Electrovaya (EFL) Investor Webcast summary

Technology and product differentiation

• Focus on proprietary ceramic separator technology, enhancing battery safety and longevity, with over 30,000 systems deployed and a perfect safety record.

• Batteries achieve 10,000+ cycles, far exceeding industry norms, making them ideal for mission-critical and heavy-duty applications.

• Target markets include material handling, aerospace, defense, commercial vehicles, mining, and construction.

• Infinity battery technology outperforms in safety and life cycle, with less than 5% degradation after years of use.

• Solid-state battery development underway, leveraging ceramic separator expertise for next-gen energy density.

Manufacturing expansion and supply chain

• Jamestown, NY facility funded by a $51M EXIM Bank loan, enabling full vertical integration and $200M+ annual capacity in phase one.

• Facility will use materials sourced from Korea, US, Canada, and Japan to mitigate geopolitical risks.

• Mississauga, Ontario facility has $130M annual capacity, focused on engineering and material handling products.

• Additional $7M+ in grants and tax credits from New York state and county support expansion.

• Supply chain strategies include qualifying multiple vendors and ensuring ethical sourcing of critical minerals.

Financial performance and outlook

• Revenue grew from $16M in 2022 to $44M in 2023, with 2024 revenue flat at $45M due to order delays.

• Six consecutive quarters of positive EBITDA, with margins over 30% on battery solutions.

• Fiscal 2025 guidance raised to $60M+ based on strong order book and growing demand, especially in warehousing.

• Recurring revenue currently under 5%, targeted to reach 10% in a few years via leasing, rentals, and services.

• Cash flow positive from operations; EXIM loan has favorable six-year terms, with plans to switch to a tier one bank.