Electrovaya Reports Q1 2010 Financial Results

February 15, 2010 by Jeff Shepard

Electrovaya Inc. announced financial results for the first quarter of fiscal 2010 ended December 31, 2009. All figures are in US dollars.

First quarter fiscal 2010 financial highlights include: revenue increased by 16.2% to $920,000 from $792,000 for the year ago quarter; net operating profit, before interest, taxes, foreign exchange and amortization, improved by $553,000 to $38,000 compared to a loss of $515,000 in the same quarter of the prior year; and cash and cash equivalents totaled $5.2 million at December 31, 2009, compared with $4.2 million at December 31, 2008.

"We are very proud to partner on this important Utility-scale energy storage project led by CEATI," commented Dr. Sankar Das Gupta, Chief Executive Officer of Electrovaya. "This project is a clear demonstration of the expanding reach of our proprietary Lithium Ion SuperPolymer® battery technology. While Electrovaya’s large-format Lithium Ion SuperPolymer battery is ideally suited for the Plug-In-Hybrid Electric Vehicle market, we are excited about the growing opportunities in the emerging renewable Utility and Smart Grid market."

"We are also pleased to have achieved our second consecutive quarter of net operating profit, which is a testament to our fiscal discipline. At the same time, we continue to prudently invest in the advanced technologies that are driving our business forward. Electrovaya has expended over $80 million to-date in developing our proprietary Lithium Ion SuperPolymer battery technology with about 20 issued US patents and 130 corresponding patents worldwide," concluded Gupta.