Revenues and profits are both up for Electrovaya, which opened its Ellicott manufacturing plant this year and is now in the midst of building out the local facility.

Company officials said in November that design reviews of assembly processes and equipment that are customized to the requirements of Electrovaya’s Infinity lithium-ion technology expected to begin production in the Ellicott manufacturing plant in the middle of 2026 are completed. Electrovaya has collaborated closely with key equipment vendors and third-party consulting firms, and has successfully completed the initial engineering, site, and building planning stages.

“Turning to Jamestown, construction is progressing well,” said Dr. Raj DasGupta, Electrovaya CEO, during a conference call with investor analysts this week. “The first components of the dry room arrived last week with additional major infrastructure build over the coming months. Jamestown is central to our strategy. It supports supply chain resilience, domestic content requirements, margin expansion and qualification U.S. manufacturing incentives like 45X and investment tax credits.”

The company’s financial statements are building at the same time the Ellicott plant is expanding. Das Gupta and John Gibson, Electrovaya CFO and secretary, announced 2025 revenues of $63.8 million compared to $44.6 million in the fiscal year ended September 30, 2024, an increase of $19.2 million or 43% year over year. Revenue in the fourth quarter of 2025 was $20.5 million, an increase of $8.9 million (77.5%) from the fourth quarter of 2024.

Adjusted EBITDA1, a measure of much cash a company generates from its primary operations before considering debt (interest), government (taxes), and asset write-downs (depreciation/amortization), was $8.8 million, an improvement of $4.7 million, an increase of $4.7 million or 115% compared 2024. The fourth quarter of 2024 was the company’s tenth consecutive quarter of positive Adjusted EBITDA1.

Net profit was $3.3 million for 2025, compared to a net loss of $1.5 million for 2024, an increase of $4.9 million. Electrovaya also generated positive cash from operations of $1.7 million for 2025, compared to cash generated from operations of $1 million in 2024. Cash generated from operating activities before net changes in working capital was $8.8 million for 2025 compared to $3.3 million in 2024, an improvement of $5.5 million.

Electrovaya has begun drawing down its $50.8 million Export-Import Bank funding that is tied to capital and engineering expenses at the 1 Precision Way, Ellicott, plant. Further drawdowns are expected to occur regularly over the next 12 months. The Export-Import Bank funding comes at a fixed interest rate of 4.9% with a 6.5-year term. There are six months of no payment once the initial draw takes place, 12 months of interest-only payments and then 60 months of interest and principal payments. That funding is being used to pay suppliers as construction and equipment manufacturing milestones are achieved.

More than $40 million in advanced equipment orders have been placed and Electrovaya is on track for significant capacity expansion beginning in late 2026, with eligibility for U.S. Production and Investment Tax Credits expected to support improved long-term margins and demand.

The ongoing investments at the Ellicott facility are counted upon to help the company’s revenues and profits continue growing. Rather than transition work from a Canadian plant to Ellicott, DasGupta said the Ellicott factory will have a hand in several areas that will boost production.

“I don’t anticipate us slowing down in Mississauga as Jamestown ramps up. So Jamestown is going to ramp up in all three areas,” DasGupta said. “The cell portion is the most complex, most capital intensive, and that’s where most of the investment from EXIM is going in. But there’s also a substantial amount for battery modules, and we’re planning to make a much larger variety of battery modules in Jamestown. Battery systems will also be manufactured there. And so it’s not a zero-sum game at all.”