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Electrovaya
(TSX:ELVA)
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Rating:52Neutral
Price Target:
C$9.50
▲(4.28% Upside)
Action:Reiterated
Date:08/21/26
The score is primarily held back by weak cash-flow quality (negative TTM operating and free cash flow) and bearish technical trends (below major moving averages with negative MACD). These are partly offset by improving profitability and a generally positive earnings-call outlook supported by the Amazon agreement, margin strength, and planned FY2027 ramp catalysts, though valuation remains stretched with a high P/E and no dividend support.
Positive Factors
Revenue and Profitability Improvement
Sustained revenue growth alongside a transition to profitability indicates improving commercial traction and operating leverage. Positive earnings provide a stronger base for funding expansion, although the still-modest net margin limits resilience if costs increase.
Negative Factors
Negative TTM Operating and Free Cash Flow
Weak cash conversion means reported earnings are not currently translating into self-funded operations. Persistent working-capital or investment needs could increase reliance on borrowing or equity financing and constrain the company’s ability to scale independently.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Profitability Improvement
Sustained revenue growth alongside a transition to profitability indicates improving commercial traction and operating leverage. Positive earnings provide a stronger base for funding expansion, although the still-modest net margin limits resilience if costs increase.
Read all positive factors
Electrovaya (ELVA) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$476.99M
Dividend YieldN/A
Average Volume (3M)215.87K
Price to Earnings (P/E)69.8
Beta (1Y)1.61
Revenue Growth29.42%
EPS Growth247.98%
CountryCA
Employees123
SectorGeneral
Sector StrengthN/A
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)0.10
Shares Outstanding49,998,898
10 Day Avg. Volume162,364
30 Day Avg. Volume215,874
Financial Highlights & Ratios
PEG Ratio-0.23
Price to Book (P/B)7.39
Price to Sales (P/S)3.60
P/FCF Ratio-24.21
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$22.41Price Target Upside146.04% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.1
Revenue Forecast (FY)C$82.48M
Electrovaya Business Overview & Revenue Model
Company Description
Electrovaya Inc. engages in the design, development, manufacture, and sale of lithium-ion batteries, battery management systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications in ...
How the Company Makes Money
Electrovaya primarily makes money by selling lithium-ion battery products and related services to original equipment manufacturers (OEMs) and end-users in targeted markets such as material handling. Its core revenue stream is the sale of battery s...
Electrovaya Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Dec 08, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive strategic outlook anchored by several major durable wins and capabilities — a formalized Amazon agreement, launch of the high‑power ElvaPulse product, record gross margins and adjusted EBITDA, and Jamestown nearing production. These developments position the company for a material revenue and product-mix shift in FY2027 and beyond. Near-term challenges include timing-driven revenue deferrals (~$5M), supply‑chain and SKU complexity limiting short-term deliveries, higher quarter-level operating expenses and an increase in debt and working capital use. Management framed the negatives as timing and execution risks rather than demand loss, emphasizing certification, production ramp and pipeline conversion as the keys to realize the upside.Positive Updates
Amazon Commercial Agreement
Signed a long-term commercial agreement and associated warrant transaction with Amazon (already the company's largest end customer), creating strategic alignment across material handling, robotics and stationary energy storage and providing a framework for expanded future orders.
Negative Updates
Quarterly Revenue Timing Shifts and Deferred Shipments
Q3 revenue was $17.7 million, only modestly above prior year ($17.1M, ~+3.5%). Approximately $5 million of high-voltage battery system deliveries originally expected in FY2026 were deferred into FY2027 due to supply chain constraints; additional material handling implementation delays impacted Q3 and are expected to affect Q4. Management attributes these to timing rather than lost business.
Read all updates
Q3-2026 Updates
Positive
Negative
Amazon Commercial Agreement
Signed a long-term commercial agreement and associated warrant transaction with Amazon (already the company's largest end customer), creating strategic alignment across material handling, robotics and stationary energy storage and providing a framework for expanded future orders.
Read all positive updates
Company Guidance
Management guided full‑year normalized revenue to approximately $70–73 million (noting about $5 million of high‑voltage system revenue shifted into fiscal 2027), said UL 1973/9540 certification is targeted for Q1 calendar 2027 with initial ElvaPulse deliveries from Jamestown beginning in Q2 calendar 2027 (fiscal Q3), and expects Jamestown start‑up (an 8‑week factory acceptance test begins in ~7–10 days) to drive fiscal 2027 as Amazon, ElvaPulse, Jamestown and margins converge. For context, Q3 revenue was $17.7M (vs $17.1M LY) and 9‑month revenue $51.3M (+18.5% YoY); Q3 gross margin 34.9% (up 410 bps YoY) and 9‑month gross margin 33.8%; Q3 adjusted EBITDA $3.7M (+27%) with an adjusted EBITDA margin of 20.7% (9‑month 16.5%); Q3 operating profit $0.8M and 9‑month operating profit $4.3M (+37%); Q3 net income $0.3M and YTD net income $2.4M. Liquidity and capital metrics noted: Q3 operating cash inflow $8.6M (YTD cash used in ops $17.4M), net working capital $65.9M, current ratio 7.5, total debt $38.3M (EXIM drawn $19.8M), unrestricted cash $13.1M and $7.8M available on the bank facility; the Amazon warrant package links 100 tranches to $2.8M revenue milestones (aggregate $280M) with the initial tranche amortized over roughly 7–10 years for accounting.Electrovaya Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
60
Neutral
Cash Flow
34
Negative
| Breakdown | TTM | Sep 2025 | Sep 2024 | Dec 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 71.06M | 63.98M | 44.59M | 43.37M | 15.62M | 9.92M |
| Gross Profit | 21.92M | 18.24M | 13.66M | 11.16M | 4.33M | 2.26M |
| EBITDA | 6.86M | 5.44M | 2.92M | 1.25M | -6.42M | -4.55M |
| Net Income | 4.40M | 3.36M | -1.49M | -1.48M | -9.21M | -7.53M |
Balance Sheet | ||||||
| Total Assets | 118.33M | 63.93M | 39.48M | 36.51M | 18.08M | 14.98M |
| Cash, Cash Equivalents and Short-Term Investments | 16.23M | 9.76M | 781.00K | 1.03M | 626.00K | 4.20M |
| Total Debt | 41.37M | 22.56M | 20.77M | 19.03M | 23.11M | 11.53M |
| Total Liabilities | 50.66M | 32.80M | 30.90M | 29.37M | 24.00M | 16.67M |
| Stockholders Equity | 67.12M | 31.13M | 8.59M | 7.15M | -5.92M | -1.70M |
Cash Flow | ||||||
| Free Cash Flow | -28.28M | -9.50M | 913.00K | -5.36M | -11.86M | -8.68M |
| Operating Cash Flow | -5.80M | 1.72M | 1.04M | -4.86M | -11.81M | -8.12M |
| Investing Cash Flow | -31.93M | -15.92M | -666.00K | -903.00K | -423.00K | -560.00K |
| Financing Cash Flow | 55.03M | 24.29M | -629.00K | 6.20M | 9.52M | 10.92M |
Electrovaya Technical Analysis
Negative
9.11
Price Trends
11.70
Negative
12.92
Negative
11.84
Negative
Market Momentum
-0.78
Negative
42.87
Neutral
61.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ELVA, the sentiment is Negative. The current price of 9.11 is below the 20-day moving average (MA) of 9.84, below the 50-day MA of 11.70, and below the 200-day MA of 11.84, indicating a bearish trend. The MACD of -0.78 indicates Negative momentum. The RSI at 42.87 is Neutral, neither overbought nor oversold. The STOCH value of 61.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:ELVA.
Electrovaya Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | C$223.31M | -205.39 | -5.42% | ― | 20.11% | 55.61% | |
52 Neutral | C$476.99M | 69.84 | 7.92% | ― | 29.42% | 247.98% | |
50 Neutral | C$31.28M | -14.93 | 6067.59% | ― | 0.60% | 50.19% | |
49 Neutral | C$35.79M | -7.74 | -38.35% | ― | ― | 67.57% | |
41 Neutral | C$3.98M | -0.88 | 11.91% | ― | -20.21% | 57.49% | |
40 Underperform | C$3.52M | -1.44 | 110.73% | ― | -18.75% | 11.40% |
* General Sector Average
TSE:ELVA
Electrovaya
9.54
1.48
18.36%
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Electrovaya Corporate Events
Business Operations and StrategyFinancial DisclosuresProduct-Related Announcements
Electrovaya posts record margins and deepens Amazon ties with new storage platform
Positive
Aug 10, 2026
Electrovaya reported third-quarter fiscal 2026 revenue of $17.7 million, up about 3% year over year, with a record gross margin of 34.9% and record adjusted EBITDA of $3.7 million, representing over 20% of revenue. The company posted its sixth con...
Business Operations and StrategyFinancial Disclosures
Electrovaya Sets Date for Q3 2026 Results and Investor Call
Neutral
Aug 5, 2026
Electrovaya Inc., a Toronto-based lithium-ion battery technology and manufacturing company listed on Nasdaq and the TSX, focuses on its proprietary Infinity Battery Technology, offering high-safety, long-life solutions for industrial, robotics, de...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Grounded Lithium Boosts Oil Cash Flow with Funded Facility Upgrades
Positive
Jul 30, 2026
Grounded Lithium Corp. reported that June oil sales from its partnership averaged 123 barrels per day, reinforcing the low-decline, stable production profile that underpins its diversification into oil and gas. The company expects these volumes, c...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.