The lowered FY2026 revenue guidance is a material negative, but record margins and the Amazon deal provide a counterbalance. Monitor Q4 FY2026 and Q1 FY2027 results for conversion of the ~$5M in delayed high-voltage deliveries and any initial purchase orders from Amazon. The ElvaPulse 1500 launch opens a new TAM in data center energy storage, but initial deliveries are not expected until mid-CY2027, limiting near-term impact.
Price Chart
Executive Summary
Electrovaya reported Q3 FY2026 results with revenue of $17.7M (+3% YoY), a record gross margin of 34.9% (up from 30.8%), and record Adjusted EBITDA of $3.7M (+27% YoY). Net income was $0.3M, down from $0.9M in Q3 FY2025. The company lowered its FY2026 revenue guidance to ~$70-73M from prior >$83M, citing customer program delays. A subsequent commercial agreement with Amazon includes warrants for up to 13.9M shares tied to $280M in cumulative purchases. The launch of the ElvaPulse 1500 stationary energy storage platform targets data center and infrastructure markets. The lowered guidance is a clear negative, partially offset by the Amazon deal and margin improvement, resulting in a mixed outlook with notable uncertainty on revenue conversion timing.
Key Facts
- Q3 FY2026 revenue of $17.7M, up 3% YoY from $17.1M.
- Record gross margin of 34.9%, up 410 bps from 30.8% in Q3 FY2025.
- Record Adjusted EBITDA of $3.7M, up 27% YoY from $2.9M.
- Net income of $0.3M, down from $0.9M in Q3 FY2025.
- FY2026 revenue guidance lowered to ~$70-73M from prior >$83M (>30% growth).
- Amazon commercial agreement with warrants for up to 13,880,345 shares at $8.5650, fully vesting upon $280M in cumulative purchases.
- Launched ElvaPulse 1500 stationary energy storage platform targeting data centers.
- Cash and cash equivalents of $13.1M, up from $1.3M in the prior year.
- Working capital of $65.9M, up from $31.9M at Sept 30, 2025.
- Two customers accounted for 88% of Q3 revenue and 70% of nine-month revenue.
Financial Impact
FY2026 revenue guidance cut by ~$10-13M from prior >$83M to ~$70-73M. Q3 net income fell $0.6M YoY despite record gross margin and Adjusted EBITDA.
Risk Factors
- FY2026 revenue guidance cut signals weaker near-term demand and potential for further pushouts.
- High customer concentration (two customers = 88% of Q3 revenue) creates significant revenue risk.
- Jamestown facility ramp and cell production timeline (targeting early FY2027) could face delays.
- Potential US-Canada tariffs could materially impact cost structure and competitiveness.
- Amazon warrants create potential future dilution of up to ~22% of current shares outstanding if fully exercised.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001654954-26-007467 |
| Document: elva_ex992.htm | 0001654954-26-007467 |
| Document: elva_ex993.htm | 0001654954-26-007467 |
| Document: elva_ex995.htm | 0001654954-26-007467 |
| Document: elva_ex994.htm | 0001654954-26-007467 |
| Document: elva_6k.htm | 0001654954-26-007467 |
| Document: 0001654954-26-007467-index-headers.html | 0001654954-26-007467 |
| Document: 0001654954-26-007467-index.html | 0001654954-26-007467 |
| Document: 0001654954-26-007467.txt | 0001654954-26-007467 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 14, 2026 12d ago | 6-K | $5.16 | awaiting T+60 | — | $5.13 (−0.58%) |
Oct 8, 2026 18d ago | 6-K | $5.75 | awaiting T+60 | — | $5.13 (−10.78%) |
Oct 5, 2026 21d ago | 6-K | $6.36 | awaiting T+60 | — | $5.13 (−19.34%) |
Sep 22, 2026 4w ago | Institutional Cluster | $6.73 | awaiting T+60 | — | $5.13 (−23.77%) |
Aug 11, 2026 10w ago | 6-K | $7.33 | awaiting T+60 | — | $5.13 (−30.01%) |
Aug 6, 2026 11w ago | 6-K | $9.28 | awaiting T+60 | — | $5.13 (−44.72%) |
Aug 5, 2026 11w ago | 6-K | $9.31 | awaiting T+60 | — | $5.13 (−44.90%) |
Jul 15, 2026 14w ago | 6-K | $11.76 $5.79 | ▼ −50.77% | ▼ −53.30% | $5.13 (−56.38%) |
May 27, 2026 21w ago | 6-K | $11.57 $6.68 | ▼ −42.26% | ▼ −44.14% | $5.13 (−55.66%) |
May 15, 2026 23w ago | 6-K | $9.55 $7.33 | ▼ −23.25% | ▼ −27.76% | $5.13 (−46.28%) |
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