Electrovaya Reports Record Quarterly Gross Margin of 34.9%
The lithium-ion battery manufacturer reported a record adjusted EBITDA of $3.7 million for the third quarter ended June 30, 2026.
Electrovaya Inc. (ELVA), a lithium-ion battery technology and manufacturing company, reported a record quarterly gross margin of 34.9% for the third quarter ended June 30, 2026, compared to 30.8% in the same period the previous year. The company reported revenue of $17.7 million for the quarter, a 3% increase from the $17.1 million recorded in the third quarter of fiscal 2025.
Profitability metrics reached new highs during the period. Adjusted EBITDA rose 27% year over year to a record $3.7 million, representing 20.7% of revenue. This marked the first time the company's adjusted EBITDA margin exceeded 20%. Net profit for the quarter was $0.3 million, continuing a streak of six consecutive quarters of net profitability.
For the nine months ended June 30, 2026, revenue increased 18% to $51.3 million, compared to $43.3 million in the prior-year period. Adjusted EBITDA for the nine-month period rose approximately 56% to $8.5 million, while net profit increased approximately 80% to $2.4 million. The company ended the quarter with $13.1 million in non-restricted cash, up from $1.3 million in the prior year.
Revenue for the third quarter was primarily driven by the sale of batteries and battery systems for material handling electric vehicles (MHEVs), which accounted for 99.3% of the period's revenue. The United States market accounted for $16.5 million, or 93.1%, of that total.
Electrovaya revised its fiscal 2026 normalized revenue outlook to approximately $70 million to $73 million. The company said this outlook reflects the timing of certain customer programs, including approximately $5 million of high-voltage battery-system deliveries that are now expected in the first quarter of fiscal 2027. The company also identified material handling customer pushouts as risks.
To support future growth, the company is completing a manufacturing expansion in Jamestown, New York. The facility is intended to provide increased capacity for robotics, defense, and energy storage applications. Electrovaya also launched ElvaPulse 1500 for high-power stationary energy storage in data centers and expanded its commercial relationship with Amazon. The company believes the Amazon relationship has the potential to support increased demand for existing material-handling products during fiscal 2027 and beyond.