Electrovaya, the renowned lithium-ion battery manufacturer, has projected another year of impressive revenue growth for the fiscal year ending on September 30th. This promising forecast is attributed to the company’s increasing order backlogs and the introduction of new products.
As of now, Electrovaya’s shares have experienced a significant boost. In Toronto, they climbed 8.1% to reach C$4.40, marking a narrow decline of just 10% over the past year. On Nasdaq, the stock rose 6% to $3.29, despite facing a 9.2% decrease in the previous 12 months.
In terms of revenue expectations, Electrovaya aims to generate between $65 million and $75 million for this fiscal year. This projection represents a remarkable growth rate of 59% when considering the midpoint value.
Throughout the last fiscal year, the company achieved substantial revenue growth, with figures rising from a restated $16.3 million in fiscal 2022 to $44.1 million.
Moving forward, Electrovaya is confident that its success will continue well into fiscal 2025 and beyond. This assurance stems from the anticipated launch of new high-voltage battery system product lines and projected capacity expansion.