Canada's Electrovaya Q3 revenue misses estimates on program delivery delays

Electrovaya

10/08/2026 21:14

Overview
Canada lithium-ion battery maker's Q3 revenue grew 3% yr/yr but missed analyst expectations
Q3 adjusted EBITDA hit a record and beat analyst expectations
Company says revenue growth was affected by timing shifts in customer programs

Outlook
Electrovaya now expects fiscal 2026 revenue of $70 mln to $73 mln, down from prior guidance
Company says about $5 mln in high-voltage battery deliveries shifted to early fiscal 2027
Electrovaya sees Amazon agreement and ElvaPulse launch supporting growth in fiscal 2027 and beyond

Result Drivers
PROGRAM DELIVERY DELAYS - Co said Q3 revenue growth was limited by several customer programs shifting later than anticipated, including about $5 mln in high-voltage systems now expected in early fiscal 2027
RECORD GROSS MARGIN - Co achieved a record gross margin of 34.9% in Q3, attributed to disciplined management of margins, liquidity and working capital, per CFO John Gibson

Company press release: ID:nACScrCcba

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Miss
$17.70 mln
$21.22 mln (4 Analysts)
Q3 Net Income
 
$300,000
 
Q3 Adjusted EBITDA
Beat
$3.70 mln
$3.55 mln (4 Analysts)
Q3 Gross Margin
 
34.90%
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the electrical components & equipment peer group is "buy"
The stock recently traded at 32 times the next 12-month earnings vs. a P/E of 34 three months ago

Reuters Recommended Reads
Aug 7 - Expion360 Q2 gross margin rises as product mix shifts to higher-margin items
Aug 10 - Canada's Stingray Q1 revenue beats estimates but margins weigh on profit
Aug 10 - inTEST slightly beats Q2 revenue estimates on auto/EV growth, keeps FY revenue  view

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)