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Message: EFL Q3 2015 REV UP 900% OVER Q2 2015
Electrovaya Q3 2015 Revenue Up 900% Over Q2 2015, Following Transformative Acquisition
TORONTO, July 29, 2015 -- Electrovaya's (EFL.TO) acquisition of Europe's largest producer of Lithium Ion battery electrodes and separators has been immediately positive to Electrovaya's financial performance. Electrovaya today provided its financial results for the quarter ending June 30, 2015. All numbers are in US dollars.
The acquisition of Litarion GmbH (Litarion) was completed effective April 29, 2015. The consolidated results for Q3 include two months of Litarion activity. Significant momentum has been created in both our sales pipeline and business integration activities.
"Our 100% owned German acquisition is a remarkable asset with technology and engineering depth that combines beautifully with Electrovaya's patented, non-toxic production processes", said Dr. Sankar Das Gupta, Electrovaya CEO. "Electrovaya now has the technology and manufacturing capacity to become the world leader in clean Lithium Ion energy storage solutions".
Electrovaya's combination of patented Canadian and German technology should surpass leading global lithium ion competitors in the following ways:
- Unique non-toxic manufacturing;
- Considerably lower manufacturing costs due to non-toxic production and reduction in energy consumption;
- World leading Lithium Ion Cycle Life; 9000 cycles at 1C charge/discharge at 100% DoD -- which is almost double the cycle life of major competing products (NMC and graphite electrodes); and
- Superior safety from proprietary ceramic composite separators.
Electrovaya now owns Europe's largest Lithium Ion electrodes and separators manufacturing plant through the Company's recent acquisition of Litarion. The plant will supply Europe's increasing demand across the Smart Grid, Motive Power, Automotive and Battery Component markets.
- Q3 2015 revenue was $6.0 million, over 900% growth as compared the pre-acquisition Q2 2015 revenue of $0.6 million
- Adjusted EBITDA1 was negative $0.8 million for Q3 2015, as compared to pre-acquisition Q2 2015 of negative $1.1 million
- Q3 2015 Cash and Cash Equivalents totaled $3.2 million as compared to pre-acquisition Q2 2015 of $0.7 million
- $9.2 million comprehensive gain on Litarion acquisition
- Adjusted EBITDA does not have a standardized meaning under IFRS. Therefore it is unlikely to be comparable to similar measures presented by other issuers. We define adjusted EBITDA as loss from operations less stock based compensation expense, finance cost and amortization. We believe that certain investors and analysts use adjusted EBITDA to measure the performance of the business.
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