Electrovaya Reports Q2 FY2016 Revenue up 650% over Q2
FY2015
Toronto, Ontario – May 13, 2016 – Electrovaya (TSX:EFL) today reports its Q2 financial
results for the quarter ending March 31, 2016. All numbers are in US dollars.
Financial Highlights:
Revenues: Q2 FY2016 revenue is $4.3 million (Cdn $5.6m), a growth of 653% over Q2
FY2015 revenue of $0.6 million (Cdn $0.8m).
Cash from Operating Activites: Q2 FY2016 generated $1.8 million cash (Cdn $2.3m)
from operating activities compared to negative $0.9 million (Cdn $1.2m) for Q2 FY2015.
Net Working Capital Increases: net working capital was $10.8 million (Cdn $14.0m) at
March 31, 2016 compared to negative $3.9 million (Cdn $5.1m) for Q2 March 31, 2015.
Cash Balance: March 31, 2016 cash balance was $4.3 million (Cdn $5.6m) as compared
to $0.7 million (Cdn $0.9m) at March 31, 2015 and $3.3 million (Cdn $4.3m) at
December 31, 2015.
Business Highlights:
Announcements:
o the announcement of a $ 4.2 million (Cdn $5.4 million) contract for the supply of
Lithium Ion Cells (40 Ah) for energy storage
o Electrovaya has been showcasing its technologies at a number of industry events
in Europe, North America and Asia.
Product Development and Investment in R&D: The Company continues to invest
heavily in new product development, innovative chemistries and solutions for key
vertical markets. This intense product innovation is being built upon the fundamental
technology breakthroughs in Canada and Germany, and leading to a number of new
applications in electro-mobility and energy storage industries.
Commenting on the results Electrovaya EVP and CFO, Richard Halka stated “We are pleased
with the Q2 results. We are carefully managing our cash and working capital positions while at
the same time investing in Business Development and new product opportunities. We are
building a scalable and sustainable growth model".
Chairman and CEO, Dr. Sankar Das Gupta stated, "Electrovaya is committed to being at the
forefront of the Energy Storage market with superior products and technologies. We have
invested 42% of sales in R&D to tailor those products to specific verticals and markets, and we
will continue to develop new and innovative solutions leveraging our position of leadership in
cost, safety and cycle life”.
Conference Call Details:
The Company will hold a conference call on Monday May 16, 2016 at 8:00 a.m. Eastern Time
(ET) to discuss the Q2, 2016 results for the period ended March 31, 2016 and to provide a
business update.
Conference ID: 13637632
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 May 16, 2016 through May 30, 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 13637632.
Financial Summary:
The Company’s complete Q2, 2016 Second Quarter Financial Statements and
Management Discussion and Analysis are available at www.sedar.com or on the Company’s
website at www.electrovaya.com.
(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.
FINANCIAL HIGHLIGHTS
Three months ended March 31
(thousands of US dollars) Q2
2016
Q2
2015
$
change
%
change
Revenue 4,317 573 3,744 653%
Adjusted EBITDA(1)
(2,421) (1,112) (1,309) -
Net Earnings (Loss) Attributable to Common
Shareholders (3,099) (955) (2,144) -
Cash and cash equivalents – March 31 4
