Electrovaya Announces Q3 2010 Financial Results

August 16, 2010 by Jeff Shepard

Electrovaya Inc. announced financial results for the third quarter of fiscal 2010 ended June 30, 2010. All figures are in US dollars. Revenue totaled $1,298,000, an increase of approximately 48% compared to $880,000

in the same quarter of the prior year. Net loss for the third quarter improved from $915,000 during the same quarter in the prior year, to $363,000 for the quarter ended June 30, 2010, an improvement of over 60%. Subsequent to the end of the third quarter, the company collected a portion of its outstanding receivables, and its current cash balance on a pro forma basis is approximately $3.5 million, compared to $3.4 million at March 31, 2010.

"During the third quarter of 2010 the intense focus and work on battery systems for electric plug in vehicles continued," commented Dr. Sankar DasGupta, Electrovaya CEO. "We also made progress on a number of other important fronts, including the strengthening of our management team and Board as we extend our reach beyond the automotive electrification to adjacent and complementary markets such as Smart Grid, Utility-Scale Energy Storage and strategic power for the telecommunications sector, where billions are spent on reliable and high performance energy delivery systems, leading to a growing need for advanced battery solutions. With the addition of Bruce Coventry to our management team, and Clarence Chandran to our Board of Directors, we are continuing on the path of positioning Electrovaya to best capture the opportunities for growth ahead of us."