Electrovaya (EFL) Q1 2026 earnings summary

Executive summary

• Q1 FY2026 revenue reached $15.5M, up 39% year-over-year, with adjusted EBITDA of $2M and net profit of $1M, reversing a net loss in Q1 2025.

• Historically the weakest quarter due to seasonality, but momentum was maintained across core and new verticals.

• Expansion of manufacturing capacity in Jamestown, NY, and entry into new verticals such as defense and robotics are underway.

• Equity raise in November 2025 and operational performance strengthened the balance sheet.

• Strong progress in product development, including ultra-fast charging cell technology and expansion into new markets and applications.

Financial highlights

• Q1 revenue was $15.5M, up 39% from $11.1M in the prior year.

• Gross margin improved to 32.9%, up 240 basis points from 30.5% year-over-year.

• Operating profit reached $1.4M, compared to a $0.2M loss last year; net profit was $1M versus a $0.4M loss.

• Adjusted EBITDA was $2M, up 265% from $0.5M; EBITDA margin was 13%.

• Positive cash flow from operations of $1.9M, with a closing cash balance of $22.7M, up $14.5M year-over-year.

Outlook and guidance

• Fiscal 2026 revenue guidance reaffirmed at over $83M, representing more than 30% growth over FY2025.

• Backlog and frontlog combined at $100M–$125M, with guidance discounted for customer delays and seasonality.

• Upside potential exists from new verticals, especially airport ground equipment, not fully included in guidance.

• Robotics expected to be the second largest revenue driver in 2026, ahead of defense.

• Guidance reflects existing purchase orders and anticipated customer pipeline, with some revenue possibly deferred to FY2027.