ELVA 6-K SEC Filing Analysis

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ELVA ▲ +13.93% at T+5d

LONG call ✓ call won +13.93% · α vs SPY +12.96% · entry $9.55 → $10.88

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Last close $9.50 (close Jun 12) · -0.52% from $9.55 entry

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$10.88

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Executive Summary

Electrovaya reported Q2 FY2026 revenue of $18.0M (+20% YoY) and net income of $1.0M (+23% YoY), driven by strong demand in material handling and improved gross margins (33.4% vs 31.1%). Management guided for FY2026 revenue growth exceeding 30% over FY2025 (in excess of $83M), supported by a ~$100-125M pipeline. Balance sheet strengthened with $20.4M cash and $57.8M working capital, though customer concentration (99% revenue from two customers) and US-Canada tariff risks remain key watchpoints.

Actionable Insight

The strong revenue acceleration and margin expansion validate the demand thesis, but extreme customer concentration and US-Canada tariff overhang warrant caution. Watch for order volume from the two key customers and any updates on Jamestown production timeline in subsequent quarters.

Key Facts

Q2 revenue $18.0M vs $15.0M (+20% YoY); H1 revenue $33.6M vs $26.2M (+28% YoY)
Q2 net income $1.0M vs $0.8M (+23% YoY); H1 net income $2.1M vs $0.4M (+404% YoY)
Gross margin improved to 33.4% from 31.1% in Q2; 33.2% from 31.0% in H1
Cash and cash equivalents $20.4M (up from $6.4M at Sep 2025); working capital $57.8M
Management guided FY2026 revenue growth >30% (in excess of $83M)
Two customers accounted for 99% of revenue and 99% of accounts receivable
Jamestown gigafactory build-out ongoing with commercial cell production targeted early FY2027
Net equity increased to $62.8M from $31.1M (Sep 2025)

Financial Impact

Revenue growth of 20% YoY to $18M in Q2, net income up 23% to $1M; guidance implies FY2026 revenue >$83M (30%+ growth)

revenuenet incomegross margincash balance

Risk Factors

Customer concentration: two customers drove 99% of revenue
US-Canada trade tariffs could impact Canadian-manufactured exports
Jamestown gigafactory ramp may face delays or cost overruns
Forward guidance depends on customer order patterns and macro conditions

Market Snapshot

Exchange

Nasdaq

Sector

Miscellaneous Electrical Machinery, Equipment & Supplies

Analyst Consensus

90% bullish (10 analysts)

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

Document	Accession Number
6-K Filing (Primary)	0001654954-26-004927
Document: elva_ex992.htm	0001654954-26-004927
Document: elva_6k.htm	0001654954-26-004927
Document: 0001654954-26-004927-index-headers.html	0001654954-26-004927
Document: 0001654954-26-004927-index.html	0001654954-26-004927
Document: 0001654954-26-004927.txt	0001654954-26-004927

4 reports for ELVA

T+1T+5T+20T+60

Filters

Reports for ELVA — sortable, filterable
	Type				Now
May 27, 2026 18d ago	6-K NEUTRAL ★ 2/10	$11.57 $11.28	▼ −2.51%	▼ −2.98%	$9.50 (−17.89%)
May 15, 2026 4w ago	6-K BULLISH ★ 6/10	$9.55 $10.88	▲ +13.93%	▲ +12.96%	$9.50 (−0.52%)
May 6, 2026 5w ago	6-K NEUTRAL ★ 2/10	$10.48 $10.38	▼ −0.95%	▼ −2.09%	$9.50 (−9.35%)
Apr 15, 2026 8w ago	6-K NEUTRAL ★ 4/10	$9.45 $10.11	▲ +6.98%	▲ +5.34%	$9.50 (+0.53%)

US Market Status

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