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Beitrag1/31, 30.12.17, 22:05:27 
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Electrovaya loses $21.2-million (U.S.) in fiscal 2017



2017-12-29 17:43 ET - News Release



Mr. Peter Koven reports

ELECTROVAYA REPORTS FINANCIAL RESULTS FOR FISCAL 2017

Electrovaya Inc. has released its financial results for the fiscal year ended Sept. 30, 2017. All numbers are in U.S. dollars unless otherwise noted.

The past fiscal year was a pivotal one for Electrovaya, as the company launched its lithium-ion battery product line for the global forklift market. Following a long prelaunch phase, Electrovaya has now received initial and follow-up purchase orders from leading Fortune 500 companies. These firms conducted extensive testing of the battery before placing orders. During the year, Electrovaya also continued to advance its work with original equipment manufacturer partners, which are developing complex new products utilizing the company's lithium-ion batteries. These products have long development cycles.

Fiscal year 2017 financial highlights:

Fiscal year 2017 revenue was $8.8-million ($11.3-million (Canadian)), compared with $19.5-million ($25.1-million (Canadian)) for the fiscal year ended Sept. 30, 2016.
The net loss for fiscal 2017 was $21.2-million ($27.2-million (Canadian)), compared with $8.8-million ($11.3-million (Canadian)) for fiscal 2016. The increase was primarily attributable to: Lower revenue, which was partially offset by an $800,000 ($1-million (Canadian)) reduction in direct manufacturing costs;
A $2.2-million ($2.8-million (Canadian)) increase in finance costs, primarily due to costs associated with the $15-million (Canadian) convertible debenture issued in March, 2017;

Inventory as at Sept. 30, 2017, was $14.2-million ($18.2-million (Canadian)), compared with $18.2-million ($23.4-million (Canadian)) as at Sept. 30, 2016, as stocks were drawn down during fiscal 2017 for order fulfilment.


Recent business highlights:

Electrovaya received both initial and follow-up purchase orders from Fortune 500 customers for its lithium-ion forklift battery systems. Most significantly, the company announced a $4.3-million (Canadian) order from Walmart Canada on Sept. 18, 2017. Other potential customers in the material handling vehicles (MHV) sector continue to test the company's forklift products.
The company continued its product and component sales to integrators and OEMs, which develop products for the electromobility and energy storage market.
Electrovaya is developing multiple sales channels, with sales through equipment integrators and OEMs, as well as direct sales of systems to the final user.
The company completed financings that strengthened its working capital. On Sept. 26, 2017, the company announced a private placement financing that closed in two tranches and raised $5.3-million (Canadian) in gross proceeds. In addition, subsequent to fiscal year-end, on Dec. 20, 2017, the company announced that it entered into a commitment with MMCAP International Inc. for an $8-million (Canadian) drawdown equity facility and a $2-million (Canadian) private placement. On Dec. 27, 2017, the company announced that the private placement was completed.


The company's complete annual audited financial statements, management discussion and analysis, and annual information form for the year ended Sept. 30, 2017, are available on SEDAR or on the company's website.

Conference call details:

The company will hold a conference call on Tuesday, Jan. 2, 2018, at 8 a.m. ET to discuss the fiscal 2017 financial results and to provide a business update.


Conference ID: 13674903

U.S. 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 Jan. 2, 2018, through Jan. 15, 2018. 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 13674903.

About Electrovaya Inc.

Electrovaya designs, develops and manufactures proprietary lithium-ion superpolymer 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 electrodes and Separion ceramic separators. Electrovaya is a technology focused company with extensive intellectual property.

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