Electrovaya Expects Record Fiscal 2026 Revenue as Jamestown Plant and ElvaPulse Line Near Launch

Electrovaya Inc. (NASDAQ: ELVA), a lithium-ion battery technology and manufacturing company, provided a business update on October 14, 2026 that points to record revenue for the fiscal year that ended September 30. The company also reported progress on the two projects it calls its most pivotal for fiscal 2027: lithium-ion cell, module and pack manufacturing at its Jamestown, New York facility, and its ElvaPulse stationary energy storage product line.

Record Year Within Revised Guidance

According to the update filed with the SEC, Electrovaya expects unaudited fiscal 2026 revenue to be a record and within its previously issued guidance of approximately $71 million of normalized revenue. The company plans to release audited results in early December 2026. Those will be its first annual results reported under U.S. GAAP, which supports its transition to U.S. domestic filer status.

That guidance dates to the fiscal third quarter results released in August, when the company set fiscal 2026 normalized revenue at approximately $70 million to $73 million. The prior outlook had been more than $83 million. Electrovaya attributed the change to program timing, including about $5 million of high-voltage deliveries now expected in early fiscal 2027. For the nine months ended June 30, 2026, revenue was $51.3 million. In the third quarter, gross margin reached a company record of 34.9% and adjusted EBITDA was a record $3.7 million, while net profit came in at $0.3 million.

“Fiscal 2026 was another record year for Electrovaya, delivered in an environment where several of our core markets faced real macroeconomic challenges,” said Dr. Raj DasGupta, Chief Executive Officer of Electrovaya.

Jamestown Equipment Testing

At Jamestown, Factory Acceptance Testing of the module manufacturing equipment is complete, and the equipment has been accepted for delivery to the site. Testing of the cell manufacturing equipment is still underway. The company described that testing as progressing well and called the extended program a deliberate risk-mitigation step meant to avoid problems seen at other battery plant start-ups.

Electrovaya began Factory Acceptance Testing of the cell line in August, when it said it expected the process to finish by early October 2026. Approximately 10 Electrovaya staff are involved in the testing, and the company noted that equipment and process engineering leads have recently joined the Jamestown team.

ElvaPulse and New Markets

Electrovaya introduced ElvaPulse at the Yotta data center energy conference in September. The company says the ElvaPulse 1500 delivers 7 MW per block, which it believes is the highest power density of any comparable solution, and positions the product for shorter-duration storage such as power firming and uninterruptible power supply at data centers. The system uses a modular 20-foot enclosure, and initial commercial deliveries are targeted for the second quarter of calendar 2027, pending UL certifications.

To build that business, Electrovaya named Kris Kuzniewski, Ph.D., to the newly created role of Vice President, Data Center Sales. He previously led U.S. AI data center sales at Sinexcel and managed more than 140 enterprise data center accounts at CoreSite. Beyond data centers, the company expects a growing share of fiscal 2027 revenue to come from defense, robotics, airport ground equipment and high-voltage battery systems, and said each of these verticals is expected to provide material revenue during the year.

On the balance sheet, Electrovaya reported a closing non-restricted cash balance of $13.1 million as of June 30, 2026.

Strategic Investment Summary

• Record Year Expected: Electrovaya Inc. (NASDAQ: ELVA) expects record unaudited fiscal 2026 revenue within its guidance of approximately $71 million of normalized revenue.
• Guidance History: The company revised its fiscal 2026 outlook in August to $70 million to $73 million from more than $83 million, citing program timing.
• U.S. GAAP Transition: Audited fiscal 2026 results, expected in early December, will be the first reported under U.S. GAAP.
• Jamestown Progress: Module equipment has completed Factory Acceptance Testing, while cell equipment testing continues.
• Data Center Push: The ElvaPulse 1500 is rated at 7 MW per block, with initial deliveries targeted for the second quarter of calendar 2027.
• Profitability Metrics: Third quarter gross margin reached a record 34.9%, with adjusted EBITDA of $3.7 million.

Find out more about the latest corporate developments and financial reports at the Electrovaya investor portal.