Electrovaya Q3 FY2026: Record Gross Margin 34.9%, Revenue Guidance Cut to $70M-$73M
ELVA sits 77% above its 52-week low of $4.1 on elevated volume (2.0× avg).
Summary
Electrovaya posted record gross margin and Adjusted EBITDA in Q3 FY2026 but cut full-year revenue guidance by ~15%, citing customer program pushouts. The Amazon commercial agreement and ElvaPulse launch provide long-term growth optionality.
Key Events · Earnings and Guidance · ELVA
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Record Gross Margin, Lower Revenue Guidance
Q3 FY2026 revenue of $17.7M (+3% YoY) with record gross margin of 34.9% and Adjusted EBITDA of $3.7M. However, full-year FY2026 revenue guidance was cut to $70M-$73M from prior >$83M, a ~15% reduction, due to customer program delays including ~$5M of high-voltage systems shifting to FY2027.
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Sixth Consecutive Profitable Quarter
Net profit of $0.3M ($0.01/share) in Q3, marking six straight quarters of profitability. Nine-month net profit reached $2.4M, up 80% YoY, with cash from operations before working capital changes of $8.6M.
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Amazon Warrant Deal Disclosed
Subsequent to quarter-end, Electrovaya entered a commercial agreement with Amazon, issuing warrants for up to 13.88M shares at US$8.5650 exercise price. Full vesting requires $280M in cumulative purchases; a portion vested immediately. The deal could significantly expand material-handling and energy storage revenue but adds potential dilution.
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ElvaPulse 1500 Launch Targets Data Center Market
Electrovaya launched its first high-power stationary energy storage system, ElvaPulse 1500, targeting AI/data center and microgrid applications. UL certification targeted for Q1 CY2027, with initial deliveries from Jamestown expected in Q2 CY2027. Active discussions with hyperscale customers underway.
Analysis · ELVA · Manufacturing
Electrovaya delivered record profitability metrics — 34.9% gross margin and $3.7M Adjusted EBITDA — but slashed full-year revenue guidance from over $83M to $70M-$73M, citing customer program delays. The quarter itself was solid: $17.7M revenue, sixth consecutive profitable quarter. However, the guidance cut signals near-term headwinds that overshadow the margin improvement. The filing also discloses the previously announced Amazon warrant deal (up to 13.88M shares at $8.565) and the new ElvaPulse energy storage platform, both of which are long-term positives but carry execution risk. The Jamestown factory build-out continues, with cell production expected in early FY2027. The mixed message — record margins but lower revenue outlook — creates uncertainty heading into the final quarter.
At the time of this filing, ELVA was trading at $7.27 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $359.9M. The 52-week trading range was $4.10 to $12.78. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.