Electrovaya Inc. targets data centers and defense sectors as its Jamestown battery plant nears 2027 launch. New plant launch targeting data centers and defense represents major strategic expansion likely to alter company trajectory.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 1.03 | 0.78 | 7.01 | 16.25 |
| Receivables | 10.61 | 11.29 | 16.47 | 29.98 |
| Inventory | 8.27 | 9.70 | 12.45 | 18.27 |
| Other | 6.05 | — | — | — |
| 25.91 | 29.42 | 41.96 | 75.96 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 8.42 | 9.46 | 9.56 | 9.31 |
| ST’ Debt | 3.46 | 1.63 | — | — |
| Other | 13.31 | 16.44 | 0.14 | — |
| 26.61 | 28.53 | 10.08 | 10.08 |
| 10y | 5y | 3y | |
| Sales | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | — | ‡‡‡ | ‡‡‡ |
| Earnings | — | ‡‡‡‡‡ | ‡‡‡ |
| Book Value | — | ‡‡‡ | ‡‡‡ |
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | 15.55 | 18.05 | 17.72 | — |
—
|
| ’25 | 11.17 | 15.02 | 17.13 | 20.51 |
63.83
|
| ’24 | 12.09 | 10.70 | 10.27 | 11.56 |
44.62
|
| ’23 | 8.56 | 8.47 | 10.60 | 16.43 |
44.06
|
| ’22 | 1.25 | 4.29 | 4.31 | 6.43 |
16.27
|
| ’21 | 2.58 | 2.93 | 1.92 | 4.16 |
11.58
|
| ’20 | — | — | — | — |
14.53
|
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | 1.71 | (7.26) | (11.81) | — |
—
|
| ’25 | (0.28) | (4.47) | (2.56) | 9.03 |
1.72
|
| ’24 | 0.53 | (0.20) | (0.01) | 0.73 |
1.04
|
| ’23 | (4.10) | (0.99) | 0.80 | (0.95) |
(5.23)
|
| ’22 | (3.73) | (4.64) | (3.00) | 2.55 |
(8.82)
|
| ’21 | (2.43) | (3.62) | (2.42) | 0.36 |
(8.12)
|
| ’20 | — | — | — | (3.90) |
(3.90)
|
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | (0.52) | (6.98) | (14.96) | — |
—
|
| ’25 | (0.29) | (5.35) | (4.09) | 6.83 |
(2.89)
|
| ’24 | 0.43 | (0.50) | (0.15) | 1.14 |
0.91
|
| ’23 | (4.12) | (1.49) | 0.60 | (0.73) |
(5.74)
|
| ’22 | (3.73) | (4.64) | (3.03) | 2.37 |
(9.03)
|
| ’21 | (2.43) | (4.07) | (2.53) | 0.35 |
(8.68)
|
| ’20 | — | — | — | (3.94) |
(3.94)
|
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | 0.02 | 0.02 | 0.01 | — |
—
|
| ’25 | (0.01) | 0.02 | 0.02 | 0.06 |
0.08
|
| ’24 | 0.00 | (0.02) | (0.01) | 0.00 |
(0.04)
|
| ’23 | (0.02) | 0.00 | 0.00 | 0.02 |
(0.04)
|
| ’22 | (0.01) | (0.02) | (0.01) | 0.00 |
(0.04)
|
| ’21 | — | — | — | (0.01) |
(0.05)
|
| ’20 | — | — | — | — |
0.04
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 2.00 | 2.34 | 1.67 | 1.80 | — | — | — |
Low Price
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 5.05 | 5.50 | 4.58 | 7.99 | — | — | — |
High Price
|
| — | — | — | — | — | — | 77 | 97 | 97 | 123 | — | — | — |
Employees
|
| — | — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.21 | 0.45 | 0.46 | 0.52 | — | — | — |
Revenue/Emp
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 16.27 | 44.06 | 44.62 | 63.83 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 23.81% | 26.91% | 30.68% | 30.90% | — | — | — |
Gross Margin
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (9.21) | (2.16) | (1.48) | 1.31 | ‡‡‡‡‡ | — | — |
EBT
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (56.61%) | (4.90%) | (3.33%) | 2.05% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (9.21) | (1.48) | (1.48) | 3.36 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.50 | 0.91 | 1.21 | 1.45 | — | — | — |
Depreciation
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.55 | 1.30 | 1.31 | 1.63 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.04) | (0.04) | (0.04) | 0.09 | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
Earnings/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.30) | (0.15) | 0.03 | 0.04 | — | — | — |
Cash Flow/Sh
|
| — | — | — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.01) | (0.01) | 0.00 | (0.12) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.31) | (0.17) | 0.03 | (0.07) | — | — | — |
Free CF/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.23) | 0.21 | 0.25 | 0.80 | — | — | — |
Book Value/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 29.35 | 33.83 | 34.01 | 39.08 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| — | — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.00 | 65.44 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| — | — | — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 6.40 | 2.02 | 1.78 | 3.61 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| — | — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 12.45 | 9.23 | 7.39 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| — | — | — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 6.75 | 2.13 | 1.84 | 3.87 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| — | — | — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | (12.02) | (16.33) | 89.78 | (85.34) | — | — | — |
EV/FCF
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (8.82) | (5.23) | 1.04 | 1.72 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.20) | (0.50) | (0.12) | (4.61) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (9.03) | (5.74) | 0.91 | (2.89) | ‡‡‡‡‡ | — | — |
FCF
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (7.87) | (0.70) | 0.89 | 31.88 | — | — | — |
Working Cap'
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.27 | 5.80 | 3.50 | 22.20 | — | — | — |
Total Debt
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.65 | 4.76 | 2.72 | 15.19 | — | — | — |
Net Debt
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (6.71) | 7.15 | 8.59 | 31.13 | — | — | — |
Sh' Equity
|
| — | — | — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (49.57%) | (5.04%) | (3.91%) | 6.50% | ‡‡‡‡‡ | — | — |
ROA
|
| — | — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00% | 6.31% | 4.03% | 7.48% | — | — | — |
ROIC
|
| — | — | — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 219.23% | (673.80%) | (18.88%) | 16.94% | ‡‡‡‡‡ | — | — |
ROE
|
Electrovaya Inc. (ELVA), a scrappy Canadian battery maker riding the EV and energy storage wave, is finally shedding its money-losing skin amid global decarbonization frenzy and U.S. IRA subsidies that funnel billions toward North American production. Revenues have rocketed from CAD 4.9 million in 2019 to CAD 44.6 million in 2024, with forecasts screaming 30%+ CAGR to CAD 172 million by 2028, fueled by productivity surges (revenue per employee doubling) and tailwinds from U.S.-China trade wars. Profitability flipped positive in 2024—net income at CAD 3.4 million, margins rebounding to 30.9%—while the balance sheet toughens with positive equity and cash flow, hinting at a maturing growth story that analysts peg with 25% mean upside (highs at 80%).
Yet, don’t pop the champagne: this capital-guzzling sector chews up dreamers, with execution risks lurking in capex spikes, lithium volatility, and EV hype that could fizzle under high rates or Chinese dumping. Valuation looks saner—PE compressing to 16x by 2028, PS at 1.8x—but stock swings from CAD 0.50 lows to CAD 16 highs scream skepticism, and insider silence offers no comfort. Macro boosts like IRA credits and supply chain reshoring could supercharge it, but is Electrovaya’s niche in high-cycle batteries enough to outrun the herd?
Dive into the full analysis for the charts, projections, and under-the-radar risks that could make or break this electrifying bet.
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