Electrovaya (ELVA) Q4 2023 earnings summary

Executive summary

• FY2023 revenue reached a record $44.1M, up 171% YoY; two-year revenue CAGR was 100%.

• Adjusted EBITDA was $3.2M and operating profit was $1.2M; FY2024 revenue guidance is $65M–$75M.

Financial highlights

• FY2023 revenue was $44.059M vs. restated FY2022 revenue of $16.270M; gross margin was 26.9% vs. 23.8%, up 300 bps.

• Adjusted EBITDA improved $6.7M YoY, from a loss of $3.5M to $3.2M; reported operating profit was $1.203M and net profit was $679K.

• Q4 FY2023 revenue was $11.946M, gross margin 27.3%, operating profit $798K and net profit $679K.

Outlook and guidance

• FY2024 revenue guidance is $65M–$75M, with stated YoY growth of ~58% at the midpoint; management cited a larger backlog, expanded OEM agreement and new products.

• Strong growth is expected into FY2025 and beyond, supported by high-voltage battery systems and anticipated capacity expansion.

• Guidance depends on customer deployments and purchases, delivery execution, expected gross margins, production ramps and other assumptions; actual results may differ materially.