olivLaw · US equity research
Electrovaya Inc. ELVA
Miscellaneous Electrical Machinery, Equipment & Supplies · SIC 3690 · Vertical: Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690)
Electrovaya Inc. is a Canadian lithium-ion battery maker listed on Nasdaq and the Toronto Stock Exchange, dependent on orders from the material handling sector. For fiscal 2026 management expects revenue growth above 30% over fiscal 2025, a target that draws attention but remains conditional on customer behaviour and trade factors.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Electrovaya Inc. (ELVA) stock was 5.08 USD (−2.87% on the day), with market capitalisation 173.4 m USD, beta 1.46, 52-week range 4.23–12.26 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 38.4
- weak (30–45)
- Bollinger (20, 2)
- 4.90 – 5.78
- in the lower half of the band · %B 0.20 · band width 16.5%
- SMA 50 / 200
- 6.06 / 8.36
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.26 / -0.30
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −20.1% | −1.1% | −19.0 pp | — |
| 3 months | −45.4% | −0.5% | −45.0 pp | — |
| 6 months | −51.5% | +4.4% | −55.9 pp | — |
| Year to date | −35.7% | +12.3% | −48.0 pp | — |
| 1 year | −12.4% | +13.5% | −26.0 pp | −60.2% |
| 3 years | +68.2% | +76.4% | −8.2 pp | −50.2% |
| 5 years | +1.6% | +63.7% | −62.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 |
|---|---|---|
| Revenue | 16.3 m | 44.1 m |
| Revenue YoY | unavailable | +170.8% |
| Net income | -9.2 m | -1.5 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -56.6% | -3.4% |
| Free cash flow | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2023 · 30 Sept 2023
- Cash
- 1.0 m USD
- Financial debt
- -661.0 k USD
- Net debt
- -1.7 m USD
- Equity
- 7.1 m USD
- Total assets
- 36.5 m USD
- Debt / equity
- -0.09x
- Current ratio
- 0.97x
- ROE
- unavailable
- ROA
- -5.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Revenue | 16.3 m | 44.1 m | SEC (XBRL)· 16 Jan 2024verified |
| Gross profit | 3.9 m | 11.9 m | SEC (XBRL)· 16 Jan 2024verified |
| Research & development | 3.4 m | 3.4 m | SEC (XBRL)· 16 Jan 2024verified |
| Depreciation & amortisation | 503.0 k | 907.0 k | SEC (XBRL)· 16 Jan 2024verified |
| Interest expense | 3.0 k | 2.5 k | SEC (XBRL)· 16 Jan 2024verified |
| Net income | -9.2 m | -1.5 m | SEC (XBRL)· 16 Jan 2024verified |
Balance sheet · USD
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Cash | 600.0 k | 1.0 m | SEC (XBRL)· 16 Jan 2024verified |
| Inventories | 7.4 m | 8.3 m | SEC (XBRL)· 16 Jan 2024verified |
| Current assets | 14.8 m | 25.9 m | SEC (XBRL)· 16 Jan 2024verified |
| Property, plant & equipment, net | 7.3 m | 10.1 m | SEC (XBRL)· 16 Jan 2024verified |
| Total assets | 22.2 m | 36.5 m | SEC (XBRL)· 16 Jan 2024verified |
| Accounts payable | — | 8.4 m | SEC (XBRL)· 16 Jan 2024verified |
| Short-term debt | -358.0 k | -661.0 k | SEC (XBRL)· 16 Jan 2024verified |
| Current liabilities | 22.7 m | 26.6 m | SEC (XBRL)· 16 Jan 2024verified |
| Equity | -6.7 m | 7.1 m | SEC (XBRL)· 16 Jan 2024verified |
| Shares outstanding at year end | — | 33.8 m | SEC (XBRL)· 16 Jan 2024verified |
Cash flow · USD
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -8.8 k | -4.9 k | SEC (XBRL)· 16 Jan 2024verified |
| Investing cash flow | -212 | -903 | SEC (XBRL)· 16 Jan 2024verified |
| Financing cash flow | 7.9 k | 6.2 k | SEC (XBRL)· 16 Jan 2024verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 42.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 173.4 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
43% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.10 – 2.66 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Sales1.10 – 2.66 (Mid 2.00)15 companies used · median multiple 1.5x · quartiles 0.8x – 2.0xATKR, CHPT, DFLI, ENR, ENS, EOSE, EPOW, GAUZ, MVST, NOVT, NRGV, SPB, UCAR, ULBI, XPON
- Peers: EV/EBITDAunavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 42.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 26.9% | 0 (on a fixed band) | 25% |
| EBIT margin · Quality | unavailable | unavailable | — |
| FCF margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| Revenue growth (YoY) · Growth | 170.8% | 83 (vs peers) | 20% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 10 (on a fixed band) | 15% |
| EV/Sales · Valuation | 3.9x | 33 (vs peers) | 40% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial10/100 · 1/2 factors with a value
- Growth· partial83/100 · 1/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partial33/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Electrovaya Inc. (ELVA). Latest full fiscal year: 2023; data up to 2023-09-30.
Figures computed from the financial statements: revenue 44.1 m USD in 2023; YoY growth 170.8%; net margin -3.4%; ROE -673.8%.
The estimated value range is 1.10–2.66 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.00 USD, the price of 5.08 USD leaves a potential of -60.6% (value / price − 1) and a margin of safety of -153.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 42.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue growth (YoY): 170.8%
What contradicts it
- Gross margin: 26.9%
- Current ratio: 1.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): EBIT margin, FCF margin, Revenue CAGR 3Y, Net debt / EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690) · same industry (4-digit SIC) · compared with 38 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ENSEnerSys | 5.6 bn | 16.7 | 18.4% | 9.3% | +3.7% | +9% / +76% |
| NOVTNovanta Inc. | 5.5 bn | 92.8 | 5.1% | 6.0% | +3.3% | +28% / +1% |
| ATKRAtkore Inc. | 3.2 bn | — | -11.9% | -5.5% | −11.0% | +37% / −24% |
| SPBSpectrum Brands Holdings, Inc. | 2.1 bn | 28.0 | 4.2% | 2.8% | −5.2% | +54% / +32% |
| NVXNOVONIX Ltd | 1.9 bn | — | -62.0% | -1,650.8% | −4.1% | −81% / −88% |
| ENREnergizer Holdings, Inc. | 1.7 bn | 21.3 | 42.2% | 2.7% | +2.3% | +38% / −18% |
| AMPXAmprius Technologies, Inc. | 1.2 bn | — | -36.1% | -33.4% | +202.1% | −25% / +106% |
| EMATEvolution Metals & Technologies Corp. | 1.2 bn | — | — | — | unavailable | unavailable / unavailable |
| EOSEEos Energy Enterprises, Inc. | 779.3 m | — | — | -246.8% | +631.8% | −86% / +95% |
| ENVXEnovix Corporation | 612.3 m | — | -82.2% | -473.9% | +37.9% | −64% / −75% |
| NRGVEnergy Vault Holdings, Inc. | 578.2 m | — | -225.9% | -48.6% | +340.9% | −8% / +38% |
| SLDPSolid Power, Inc. | 515.7 m | — | -20.5% | -1,152.2% | +8.0% | −57% / +60% |
| FLNCFluence Energy, Inc. | 312.1 m | — | -20.7% | -3.1% | −16.1% | −69% / −76% |
| CHPTChargePoint Holdings, Inc. | 306.4 m | — | -1,015.1% | -40.6% | −1.4% | +39% / −69% |
| SESSES AI Corporation | 286.4 m | — | -31.2% | -289.6% | +929.4% | −60% / −63% |
| ULBIEnerSys | 260.3 m | 1.4 | -4.8% | -3.5% | +16.2% | +175% / +109% |
| MVSTMicrovast Holdings, Inc. | 255.7 m | — | 11.4% | 13.9% | +12.6% | −81% / −43% |
| ELVAElectrovaya Inc. | 173.4 m | — | -673.8% | -3.4% | +170.8% | −12% / +68% |
| ELPWElong Power Holding Ltd. | 145.7 m | — | — | -271.3% | +430.7% | −100% / −100% |
| NEOVNeoVolta, Inc. | 134.6 m | — | -101.1% | -161.0% | +58.2% | −44% / +28% |
| GAUZGauzy Ltd. | 127.5 m | — | — | -51.4% | +32.8% | −86% / unavailable |
| BYRNByrna Technologies Inc. | 97.4 m | — | -14.9% | -9.2% | +37.7% | −77% / −29% |
| EPOWE-Power Inc. | 88.8 m | — | — | -35.8% | −28.6% | −88% / −87% |
| BLNKBlink Charging Co. | 65.4 m | — | -79.9% | -52.2% | −18.0% | −66% / −86% |
| STISolidion Technology, Inc. | 37.8 m | — | -1,382.4% | -23,852.8% | unavailable | −59% / −99% |
1- and 3-year price returns: for ELVA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 19 Dec 2025; since then the company filed 6-K (02 Nov 2026), 6-K (28 Oct 2026), 6-K (14 Oct 2026), 6-K (08 Oct 2026), 6-K (05 Oct 2026), 6-K (24 Aug 2026).
In brief
Electrovaya Inc. is a Canadian lithium-ion battery maker listed on Nasdaq and the Toronto Stock Exchange, dependent on orders from the material handling sector. For fiscal 2026 management expects revenue growth above 30% over fiscal 2025, a target that draws attention but remains conditional on customer behaviour and trade factors.
SWOT
Strengths
- The company reports a firm purchase order backlog and revenue growth guidance for fiscal 2026 in its annual document 1.
- Dual listing on Nasdaq and the Toronto Stock Exchange gives the company a financing base and visibility in both markets 1.
- The planned domestic production in New York could support better margins and access to public incentives 1.
Weaknesses
- The company reports under IFRS, which makes comparisons with firms applying US GAAP harder 1.
- Forecasts rest on assumptions about customer behaviour and on discount adjustments for possible delays 1.
- The company relies on a relatively concentrated customer base in the material handling vertical, which amplifies demand risk 1.
Opportunities
- Domestic production could attract customers who prefer US-based suppliers and could open new verticals 1.
- Tax credits and New York state incentives could lower the cost of investing in cell production 1.
- Expansion into verticals beyond material handling could diversify revenue sources, if it materialises 1.
Risks
- Dependence on customer ordershigh
If customers do not place orders roughly in line with historical patterns, the revenue growth guidance could go unmet 1.
- Tariffs on Canadian exportshigh
The imposition of a US tariff regime on Canadian exports could materially change results 1.
- New York production timingmedium
Delays in starting cell production could postpone the margin benefits and the fiscal 2026 guidance 1.
- Macroeconomic conditionsmedium
Macroeconomic developments in the lithium battery industry could influence demand and the company's liquidity 1.
- Liquidity and cash availabilitymedium
The document includes liquidity and cash availability beyond operating needs among the factors that could make results differ from expectations 1.
Investment thesis
What would need to be true (bull case)
- If the firm order backlog converts into revenue as guided, the company could show solid growth in fiscal 2026 1.
- Domestic production in New York could improve margins and attract new customers, supported by public incentives 1.
- If input costs fall as the forecasts assume, margins could benefit from a more favourable backdrop 1.
What would break the thesis
- If customers delay orders, the growth guidance could be missed and the discount adjustments might prove insufficient 1.
- A tariff regime on Canadian exports could directly affect competitiveness in the US market 1.
- If production in New York does not start on time, the investment could bring costs without the expected margin benefits 1.
What to watch
- Delivery of revenue guidance above 30% growth over fiscal 2025Fiscal 2026
- Start of cell production in Jamestown, New YorkEnd of fiscal 2026 or Q1 fiscal 2027
- Development of any US tariff regime on Canadian exportsFiscal 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 19 Dec 2025; since then the company filed 6-K (02 Nov 2026), 6-K (28 Oct 2026), 6-K (14 Oct 2026), 6-K (08 Oct 2026), 6-K (05 Oct 2026), 6-K (24 Aug 2026).
The business
Electrovaya Inc. describes itself in its annual report as a Canadian foreign private issuer that files with the SEC on Form 40-F, with shares listed on the Nasdaq Capital Market and the Toronto Stock Exchange under the symbol ELVA 1. The company is run by a chief executive officer and has its head office in Mississauga, Ontario 1. The report notes that the company has historically prepared its financial statements under IFRS rather than US GAAP, which makes direct comparisons with US companies harder 1.
The document also covers the production plan in Jamestown, New York, where the company intends to start cell production by the end of fiscal 2026 or in the first quarter of fiscal 2027, aiming to improve margins and attract customers through domestic manufacturing 1. The report links this plan to IRA45X tax credits and possible incentives from the State of New York 1.
Segments
Domestic US manufacturing
The Jamestown, New York plan targets cell production and is presented as a lever for margins and for attracting new customers, especially if tariffs on Canadian exports were imposed 1. Production start-up is estimated for the end of fiscal 2026 or the start of fiscal 2027 1.
Market context
The company operates in the market for lithium-ion batteries for industrial equipment and material handling, and the source explicitly lists macroeconomic effects on the lithium battery industry as a risk factor 1. A stable political climate for exports from Canada to the United States is treated as a base assumption of the forecasts 1. The company assumes selling prices will stay stable in fiscal 2026, while input costs could decline 1.
The document presents customer demand as the main variable behind the outlook: forecasts assume customers will order roughly in line with historical patterns and communicated intentions 1. If that assumption does not hold, the projected revenue growth could be affected 1.
Trends
- Domestic US manufacturingtailwind
Moving production to Jamestown, New York could improve margins and attract customers who prefer domestic suppliers, supported by IRA45X credits and state incentives 1.
- Tariffs on Canadian exportsheadwind
The document lists the imposition of a US tariff regime on Canadian exports among the factors that could change results, which could affect production costs in Canada 1.
- Demand in material handlingmixed
Projected growth depends on orders following customer historical patterns, and expansion into other verticals remains uncertain, making this trend mixed 1.
- Material costs and selling pricesmixed
Forecasts assume lower input costs and stable selling prices in fiscal 2026, an assumption that could support margins if it holds 1.
Competitive position
The source document does not explicitly name the company's competitors, so no competitor names are stated directly by the report. The competitive analysis remains limited to the factors mentioned, such as the position in material handling and the ability to produce domestically in the United States 1.
The advantage the company declares against rivals could come from domestic production in New York, which could improve margins and attract new customers, but the document does not compare its performance or market share directly with other producers 1.
- Unnamed lithium-ion battery suppliers
Generic category; the source document names no companies.
- Asian lithium-ion cell producers
Generic category referenced only implicitly through the domestic versus imported production discussion; no names in the source.
- US industrial energy system makers
Generic category; the source does not identify specific firms or market shares.
- Material handling equipment suppliers
Generic category tied to the main vertical of customers; the source gives no names.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Electrovaya Targets Data Centers, Defense as Jamestown Battery Plant Nears 2027 LaunchYahoo Finance — News · 30 Aug 2026 · EN
The latest news item in our archive is from 30 Aug 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)14 Oct 2026
- Current report (foreign issuer)08 Oct 2026
- Current report (foreign issuer)05 Oct 2026
- Current report (foreign issuer)24 Aug 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)06 Aug 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)30 Jul 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-09-30 · SEC / Electrovaya Inc. · 19 Dec 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.