Electrovaya Inc.
Electrovaya Reports Profitable Q4 Along With FY 2015 Results

DGAP-News: Electrovaya Inc. / Key word(s): Miscellaneous

2015-12-02 / 05:03
The issuer is solely responsible for the content of this announcement.

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TORONTO, ON --(Marketwired - December 01, 2015) -  Electrovaya
(TSX: EFL) today reports its financial results for the quarter
and year ending September 30, 2015. Q4, 2015 was the first full
quarter results after the transformational acquisition of
Litarion GmbH, Europe's largest lithium ion plant. The FY 2015
numbers include five months of operation after the acquisition.
All numbers are in US dollars.

Financial Highlights:

/T/

--  Revenues Surge: Q4 $9.8 million (Cdn $13.1m), a growth of 495% over Q4
    2014 and a growth of 64% over preceding Q3, 2015; FY 2015 revenue $16.6
    million (Cdn $22.2m) a growth of 124% from $ 7.4 million (Cdn $9.9m)
--  Gross Margin Improves: Q4, 2015 of $3.5 million (Cdn $4.7m), a growth of
    440% over Q4, 2014; gross margin of 36% achieved in Q4 FY 2015 gross
    margin 30% 
--  Adjusted EBITDA Positive: Q4 $1.7 million (Cdn$ 2.3m) a positive swing
    of $2.5 million from loss of $0.76 million in Q4, 2014. 
--  Net Profit Increases in Q4 $1.3 million (Cdn $1.8m)
--  Cash Balance Jumps: September 30, 2015 cash balance $6.3 million (Cdn
    $8.5 m), an increase of $3.1 million (Cdn $4.2m) over June 30, 2015

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Business Highlights:

The acquisition of the Litarion and its 0.5 Gigawatt hour plant,
completed April 29, 2015, has created a large momentum in our
sales pipeline and has been the catalyst to produce a strong
profitable fourth quarter. Q4 was the first full quarter after
the acquisition.

The second acquisition from Evonik of all of the Global exclusive
rights to Separion(TM), an unique flexible ceramic separator, opens
up additional large revenue opportunities. This proprietary
material generates highest safety and performance in lithium ion
cells.

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

Quarter highlights include:

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--  Notable Contracts: 
    --  the announcement of a $ 20.6 million (EUR 18.5 million) contract for
        the supply of Lithium Ion battery products;
    --  the announcement of a contract to supply a portable, high capacity
        battery storage system to Con Edison for Clean Energy Grid Support; 
--  New Products: the announcement of the introduction of our new 40Ah
    Lithium Ion Cell;
--  Notable Deliveries: Delivery of a grid connected MWh Energy Storage
    System to Toronto Hydro and Ryerson in downtown Toronto; delivery of
    many other systems and products into the automotive, mining, utility and
    other applications
--  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.

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Commenting on the results Electrovaya Chairman and CEO, Dr.
Sankar Das Gupta stated, 'We are very pleased with the Q4
results. Our transformative acquisition of Litarion has
positioned us to capitalize on a robust sales pipeline, introduce
new products and enter attractive markets. We have shown that the
combined operations are not only cash positive but profitable as
we grow sales.'

'Energy Storage through lithium ion batteries is the holy grail
for alternate energy and a critical technology for climate change
mitigation. The combined Electrovaya Litarion positions us as the
global technology leader with respect to cost, safety and cycle
life,' says Dr. Das Gupta.

Conference Call Details:

The Company will hold a conference call on Wednesday December 2,
2015 at 8:00 a.m. Eastern Time (ET) to discuss the Q4 and fiscal
year results ended September 30, 2015 and to provide a business
update.

Conference ID: 13626150
US and Canada toll free: (877) 407-8291
International: + 1(201) 612-7415

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 December 2, 2015
through December 16, 2015. 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 13626150.

Financial Summary:

The Company's complete Fiscal 2015 Fourth 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.

/T/


FINANCIAL HIGHLIGHTS                                                        
                                Q4    Q4       %                         %  
(thousands of US dollars)     2015   2014   change   2015    2014   change  

Revenue                      9,762   1,642     495% 16,568   7,404     124% 
Direct Manufacturing Costs   6,292   1,000     529% 11,591   4,582     153% 
Gross Margin                 3,470     642     440%  4,977   2,822      76% 
Gross Margin %                  36%     39%      -      30%     38%      -  
Adjusted EBITDA(1)           1,730    (762)      -  (1,921) (1,723)     12% 
Net Earnings (Loss)                                                         
 Attributable to Common                                                     
 Shareholders                1,338    (663)      -  (3,193) (3,446)     (7%)

Cash and cash equivalents -                                                 
 September 30                6,309     969     551%  6,309     969     551% 




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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.

/T/

About Electrovaya Inc.

Electrovaya Inc. (TSX: EFL) designs, develops and manufactures
proprietary Lithium Ion Super Polymer(R) 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(TM) 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.



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

News Source: Marketwire


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2015-12-02 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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     Language:    English           
     Company:     Electrovaya Inc.  
   
   
                  United States     
   
   
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