$ELVA

Electrovaya Inc.

CIK:0001844450|SEC Filings

Consolidated Statements of Income (loss) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Profit or loss [abstract]
Revenue	$ 63,826	$ 44,615
Direct manufacturing costs	44,106	30,926
Gross margin	19,720	13,689
Expenses
Research and development	4,379	3,038
Government assistance	(89)	(316)
Sales and marketing	2,928	2,935
General and administrative	3,679	3,939
Stock based compensation	1,756	2,155
Depreciation and amortization	1,527	1,209
Operating expenses	14,180	12,960
Income from operations	5,540	729
Finance charges	2,755	3,700
Loss (gain) from fair value changes in derivative liability	915	(1,334)
Foreign exchange loss (gain) and interest income	560	(152)
Income (loss) before income tax	1,310	(1,485)
Income tax recovery	2,053
Net income (loss) for the year	$ 3,363	$ (1,485)
Basic income (loss) per share	$ 0.09	$ (0.04)
Diluted income (loss) per share	$ 0.08	$ (0.04)
Weighted average number of shares – basic	39,077,512	34,012,383
Weighted average number of shares – diluted	41,374,979	34,012,383

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Operating activities
Net income (loss) for the year	$ 3,363	$ (1,485)
Depreciation and amortization	1,454	1,209
Loss on disposal of assets	73
Stock based compensation expense	1,756	2,155
Interest expense and other financing charges	3,670	2,366
Non-cash foreign exchange (gain) loss	576	(67)
Gain on debt extinguishment		(936)
Income tax recovery	(2,053)
Bad debt expense		51
Cash provided by operating activities	8,839	3,293
Net changes in the working capital	(7,122)	(2,255)
Cash from operating activities	1,717	1,038
Investing activities:
Purchase of property, plant and equipment	(4,611)	(125)
Deposits for Jamestown equipment	(6,608)	(541)
Change in long term deposits	(167)
Change in restricted cash	(656)
Cash (used in) investing activities	(12,042)	(666)
Financing activities
Proceeds from issuance of shares, net of issuance cost	11,582
Proceeds from exercise of warrants	3,249
Proceeds from exercise of options	1,547	131
Proceeds from working capital facilities	79,757	52,247
Repayment of working capital facilities	(77,895)	(47,805)
Debt issuance cost paid on working capital facilities	(1,505)
Repayment of vendor take back loan	(1,630)	(1,879)
Proceeds from EXIM loan	4,373
Repayment of promissory note	(519)
Interest and other finance cost	(2,122)	(2,533)
Government assistance	(203)	(55)
Lease payments	(732)	(735)
Cash from (used in) financing activities	15,902	(629)
Increase (decrease) in cash and cash equivalents	5,577	(257)
Cash and cash equivalents, beginning of year	781	1,032
Effect of movements in exchange rates on cash held		6
Cash and cash equivalents at end of year	6,358	781
Supplemental cash flow disclosures:
Interest paid	2,122	2,233
Income tax paid

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024
Current assets
Cash and cash equivalents	$ 6,358	$ 781
Restricted cash	656
Trade and other receivables	16,474	11,292
Inventories	12,451	9,698
Prepaid expenses	6,017	7,647
Total current assets	41,956	29,418
Non-current assets
Property, plant and equipment	13,043	9,974
Long-term deposit	257	90
Deposits for Jamestown equipment	6,608
Deferred income tax asset	2,067
Total non-current assets	21,975	10,064
Total assets	63,931	39,482
Current liabilities
Trade and other payables	9,555	9,460
Working capital facilities		16,283
Promissory notes		519
Short term loans		1,630
Derivative liability	144	155
Relief and recovery fund payable	21	13
Lease liability	358	471
Total current liabilities	10,078	28,531
Non-current liabilities
Lease liability	1,457	1,871
Long term loan	20,744
Government assistance payable	216	152
Other payables	309	343
Total non-current liabilities	22,726	2,366
Equity
Share capital	134,866	116,408
Contributed surplus	11,508	10,904
Warrants	4,725	4,725
Accumulated other comprehensive income	5,909	5,792
Deficit	(125,881)	(129,244)
Total equity	31,127	8,585
Total liabilities and equity	$ 63,931	$ 39,482