Electrovaya (ELVA)
Market Price (11/11/2026): $4.91 | Market Cap: $245.5 MilSector: Industrials | Industry: Electrical Components & Equipment
Electrovaya (ELVA)
Market Price (11/11/2026): $4.91Market Cap: $245.5 MilSector: IndustrialsIndustry: Electrical Components & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -53% Megatrend and thematic driversMegatrends include Battery Technology & Metals, Renewable Energy Transition, and Electric Vehicles & Autonomous Driving. Themes include Advanced Battery Components, Show more. | Weak multi-year price returns3Y Excs Rtn is -11% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.06 | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 54x, P/EPrice/Earnings or Price/(Net Income) is 55x Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -51% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.9% Key risksELVA key risks include [1] an extreme customer concentration, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -53% |
| Megatrend and thematic driversMegatrends include Battery Technology & Metals, Renewable Energy Transition, and Electric Vehicles & Autonomous Driving. Themes include Advanced Battery Components, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -11% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.06 |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 54x, P/EPrice/Earnings or Price/(Net Income) is 55x |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -51% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.9% |
| Key risksELVA key risks include [1] an extreme customer concentration, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Nov 10: down 7.0% in one day (S&P 500 down 0.4%)
The stock declined without company news. The S&P 500 also decreased that day, but by a much smaller margin.
Down 52.3% from its Aug 7 high to Nov 5, up 6.0% since (S&P 500 down 5.2%)
The run largely reflected investor reaction to fiscal Q3 2026 earnings results and broad market declines. The stock fell significantly on August 11, following reports of Electrovaya missing Q3 earnings estimates, and again on November 5 amid a broader market downturn driven by AI concerns.
Nov 10: down 7.0% in one day (S&P 500 down 0.4%)
The stock declined without company news. The S&P 500 also decreased that day, but by a much smaller margin.
Down 52.3% from its Aug 7 high to Nov 5, up 6.0% since (S&P 500 down 5.2%)
The run largely reflected investor reaction to fiscal Q3 2026 earnings results and broad market declines. The stock fell significantly on August 11, following reports of Electrovaya missing Q3 earnings estimates, and again on November 5 amid a broader market downturn driven by AI concerns.
Show less
Stock Movement Drivers
Fundamental Drivers
The -40.3% change in ELVA stock from 7/31/2026 to 11/10/2026 was primarily driven by a -31.4% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11102026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.22 | 4.91 | -40.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 71 | 72 | 0.8% |
| Net Income Margin (%) | 7.1% | 6.2% | -12.7% |
| P/E Multiple | 80.8 | 55.4 | -31.4% |
| Shares Outstanding (Mil) | 49 | 50 | -1.0% |
| Cumulative Contribution | -40.3% |
Market Drivers
7/31/2026 to 11/10/2026| Return | Correlation | |
|---|---|---|
| ELVA | -40.3% | |
| Market (SPY) | 0.4% | 53.3% |
| Sector (XLI) | -6.2% | 38.1% |
Fundamental Drivers
The -47.0% change in ELVA stock from 4/30/2026 to 11/10/2026 was primarily driven by a -32.3% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11102026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.26 | 4.91 | -47.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 68 | 72 | 5.3% |
| Net Income Margin (%) | 7.1% | 6.2% | -13.2% |
| P/E Multiple | 81.9 | 55.4 | -32.3% |
| Shares Outstanding (Mil) | 43 | 50 | -14.3% |
| Cumulative Contribution | -47.0% |
Market Drivers
4/30/2026 to 11/10/2026| Return | Correlation | |
|---|---|---|
| ELVA | -47.0% | |
| Market (SPY) | 4.6% | 46.8% |
| Sector (XLI) | -3.1% | 29.6% |
Fundamental Drivers
The -24.1% change in ELVA stock from 10/31/2025 to 11/10/2026 was primarily driven by a -74.4% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11102026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.47 | 4.91 | -24.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 55 | 72 | 30.5% |
| Net Income Margin (%) | 2.2% | 6.2% | 181.3% |
| P/E Multiple | 216.0 | 55.4 | -74.4% |
| Shares Outstanding (Mil) | 40 | 50 | -19.4% |
| Cumulative Contribution | -24.1% |
Market Drivers
10/31/2025 to 11/10/2026| Return | Correlation | |
|---|---|---|
| ELVA | -24.1% | |
| Market (SPY) | 10.9% | 45.7% |
| Sector (XLI) | 9.8% | 34.7% |
Fundamental Drivers
The 84.6% change in ELVA stock from 10/31/2023 to 11/10/2026 was primarily driven by a 118.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11102026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.66 | 4.91 | 84.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 33 | 72 | 118.4% |
| P/S Multiple | 2.6 | 3.4 | 29.1% |
| Shares Outstanding (Mil) | 33 | 50 | -34.5% |
| Cumulative Contribution | 84.6% |
Market Drivers
10/31/2023 to 11/10/2026| Return | Correlation | |
|---|---|---|
| ELVA | 84.6% | |
| Market (SPY) | 85.5% | 26.1% |
| Sector (XLI) | 78.4% | 23.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ELVA Return | -39% | 2% | 314% | -19% | 219% | -38% | 316% |
| Peers Return | -46% | -46% | 3% | -3% | 60% | -55% | -79% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| ELVA Win Rate | 25% | 42% | 33% | 33% | 75% | 36% | |
| Peers Win Rate | 39% | 40% | 48% | 37% | 50% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| ELVA Max Drawdown | -66% | -53% | -55% | -56% | -44% | -62% | |
| Peers Max Drawdown | -66% | -65% | -56% | -56% | -53% | -70% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ENS, MVST, FLUX, QS, SLDP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/10/2026 (YTD)
How Low Can It Go
| Event | ELVA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.4% | -18.8% |
| % Gain to Breakeven | 18.1% | 23.1% |
| Time to Breakeven | 6 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -20.3% | -7.8% |
| % Gain to Breakeven | 25.5% | 8.5% |
| Time to Breakeven | 103 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -50.7% | -9.5% |
| % Gain to Breakeven | 102.9% | 10.5% |
| Time to Breakeven | 665 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.4% | -6.7% |
| % Gain to Breakeven | 41.7% | 7.1% |
| Time to Breakeven | 9 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -46.2% | -24.5% |
| % Gain to Breakeven | 85.7% | 32.4% |
| Time to Breakeven | 40 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.1% | -33.7% |
| % Gain to Breakeven | 37.1% | 50.9% |
| Time to Breakeven | 37 days | 140 days |
In The Past
Electrovaya's stock fell -15.4% during the 2025 US Tariff Shock. Such a loss loss requires a 18.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | ELVA | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -20.3% | -7.8% |
| % Gain to Breakeven | 25.5% | 8.5% |
| Time to Breakeven | 103 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -50.7% | -9.5% |
| % Gain to Breakeven | 102.9% | 10.5% |
| Time to Breakeven | 665 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.4% | -6.7% |
| % Gain to Breakeven | 41.7% | 7.1% |
| Time to Breakeven | 9 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -46.2% | -24.5% |
| % Gain to Breakeven | 85.7% | 32.4% |
| Time to Breakeven | 40 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.1% | -33.7% |
| % Gain to Breakeven | 37.1% | 50.9% |
| Time to Breakeven | 37 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -41.8% | -19.2% |
| % Gain to Breakeven | 71.9% | 23.8% |
| Time to Breakeven | 103 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -65.0% | -3.7% |
| % Gain to Breakeven | 185.3% | 3.9% |
| Time to Breakeven | 2205 days | 6 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -72.1% | -6.8% |
| % Gain to Breakeven | 258.0% | 7.3% |
| Time to Breakeven | 361 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -25.9% | -0.2% |
| % Gain to Breakeven | 34.9% | 0.2% |
| Time to Breakeven | 51 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -53.2% | -17.9% |
| % Gain to Breakeven | 113.6% | 21.8% |
| Time to Breakeven | 1700 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -47.0% | -15.4% |
| % Gain to Breakeven | 88.7% | 18.2% |
| Time to Breakeven | 4726 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -75.6% | -53.4% |
| % Gain to Breakeven | 309.8% | 114.4% |
| Time to Breakeven | 105 days | 1085 days |
In The Past
Electrovaya's stock fell -15.4% during the 2025 US Tariff Shock. Such a loss loss requires a 18.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Electrovaya (ELVA)
Electrovaya Inc. (ELVA) is a Canadian company that designs, develops, manufactures, and sells advanced lithium-ion batteries and battery management systems. Its primary offerings include high-performance lithium-ion batteries and battery chargers, catering to a range of specialized applications.
The company primarily serves markets focused on clean electric transportation and industrial energy storage. Key customer segments include materials handling electric vehicles, such as forklifts and automated guided vehicles, as well as electromotive power products for electric trucks and buses. Electrovaya also provides industrial energy storage solutions and offers specialized power solutions by building systems for third parties, with its operations concentrated in North America.
AI Analysis | Feedback
Here are 1-2 brief analogies to describe Electrovaya:
They're like the electric version of Cummins for industrial and commercial vehicles, building the advanced lithium-ion battery systems that power heavy-duty equipment like forklifts and electric buses.
Think of them as a B2B battery supplier similar to LG Energy Solution or CATL, but specifically focused on robust battery systems for specialized applications like electric forklifts, heavy-duty trucks, and industrial energy storage.
AI Analysis | Feedback
- Lithium-ion Batteries and Battery Management Systems (BMS): Core components designed, developed, and manufactured for various specialized applications.
- Battery Chargers: Devices specifically designed for charging their specialized lithium-ion batteries.
- Battery Systems for Materials Handling EVs: Integrated battery solutions tailored for electric forklifts and automated guided vehicles.
- Electromotive Power Products: High-performance battery systems developed for electric trucks, buses, and other transportation applications.
- Industrial Energy Storage Products: Robust battery solutions designed for stationary energy storage applications.
- Power Solutions (System Building): Services providing expertise in designing and building custom battery systems for third-party clients.
AI Analysis | Feedback
Electrovaya (ELVA) primarily sells its lithium-ion batteries, battery management systems, and related products to other companies (Business-to-Business or B2B) rather than directly to individuals. Due to confidentiality agreements common in industrial supply chains, Electrovaya does not publicly disclose the specific names of its major customer companies.
However, based on the company's descriptions and investor communications, its major customers are companies operating within the following sectors:
- Heavy-Duty Electric Vehicle Original Equipment Manufacturers (OEMs): These are manufacturers of electric trucks, electric buses, and other heavy-duty electric transportation applications. Electrovaya has publicly mentioned a "leading multi-billion dollar heavy-duty truck and bus OEM" as a significant customer.
- Material Handling Equipment Manufacturers and Integrators: Companies that produce or integrate electric forklifts, automated guided vehicles (AGVs), and other industrial material handling vehicles. Electrovaya has referred to a "multi-billion dollar Fortune 500 company in the material handling sector" as a key client.
- Energy Storage System (ESS) Providers: Companies that design, integrate, and deploy battery energy storage solutions for industrial, commercial, or utility-scale applications.
AI Analysis | Feedback
AI Analysis | Feedback
Dr. Rajshekar DasGupta, Chief Executive Officer
Raj DasGupta was appointed CEO of Electrovaya in May 2022. He has been with the company since 2009, having been involved with various aspects of the business, including cell manufacturing, engineering activities, and business development. Dr. DasGupta has been instrumental in developing Electrovaya's key technology and business relationships, including its current forklift battery systems and OEM partnerships. He is also an author on several key patents. Dr. DasGupta holds a Doctorate in Materials Science from the University of Cambridge and previously attended Imperial College, London, and the Massachusetts Institute of Technology (MIT).
John Gibson, Chief Financial Officer
John Gibson was appointed Chief Financial Officer of Electrovaya effective June 13, 2022. He is a Certified Professional Accountant (CPA, CA) with over 15 years of experience in both public and private corporations. Mr. Gibson brings significant expertise in corporate accounting and finance, strategic and financial planning, internal controls, and systems. Prior to joining Electrovaya, he served as VP Finance at Adlib Software and held leadership roles in manufacturing for ten years. 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
Dr. Sankar Das Gupta co-founded Electrovaya in 1996. He previously served as CEO and transitioned to the role of Executive Chairman in May 2022. Dr. Das Gupta is recognized internationally as a scientist in electrochemistry, material science, and alternative energy, and is a serial entrepreneur with over 50 US patents. He received his doctorate from Imperial College, London, and is a graduate of Presidency College, Calcutta. He serves as an Adjunct Professor in the Faculty of Engineering at the University of Toronto. Dr. Das Gupta has been a member of various committees, including the White House Committee on Energy & Environment, and has served as an Advisor to the Indian Prime Minister on Climate Change and Energy Transformation.
Jason Roy, Vice President of Corporate Development & Investor Relations
Jason Roy serves as the Vice President of Corporate Development & Investor Relations. He has participated in investor webcasts alongside the CEO and CFO to discuss the company's strategy and business model.
Dr. James Jacobs, Co-Founder & Director
Dr. James Jacobs co-founded Electrovaya in 1996. He currently serves as a Director and is listed as part of the company's leadership team.
AI Analysis | Feedback
- Customer Concentration and Order Volatility: Electrovaya has recently achieved profitability, and its financial stability could be impacted by a significant reliance on a limited number of major customers. The loss of a key customer or the non-renewal of substantial contracts could lead to a material adverse effect on the company's revenue and profitability. The company has experienced delays in customer orders in the past, highlighting the sensitivity to such events.
- Execution Risk in Manufacturing Scale-up and Growth: Electrovaya has outlined ambitious growth strategies, including expanding its manufacturing capabilities, particularly at its Jamestown facility. The successful execution of these plans is crucial for future performance. Risks include securing adequate financing for expansion, managing potential supply chain constraints, and addressing labor shortages. Delays or failures in scaling up production to meet anticipated demand could impede growth and affect financial results.
- Intense Competition and Rapid Technological Advancements: Operating in the dynamic lithium-ion battery market exposes Electrovaya to significant competitive pressures and the risk of rapid technological obsolescence. While the company highlights its proprietary ceramic separator technology for enhanced safety and longevity, there is an ongoing risk that competitors may develop superior, more efficient, or more cost-effective battery solutions. The continuous evolution of battery technology, such as solid-state batteries, necessitates ongoing research and development to maintain a competitive edge.
AI Analysis | Feedback
AI Analysis | Feedback
Electrovaya (NASDAQ: ELVA) operates within several addressable markets for its lithium-ion batteries and related products. The main product categories and their corresponding market sizes are detailed below:
Materials Handling Electric Vehicles (Forklifts, AGVs)
- The global AGV & forklift lithium battery market was valued at approximately USD 3.8 billion in 2024 and is projected to reach around USD 14.4 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 16.2% from 2025 to 2033. North America represents the largest market for AGV & forklift lithium batteries.
- Specifically, the U.S. forklift battery market was valued at USD 810.5 million in 2020 and is anticipated to grow to USD 1,785.3 million by 2030, with an 8.5% CAGR from 2021 to 2030.
- Another estimate places the global forklift battery market size at approximately USD 6.72 billion in 2024, with a projection to reach USD 12.93 billion by 2034, growing at a CAGR of approximately 6.76% between 2025 and 2034.
Electromotive Power Products (Electric Trucks, Electric Buses, and other Transportation Applications)
- The North America Lithium-ion Battery for Electric Vehicle Market is estimated at USD 21.60 billion in 2025 and is expected to grow to USD 59.80 billion by 2030, with a CAGR of 22.59% during this period.
- The global market for hybrid and electric buses and trucks is projected to be valued at USD 80.7 billion in 2025 and is expected to reach USD 198.3 billion by 2032, growing at a CAGR of 13.7% from 2025 to 2032. North America's share of this market is 21% in 2025.
- The market for EV bus and heavy-duty truck batteries was valued at USD 14.85 billion in 2024 and is projected to reach USD 69.31 billion by 2033, with a CAGR of 18.67%.
- The electric truck market alone is estimated at USD 5.25 billion in 2025 and is projected to grow significantly to USD 32.13 billion by 2032, at a CAGR of 29.5%.
- The broader global electric vehicle battery market was valued at USD 76.59 billion in 2024 and is projected to reach USD 739.31 billion by 2034, with a CAGR of 25.95% from 2025 to 2034. The U.S. electric vehicle battery market alone was valued at USD 9.95 billion in 2024 and is expected to grow at a CAGR of 26.70% from 2025 to 2034.
Industrial Products for Energy Storage
- The North America energy storage systems market was valued at USD 68.9 billion in 2023 and is projected to grow at a CAGR of 16.1% between 2024 and 2032.
- The global Commercial And Industrial (C&I) Energy Storage Market is expected to reach approximately USD 293.7 billion by 2034, from USD 87.3 billion in 2024, growing at a CAGR of 12.9% from 2025 to 2034. In 2024, North America held a significant share of this market, with USD 33.5 million in revenue.
- The North America Battery Energy Storage System Market was valued at USD 20.82 billion in 2025 and is estimated to grow to USD 49.34 billion by 2031, at a CAGR of 15.48%.
AI Analysis | Feedback
- Expansion of U.S. Manufacturing Capacity: The company's expansion of its Jamestown, New York manufacturing facility is a significant driver. This expansion is crucial for supporting growing demand, enhancing gross margins through vertical integration, and making Electrovaya's energy storage products eligible for Section 45X production tax credits. The Jamestown facility is targeted for cell production by fiscal 2027.
- Continued Penetration and Growth in the Material Handling Sector: Electrovaya maintains strong momentum from key Original Equipment Manufacturer (OEM) partners in the material handling sector. The company continues to secure significant purchase orders from large customers, including a recent $10.5 million order from a Fortune 500 U.S.-based customer for its Infinity battery systems for material handling electric vehicles, indicating ongoing demand and potential for further growth within its core market.
- Diversification and Expansion into New Market Verticals: Electrovaya is actively expanding its market presence beyond material handling by developing and launching new battery system products for various robotic vehicle platforms. The company is exploring new market opportunities in diverse sectors such as mining, robotics, airport ground support equipment, rail, military applications, and stationary energy storage systems, with some of these new verticals expected to contribute meaningfully to revenue by 2026. Robotics, in particular, is identified as a rapidly expanding segment with high growth potential.
- Launch of New Products and Advanced Battery Technologies: The continuous development and launch of new and advanced battery technologies are key to future revenue growth. This includes the introduction of Infinity-HV Battery Systems for electric bus, truck, and energy storage applications, as well as ongoing progress in next-generation ceramic separators, solid-state battery development, and ultrafast charging technologies. These innovations aim to offer superior safety, durability, long cycle life, and performance, thereby broadening application areas and competitive advantages.
AI Analysis | Feedback
Share Issuance
- Subsequent to fiscal year 2025, Electrovaya raised $28.1 million through an equity issuance to support growth in new verticals, research and development initiatives, and the expansion of its energy-as-a-service offering.
- The company's balance sheet was strengthened through equity issuances, alongside strong operational performance and expanded financial flexibility from new credit facilities.
Inbound Investments
- Electrovaya secured new financing, including an up-to-$25 million BMO ABL (Asset-Based Lending) facility.
- The company obtained a $51 million EXIM (Export-Import Bank) loan facility, with an anticipated $50.8 million portion aimed at enhancing production capacity.
Capital Expenditures
- In the last 12 months, Electrovaya's capital expenditures amounted to approximately -$6.83 million.
- A primary focus of capital expenditures has been the advancement and expansion of the Jamestown manufacturing facility, supported in part by the EXIM facility.
- The company plans to invest in technology development and recurring revenue expansion, alongside anticipated revenue growth exceeding 30% in fiscal year 2026.
Peer Outperformance in Electrical Components & Equipment
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 28 | -15.0% | 99.1% | 112.8% | FIX 1049% · STRL 915% · AGX 632% |
| Marine Transportation | 5 | 27.7% | 30.8% | 110.4% | MATX 143% · KEX 114% |
| Construction Machinery & Heavy Transportation Equipment | 14 | 12.9% | 68.3% | 100.2% | ALSN 273% · WAB 224% · CAT 207% |
| Aerospace & Defense | 54 | 3.3% | 60.2% | 63.1% | ATI 959% · FTAI 919% · HWM 588% |
| Industrial Machinery & Supplies & Components | 71 | 4.2% | 53.3% | 34.7% | CRS 852% · MLI 303% · SYM 276% |
| Rail Transportation | 7 | 37.1% | 73.5% | 29.3% | CSX 54% · UNP 39% · NSC 29% |
| Trading Companies & Distributors | 19 | 11.1% | 36.8% | 27.9% | DXPE 340% · URI 203% · AIT 200% |
| Diversified Support Services | 34 | 14.3% | 46.9% | 21.6% | CXW 198% · OPLN 139% · CACI 128% |
| Building Products | 34 | -3.6% | 10.7% | 19.0% | MOD 792% · GFF 352% · TT 137% |
| Cargo Ground Transportation | 16 | 35.3% | 17.4% | 6.7% | XPO 306% · R 270% · ARCB 29% |
| Office Services & Supplies | 10 | 18.3% | 24.5% | 0.0% | PBI 151% · HNI 45% · MSA 21% |
| Industrial Conglomerates | 17 | 17.6% | 11.1% | -3.7% | CSW 105% · DD 80% · CSL 78% |
| Electrical Components & Equipment ← | 39 | -5.6% | 61.1% | -5.6% | POWL 1500% · VRT 632% · BE 461% |
| Data Processing & Outsourced Services | 6 | -7.1% | 3.2% | -11.9% | EXLS 65% · BR 18% · G -7% |
| Research & Consulting Services | 13 | 0.4% | -13.7% | -23.7% | HURN 216% · FCN 38% · BAH 9% |
| Agricultural & Farm Machinery | 16 | 13.3% | -2.4% | -25.1% | DE 108% · TTC 15% · AGCO 7% |
| Environmental & Facilities Services | 29 | -19.1% | 30.5% | -26.3% | GEO 249% · CLH 169% · RSG 96% |
| Passenger Airlines | 11 | 11.7% | 83.0% | -27.8% | LTM 3364% · UAL 133% · DAL 119% |
| Security & Alarm Services | 9 | -44.1% | 42.7% | -29.7% | BCO 89% |
| Air Freight & Logistics | 12 | -30.0% | -5.6% | -39.4% | FDX 77% · EXPD 60% · CHRW 56% |
| Human Resource & Employment Services | 22 | 24.1% | -13.6% | -39.8% | ADP 49% · FA 17% · PAYX 11% |
| Passenger Ground Transportation | 3 | -25.6% | 35.8% | -48.6% | UBER 61% · CAR -49% · LYFT -69% |
| Airport Services | 4 | -39.0% | -57.3% | -82.7% | JOBY -36% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Would You Still Hold Electrovaya Stock If It Fell 30%? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 3.24 |
| Mkt Cap | 0.3 |
| Rev LTM | 54 |
| Op Inc LTM | -39 |
| FCF LTM | -51 |
| FCF 3Y Avg | -23 |
| CFO LTM | -29 |
| CFO 3Y Avg | -4 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -34.7% |
| Rev Chg 3Y Avg | 0.8% |
| Rev Chg Q | -48.7% |
| QoQ Delta Rev Chg LTM | -15.2% |
| Op Inc Chg LTM | 0.2% |
| Op Inc Chg 3Y Avg | 0.0% |
| Op Mgn LTM | -20.3% |
| Op Mgn 3Y Avg | -9.1% |
| QoQ Delta Op Mgn LTM | -4.9% |
| CFO/Rev LTM | -16.9% |
| CFO/Rev 3Y Avg | -6.1% |
| FCF/Rev LTM | -22.8% |
| FCF/Rev 3Y Avg | -10.3% |
Price Behavior
| Market Price | $4.91 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 12/28/2006 | |
| Distance from 52W High | -60.0% | |
| 50 Days | 200 Days | |
| DMA Price | $5.92 | $8.24 |
| DMA Trend | down | down |
| Distance from DMA | -17.1% | -40.4% |
| 3M | 1YR | |
| Volatility | 63.5% | 98.5% |
| Downside Capture | 386.21 | 435.60 |
| Upside Capture | 244.14 | 384.09 |
| Correlation (S&P 500) | 56.7% | 45.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.66 | 2.93 | 3.57 | 4.24 | 3.50 | 1.28 |
| Up Beta | -6.30 | 0.28 | 2.18 | 2.67 | 2.56 | 0.81 |
| Down Beta | 1.02 | 3.26 | 3.13 | 2.00 | 1.95 | 0.53 |
| Up Capture | 403% | 278% | 348% | 970% | 1908% | 1212% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 8 | 16 | 24 | 52 | 121 | 344 |
| Down Capture | 531% | 335% | 402% | 303% | 188% | 112% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 14 | 27 | 39 | 73 | 127 | 386 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ELVA | |
|---|---|---|---|---|
| ELVA | -8.1% | 98.5% | 0.33 | - |
| Sector ETF (XLI) | 11.0% | 18.2% | 0.42 | 34.3% |
| Equity (SPY) | 12.7% | 13.7% | 0.62 | 45.0% |
| Gold (GLD) | 0.3% | 28.9% | 0.00 | 25.7% |
| Commodities (DBC) | 34.5% | 21.3% | 1.28 | -8.2% |
| Real Estate (VNQ) | 11.7% | 14.2% | 0.53 | 3.6% |
| Bitcoin (BTCUSD) | -27.7% | 43.5% | -0.63 | 21.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ELVA | |
|---|---|---|---|---|
| ELVA | 38.3% | 187.3% | 0.53 | - |
| Sector ETF (XLI) | 11.5% | 17.8% | 0.48 | 8.5% |
| Equity (SPY) | 11.6% | 17.3% | 0.50 | 8.8% |
| Gold (GLD) | 17.2% | 19.1% | 0.72 | 3.7% |
| Commodities (DBC) | 7.4% | 19.6% | 0.26 | 4.5% |
| Real Estate (VNQ) | 1.4% | 18.9% | -0.04 | 4.5% |
| Bitcoin (BTCUSD) | 3.4% | 51.5% | 0.25 | 7.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ELVA | |
|---|---|---|---|---|
| ELVA | 14.8% | 154.0% | 0.47 | - |
| Sector ETF (XLI) | 13.3% | 20.1% | 0.58 | 7.9% |
| Equity (SPY) | 15.2% | 18.0% | 0.71 | 8.4% |
| Gold (GLD) | 11.7% | 16.6% | 0.58 | 3.7% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 5.5% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 5.1% |
| Bitcoin (BTCUSD) | 59.5% | 66.3% | 0.99 | 4.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
Electrovaya — Investor Video Playlist
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Electrical Components & Equipment Resources |
| EC&M (Electrical Construction & Maintenance) |
| Electrical Contracting News (ECN) |
| EE Times |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.