Le Lézard
Classified in: Business
Subject: EARNINGS

Electrovaya Reports Fiscal 2018 Revenue Increased 148% to US$5.6 million, Q4 2018 Revenue Rose Sixfold to US$1.2 million


TORONTO, Dec. 12, 2018 (GLOBE NEWSWIRE) -- Electrovaya Inc. ("Electrovaya" or the "Company") (TSX: EFL; OTCQX: EFLVF), a lithium ion battery manufacturer with industry-leading performance and substantial intellectual property, today reported its financial results for the fourth quarter and fiscal year ended September 30, 2018 ("Q4 2018" and "FY 2018", respectively). All dollar amounts are in U.S. dollars unless otherwise noted.

Financial Highlights:

Other Business Highlights:

During FY 2018, Electrovaya continued to focus on supplying high-performance lithium ion batteries to power MHEVs and AGVs, a rapidly emerging and growing market opportunity. Demand from these markets comes primarily from multishift operators in the ecommerce, logistics, warehousing and manufacturing sectors. These operators demand high-performance batteries to power their vehicles, which can operate 24 hours a day, work the equivalent of 250,000 kilometres per year, and be rapidly charged multiple times a day.

Electrovaya expects sales momentum for these products will continue to increase in Fiscal 2019, as the Company sees strong market demand and continues to sell batteries through OEMs and directly to large global companies, including Fortune 500 companies. Continued sales momentum, combined with the recent cost reductions outlined above, positions the Company for stronger financial performance.

The Company's complete Annual Audited Financial Statements, Management Discussion and Analysis and Annual Information Form for the year ended September 30, 2018 are available at www.sedar.com or on the Company's website at www.electrovaya.com.

Conference Call Details:
The Company will hold a conference call on Thursday, December 13, 2018 at 8:00 a.m. Eastern Time (ET) to discuss the FY 2018 financial results and to provide a business update.

Conference ID: 13685801
US and Canada toll free: (877) 407-8291
International: + 1(201) 689-8345

To help ensure that the conference begins in a timely manner, please dial in 10 minutes prior to the start of the call.

For those unable to participate in the conference call, a replay will be available for two weeks beginning on December 13, 2018 through December 27, 2018. To access the replay, the U.S. dial-in number is (877) 660-6853 and the non-U.S. dial-in number is +1 (201) 612-7415. The replay conference ID is 13685801.

For more information, please contact:

Peter Koven
Bay Street Communications
Telephone: 1.647.496.7857
Email: [email protected]

Jason Roy
Electrovaya Inc.
905-855-4618
[email protected]

About Electrovaya Inc.

Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) designs, develops and manufactures proprietary Lithium Ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. Electrovaya is a technology focused company with extensive IP. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada with customers around the globe.

To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com.

Forward-Looking Statements

This press release contains forward-looking statements, including statements that relate to, among other things, revenue forecasts and in particular the forecast for Q1 of 2019, anticipated further sequential revenue growth in Q1 2019, anticipated increased collaboration with OEMs in fiscal 2019, anticipated continued increase in sales momentum in fiscal 2019 through OEMs and directly to large global companies, including Fortune 500 companies, the effect of Litarion's insolvency filing on the Company's financial position and performance, the future direction of the Company's business and products, the effect of a structured sale of Litarion, including on the Company's overhead and operations, the Company's ability to source supply to satisfy demand for its products and satisfy current order volume,, technology development progress, pre-launch plans, plans for product development, plans to work with OEMs, plans to sell directly to user, plans for shipment using the Company's technology, production plans, the Company's markets, objectives, goals, strategies, intentions, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: that current customers will continue to make and increase orders for the Company's products, that the Company's alternate supply chain will be adequate to replace material supply and manufacturing, that the Company's interpretation of the effect of any comfort given to Litarion's auditors of the Company's financial support for Litarion's operations is correct, and that Litarion's insolvency process will proceed in an orderly fashion that will satisfy Litarion's debt without a significant negative effect on the Company or its assets. Important factors that could cause actual results to differ materially from expectations include but are not limited to: actions taken by creditors and remedies granted by German courts in the Litarion insolvency proceedings and their effect on the Company's business and assets, negative reactions of the Company's existing customers to Litarion's insolvency process, general business and economic conditions (including but not limited to currency rates and creditworthiness of customers), Company liquidity and capital resources, including the availability of additional capital resources to fund its activities, level of competition, changes in laws and regulations, legal and regulatory proceedings, the ability to adapt products and services to the changing market, the ability to attract and retain key executives, and the ability to execute strategic plans. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company's Annual Information Form for the year ended September 30, 2018 under "Risk Factors", and in the Company's most recent annual and interim Management's Discussion and Analysis under "Qualitative And Quantitative Disclosures about Risk and Uncertainties" as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.


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