Electrovaya Inc. (ELVA) 10-Year Financial Performance & Capital Metrics

ELVA • • Industrial / General

IndustrialsElectrical EquipmentBattery Materials & ComponentsLithium-ion Battery Manufacturing

AboutElectrovaya Inc., together with its subsidiaries, engages in the designing, developing, and manufacturing lithium-ion advanced battery and battery systems in North America. It offers lithium-ion batteries and systems for materials handling electric vehicles, including warehouse forklifts and automated guided vehicles, as well as battery chargers to charge the batteries; electromotive power products for electric trucks, electric buses, and other transportation applications; industrial products for energy storage; and power solutions, such as building systems for third parties. The company was formerly known as Electrofuel Inc. and changed its name to Electrovaya Inc. in March 2002. Electrovaya Inc. was incorporated in 1996 and is headquartered in Mississauga, Canada.Show more

Revenue $45M +2.8%
EBITDA $2M -7.9%
Net Income -$1M -0.4%
EPS (Diluted) -0.04
Gross Margin 30.64% +19.0%
EBITDA Margin 4.35% -10.4%
Operating Margin 1.63% -41.1%
Net Margin -3.33% +2.3%
ROE -18.88% +97.2%
ROIC 2.04% -53.8%
Debt/Equity 2.42 -9.1%
Interest Coverage 0.23 -52.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 95 (top 5%)
✓Strong 5Y sales CAGR of 58.7%
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗High debt to equity ratio of 2.4x
✗Expensive at 33.9x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y19.67%

5Y58.74%

3Y65.02%

TTM14.52%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM179.33%

EPS CAGR

10Y-

5Y-

3Y-

TTM156.5%

ROCE

10Y Avg-286.76%

5Y Avg-463.25%

3Y Avg-450.25%

Latest6.99%

Peer Comparison

Lithium-ion Battery Manufacturing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ULBIUltralife Corporation	104.89M	6.30	16.58	3.66%	0.92%	1.25%	14.02%	0.44
CBATCBAK Energy Technology, Inc.	78.01M	0.88	6.77	-13.61%	-4.03%	-5.5%	28.87%	0.25
ENREnergizer Holdings, Inc.	1.45B	21.16	6.37	2.28%	8.09%	140.67%	4.36%	20.79
XPONExpion360 Inc.	8.96M	0.93	-0.04	-5.96%	-21.76%	-22.74%		0.41
DFLIDragonfly Energy Holdings Corp.	47.47M	3.93	-0.67	-21.35%	-60.13%	-438.89%
TET1 Energy Inc	1.67B	7.86	-2.46		-243.61%	-351.25%		3.01
FLUXFlux Power Holdings, Inc.	32.01M	1.50	-3.75	9.22%	-10.05%
MVSTMicrovast Holdings, Inc.	1.08B	3.28	-5.38	23.87%	-34.01%	-42.22%		0.85

Profit & Loss

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Sales/Revenue+	16.57M	19.54M	2.27M	5.63M	4.42M	13.66M	9.92M	15.62M	43.37M	44.59M
Revenue Growth %	1.24%	0.18%	-0.88%	1.48%	-0.21%	2.09%	-0.27%	0.57%	1.78%	0.03%
Cost of Goods Sold+	11.59M	14.66M	1.37M	3.87M	2.95M	9.59M	7.66M	12.4M	32.2M	30.93M
COGS % of Revenue	0.7%	0.75%	0.6%	0.69%	0.67%	0.7%	0.77%	0.79%	0.74%	0.69%
Gross Profit+	4.98M	4.87M	905K	1.76M	1.48M	4.07M	2.26M	3.22M	11.16M	13.66M
Gross Margin %	0.3%	0.25%	0.4%	0.31%	0.33%	0.3%	0.23%	0.21%	0.26%	0.31%
Gross Profit Growth %	0.76%	-0.02%	-0.81%	0.95%	-0.16%	1.76%	-0.44%	0.43%	2.46%	0.22%
Operating Expenses+	7.6M	12.44M	2.67M	8.51M	6.41M	4.87M	6.87M	10.49M	9.96M	12.93M
OpEx % of Revenue	0.46%	0.64%	1.18%	1.51%	1.45%	0.36%	0.69%	0.67%	0.23%	0.29%
Selling, General & Admin	2M	5.46M	-619K	4.37M	3.91M	3.05M	4.53M	7.42M	6.75M	9.03M
SG&A % of Revenue	0.12%	0.28%	-0.27%	0.78%	0.88%	0.22%	0.46%	0.47%	0.16%	0.2%
Research & Development	4.58M	6.15M	2.98M	3.83M	2.86M	2.75M	4.55M	3.43M	3.38M	3.04M
R&D % of Revenue	0.28%	0.31%	1.31%	0.68%	0.65%	0.2%	0.46%	0.22%	0.08%	0.07%
Other Operating Expenses	0	-478.96K	0	0	0	0	0	0	-173K	867K
Operating Income+	-3.28M	-8.42M	-4.7M	-10.19M	-7.06M	-3.9M	-7.28M	-7.27M	1.2M	729K
Operating Margin %	-0.2%	-0.43%	-2.07%	-1.81%	-1.59%	-0.29%	-0.73%	-0.47%	0.03%	0.02%
Operating Income Growth %	0.2%	-1.57%	0.44%	-1.17%	0.31%	0.45%	-0.87%	0%	1.17%	-0.39%
EBITDA+	-2.66M	-7.84M	-4.38M	-9.89M	-6.95M	-3.69M	-6.96M	-6.8M	2.1M	1.94M
EBITDA Margin %	-0.16%	-0.4%	-1.92%	-1.76%	-1.57%	-0.27%	-0.7%	-0.44%	0.05%	0.04%
EBITDA Growth %	0.23%	-1.95%	0.44%	-1.26%	0.3%	0.47%	-0.89%	0.02%	1.31%	-0.08%
D&A (Non-Cash Add-back)	620K	583.82K	324.58K	305.89K	109.25K	210.53K	317.92K	464.39K	900.38K	1.21M
EBIT	-2.05M	-7.76M	-1.72M	-6.72M	-717K	4.21M	-4.87M	-7.78M	151K	1.71M
Net Interest Income+	-80K	-853K	-2.93M	-3.45M	-2.12M	-3.1M	-2.67M	-3.03M	-2.83M	-3.7M
Interest Income	573K	0	0	0	0	0	0	-742K	-336K	-500K
Interest Expense	653K	853K	2.93M	3.45M	2.12M	3.1M	2.67M	2.29M	2.5M	3.2M
Other Income/Expense	573K	-1.24M	4.07M	-3.41M	-1.9M	-1.09M	-256K	-1.23M	-3.36M	-2.21M
Pretax Income+	-2.71M	-8.61M	-4.65M	-10.17M	-2.84M	1.11M	-7.53M	-9.21M	-2.16M	-1.49M
Pretax Margin %	-0.16%	-0.44%	-2.05%	-1.81%	-0.64%	0.08%	-0.76%	-0.59%	-0.05%	-0.03%
Income Tax+	487K	177K	16.52M	-6.11M	-6.11M	0	0	0	-679K	0
Effective Tax Rate %	1.18%	1.02%	4.55%	2.23%	1%	1%	1%	1%	0.69%	1%
Net Income+	-3.19M	-8.79M	-21.17M	-22.66M	-2.84M	1.11M	-7.53M	-9.21M	-1.48M	-1.49M
Net Margin %	-0.19%	-0.45%	-9.31%	-4.02%	-0.64%	0.08%	-0.76%	-0.59%	-0.03%	-0.03%
Net Income Growth %	0.07%	-1.75%	-1.41%	-0.07%	0.87%	1.39%	-7.78%	-0.22%	0.84%	-0%
Net Income (Continuing)	-3.19M	-8.79M	-21.17M	-10.1M	-2.84M	1.11M	-7.53M	-9.21M	-1.48M	-1.49M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	2K	2K	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.20	-0.52	-1.20	-1.15	-0.13	0.05	-0.27	-0.31	-0.04	-0.04
EPS Growth %	0.17%	-1.6%	-1.31%	0.04%	0.89%	1.36%	-6.76%	-0.15%	0.86%	0%
EPS (Basic)	-0.20	-0.52	-1.20	-1.15	-0.13	0.05	-0.27	-0.31	-0.04	-0.04
Diluted Shares Outstanding	15.86M	16.76M	17.64M	19.73M	21.4M	23.93M	27.98M	29.38M	33.83M	34.01M
Basic Shares Outstanding	15.86M	16.76M	17.64M	19.73M	21.4M	23.93M	27.98M	29.38M	33.83M	34.01M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Total Current Assets+	19.66M	23.31M	22.73M	4.33M	2.08M	8.07M	12.03M	14.79M	25.91M	29.42M
Cash & Short-Term Investments	6.31M	668K	3.4M	126K	333K	1.12M	4.2M	626K	1.03M	781K
Cash Only	6.31M	668K	3.4M	126K	333K	1.12M	4.2M	626K	1.03M	781K
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	4.39M	3.02M	784K	916K	346K	2.49M	1.34M	2.91M	10.61M	11.29M
Days Sales Outstanding	96.67	56.46	125.78	59.35	28.55	66.54	49.33	68.07	89.31	92.43
Inventory	7.55M	18.2M	4.07M	1.76M	997K	2.03M	4.67M	7.36M	8.27M	9.7M
Days Inventory Outstanding	237.75	453.11	1.08K	165.75	123.4	77.21	222.34	216.57	93.69	114.46
Other Current Assets	1.04M	1M	13.85M	1.01M	0	0	0	0	0	0
Total Non-Current Assets+	7.68M	7.52M	12.81M	11.5M	5K	2.58M	2.95M	7.4M	10.61M	10.06M
Property, Plant & Equipment	7.23M	7.36M	12.19M	145K	5K	2.5M	2.87M	7.31M	10.15M	9.2M
Fixed Asset Turnover	2.29x	2.66x	0.19x	38.85x	884.80x	5.47x	3.46x	2.14x	4.27x	4.85x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	92K	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	0	-92K	622K	11.35M	0	75K	79K	88K	459K	862K
Total Assets+	27.34M	30.83M	35.54M	15.83M	2.09M	10.64M	14.98M	22.19M	36.51M	39.48M
Asset Turnover	0.61x	0.63x	0.06x	0.36x	2.12x	1.28x	0.66x	0.70x	1.19x	1.13x
Asset Growth %	1.22%	0.13%	0.15%	-0.55%	-0.87%	4.1%	0.41%	0.48%	0.65%	0.08%
Total Current Liabilities+	11.43M	22M	25.93M	18.93M	16.21M	16.45M	13.45M	22.66M	26.61M	28.53M
Accounts Payable	4.75M	14.13M	1.68M	2.56M	809K	2.2M	1.66M	1.54M	6.04M	7.07M
Days Payables Outstanding	149.73	351.81	447.06	241.79	100.13	83.6	79	45.45	68.43	83.48
Short-Term Debt	6.46M	7.85M	15.18M	16.27M	12.82M	9.96M	8.64M	17.25M	16.3M	18.43M
Deferred Revenue (Current)	213K	17K	32K	97K	1000K	1000K	1000K	70K	0	0
Other Current Liabilities	0	0	9.04M	0	1.26M	4.04M	0	1.58M	1.49M	155K
Current Ratio	1.72x	1.06x	0.88x	0.23x	0.13x	0.49x	0.89x	0.65x	0.97x	1.03x
Quick Ratio	1.06x	0.23x	0.72x	0.14x	0.07x	0.37x	0.55x	0.33x	0.66x	0.69x
Cash Conversion Cycle	184.68	157.77	762.27	-16.68	51.82	60.14	192.66	239.18	114.57	123.42
Total Non-Current Liabilities+	3.38M	883K	10.83M	10.66M	142K	2.91M	3.22M	6.23M	2.76M	2.37M
Long-Term Debt	1.38M	148K	10.08M	10.55M	0	0	0	3.46M	0	0
Capital Lease Obligations	0	0	0	0	0	2.61M	2.75M	2.23M	2.34M	1.87M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	2M	735K	748K	114K	142K	297K	469K	542K	419K	495K
Total Liabilities	14.81M	22.88M	36.76M	29.59M	16.35M	19.36M	16.67M	28.9M	29.37M	30.9M
Total Debt+	7.84M	8M	25.26M	26.81M	12.82M	12.81M	11.53M	23.11M	19.03M	20.77M
Net Debt	1.53M	7.33M	21.86M	26.69M	12.49M	11.69M	7.33M	22.48M	18M	19.99M
Debt / Equity	0.63x	1.01x	-	-	-	-	-	-	2.66x	2.42x
Debt / EBITDA	-	-	-	-	-	-	-	-	9.05x	10.72x
Net Debt / EBITDA	-	-	-	-	-	-	-	-	8.56x	10.32x
Interest Coverage	-5.02x	-9.88x	-1.60x	-2.95x	-3.33x	-1.26x	-2.73x	-3.17x	0.48x	0.23x
Total Equity+	12.54M	7.95M	-1.22M	-13.76M	-14.27M	-8.71M	-1.7M	-6.71M	7.15M	8.59M
Equity Growth %	1.43%	-0.37%	-1.15%	-10.27%	-0.04%	0.39%	0.81%	-2.95%	2.07%	0.2%
Book Value per Share	0.79	0.47	-0.07	-0.70	-0.67	-0.36	-0.06	-0.23	0.21	0.25
Total Shareholders' Equity	12.54M	7.95M	-1.22M	-13.76M	-14.27M	-8.71M	-1.7M	-6.71M	7.15M	8.59M
Common Stock	69.8M	75.34M	79.7M	81.86M	82.89M	86.13M	102.5M	103.31M	115.04M	116.22M
Retained Earnings	-70.73M	-79.52M	-100.7M	-123.36M	-120.7M	-119.52M	-127.13M	-128.97M	-130.45M	-129.24M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	7.62M	8.95M	12.22M	18.36M	13.05M	13.35M	13.34M	6.13M	8.58M	5.79M
Minority Interest	2K	2K	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Cash from Operations+	449K	-8.09M	-19.18M	-7M	-2.88M	-3.9M	-8.12M	-8.82M	-5.24M	1.04M
Operating CF Margin %	0.03%	-0.41%	-8.43%	-1.24%	-0.65%	-0.29%	-0.82%	-0.56%	-0.12%	0.02%
Operating CF Growth %	1.09%	-19.02%	-1.37%	0.64%	0.59%	-0.36%	-1.08%	-0.09%	0.41%	1.2%
Net Income	-3.19M	-8.79M	-4.65M	-10.17M	-2.84M	1.11M	-7.53M	-9.21M	-1.47M	-1.49M
Depreciation & Amortization	620K	579K	309K	308K	109K	209K	319K	503K	907K	1.22M
Stock-Based Compensation	85K	83K	255K	290K	1.12M	144K	541K	3.22M	1.17M	2.15M
Deferred Taxes	487K	286K	163K	-1.83M	-4.18M	-5.17M	0	0	0	0
Other Non-Cash Items	149K	-97K	-17M	1.17M	743K	2.01M	1.16M	3.03M	1.9M	1.41M
Working Capital Changes	2.3M	-150K	1.75M	3.23M	2.17M	-2.19M	-2.6M	-6.37M	-7.74M	-2.25M
Change in Receivables	1.97M	1.14M	447K	-132K	570K	-2.15M	1.15M	-1.5M	-7.79M	-732K
Change in Inventory	884K	-10.65M	1.68M	2.31M	760K	-1.03M	-2.64M	-2.79M	-724K	-1.42M
Change in Payables	-724K	9.46M	-103.99K	878.95K	-574K	2M	-665K	43K	3.05M	1.6M
Cash from Investing+	-501K	-2.99M	-167K	-138K	15.23M	-40K	-560K	-212K	-903K	-666K
Capital Expenditures	-115K	-614K	-105K	0	0	-40K	-560K	-203K	-505K	-125K
CapEx % of Revenue	0.01%	0.03%	0.05%	-	-	0%	0.06%	0.01%	0.01%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-386K	-2.37M	-110.32K	-94.3K	-35.1K	-75.55K	0	-9K	-398K	-541K
Cash from Financing+	7.51M	5.54M	21.64M	4.84M	-13.73M	3.49M	10.92M	7.89M	6.55M	-629K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.99M	0	-881.03K	-48K	1.04M	66K	-495.21K	-2.09M	4.25M	-2.59M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	334K	-8.7M	-19.29M	-7M	-2.88M	-3.94M	-8.68M	-9.03M	-5.74M	913K
FCF Margin %	0.02%	-0.45%	-8.48%	-1.24%	-0.65%	-0.29%	-0.87%	-0.58%	-0.13%	0.02%
FCF Growth %	1.06%	-27.06%	-1.22%	0.64%	0.59%	-0.37%	-1.2%	-0.04%	0.36%	1.16%
FCF per Share	0.02	-0.52	-1.09	-0.35	-0.13	-0.16	-0.31	-0.31	-0.17	0.03
FCF Conversion (FCF/Net Income)	-0.14x	0.92x	0.91x	0.31x	1.01x	-3.51x	1.08x	0.96x	3.54x	-0.70x
Interest Paid	0	0	0	0	0	0	0	0	0	2.23M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-36.07%	-85.82%	-629.34%	-	-	-	-	-	-673.8%	-18.88%
Return on Invested Capital (ROIC)	-20.46%	-43.06%	-19.64%	-45.54%	-94.89%	-487.94%	-126.81%	-50.92%	4.41%	2.04%
Gross Margin	30.04%	24.93%	39.78%	31.32%	33.34%	29.81%	22.8%	20.64%	25.74%	30.64%
Net Margin	-19.27%	-45%	-930.73%	-402.22%	-64.13%	8.14%	-75.93%	-58.97%	-3.41%	-3.33%
Debt / Equity	0.63x	1.01x	-	-	-	-	-	-	2.66x	2.42x
Interest Coverage	-5.02x	-9.88x	-1.60x	-2.95x	-3.33x	-1.26x	-2.73x	-3.17x	0.48x	0.23x
FCF Conversion	-0.14x	0.92x	0.91x	0.31x	1.01x	-3.51x	1.08x	0.96x	3.54x	-0.70x
Revenue Growth	123.77%	17.91%	-88.35%	147.6%	-21.46%	208.88%	-27.39%	57.43%	177.63%	2.82%

Frequently Asked Questions

Growth & Financials

Electrovaya Inc. (ELVA) reported $54.9M in revenue for fiscal year 2024. This represents a 435% increase from $10.3M in 2011.

Electrovaya Inc. (ELVA) grew revenue by 2.8% over the past year. Growth has been modest.

Yes, Electrovaya Inc. (ELVA) is profitable, generating $1.2M in net income for fiscal year 2024 (-3.3% net margin).

Dividend & Returns

Electrovaya Inc. (ELVA) has a return on equity (ROE) of -18.9%. Negative ROE indicates the company is unprofitable.

Electrovaya Inc. (ELVA) had negative free cash flow of $7.4M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

...

Electrovaya Inc. (ELVA) 10-Year Financial Performance & Capital Metrics

ELVA • • Industrial / General

IndustrialsElectrical EquipmentBattery Materials & ComponentsLithium-ion Battery Manufacturing

Revenue $45M +2.8%
EBITDA $2M -7.9%
Net Income -$1M -0.4%
EPS (Diluted) -0.04
Gross Margin 30.64% +19.0%
EBITDA Margin 4.35% -10.4%
Operating Margin 1.63% -41.1%
Net Margin -3.33% +2.3%
ROE -18.88% +97.2%
ROIC 2.04% -53.8%
Debt/Equity 2.42 -9.1%
Interest Coverage 0.23 -52.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 95 (top 5%)
✓Strong 5Y sales CAGR of 58.7%
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗High debt to equity ratio of 2.4x
✗Expensive at 33.9x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y19.67%

5Y58.74%

3Y65.02%

TTM14.52%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM179.33%

EPS CAGR

10Y-

5Y-

3Y-

TTM156.5%

ROCE

10Y Avg-286.76%

5Y Avg-463.25%

3Y Avg-450.25%

Latest6.99%

Peer Comparison

Lithium-ion Battery Manufacturing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ULBIUltralife Corporation	104.89M	6.30	16.58	3.66%	0.92%	1.25%	14.02%	0.44
CBATCBAK Energy Technology, Inc.	78.01M	0.88	6.77	-13.61%	-4.03%	-5.5%	28.87%	0.25
ENREnergizer Holdings, Inc.	1.45B	21.16	6.37	2.28%	8.09%	140.67%	4.36%	20.79
XPONExpion360 Inc.	8.96M	0.93	-0.04	-5.96%	-21.76%	-22.74%		0.41
DFLIDragonfly Energy Holdings Corp.	47.47M	3.93	-0.67	-21.35%	-60.13%	-438.89%
TET1 Energy Inc	1.67B	7.86	-2.46		-243.61%	-351.25%		3.01
FLUXFlux Power Holdings, Inc.	32.01M	1.50	-3.75	9.22%	-10.05%
MVSTMicrovast Holdings, Inc.	1.08B	3.28	-5.38	23.87%	-34.01%	-42.22%		0.85

Profit & Loss

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Sales/Revenue+	16.57M	19.54M	2.27M	5.63M	4.42M	13.66M	9.92M	15.62M	43.37M	44.59M
Revenue Growth %	1.24%	0.18%	-0.88%	1.48%	-0.21%	2.09%	-0.27%	0.57%	1.78%	0.03%
Cost of Goods Sold+	11.59M	14.66M	1.37M	3.87M	2.95M	9.59M	7.66M	12.4M	32.2M	30.93M
COGS % of Revenue	0.7%	0.75%	0.6%	0.69%	0.67%	0.7%	0.77%	0.79%	0.74%	0.69%
Gross Profit+	4.98M	4.87M	905K	1.76M	1.48M	4.07M	2.26M	3.22M	11.16M	13.66M
Gross Margin %	0.3%	0.25%	0.4%	0.31%	0.33%	0.3%	0.23%	0.21%	0.26%	0.31%
Gross Profit Growth %	0.76%	-0.02%	-0.81%	0.95%	-0.16%	1.76%	-0.44%	0.43%	2.46%	0.22%
Operating Expenses+	7.6M	12.44M	2.67M	8.51M	6.41M	4.87M	6.87M	10.49M	9.96M	12.93M
OpEx % of Revenue	0.46%	0.64%	1.18%	1.51%	1.45%	0.36%	0.69%	0.67%	0.23%	0.29%
Selling, General & Admin	2M	5.46M	-619K	4.37M	3.91M	3.05M	4.53M	7.42M	6.75M	9.03M
SG&A % of Revenue	0.12%	0.28%	-0.27%	0.78%	0.88%	0.22%	0.46%	0.47%	0.16%	0.2%
Research & Development	4.58M	6.15M	2.98M	3.83M	2.86M	2.75M	4.55M	3.43M	3.38M	3.04M
R&D % of Revenue	0.28%	0.31%	1.31%	0.68%	0.65%	0.2%	0.46%	0.22%	0.08%	0.07%
Other Operating Expenses	0	-478.96K	0	0	0	0	0	0	-173K	867K
Operating Income+	-3.28M	-8.42M	-4.7M	-10.19M	-7.06M	-3.9M	-7.28M	-7.27M	1.2M	729K
Operating Margin %	-0.2%	-0.43%	-2.07%	-1.81%	-1.59%	-0.29%	-0.73%	-0.47%	0.03%	0.02%
Operating Income Growth %	0.2%	-1.57%	0.44%	-1.17%	0.31%	0.45%	-0.87%	0%	1.17%	-0.39%
EBITDA+	-2.66M	-7.84M	-4.38M	-9.89M	-6.95M	-3.69M	-6.96M	-6.8M	2.1M	1.94M
EBITDA Margin %	-0.16%	-0.4%	-1.92%	-1.76%	-1.57%	-0.27%	-0.7%	-0.44%	0.05%	0.04%
EBITDA Growth %	0.23%	-1.95%	0.44%	-1.26%	0.3%	0.47%	-0.89%	0.02%	1.31%	-0.08%
D&A (Non-Cash Add-back)	620K	583.82K	324.58K	305.89K	109.25K	210.53K	317.92K	464.39K	900.38K	1.21M
EBIT	-2.05M	-7.76M	-1.72M	-6.72M	-717K	4.21M	-4.87M	-7.78M	151K	1.71M
Net Interest Income+	-80K	-853K	-2.93M	-3.45M	-2.12M	-3.1M	-2.67M	-3.03M	-2.83M	-3.7M
Interest Income	573K	0	0	0	0	0	0	-742K	-336K	-500K
Interest Expense	653K	853K	2.93M	3.45M	2.12M	3.1M	2.67M	2.29M	2.5M	3.2M
Other Income/Expense	573K	-1.24M	4.07M	-3.41M	-1.9M	-1.09M	-256K	-1.23M	-3.36M	-2.21M
Pretax Income+	-2.71M	-8.61M	-4.65M	-10.17M	-2.84M	1.11M	-7.53M	-9.21M	-2.16M	-1.49M
Pretax Margin %	-0.16%	-0.44%	-2.05%	-1.81%	-0.64%	0.08%	-0.76%	-0.59%	-0.05%	-0.03%
Income Tax+	487K	177K	16.52M	-6.11M	-6.11M	0	0	0	-679K	0
Effective Tax Rate %	1.18%	1.02%	4.55%	2.23%	1%	1%	1%	1%	0.69%	1%
Net Income+	-3.19M	-8.79M	-21.17M	-22.66M	-2.84M	1.11M	-7.53M	-9.21M	-1.48M	-1.49M
Net Margin %	-0.19%	-0.45%	-9.31%	-4.02%	-0.64%	0.08%	-0.76%	-0.59%	-0.03%	-0.03%
Net Income Growth %	0.07%	-1.75%	-1.41%	-0.07%	0.87%	1.39%	-7.78%	-0.22%	0.84%	-0%
Net Income (Continuing)	-3.19M	-8.79M	-21.17M	-10.1M	-2.84M	1.11M	-7.53M	-9.21M	-1.48M	-1.49M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	2K	2K	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.20	-0.52	-1.20	-1.15	-0.13	0.05	-0.27	-0.31	-0.04	-0.04
EPS Growth %	0.17%	-1.6%	-1.31%	0.04%	0.89%	1.36%	-6.76%	-0.15%	0.86%	0%
EPS (Basic)	-0.20	-0.52	-1.20	-1.15	-0.13	0.05	-0.27	-0.31	-0.04	-0.04
Diluted Shares Outstanding	15.86M	16.76M	17.64M	19.73M	21.4M	23.93M	27.98M	29.38M	33.83M	34.01M
Basic Shares Outstanding	15.86M	16.76M	17.64M	19.73M	21.4M	23.93M	27.98M	29.38M	33.83M	34.01M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Total Current Assets+	19.66M	23.31M	22.73M	4.33M	2.08M	8.07M	12.03M	14.79M	25.91M	29.42M
Cash & Short-Term Investments	6.31M	668K	3.4M	126K	333K	1.12M	4.2M	626K	1.03M	781K
Cash Only	6.31M	668K	3.4M	126K	333K	1.12M	4.2M	626K	1.03M	781K
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	4.39M	3.02M	784K	916K	346K	2.49M	1.34M	2.91M	10.61M	11.29M
Days Sales Outstanding	96.67	56.46	125.78	59.35	28.55	66.54	49.33	68.07	89.31	92.43
Inventory	7.55M	18.2M	4.07M	1.76M	997K	2.03M	4.67M	7.36M	8.27M	9.7M
Days Inventory Outstanding	237.75	453.11	1.08K	165.75	123.4	77.21	222.34	216.57	93.69	114.46
Other Current Assets	1.04M	1M	13.85M	1.01M	0	0	0	0	0	0
Total Non-Current Assets+	7.68M	7.52M	12.81M	11.5M	5K	2.58M	2.95M	7.4M	10.61M	10.06M
Property, Plant & Equipment	7.23M	7.36M	12.19M	145K	5K	2.5M	2.87M	7.31M	10.15M	9.2M
Fixed Asset Turnover	2.29x	2.66x	0.19x	38.85x	884.80x	5.47x	3.46x	2.14x	4.27x	4.85x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	92K	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	0	-92K	622K	11.35M	0	75K	79K	88K	459K	862K
Total Assets+	27.34M	30.83M	35.54M	15.83M	2.09M	10.64M	14.98M	22.19M	36.51M	39.48M
Asset Turnover	0.61x	0.63x	0.06x	0.36x	2.12x	1.28x	0.66x	0.70x	1.19x	1.13x
Asset Growth %	1.22%	0.13%	0.15%	-0.55%	-0.87%	4.1%	0.41%	0.48%	0.65%	0.08%
Total Current Liabilities+	11.43M	22M	25.93M	18.93M	16.21M	16.45M	13.45M	22.66M	26.61M	28.53M
Accounts Payable	4.75M	14.13M	1.68M	2.56M	809K	2.2M	1.66M	1.54M	6.04M	7.07M
Days Payables Outstanding	149.73	351.81	447.06	241.79	100.13	83.6	79	45.45	68.43	83.48
Short-Term Debt	6.46M	7.85M	15.18M	16.27M	12.82M	9.96M	8.64M	17.25M	16.3M	18.43M
Deferred Revenue (Current)	213K	17K	32K	97K	1000K	1000K	1000K	70K	0	0
Other Current Liabilities	0	0	9.04M	0	1.26M	4.04M	0	1.58M	1.49M	155K
Current Ratio	1.72x	1.06x	0.88x	0.23x	0.13x	0.49x	0.89x	0.65x	0.97x	1.03x
Quick Ratio	1.06x	0.23x	0.72x	0.14x	0.07x	0.37x	0.55x	0.33x	0.66x	0.69x
Cash Conversion Cycle	184.68	157.77	762.27	-16.68	51.82	60.14	192.66	239.18	114.57	123.42
Total Non-Current Liabilities+	3.38M	883K	10.83M	10.66M	142K	2.91M	3.22M	6.23M	2.76M	2.37M
Long-Term Debt	1.38M	148K	10.08M	10.55M	0	0	0	3.46M	0	0
Capital Lease Obligations	0	0	0	0	0	2.61M	2.75M	2.23M	2.34M	1.87M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	2M	735K	748K	114K	142K	297K	469K	542K	419K	495K
Total Liabilities	14.81M	22.88M	36.76M	29.59M	16.35M	19.36M	16.67M	28.9M	29.37M	30.9M
Total Debt+	7.84M	8M	25.26M	26.81M	12.82M	12.81M	11.53M	23.11M	19.03M	20.77M
Net Debt	1.53M	7.33M	21.86M	26.69M	12.49M	11.69M	7.33M	22.48M	18M	19.99M
Debt / Equity	0.63x	1.01x	-	-	-	-	-	-	2.66x	2.42x
Debt / EBITDA	-	-	-	-	-	-	-	-	9.05x	10.72x
Net Debt / EBITDA	-	-	-	-	-	-	-	-	8.56x	10.32x
Interest Coverage	-5.02x	-9.88x	-1.60x	-2.95x	-3.33x	-1.26x	-2.73x	-3.17x	0.48x	0.23x
Total Equity+	12.54M	7.95M	-1.22M	-13.76M	-14.27M	-8.71M	-1.7M	-6.71M	7.15M	8.59M
Equity Growth %	1.43%	-0.37%	-1.15%	-10.27%	-0.04%	0.39%	0.81%	-2.95%	2.07%	0.2%
Book Value per Share	0.79	0.47	-0.07	-0.70	-0.67	-0.36	-0.06	-0.23	0.21	0.25
Total Shareholders' Equity	12.54M	7.95M	-1.22M	-13.76M	-14.27M	-8.71M	-1.7M	-6.71M	7.15M	8.59M
Common Stock	69.8M	75.34M	79.7M	81.86M	82.89M	86.13M	102.5M	103.31M	115.04M	116.22M
Retained Earnings	-70.73M	-79.52M	-100.7M	-123.36M	-120.7M	-119.52M	-127.13M	-128.97M	-130.45M	-129.24M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	7.62M	8.95M	12.22M	18.36M	13.05M	13.35M	13.34M	6.13M	8.58M	5.79M
Minority Interest	2K	2K	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Cash from Operations+	449K	-8.09M	-19.18M	-7M	-2.88M	-3.9M	-8.12M	-8.82M	-5.24M	1.04M
Operating CF Margin %	0.03%	-0.41%	-8.43%	-1.24%	-0.65%	-0.29%	-0.82%	-0.56%	-0.12%	0.02%
Operating CF Growth %	1.09%	-19.02%	-1.37%	0.64%	0.59%	-0.36%	-1.08%	-0.09%	0.41%	1.2%
Net Income	-3.19M	-8.79M	-4.65M	-10.17M	-2.84M	1.11M	-7.53M	-9.21M	-1.47M	-1.49M
Depreciation & Amortization	620K	579K	309K	308K	109K	209K	319K	503K	907K	1.22M
Stock-Based Compensation	85K	83K	255K	290K	1.12M	144K	541K	3.22M	1.17M	2.15M
Deferred Taxes	487K	286K	163K	-1.83M	-4.18M	-5.17M	0	0	0	0
Other Non-Cash Items	149K	-97K	-17M	1.17M	743K	2.01M	1.16M	3.03M	1.9M	1.41M
Working Capital Changes	2.3M	-150K	1.75M	3.23M	2.17M	-2.19M	-2.6M	-6.37M	-7.74M	-2.25M
Change in Receivables	1.97M	1.14M	447K	-132K	570K	-2.15M	1.15M	-1.5M	-7.79M	-732K
Change in Inventory	884K	-10.65M	1.68M	2.31M	760K	-1.03M	-2.64M	-2.79M	-724K	-1.42M
Change in Payables	-724K	9.46M	-103.99K	878.95K	-574K	2M	-665K	43K	3.05M	1.6M
Cash from Investing+	-501K	-2.99M	-167K	-138K	15.23M	-40K	-560K	-212K	-903K	-666K
Capital Expenditures	-115K	-614K	-105K	0	0	-40K	-560K	-203K	-505K	-125K
CapEx % of Revenue	0.01%	0.03%	0.05%	-	-	0%	0.06%	0.01%	0.01%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-386K	-2.37M	-110.32K	-94.3K	-35.1K	-75.55K	0	-9K	-398K	-541K
Cash from Financing+	7.51M	5.54M	21.64M	4.84M	-13.73M	3.49M	10.92M	7.89M	6.55M	-629K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.99M	0	-881.03K	-48K	1.04M	66K	-495.21K	-2.09M	4.25M	-2.59M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	334K	-8.7M	-19.29M	-7M	-2.88M	-3.94M	-8.68M	-9.03M	-5.74M	913K
FCF Margin %	0.02%	-0.45%	-8.48%	-1.24%	-0.65%	-0.29%	-0.87%	-0.58%	-0.13%	0.02%
FCF Growth %	1.06%	-27.06%	-1.22%	0.64%	0.59%	-0.37%	-1.2%	-0.04%	0.36%	1.16%
FCF per Share	0.02	-0.52	-1.09	-0.35	-0.13	-0.16	-0.31	-0.31	-0.17	0.03
FCF Conversion (FCF/Net Income)	-0.14x	0.92x	0.91x	0.31x	1.01x	-3.51x	1.08x	0.96x	3.54x	-0.70x
Interest Paid	0	0	0	0	0	0	0	0	0	2.23M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-36.07%	-85.82%	-629.34%	-	-	-	-	-	-673.8%	-18.88%
Return on Invested Capital (ROIC)	-20.46%	-43.06%	-19.64%	-45.54%	-94.89%	-487.94%	-126.81%	-50.92%	4.41%	2.04%
Gross Margin	30.04%	24.93%	39.78%	31.32%	33.34%	29.81%	22.8%	20.64%	25.74%	30.64%
Net Margin	-19.27%	-45%	-930.73%	-402.22%	-64.13%	8.14%	-75.93%	-58.97%	-3.41%	-3.33%
Debt / Equity	0.63x	1.01x	-	-	-	-	-	-	2.66x	2.42x
Interest Coverage	-5.02x	-9.88x	-1.60x	-2.95x	-3.33x	-1.26x	-2.73x	-3.17x	0.48x	0.23x
FCF Conversion	-0.14x	0.92x	0.91x	0.31x	1.01x	-3.51x	1.08x	0.96x	3.54x	-0.70x
Revenue Growth	123.77%	17.91%	-88.35%	147.6%	-21.46%	208.88%	-27.39%	57.43%	177.63%	2.82%

Frequently Asked Questions

Growth & Financials

Electrovaya Inc. (ELVA) reported $54.9M in revenue for fiscal year 2024. This represents a 435% increase from $10.3M in 2011.

Electrovaya Inc. (ELVA) grew revenue by 2.8% over the past year. Growth has been modest.

Yes, Electrovaya Inc. (ELVA) is profitable, generating $1.2M in net income for fiscal year 2024 (-3.3% net margin).

Dividend & Returns

Electrovaya Inc. (ELVA) has a return on equity (ROE) of -18.9%. Negative ROE indicates the company is unprofitable.

Electrovaya Inc. (ELVA) had negative free cash flow of $7.4M in fiscal year 2024, likely due to heavy capital investments.