Benzinga | Jul 20, 2020 05:39PM EDT

Electrovaya Q3 Sales $4.8M, Up From $1.2M YoY

TORONTO, ONTARIO / ACCESSWIRE / July 20, 2020 / Electrovaya Inc. ("Electrovaya" or the "Company") (TSX:EFL)(OTCQB:EFLVF), a lithium ion battery manufacturer with industry-leading performance and substantial intellectual property, today reported its financial results for the fiscal third quarter ended June 30, 2020 ("Q3 FY2020"). All dollar amounts are in U.S. dollars unless otherwise noted.

Q3 FY2020 Financial Highlights:

* Revenue was $4.8 million (C$6.5 million), a four-fold increase compared to $1.2million C$1.6 million) for the fiscal third quarter ended June 30, 2019 ("Q3 FY2019"). Revenue for Q3 FY2020 also more than doubled compared to revenue of $1.9 million (C$2.6 million) for the fiscal second quarter ended March 31, 2020. The strong sequential revenue growth resulted from robust customer demand and the scaling up of production.

* The Company generated a positive EBITDA1 of $0.5 million (C$0.7 million).

* Net profit was $4.8 million (C$6.5 million), compared to a net loss of $1.2 million (C$1.6 million) in Q3 FY2019. The net profit in Q3 FY2020 was primarily attributable to a gain of $5.2 million (C$7 million) on the amendment of convertible debentures and strong growth in revenue and gross profit.