Electrovaya (ELVA) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $15.5M, up 39% year-over-year, with adjusted EBITDA of $2M and net profit of $1M, reversing a net loss in Q1 2025.

• Operational momentum supported by expansion into new verticals, product launches, and manufacturing capacity increases, notably in Jamestown, NY.

• Positive cash flow from operations of $1.9M and a closing cash balance of $22.7M, up $14.5M year-over-year.

• Strengthened balance sheet through operational performance and a $28M equity raise in November 2025.

• Strong progress in product development, including ultra-fast charging cell technology and expansion into new markets and applications.

Financial highlights

• Revenue for Q1 2026 was $15.5M, up 39% from $11.1M in Q1 2025.

• Gross margin improved to 32.9%, up 240 basis points year-over-year.

• Operating profit reached $1.4M, compared to a $0.2M loss last year; net profit was $1M versus a $0.4M loss.

• Adjusted EBITDA was $2M (13% of revenue), up from $0.5M, a 265% increase.

• Cash from financing activities totaled $32.3M, supporting a significant increase in cash position.

Outlook and guidance

• Fiscal 2026 revenue guidance reaffirmed at over $83M, representing more than 30% growth over FY2025.

• Backlog plus frontlog stands at $100M–$125M, with guidance discounted for potential customer delays.

• Growth expected from sustained demand in material handling and expansion into new verticals.

• Guidance reflects existing purchase orders and anticipated customer pipeline, with some revenue possibly deferred to FY2027.

• Upside potential exists from new verticals, especially airport ground equipment and robotics.