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Thought it would be a good time to put together what we know to be true and assess where Electrovaya is at. We know they hired a director of operations about 3 months ago who left a good job to come here. We now know after the conference call that they have contract manufacturers in Michigan and California which seems to be new. They also stated in the conference call that they have expanded their products for material handling to almost 30 models including products for AGV's. From recent NR's they shipped to new customers in Mexico and California. Let's look at their announced orders: Feb. 2018-280,000,  May- 511,000, June-1.8 Mill., Aug.-1.3 Mill., Oct.-1.9 Mill., for a total of 5.791 Million US and this does not include Walmart. From their financials Q1 revenue was .75 Mill., Q2 3.3 Mill. so this would roughly account for Walmart order. Q3 was .4 Mill. and Q4 was 1.2 Mill. If we add the Q3&4 revenue we get 1.6 Mill. US and the estimated revenue from Q1 2019 of 2 Mill. minus the SDTC revenue would be about another 1.6 Mill., so 3.2 of the announced orders of 5,791,000 leaves 2,591,000 still outstanding for revenue and based on the frequency of orders the last few months more orders are due to be announced. If the upward trend in orders continues we should expect another 2 Mill. in orders soon, obviously this is an estimate . They are still in talks with Walmart and have received subsequent orders from them. Walmart is now in a position to compare between the lithium batteries and hydrogen fuel cells. They invested heavily in the fuel cell forklifts last year in the US. Hopfully the orders will continue to increase and they will be fine but at this point there is no buffer left, it's sink or swim now.     

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