Electrovaya Provides a Revenue Update for the Fourth Quarter TORONTO, ON / ACCESSWIRE / October 5, 2022 / Electrovaya Inc. ("Electrovaya" or the "Company") (TSX:EFL); (OTCQB:EFLVF), a leading lithium-ion battery technology and manufacturing company, today announced a revenue update for the fourth quarter and fiscal year ended September 30, 2022 ("Q4 FY2022" and "FY2022", respectively). All dollar amounts are in U.S. dollars unless otherwise noted.
Preliminary unaudited revenue for Q4 FY2022 revenue was $9.7 million(1) (C$12.4 million(2)), representing an increase of approximately 131% compared to the fiscal fourth quarter ended September 30, 2021.
Preliminary unaudited revenue for FY2022 revenue was $19.5 million(1) (C$25 million(2)), representing an increase of approximately 68% compared to the fiscal year ended September 30, 2021.
The Company reiterates revenue guidance for the 2023 fiscal year of approximately $42 million (C$56 million).
The preliminary results set forth above are based on an initial review of the Company's operations for the quarter and year ended September 30, 2022 and are subject to change. Actual results could differ from these preliminary results following the completion of year-end closing procedures, final adjustments and other developments arising between now and the time that the Company's financial results are finalized, and such changes could be material. While the Company believes there is a reasonable basis for these preliminary financial results, the results involve known and unknown risks and uncertainties that may cause actual results to differ materially. These preliminary fiscal results represent forward-looking information. See "Forward Looking Information".
Using an average exchange rate for twelve months of 1U.S. Dollar=1.2815 Canadian Dollars