Electrovaya Achieves Milestones in Fiscal Year 2024

Electrovaya Inc., a key player in the lithium-ion battery market, announced strong financial outcomes for fiscal year 2024. The company reported revenues amounting to $44.6 million, a slight increase from the previous year. Importantly, Electrovaya achieved a positive Adjusted EBITDA of $4 million for the sixth consecutive quarter.

In a significant development, Electrovaya secured a $51 million loan from the Export-Import Bank of the United States. This funding will support the establishment of a new manufacturing facility in Jamestown, NY. The company also managed to remove the going concern note from its financial statements, reflecting improved stability.

Electrovaya expanded its client base with key orders from a Japanese construction equipment OEM and repeat orders from an aerospace and defense firm. The strategic expansions are expected to secure revenue growth beyond $60 million in 2025.