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Electrovaya Reports 2nd Consecutive Profitable Quarter
Globe Newswire
Q1 2016 Net Profit of US $3.0 million (Cdn $4.2 m) up 121% over Q4 2015 Net Profit of US $1.3 million (Cdn $1.8 m)

TORONTO, ON, Feb. 9, 2016 (GLOBE NEWSWIRE) -- Electrovaya (TSX:EFL) today reports its Q1 financial results for the quarter ending December 31, 2015. All numbers are in US dollars.

Financial Highlights:

  • Revenues: Q1 2016 revenue is $8.2 million (Cdn $11.4 m), a growth of 2,800% over Q1 2015
  • Adjusted EBITDA Positive: Q1 2016 of $3.4 million (Cdn$ 4.7m) a positive swing of $5.1 million from loss of $1.89 million in Q1 2015
  • Net Profit Increases: Q1 2016 net profit is $3.0 million (Cdn$ 4.2 m)
  • Cash Balance: December 31, 2015 cash balance was $3.3 million (Cdn$4.6 m). Cash balance as of 5th February 2016 is $6.8 million (Cdn$9.5 m).

Business Highlights:

The acquisition of the Litarion and its 0.5 Gigawatt hour plant in Germany continues to accelerate revenues and profits as revenues grow and benefits from the investment are received. The acquisition of the Global exclusive rights to the unique flexible Ceramic separator, SeparionTM also allows Electrovaya Litarion additional large revenue opportunities and unique capability to deliver the safest cells in the industry.

Income from the legacy Daimler contract ended in early October 2015 and revenue was $0.7 million in this Quarter. Previously Litarion was Daimler's captive supplier. Electrovaya's acquisition allows Electrovaya and Litarion to expand its sales to multiple customers in multiple business sectors.

The combined technology from Electrovaya and Litarion generates industry leading technology in non-toxic production, safety, cycle life and costs.

Quarter highlights include:

  • Notable Contracts: the announcement of a $ 16 million (Cdn $22.4 million) contract for the supply of Lithium Ion Cells (40 Ah) to an US energy storage group
  • Strong Revenue Pipeline: a rapidly growing revenue pipeline, largest in the history of Electrovaya and Litarion especially with the announcement of our new cell production.

Commenting on the results Electrovaya Chairman and CEO, Dr. Sankar Das Gupta stated "We are pleased with the Q1 results. We expect good revenue growth in the next few years as demand for safe and high cycle life lithium ion cells and batteries grows in high value applications".

Conference Call Details:

The Company will hold a conference call on Wednesday February 10, 2015 at 8:00 a.m. Eastern Time (ET) to discuss the Q1, 2016 results ended December 31, 2015 and to provide a business update.

Conference ID: 13630400
US and Canada toll free: (877) 407-8291
International: + 1(201) 689-8345
To help ensure that the conference begins in a timely manner, please dial in 10 minutes prior to the start of the call.

For those unable to participate in the conference call, a replay will be available for two weeks beginning on February 10, 2016 through February 24, 2016. To access the replay, the U.S. dial-in number is (877) 660-6853 and the non-U.S. dial-in number is +1 (201) 612-7415. The replay conference ID is 13630400.

Financial Summary:

The Company's complete Q1, 2016 First Quarter and Annual Financial Statements and Management Discussion and Analysis are available at www.sedar.com or on the Company's website at www.electrovaya.com.

(thousands of US dollars)      
                                                                    Q1 2016           Q1 2015              $change             %change
Revenue                                                      8,240               280               7,9602,8              43%
Adjusted EBITDA(1)                                       3,355             (1,724)              5,079                   -
Net Earnings (Loss) Attributable                        2,959             (1,891)              4,850                   -
to Common Shareholders 
Cash and cash equivalents – December 31           3,259              1,662                1,597                 96%

(1) Adjusted EBITDA does not have a standardized meaning under IFRS. Therefore it is unlikely to be comparable to similar measures presented by other issuers. We define adjusted EBITDA as gain from operations less stock based compensation expense, finance cost and amortization. We believe that certain investors and analysts use adjusted EBITDA to measure the performance of the business.

About Electrovaya Inc.

Electrovaya Inc. (TSX:EFL) designs, develops and manufactures proprietary Lithium Ion Super Polymer® batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. Electrovaya, through its fully owned subsidiary, Litarion GmbH, also produces cells, electrodes and SEPARION™ ceramic separators and has manufacturing capacity of about 500MWh/annum. Electrovaya is a technology focused company with extensive IP. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada and Germany with customers around the globe.
To learn more about how Electrovaya and Litarion is powering mobility and energy storage, please explore www.electrovaya.com, www.litarion.com and www.separion.com

Forward-Looking Statements

This press release contains forward-looking statements, including statements that relate to, among other things, revenue forecasts, technology development progress, plans for shipment using the Company's technology, production plans, the Company's markets, objectives, goals, strategies, intentions, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to currency rates and creditworthiness of customers); Company liquidity and capital resources, including the availability of additional capital resources to fund its activities; level of competition; changes in laws and regulations; legal and regulatory proceedings; the ability to adapt products and services to the changing market; the ability to attract and retain key executives; and the ability to execute strategic plans. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company's most recent annual and interim Management's Discussion and Analysis under "Risk and Uncertainties" as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.

CONTACT: For more information, please contact:
         Electrovaya Inc.
         Email: ir@electrovaya.com
         Phone: (905) 855-4618

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