power, and fast charge capabilities.