Electrovaya Inc Q4 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Eric Stine - Craig-Hallum Holdings LLC - Analyst : So you did mention expecting in fiscal '26, the 10% to 15% from new verticals. But just curious, as you think about those verticals, I don't know if it's ranking them or just some more color, are there ones that you view as potentially being a little bit more near term could mean upside kind of from how you've set things right now? And then conversely, on the other side, is there an area which maybe isn't further as far along and potentially doesn't have the impact that you think it might?

Question: Eric Stine - Craig-Hallum Holdings LLC - Analyst : Okay. Thanks for the color. And then when thinking about fiscal '26, I know you called out that part of that factors in the potential for deferred orders. And as I think about what you've seen in the past, I mean, that has been something you've dealt with in material handling. I mean, should we assume that what you're talking about there is material handling? And if there were a surprise, is it fair to say that, that's mostly upside or all upside given that you are factoring the potential that, that happens? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 10:00PM, ELVA.TO - Q4 2025 Electrovaya Inc Earnings Call

Question: Eric Stine - Craig-Hallum Holdings LLC - Analyst : Okay. All right. Maybe last thing for me, just energy storage. I know you just launched the product. You said that there was a positive reception to it. I believe you've got three customers that you're in discussions with and maybe one further than the others. But maybe how the pipeline is shaping up beyond those three customers given that, that would be targeted to an end market where you've clearly got a pretty deep list of material handling customers.

Question: Colin Rusch - Oppenheimer & Co Inc - Analyst : Just following up on Eric's question. In terms of the ESS applications, I appreciate the ability to have faster pulse charging. But are you looking at applications inside data centers, warehouses? Just can you give us a sense of where you're seeing these things ultimately located?

Question: Colin Rusch - Oppenheimer & Co Inc - Analyst : That's incredibly useful. So then just moving to the robotics market and the charge time that you guys offer. It sounds like you're competing with supercapacitors or ultracapacitors in some regards. Could you just talk about the competitive landscape of other batteries in that space? And how long the design cycles ultimately end up looking like as you work with some of these companies that are emerging with new form factors?

Question: Jeffrey Campbell - Seaport Research Partners - Analyst : First of all, congratulations on the strong quarter. I noticed that when you talked about some of the technology development that you have done some work again with lithium phosphate lithium iron phosphate. And I was just wondering, it seems like it's back in play. What kind of applications are showing an appetite for that chemistry?

Question: Jeffrey Campbell - Seaport Research Partners - Analyst : I wanted to ask how the Energy as a service initiative is progressing and in particular, is it starting to bring the Infinity battery to a different type of customer? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 10:00PM, ELVA.TO - Q4 2025 Electrovaya Inc Earnings Call

Question: Jeffrey Campbell - Seaport Research Partners - Analyst : And my last question is, you mentioned that you're doing work with robotics OEMs in both the US and Japan. I just wonder, are their requirements generally the same or any significant differences between these two markets?

Question: Theophilos Genzebu - Raymond James - Analyst : Congrats on a good quarter and the year. Just as a quick follow-up on the rapid charging for the robotics. Are there any upcoming major milestones you're looking to achieve or expectations you can speak of or shed some color on?

Question: Theophilos Genzebu - Raymond James - Analyst : Right. Okay. Understood. And just on the $40 million in equipment orders, and I appreciate, John, I think you said it was $15 million. I was already drawn from the on loan. Will all these orders be funded over like the next few quarters? Or will some of that slip into 2027?

Question: Theophilos Genzebu - Raymond James - Analyst : Great. Okay. And then maybe just another one for me. You guided to about like greater than 30% revenue growth for fiscal '26 and about $105 million in backlog. I was just curious on like what percentage of that backlog is tied to firm orders versus pipelines, if you can disclose that and what other key bottlenecks that could defer revenue into '27? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 10:00PM, ELVA.TO - Q4 2025 Electrovaya Inc Earnings Call

Question: Unidentified Participant - - Analyst : It's Andrew on for Craig. A lot of my questions have been answered, but just one quick one for me. Last quarter, you called out you started a second shift in Mississauga. As we get closer to Jamestown commencing operations, how should we just think of the transition of capacity from one to the other? Or you keep the second shift in Mississauga? And how quickly do you think we'll get Jamestown up and running?

Question: Amit Dayal - H C Wainwright & Co LLC (Pre-Merger) - Analyst : I just have one, actually, most of my questions have been asked. With now that the balance sheet has strengthened pretty significantly, you have various lines of credit and funding to ramp capacity in Jamestown. So your working capital needs, your CapEx needs, all are sort of in good shape. Do you think it would be safe for us to assume that the company is going to be more aggressive with sales and business development efforts maybe compared to, say, a year ago?

Question: Amit Dayal - H C Wainwright & Co LLC (Pre-Merger) - Analyst : Understood. And on the energy storage side, Raj, are you thinking you will take market share from sort of some of the existing folks? Or are these new opportunities that you will be participating in?