Revenue growth has exhibited extreme volatility, peaking at 75.3% in 2025Q4 before decelerating to 18.5% in 2026Q2, while maintaining a consistent gross margin of approximately 31%.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 |
|---|
| Sales/Revenue | 70.74M | 63.58M | 44.59M | 43.37M | 15.62M | 9.92M | 13.66M | 4.42M | 5.63M | 2.27M | 19.54M | 16.57M | 7.4M | 2.84M | 9.85M | 10.26M | 5.03M | 3.78M | 2.54M | 2.34M | 3.36M | 6.54M | 6.37M | 4.32M | 2.98M | 1.02M | 152.37K | 47.66K | 0 | 0 |
| Revenue Growth % | 47.33% | 42.58% | 2.82% | 177.63% | 57.43% | -27.39% | 208.88% | -21.46% | 147.6% | -88.35% | 17.91% | 123.77% | 160.52% | -71.16% | -3.99% | 104.26% | 32.87% | 48.83% | 8.43% | -30.21% | -48.66% | 2.69% | 47.32% | 45.25% | 192.62% | 567.48% | 219.69% | - | - | - |
| Cost of Goods Sold | 48.73M | 44.11M | 30.93M | 32.2M | 12.4M | 7.66M | 9.59M | 2.95M | 3.87M | 1.37M | 14.66M | 11.59M | 4.58M | 2.22M | 5.48M | 7.62M | 3.66M | 1.32M | 1.38M | 3.35M | 3.21M | 5.26M | 5.52M | 5.33M | 4.64M | 3.91M | -449.13K | -179.23K | -103.74K | -15.08K |
| COGS % of Revenue | - | 69.38% | 69.36% | 74.26% | 79.36% | 77.2% | 70.19% | 66.66% | 68.68% | 60.22% | 75.07% | 69.96% | 61.89% | 78.22% | 55.64% | 74.24% | 72.76% | 34.98% | 54.34% | 142.98% | 95.58% | 80.42% | 86.7% | 123.31% | 155.95% | 384.55% | -294.76% | -376.03% | - | - |
| Gross Profit | 22.01M | 19.47M | 13.66M | 11.16M | 3.22M | 2.26M | 4.07M | 1.48M | 1.76M | 905K | 4.87M | 4.98M | 2.82M | 619K | 4.37M | 2.64M | 1.37M | 2.46M | 1.16M | -1.01M | 148.52K | 1.28M | 846.89K | -1.01M | -1.67M | -2.89M | 601.5K | 179.23K | 103.74K | 15.08K |
| Gross Margin % | 31.12% | 30.62% | 30.64% | 25.74% | 20.64% | 22.8% | 29.81% | 33.34% | 31.32% | 39.78% | 24.93% | 30.04% | 38.11% | 21.78% | 44.36% | 25.76% | 27.24% | 65.02% | 45.66% | -42.98% | 4.42% | 19.58% | 13.3% | -23.31% | -55.95% | -284.55% | 394.76% | 376.03% | - | - |
| Gross Profit Growth % | - | 42.5% | 22.4% | 246.25% | 42.53% | -44.46% | 176.14% | -16.38% | 94.92% | -81.42% | -2.13% | 76.36% | 355.9% | -85.84% | 65.32% | 93.13% | -44.33% | 111.95% | 215.18% | -778.19% | -88.4% | 51.17% | 184.05% | 39.49% | 42.46% | -581.13% | 235.61% | 72.77% | 588% | - |
| Operating Expenses | 14.79M | 13.93M | 12.93M | 9.96M | 10.49M | 9.54M | 7.97M | 8.53M | 11.96M | 5.61M | 13.29M | 8.26M | 6.9M | 5.28M | 7.29M | 4.63M | 3.5M | 3.27M | 5.66M | 3.21M | 5.05M | -2.49M | -7.63M | 8.63M | 6.4M | 6.65M | 4.21M | 1.78M | 1.2M | 1.06M |
| OpEx % of Revenue | - | 21.91% | 29.01% | 22.97% | 67.18% | 96.15% | 58.32% | 192.83% | 212.25% | 246.51% | 68.06% | 49.83% | 93.18% | 185.61% | 73.93% | 45.09% | 69.75% | 86.38% | 222.77% | 137.1% | 150.25% | -38.09% | -119.79% | 199.59% | 214.94% | 653.83% | 2762.88% | 3737.37% | - | - |
| Selling, General & Admin | 8.97M | 8.36M | 9.03M | 6.75M | 7.42M | 4.53M | 3.05M | 3.91M | 4.37M | -619K | 5.46M | 2M | 3.33M | 2.01M | 2.81M | 2.85M | 1.1M | -1.21M | 1.19M | 1.68M | 3.03M | 3.14M | 3.42M | 3.23M | 4.55M | 4.6M | 2.73M | 840.26K | 626.44K | 455.86K |
| SG&A % of Revenue | - | 13.15% | 20.25% | 15.57% | 47.48% | 45.66% | 22.31% | 88.29% | 77.61% | -27.21% | 27.95% | 12.08% | 45.04% | 70.62% | 28.55% | 27.82% | 21.97% | -31.91% | 46.84% | 71.66% | 90.3% | 47.99% | 53.69% | 74.64% | 152.94% | 451.9% | 1792.58% | 1762.92% | - | - |
| Research & Development | 5.01M | 4.38M | 3.04M | 3.38M | 3.43M | 4.55M | 2.75M | 2.86M | 3.83M | 2.98M | 6.15M | 4.58M | 2.54M | 3.56M | 3.92M | 1.79M | 1.7M | 3.92M | 3.91M | 887.5K | 1.04M | 2.63M | 2.84M | 2.66M | 1.85M | 2.05M | 1.03M | 714.19K | 466.47K | 592.76K |
| R&D % of Revenue | - | 6.89% | 6.81% | 7.8% | 21.98% | 45.91% | 20.12% | 64.72% | 67.9% | 131.21% | 31.47% | 27.65% | 34.24% | 125.26% | 39.76% | 17.45% | 33.79% | 103.65% | 153.72% | 37.87% | 30.83% | 40.23% | 44.64% | 61.43% | 62% | 201.93% | 675.55% | 1498.41% | - | - |
| Other Operating Expenses | 818.37K | 1.19M | 867K | -173K | -357K | 455K | 2.17M | 1.76M | 3.76M | 3.24M | 1.69M | 1.67M | 1.03M | -292K | 554K | -18K | 703K | 554K | 564.59K | 646K | 977.9K | -8.26M | -13.89M | 2.75M | 0 | 0 | 449.13K | 226.89K | 103.74K | 15.08K |
| Operating Income | 7.22M | 5.54M | 729K | 1.2M | -7.27M | -7.28M | -3.9M | -7.06M | -10.19M | -4.7M | -8.42M | -3.28M | -4.08M | -4.66M | -2.91M | -1.98M | -2.14M | -808K | -4.5M | -4.22M | -4.9M | 3.77M | 8.48M | -9.64M | -8.06M | -9.54M | -3.61M | -1.55M | -1.09M | -1.05M |
| Operating Margin % | 10.21% | 8.71% | 1.63% | 2.77% | -46.54% | -73.35% | -28.52% | -159.49% | -180.93% | -206.73% | -43.12% | -19.79% | -55.06% | -163.83% | -29.57% | -19.33% | -42.51% | -21.36% | -177.12% | -180.08% | -145.83% | 57.66% | 133.09% | -222.9% | -270.89% | -938.38% | -2368.12% | -3261.33% | - | - |
| Operating Income Growth % | - | 659.95% | -39.4% | 116.55% | 0.12% | -86.76% | 44.77% | 30.77% | -116.71% | 44.17% | -156.91% | 19.57% | 12.44% | -59.78% | -46.88% | 7.12% | -164.36% | 82.05% | -6.65% | 13.82% | -229.85% | -55.51% | 187.96% | -19.52% | 15.52% | -164.49% | -132.13% | -42.23% | -4.22% | - |
| EBITDA | 8.96M | 7.07M | 1.94M | 2.11M | -6.77M | -6.96M | -3.69M | -6.95M | -9.88M | -4.39M | -7.84M | -2.66M | -3.46M | -3.7M | -2.48M | -1.72M | -1.48M | -305K | -3.94M | -3.57M | -3.92M | 6.19M | 11.54M | -6.89M | -5.57M | -8.04M | -3.16M | -1.38M | -989.17K | -1.03M |
| EBITDA Margin % | 12.67% | 11.12% | 4.35% | 4.87% | -43.32% | -70.14% | -26.99% | -157.03% | -175.47% | -193.14% | -40.16% | -16.05% | -46.79% | -130.08% | -25.22% | -16.74% | -29.47% | -8.06% | -154.9% | -152.51% | -116.68% | 94.59% | 181.16% | -159.38% | -187.07% | -790.72% | -2073.36% | -2885.3% | - | - |
| EBITDA Growth % | 238.17% | 264.65% | -8.15% | 131.19% | 2.77% | -88.69% | 46.91% | 29.71% | -124.94% | 43.99% | -195.04% | 23.24% | 6.3% | -48.77% | -44.64% | -16% | -385.57% | 92.25% | -10.13% | 8.77% | -163.33% | -46.38% | 267.46% | -23.75% | 30.77% | -154.55% | -129.72% | -39.03% | 4.29% | - |
| D&A (Non-Cash Add-back) | 1.74M | 1.53M | 1.21M | 907K | 503K | 319K | 209K | 109K | 308K | 309K | 579K | 620K | 613K | 959K | 429K | 266K | 655K | 503K | 564.58K | 646K | 978.8K | 2.41M | 3.06M | 2.75M | 2.49M | 1.5M | 449.13K | 179.23K | 103.74K | 15.08K |
| EBIT | 5.12M | 3.91M | 1.72M | 341K | -6.92M | -4.87M | 4.21M | -717K | -6.72M | -1.72M | -7.76M | -2.05M | -2.84M | -4M | -2.91M | -1.61M | -2.14M | -808K | -4.5M | -4.22M | -4.9M | 3.77M | 8.48M | -9.64M | -8.06M | -9.54M | -3.61M | -1.55M | -1.09M | -1.05M |
| Net Interest Income | -2.3M | -2.6M | -3.2M | -2.5M | -2.29M | -2.67M | -3.1M | -2.12M | -3.45M | -2.93M | -853K | -80K | 27K | -462K | -965K | -389K | 29K | 34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 573K | 631K | 95K | 0 | 36K | 29K | 34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.3M | 2.6M | 3.2M | 2.5M | 2.29M | 2.67M | 3.1M | 2.12M | 3.45M | 2.93M | 853K | 653K | 604K | 557K | 965K | 389K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -4.38M | -4.23M | -2.21M | -3.36M | -1.94M | -256K | 5.01M | 4.22M | 20K | 49K | -190K | 573K | 631K | 95K | -958K | -11K | 2.14M | 231K | 4.5M | 4.22M | -3.04M | -10.53M | -16.94M | -208.04K | -1.89M | 2.41M | 2.11M | 1.55M | 1.09M | 1.05M |
| Pretax Income | 2.84M | 1.31M | -1.49M | -2.16M | -9.21M | -7.53M | 1.11M | -2.84M | -10.17M | -4.65M | -8.61M | -2.71M | -3.45M | -4.56M | -3.87M | -2M | 0 | -577K | 0 | 0 | -7.94M | -6.75M | -8.46M | -9.84M | -9.95M | -7.13M | -1.5M | 0 | 0 | 0 |
| Pretax Margin % | 4.02% | 2.06% | -3.33% | -4.98% | -58.97% | -75.93% | 8.14% | -64.13% | -180.58% | -204.57% | -44.1% | -16.33% | -46.54% | -160.49% | -39.29% | -19.44% | - | -15.26% | - | - | -236.48% | -103.28% | -132.89% | -227.71% | -334.29% | -701.25% | -982.1% | - | - | - |
| Income Tax | -2.15M | -2.05M | 0 | -679K | 0 | 0 | 0 | 0 | 0 | 16.52M | 177K | 487K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -432.2K | 0 | 31.84K | 42.21K | 36.75K | 21.96K | 0 | 0 | 0 |
| Effective Tax Rate % | -75.64% | -156.72% | 0% | 31.46% | 0% | 0% | 0% | 0% | 0% | -354.96% | -2.05% | -18% | 0% | 0% | 0% | 0% | - | 0% | - | - | 0% | 6.4% | 0% | -0.32% | -0.42% | -0.52% | -1.47% | - | - | - |
| Net Income | 5M | 3.36M | -1.49M | -1.48M | -9.21M | -7.53M | 1.11M | -2.84M | -22.66M | -21.17M | -8.79M | -3.19M | -3.45M | -4.56M | -3.87M | -2M | -2.35M | -577K | -3.95M | -4.64M | -7.94M | -6.32M | -8.46M | -9.88M | -9.99M | -7.17M | -1.52M | -1.32M | -844.07K | -1.21M |
| Net Margin % | 7.06% | 5.29% | -3.33% | -3.41% | -58.97% | -75.93% | 8.14% | -64.13% | -402.22% | -930.73% | -45% | -19.27% | -46.54% | -160.49% | -39.29% | -19.44% | -46.79% | -15.26% | -155.64% | -198.02% | -236.48% | -96.67% | -132.89% | -228.45% | -335.71% | -704.86% | -996.51% | -2760.91% | - | - |
| Net Income Growth % | 16756.33% | 326.46% | -0.41% | 83.94% | -22.26% | -777.52% | 139.2% | 87.48% | -7% | -140.86% | -175.32% | 7.34% | 24.45% | -17.79% | -94.09% | 15.14% | -307.45% | 85.41% | 14.78% | 41.55% | -25.6% | 25.3% | 14.3% | 1.16% | -39.37% | -372.13% | -15.39% | -55.9% | 30.4% | - |
| Net Income (Continuing) | 5M | 3.36M | -1.49M | -1.48M | -9.21M | -7.53M | 1.11M | -2.84M | -10.17M | -21.17M | -8.79M | -3.19M | -3.45M | -4.56M | -3.87M | -2M | -2.35M | -577K | -3.95M | -4.64M | -7.94M | -6.32M | -8.46M | -9.88M | -9.99M | -7.17M | -1.52M | -1.32M | -844.07K | -1.21M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 2K | 2K | 2K | 6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.10 | 0.08 | -0.04 | -0.04 | -0.31 | -0.27 | 0.05 | -0.13 | -1.15 | -1.20 | -0.52 | -0.20 | -0.24 | -0.32 | -0.27 | -0.14 | -0.17 | -0.04 | -0.28 | -0.33 | -0.57 | -0.45 | -0.61 | -0.71 | -0.72 | -0.68 | -0.14 | -0.12 | -0.12 | -0.11 |
| EPS Growth % | 2672.09% | 286.73% | 0% | 85.9% | -14.81% | -675.69% | 136.08% | 88.7% | 4.17% | -130.77% | -160% | 16.67% | 25% | -18.52% | -92.86% | 17.65% | -311.62% | 85.25% | 15.15% | 42.11% | -26.67% | 26.23% | 14.08% | 1.39% | -5.88% | -385.71% | -16.67% | 0% | -9.09% | - |
| EPS (Basic) | - | 0.09 | -0.04 | -0.04 | -0.31 | -0.27 | 0.05 | -0.13 | -1.15 | -1.20 | -0.52 | -0.20 | -0.24 | -0.32 | -0.27 | -0.14 | -0.17 | -0.04 | -0.28 | -0.33 | -0.57 | -0.45 | -0.61 | -0.71 | -0.72 | -0.68 | -0.14 | -0.12 | -0.12 | -0.11 |
| Diluted Shares Outstanding | 51.66M | 41.37M | 34.01M | 33.83M | 29.38M | 27.98M | 23.93M | 21.4M | 19.73M | 17.64M | 16.76M | 15.86M | 14.51M | 14.19M | 14.19M | 14.19M | 14.1M | 13.96M | 13.92M | 13.92M | 13.92M | 13.92M | 13.91M | 13.91M | 13.91M | 10.55M | 10.89M | 10.89M | 7.13M | 10.88M |
| Basic Shares Outstanding | 49.23M | 39.08M | 34.01M | 33.83M | 29.38M | 27.98M | 23.93M | 21.4M | 19.73M | 17.64M | 16.76M | 15.86M | 14.51M | 14.19M | 14.19M | 14.19M | 14.1M | 13.96M | 13.92M | 13.92M | 13.92M | 13.92M | 13.91M | 13.91M | 13.91M | 10.55M | 10.89M | 10.89M | 7.13M | 10.88M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Customer concentration and execution
As reported in financial statements, Electrovaya's revenue growth has fluctuated wildly, peaking at 75.3% in 2025Q4 before decelerating to 18.5% by 2026Q2, highlighting the inherent lumpiness of industrial equipment sales cycles and the company's reliance on specific, non-recurring order patterns from its primary OEM distribution partners.
The erratic top-line performance suggests that Electrovaya remains highly sensitive to the timing of large-scale fleet deployments rather than a steady, recurring revenue stream. Investors should monitor whether the company can transition toward a more predictable order cadence as it scales its manufacturing footprint in Jamestown.
Based on reported figures, Electrovaya has maintained a relatively consistent gross margin profile, hovering around the 30% mark, which suggests that the company's specialized ceramic separator technology provides a defensible pricing premium that shields it from the commodity-driven margin compression seen in broader lithium-ion battery markets.
This 30% margin threshold appears to be a critical indicator of the company's value proposition in the industrial sector. Any sustained deviation below this level would warrant further investigation into whether competitive pressures or rising input costs are beginning to erode the company's technological moat.
According to recent SEC filings, Electrovaya's operating income has shown signs of scaling, yet the path remains non-linear, with operating margins swinging from a negative 1.7% in 2025Q1 to a peak of 11.7% in 2025Q4, reflecting the high fixed-cost burden associated with its ongoing manufacturing expansion efforts.
The volatility in operating margins suggests that the company is still in a phase of operational transition where overhead absorption is highly sensitive to quarterly volume fluctuations. Future profitability will likely depend on the company's ability to achieve consistent throughput at its new facility to leverage its fixed cost base.
As indicated by the provided income statement data, net income has transitioned from consistent losses in early 2024 to positive territory in recent quarters, though the quality of these earnings remains subject to scrutiny due to the lumpy nature of revenue recognition and variable stock-based compensation expenses.
The shift to profitability is a positive development, yet the reliance on specific quarterly order fulfillment makes it difficult to assess the sustainability of current EPS levels. Analysts should remain cautious regarding the impact of non-operating items and potential future equity dilution on the long-term earnings trajectory.
Based on an analysis of the company's revenue structure, the heavy reliance on a single major OEM partner for distribution creates a significant vulnerability, as any shift in that partner's strategic direction could lead to an immediate and severe shortfall in Electrovaya's top-line performance and operational viability.
While the current partnership has been a key driver of growth, the lack of customer diversification represents a material risk that could overshadow the company's technological advantages. Investors should monitor the progress of secondary channel development to determine if the company can successfully mitigate this high-concentration exposure.
Quick answers to the most common questions about buying ELVA stock.
For fiscal year 2025, Electrovaya Inc. (ELVA) reported total revenue of $63.6M.
Electrovaya Inc. (ELVA) is profitable, generating $3.4M in net income for the fiscal year ending 2025 with a net profit margin of 5.3%.
Electrovaya Inc. (ELVA) reported an operating income of $5.5M, resulting in an operating profit margin of 8.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Electrovaya Inc. (ELVA) generated $19.5M in gross profit for the year, representing a gross profit margin of 30.6%. This demonstrates the company's core pricing power and production efficiency.