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Here are two brief analogies for Electrovaya (ELVA):

1. The Allison Transmission of high-performance lithium-ion battery systems, providing critical power solutions for industrial and commercial vehicles (like forklifts).
2. A Bosch for specialized industrial lithium-ion batteries, offering advanced, safe, and long-lasting power solutions for diverse commercial applications.

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• Lithium-ion Battery Systems for Material Handling: Provides high-performance, long-lasting power solutions for electric forklifts and other industrial material handling equipment.
• Lithium-ion Battery Systems for Electric Commercial Vehicles: Offers robust battery solutions designed for electric buses, trucks, and other heavy-duty transport applications.
• Proprietary Lithium-ion Battery Cells and Technology: Develops and manufactures its own ceramic-based lithium-ion cells and integrates advanced battery management systems for enhanced safety and performance.

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Electrovaya (ELVA) primarily sells its advanced lithium-ion battery systems to other companies (B2B).

Its major named customer is:

• The Raymond Corporation (a subsidiary of Toyota Industries Corporation, TSE: 6201)

The Raymond Corporation is a leading manufacturer of electric forklifts and material handling equipment in North America. Electrovaya has been a long-standing supplier of lithium-ion battery systems to Raymond for integration into their products, representing a significant portion of Electrovaya's revenue.

Beyond this key relationship, Electrovaya also serves other business customers in the following categories:

• Other Original Equipment Manufacturers (OEMs) in the material handling sector.
• Manufacturers of electric buses and trucks.
• Integrators and large commercial/industrial customers for stationary energy storage solutions.

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Dr. Rajshekar DasGupta, Chief Executive Officer
Dr. Rajshekar DasGupta joined Electrovaya in 2009 and was appointed Chief Executive Officer in May 2022, having previously served as Chief Operating Officer and Vice President of Business Development and Technology. He has been integral to developing Electrovaya's core technology and business relationships, including its forklift battery systems and OEM partnerships. Dr. DasGupta holds a Doctorate in Materials Science from the University of Cambridge, where his research focused on lithium-ion batteries, developing a patented tin composite anode. He also studied at Imperial College, London, and the Massachusetts Institute of Technology (MIT).

John Gibson, Chief Financial Officer
Mr. John Gibson was appointed Chief Financial Officer of Electrovaya in June 2022. He is a Certified Professional Accountant (CPA, CA) with over 15 years of experience in both public and private corporations. His expertise spans corporate accounting and finance, strategic and financial planning, internal controls, and systems. Prior to joining Electrovaya, Mr. Gibson served as VP Finance at Adlib Software and held leadership roles in manufacturing for a decade. He earned his undergraduate degree in accounting from Strathclyde University and a Master's degree in Information Technology and Business from Glasgow University.

Dr. Sankar Das Gupta, Executive Chairman of the Board
Dr. Sankar Das Gupta co-founded Electrovaya in September 1996 and served as its Chief Executive Officer before transitioning to Executive Chairman in May 2022. He is an entrepreneur and an award-winning scientist, holding over 50 US patents. Dr. Das Gupta's career includes membership on committees such as the White House Committee on Energy & Environment, chaired by former Vice-President Al Gore, and advising the Indian Prime Minister on Climate Change and Energy Transformation. He received his doctorate from Imperial College, London.

Jason Roy, VP, Corporate Development & Investor Relations
Mr. Jason Roy joined Electrovaya in 2018, bringing over 15 years of experience in Capital Markets across Investor Relations, Communications, and Business & Corporate Development roles within both private and publicly traded companies. Before Electrovaya, he held the position of Vice President, Investor Relations, Communications and Business Development at Daymak Inc., a privately owned Light Electric Vehicle company in the Clean Technology/Consumer Goods sector.

Dr. Jeremy Dang, Vice President, Business Development (Motive Power)
Dr. Jeremy Dang is involved in the management team at Electrovaya, holding the title of Vice President, Business Development (Motive Power). He holds a Ph.D. and is also listed as a Director of Business and Project Development in earlier information.

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The key risks to Electrovaya's (ELVA) business include customer concentration, rapid technological change and intense competition, and financial health and volatility.

1. Customer Concentration: Electrovaya is significantly dependent on a small number of large customers. In fiscal year 2025, two major customers accounted for 83% of the company's total revenue and 88% of its accounts receivable. This high reliance on a limited customer base presents a substantial risk, as the loss of one or both of these customers, or a significant reduction in their orders, could severely impact Electrovaya's revenue and financial stability.
2. Rapid Technological Change and Competition: The battery industry, in which Electrovaya operates, is characterized by rapid technological advancements and intense competition. The company faces ongoing challenges to innovate and keep pace with evolving battery technologies and solutions offered by competitors. Failure to develop or adopt new technologies efficiently or to compete effectively on factors such as cost, performance, and safety could negatively affect its market position and growth prospects.
3. Financial Health and Volatility: Electrovaya exhibits several financial risks. Its stock has a high beta of 1.87, indicating significant price volatility compared to the broader market. A Beneish M-Score of -0.87 suggests a potential for financial manipulation, warranting caution. Additionally, a low Piotroski F-Score of 3 points to potential operational challenges. While the company has recently achieved profitability, it has also shown a high net debt to EBITDA ratio and weak interest coverage, suggesting ongoing financial fragility and susceptibility to economic downturns or operational setbacks. Furthermore, Electrovaya's Return on Invested Capital (ROIC) of 11.53% is below its Weighted Average Cost of Capital (WACC), indicating potential inefficiencies in capital allocation.

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Rapid Commercialization and Performance Improvements in Sodium-Ion Batteries

Sodium-ion battery technology is rapidly advancing and entering commercialization, with major manufacturers like CATL already commencing mass production and others such as BYD and Northvolt making significant progress. These batteries offer distinct advantages in cost, better low-temperature performance, and enhanced safety due to the absence of lithium and the use of abundant materials. While they may currently offer lower energy density compared to some high-nickel lithium-ion chemistries, their rapid performance improvements and substantial cost advantage pose a direct threat to Electrovaya in cost-sensitive segments. This includes stationary energy storage, light industrial vehicles like forklifts, and potentially certain commercial electric vehicle applications where Electrovaya aims to compete. If sodium-ion technology continues to improve its performance while maintaining a significant cost differential, it could capture considerable market share from existing lithium-ion solutions.

Significant Advancements and Market Penetration of LFP Batteries by Major Manufacturers

Existing Lithium Iron Phosphate (LFP) battery technology is undergoing a rapid evolution, with market leaders such as CATL (e.g., Shenxing battery offering ultra-fast charging and long range) and BYD (Blade battery with enhanced safety and space utilization) introducing new generations. These advancements are specifically addressing historical limitations of LFP, such as lower energy density, reduced performance in cold temperatures, and slower charging speeds, while retaining their inherent advantages in safety and lower cost. This narrows the performance gap between advanced LFP solutions and Electrovaya's often proprietary, high-nickel lithium-ion chemistries. As large-scale manufacturers produce increasingly competitive LFP batteries at a lower cost structure, they directly challenge Electrovaya's market position across its target segments, including commercial vehicles, industrial applications, and energy storage, particularly where safety, durability, and cost-efficiency are paramount customer considerations.

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• Forklift Batteries: The global forklift battery market was valued at approximately USD 6.72 billion in 2024 and is projected to reach USD 12.93 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of about 6.76% during that period. Another estimate places the global market at USD 15.1 billion in 2024, with an anticipated rise to USD 46.1 billion by 2035, growing at a CAGR of 10.69%. A different source indicates the global market was USD 25.67 billion in 2024, expected to grow to USD 27.08 billion in 2025 at a CAGR of 5.5%, and further to USD 35.42 billion by 2029 at a CAGR of 6.9%. Lithium-ion batteries are rapidly gaining market share within this sector, with projections suggesting they could account for more than 60% of the market by 2027. North America was the largest region in the forklift battery market in 2024.
• Heavy Machinery (including construction, mining, and other industrial applications): The total addressable market for heavy machinery was estimated at USD 18 billion globally in 2024, with expectations to grow at a 10% CAGR to USD 35 billion by 2030.
• Electric Vehicle (EV) Batteries (including electric buses and trucks): The global electric vehicle battery market was estimated at USD 61.31 billion in 2024 and is projected to reach USD 198.86 billion by 2030, with a CAGR of 22.2%. Other estimates for the global EV battery market include USD 76.59 billion in 2024, expanding to USD 739.31 billion by 2034 at a CAGR of 25.95%, and USD 69.22 billion in 2024, projected to grow to USD 115.21 billion by 2032 with a CAGR of 5.9%. Asia Pacific held the largest market share in the global EV battery market in 2024. The U.S. electric vehicle battery market was valued at USD 9.95 billion in 2024 and is expected to grow at a CAGR of 26.70% from 2025 to 2034.
• Solid-State Electrolytes (for solid-state batteries): The global solid-state electrolytes market was valued at USD 23.7 million in 2024, with projections to reach USD 61.7 million by 2034, exhibiting a CAGR of 10.1%. Another report estimates the global market at USD 51.30 million in 2024, with a forecast to reach USD 3311 million by 2031, at an impressive CAGR of 90.8%. A third source indicates the solid electrolyte market size is estimated at USD 33.89 million in 2025, and is expected to reach USD 70.87 million by 2030, at a CAGR of 15.90%. A larger estimate puts the global solid-state electrolytes market at USD 1.2 billion in 2024, projected to reach USD 8.7 billion by 2034, registering a CAGR of 22.1%. The U.S. solid-state electrolytes market accounted for USD 6.1 million in 2024.

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1. Expansion in the Material Handling Sector: The company anticipates continued strong momentum with its existing Original Equipment Manufacturer (OEM) partners and end customers in the material handling sector. This growth is expected to come from larger orders and increased demand for retrofit sales, where Electrovaya's lithium-ion battery products replace traditional lead-acid batteries in existing equipment.
2. Entry into New Vertical Markets: Electrovaya is actively expanding into new high-growth sectors beyond its traditional material handling business. These include robotics, airport ground equipment, defense/military applications, energy storage, mining, and rail. This diversification is expected to significantly contribute to revenue growth, particularly starting in fiscal year 2026.
3. Increased Production Capacity: To meet rising demand, Electrovaya is enhancing its manufacturing capabilities. This includes implementing a second production shift at its Mississauga facility and commencing assembly operations at its Jamestown, New York facility. The completion and full operationalization of the Jamestown facility, supported by a $50.8 million EXIM bank loan, are expected to boost output and achieve economies of scale.
4. Robust Order Pipeline and Backlog: The company has demonstrated a strong pipeline of orders, securing over $21 million in orders in Q3 2025 and bringing total orders to over $65 million for the first nine months of 2025. A significant firm purchase order backlog, reported to be approximately $80 million for fiscal year 2025, provides a clear outlook for future revenue generation.
5. Advanced Battery Technology Development: Electrovaya's proprietary Infinity Battery Systems, known for their industry-leading cycle life and safety, continue to drive customer adoption. Ongoing investment in advanced technology development, including a next-generation ceramic separator and solid-state battery technology, is expected to maintain the company's competitive edge and foster long-term revenue growth.

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Share Issuance

• On November 6, 2025, Electrovaya completed an oversubscribed public offering, issuing a total of 5,405,000 common shares at US$5.20 per share, which generated approximately US$28.1 million in aggregate gross proceeds. This included the full exercise of the underwriters' overallotment option for an additional 705,000 shares.
• The net proceeds from this offering are intended for investment in energy-as-a-service initiatives, next-generation battery and separator research and development, and for working capital and general corporate purposes.

Inbound Investments

• On March 7, 2025, Electrovaya closed a direct loan of US$50.8 million from the Export-Import Bank of the United States (EXIM) under the "Make More in America" initiative. This financing, along with grants and tax credits from New York State, is designated to fund the company's battery manufacturing buildout in Jamestown, New York.
• On March 10, 2025, the company secured a US$20 million working capital debt facility with the Bank of Montreal.

Outbound Investments

• On October 31, 2025, Electrovaya established a subsidiary in Japan, named Electrovaya Japan, to expand its commercial activities and strengthen strategic relationships within the Japanese market.

Capital Expenditures

• Electrovaya plans overall investments estimated to exceed US$70 million for the first phase of its American manufacturing operations at its 52-acre campus in Jamestown, New York, focusing on both lithium-ion cells and battery systems.
• Initial investments in assembly and testing equipment for the Jamestown facility have been made, with battery system manufacturing operations commencing in April 2025.
• The company intends to use net proceeds from its November 2025 public offering to invest in energy-as-a-service, next-generation battery and separator research and development, and for working capital.