Electrovaya Inc.
ELVA Nasdaq Miscellaneous Electrical Machinery, Equipment & Supplies Financials FY2022–FY2025
What Electrovaya Inc. does
No business description yet.
- Legal name
- Electrovaya Inc.
- Fiscal year ends
- September 30, 2025
- Latest annual report
- 40-F · Dec 19, 2025
- Accession · CIK
- 0001753926-25-001917
0001844450
Revenue and margins
Electrovaya Inc. had $63.8M of revenue in fiscal 2025, up 43.1% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Electrovaya Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 0.0%.
Balance sheet
Cash, debt and the ratios that show how comfortably Electrovaya Inc. can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $0.6M | $1.0M | $0.8M | — |
| Debt incl. finance leases | $3.8M | $4.1M | $1.7M | $0.0M |
| Debt / equity | — | 0.6x | 0.2x | 0.0x |
| Current ratio | 0.7x | 1.0x | 1.0x | 4.2x |
| Quick ratio | 0.3x | 0.7x | 0.7x | 2.9x |
| Total assets | $22.2M | $36.5M | $39.5M | $63.9M |
| Total liabilities | $28.9M | $29.4M | $30.9M | $32.8M |
| Shareholders' equity | −$6.7M | $7.1M | $8.6M | $31.1M |
| Net debt (− = net cash) | $3.2M | $3.1M | $0.9M | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✕ | ✕ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ | ✕ |
| Debt fell relative to assets | — | ✓ | ✓ | ✓ |
| Current ratio rose | — | ✓ | ✓ | ✓ |
| Share count didn't rise | — | ✓ | ✕ | — |
| Gross margin rose | — | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | — | ✓ | ✕ | ✕ |
| F-score | — / 3 | 6 / 9 | 6 / 9 | 6 / 8 |
| Accruals ratio | −41.5% | 12.8% | −6.6% | 3.2% |
| Altman Z'' | — | — | — | — |
4 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $16.3M | $44.1M | $44.6M | $63.8M |
| Gross profit | $3.9M | $11.9M | $13.7M | $19.7M |
| Research and development | $3.4M | $3.4M | — | — |
| Interest expense | $0.0M | $2.5M | $0.1M | $0.0M |
| Net income | −$9.2M | −$1.5M | −$1.5M | $3.4M |
| Diluted shares | 29.34B | 0.03B | 0.03B | — |
| Cash flow | ||||
| Cash from operations | −$0.0M | −$5.2M | $1.0M | $1.7M |
| Depreciation and amortization | $0.5M | −$0.9M | $1.2M | $1.5M |
| Stock-based compensation | $3.2M | −$1.2M | $2.2M | $1.8M |
| Balance sheet | ||||
| Cash and short-term investments | $0.6M | $1.0M | $0.8M | — |
| Total debt | $3.8M | $4.1M | $1.7M | $0.0M |
| Current assets | $14.8M | $25.9M | $29.4M | $42.0M |
| Current liabilities | $22.7M | $26.6M | $28.5M | $10.1M |
| Inventory | $7.4M | $8.3M | $9.7M | $12.5M |
| Property and equipment, net | $7.3M | $10.1M | $10.0M | $13.0M |
| Total assets | $22.2M | $36.5M | $39.5M | $63.9M |
| Total liabilities | $28.9M | $29.4M | $30.9M | $32.8M |
| Shareholders' equity | −$6.7M | $7.1M | $8.6M | $31.1M |
| Margins | ||||
| Gross margin | 23.8% | 26.9% | 30.7% | 30.9% |
| Net margin | −56.6% | −3.4% | −3.3% | 5.3% |
| Returns | ||||
| Return on equity | — | −673.8% | −18.9% | 16.9% |
| Return on assets | −41.5% | −5.0% | −3.9% | 6.5% |
| Return on tangible equity | — | −20.7% | −17.3% | 10.8% |
| Growth | ||||
| Revenue growth | — | 170.8% | 1.3% | 43.1% |
| Share count change | — | −99.9% | 0.5% | — |
| Financial health | ||||
| Debt / equity | — | 0.6x | 0.2x | 0.0x |
| Current ratio | 0.7x | 1.0x | 1.0x | 4.2x |
| Quick ratio | 0.3x | 0.7x | 0.7x | 2.9x |
| Capital allocation | ||||
| Stock comp / revenue | 19.8% | −2.6% | 4.8% | 2.8% |
| Quality scores | ||||
| Piotroski F-score | — | 6.0 | 6.0 | 6.0 |
| Accruals ratio | −41.5% | 12.8% | −6.6% | 3.2% |
Source: SEC EDGAR XBRL filings (CIK 0001844450). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.