BPU Retool’25 attendees visited the Electrovaya Plant in Ellicott following the June conference. Plant Manager Lee Gilmore led the tour.

Electrovaya’s new factory on Precision Way in Ellicott is helping power the company to a 31% increase in revenue compared to this time in 2024.

Electrovaya officials released the company’s third quarter financial results on Wednesday night after the close of the stock markets. Third-quarter revenues were $17.1 million in 2025 compared to $10.3 million in the same period of 2024, with year-to-day revenue clocking in at $43.3 million in the third quarter of 2025 compared to $33 million in the prior year, an increase of 31% from 2024 to 2025.

To meet growing demand, Electrovaya implemented a second production shift at its Mississauga facility in mid-June and commenced assembly operations in Ellicott in May. The additional capacity will increase output for material handling battery systems and support the launch of new products. The Ellicott Gigafactory remains on track to begin cell manufacturing in the middle of 2026, with output from the facility still eligible for 45X advanced manufacturing production tax credits under President Trump’s One Big Beautiful Bill passed and signed into law earlier this year.

“(The third quarter of 2025) was our ninth consecutive quarter of positive adjusted EBITDA and also our second consecutive quarterly net profit. Margins remained robust at above 30%, a trend that we expect to continue and strengthen over time.,” said John Gibson, Electrovaya’s chief financial officer. “Our second shift at our Mississauga operations, combined with the start up of assembly operations in Jamestown will continue to support increased manufacturing output as we complete our fiscal year and prepare for fiscal year 2026. We are confident in our ability to exceed $60 million in revenue for fiscal year 2025 while advancing profitability and scaling operations.”

The company’s gross margin was 30.8% in the third quarter of 2025 while battery system margins were 30.9%. Adjusted EBITDA, a measure of a company’s operational performance and profitability, was $2.9 million, or 17% of revenue, with growth of 387% year over year.

Net profit for the third quarter was $900,000, up from a net loss of $300,000 in the third quarter of 2024. Year-to-date net profits are $1.3 million through three quarters of 2025 compared to a net loss of $1.4 million in the same period of 2024.

Electrovaya secured more than $21 million in orders throughout the third quarter of 2025, bringing total orders to more than $66 million in the nine months ending June 30, 2025. The company continues to expand its sales pipeline, leveraging long-standing relationships with major OEMs and top-tier end customers. The company continued to enhance its Infinity product line, achieving UL certification for more than 400 battery systems equipped with its latest high-capacity lithium-ion cells. New models feature improved ergonomics and AI-enabled capabilities. At the same time Electrovaya is finding uses for its Infinity battery technology to expand into new applications, including robots and autonomous vehicles, airport ground equipment, Class 8 trucks, construction and mining equipment and defense applications.

“Our Q3 FY2025 results reflect the strong momentum we’ve built, with continued growth in both revenue and profitability, while advancing our industry-leading Infinity technology into a broader range of applications,” said Dr. Raj DasGupta, Electrovaya’s CEO. “The market is increasingly recognizing the exceptional advantages of our innovations. Electrovaya’s unique lithium-ion technology delivers the ideal solution for the most demanding equipment in the world. With the rise of AI and rapid expansion across sectors like e-commerce and robotics, we are well-positioned to provide superior battery solutions that power these high-growth industries.”