Conestoga Capital Advisors, an asset management company, released its fourth-quarter 2025 investor letter. US equities experienced solid returns in 2025, with double-digit gains across all major indices. A copy of the letter can be downloaded here. In 2025, the Conestoga Micro Cap Composite met its purpose of preserving capital during negative market returns and capturing upside during strong market returns. Micro Caps faced significant volatility in 2025. During the course of events, Conestoga Micro Cap Co ...

FOR THE PERIODS ENDED DECEMBER 31, 2025 and 2024 ELECTROVAYA INC. Condensed Interim Consolidated Statements of Financial Position (Expressed in thousands of U.S. dollars) As at December 31, 2025 and September 30, 2025 | | | As at | As at | | --- | --- | --- | --- | | | | December | September | | | Notes | 31, 2025 | 30, 2025 | | Assets | | | | | Current assets | | | | | Cash and cash equivalents | | 22,677 | 6,358 | | Restricted cash | | 2,443 | 656 | | Trade and other receivables | Note 4 | 13,964 | 16,474 ...

Core Insights - Electrovaya Inc. reported a strong start to fiscal Q1 2026, with revenue increasing nearly 40% year over year, reaching $15.5 million compared to $11.1 million in the prior year [12][13] - The company maintained profitability with a net income of $1 million, marking the fourth consecutive quarter of net profit [13] - The company is focused on expanding manufacturing capacity, entering new verticals, and developing next-generation products and technologies [4][5] Financial Performance - Revenue for Q1 2026 was $15.5 million, a 39% increase from $11.1 million in Q1 2025 [12] - Gross margins improved to 32.9%, up 240 basis points from 30.5% in the prior year [12] - Adjusted EBITDA for the quarter was $2 million, a 300% increase from $500,000 in the prior year [14] - The company ended Q1 with positive net working capital of $51.9 million, compared to $12.6 million in the prior year [14] Operational Developments - The company strengthened its balance sheet through solid operational performance and an equity raise of $28 million completed in November 2025 [4][16] - Electrovaya is expanding its manufacturing capacity in Jamestown, New York, and has begun hiring key personnel for this initiative [10][46] - The company initiated commercial deliveries of new high-voltage battery systems and modular battery systems for robotics applications [5][6] Market Trends and Growth Opportunities - Demand trends in automation, robotics, advanced mobility, and energy storage are aligned with Electrovaya's strengths [7] - The company expects defense to become a meaningful contributor to revenue this fiscal year, with ongoing relationships with global defense contractors [5][28] - Electrovaya is developing energy storage systems for emerging 800-volt DC data center architectures, targeting commercialization in 2027 [9] Strategic Initiatives - The company plans to launch new products for class three material handling vehicles and next-generation software solutions at MODEX 2026 [10] - Electrovaya is also advancing its next-generation ceramic separator technology to improve energy density and thermal stability [10][56] - The company is exploring government programs to tap into additional funding opportunities related to defense and energy initiatives [31][32]

Electrovaya Inc. (ELVA) came out with quarterly earnings of $0.02 per share, beating the Zacks Consensus Estimate of $0.01 per share. This compares to a loss of $0.01 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +100.00%. A quarter ago, it was expected that this company would post earnings of $0.05 per share when it actually produced earnings of $0.06, delivering a surprise of +20%.Over the last four quarters, the company h ...

Electrovaya (NasdaqCM:ELVA) Q1 2026 Earnings call February 12, 2026 05:00 PM ET Company ParticipantsColin Rusch - Managing Director and Head of Sustainable Growth and Resource Optimization ResearchDaniel Magder - Managing Director of Investment BankingGraham Tanaka - PresidentJohn Gibson - CFORaj DasGupta - CEOConference Call ParticipantsAmit Dayal - Managing Director and Senior Technology AnalystCraig Irwin - Managing Director and Senior Research AnalystEric Stine - Senior Research AnalystJeffrey Campbell ...

Financial Data and Key Metrics Changes - Revenue for Q1 2026 was $15.5 million, a 39% increase from $11.1 million in the prior year [12] - Gross margins improved to 32.9%, up 240 basis points from 30.5% in the previous year [12] - Operating profit increased to $1.4 million from an operating loss of $0.2 million in the prior year [13] - Net profit for the quarter was $1 million, a significant increase from a net loss of $0.4 million in the prior year [14] - Adjusted EBITDA was $2 million, a 265% increase from $0.5 million in the prior year [15] - Positive cash flow from operations was $1.7 million, compared to cash used in operating activities of $0.3 million in the prior year [15] - Total debt increased to $27.3 million from $15.3 million in the prior year, with working capital debt decreasing to $10.9 million [16] Business Line Data and Key Metrics Changes - The core material handling vertical showed strong progress, with new OEM integrated high-voltage battery systems scheduled for commercial deliveries in March 2026 [7] - Deliveries were made to a global defense contractor for a new vehicle platform, indicating growth in the defense sector [7] - Robotics is viewed as a high-growth vertical, with commercial deliveries of modular 48-volt battery systems initiated in January [8] Market Data and Key Metrics Changes - A Japanese subsidiary was established to support growing demands in Japan and the Asia Pacific region [8] - The company is seeing encouraging interest across multiple verticals, including automation, robotics, and energy storage for data centers [8] Company Strategy and Development Direction - The company aims to expand manufacturing capacity in Jamestown, New York, and develop next-generation products and technologies [7] - The focus is on maintaining profitability while exploring new market verticals and enhancing product offerings [18] - The company plans to launch new products for Class Three material handling vehicles and next-generation software solutions at MODEX 2026 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about maintaining strong margins and profitability into fiscal 2026 and beyond [14] - The company reaffirmed its revenue guidance of 30% growth for fiscal 2026, despite historical seasonality in Q1 [18] - Management highlighted the potential for increased revenue from airport ground support equipment and other new product developments [65] Other Important Information - The company raised gross proceeds of $28 million from an equity issuance, enhancing its financial foundation for expansion [16] - The company is transitioning to a U.S. domestic filer under SEC rules, which may broaden its investor base and improve trading liquidity [18][19] Q&A Session Summary Question: Update on customer sales funnel velocity - Management indicated that large Fortune 100 and 500 companies dominate the customer base, with good visibility on demand for the fiscal year [24] Question: Progress on stationary storage project pilots - Management confirmed pilots are scheduled, including a government-backed project, with discussions ongoing for energy storage systems [28] Question: Expected revenue contribution from defense sector - Management expects robotics to be the second-largest revenue driver, with defense also contributing meaningfully [32] Question: CapEx outlook and workforce hiring for Jamestown - Management anticipates significant CapEx spending in Q2 and Q3, with ongoing hiring of experienced personnel for the Jamestown facility [53][54] Question: Revenue contribution from Jamestown facility - Cell manufacturing is expected to start contributing in fiscal 2027, while battery systems may generate revenue in Q4 of fiscal 2026 [57] Question: Impact of semiconductor costs on margins - Management noted that input material price variations have a nuanced impact on margins, with no significant issues reported [84][87] Question: Military spending contribution to revenue - Management indicated that defense margins are expected to be higher, but scaling in volume may be slow due to qualification processes [89]

Financial Data and Key Metrics Changes - Revenue for Q1 2026 was $15.5 million, a 39% increase from $11.1 million in the prior year [12] - Gross margins improved to 32.9%, up 240 basis points from 30.5% in the prior year [12] - Operating profit increased to $1.4 million from an operating loss of $0.2 million in the prior year [13] - Net profit for the quarter was $1 million, a significant increase from a net loss of $0.4 million in the prior year [13] - Adjusted EBITDA was $2 million, up 265% from $0.5 million in the prior year [14] - Positive cash flow from operations was $1.7 million, compared to cash used in operating activities of $0.3 million in the prior year [14] - Total debt increased to $27.3 million from $15.3 million in the prior year, with working capital debt decreasing to $10.9 million [15] Business Line Data and Key Metrics Changes - The core material handling vertical showed strong progress, with new OEM integrated high-voltage battery systems scheduled for commercial deliveries in March 2026 [6] - Robotics is viewed as a high-growth vertical, with commercial deliveries of modular 48-volt battery systems initiated in January [7] - Defense is expected to become a meaningful revenue contributor this fiscal year, with deliveries made to a global defense contractor [6] Market Data and Key Metrics Changes - The company established a Japanese subsidiary to support growing demands in Japan and the Asia Pacific region [8] - Demand trends in automation, robotics, and energy storage for data centers align with the company's core strengths [8] Company Strategy and Development Direction - The company aims to expand manufacturing capacity in Jamestown, New York, and develop next-generation products and technologies [6] - Plans to launch new products for Class Three material handling vehicles and next-generation software solutions at MODEX 2026 [10] - The company is focusing on energy storage systems for emerging 800-volt DC data center architectures [9] Management's Comments on Operating Environment and Future Outlook - Management expects to build on the momentum from Q1 and reaffirmed revenue guidance of 30% growth for fiscal 2026 [17] - The company is optimistic about the long-term opportunities in robotics and defense sectors [6][31] - Management acknowledged the potential for government programs to support growth in the defense sector [34] Other Important Information - The company raised gross proceeds of $28 million from an equity issuance to support engineering and R&D efforts [15] - The company is transitioning to a U.S. domestic filer under SEC rules, which may broaden the investor base and improve trading liquidity [17] Q&A Session Summary Question: Update on customer sales funnel velocity - The company has strong visibility from large Fortune 100 and 500 companies, with a pipeline of new customers at various stages of testing and ordering [20][22] Question: Progress on stationary storage project pilots - Pilots are scheduled for a government-backed project and internal testing before customer site deployment [26][27] Question: Expected revenue contribution from defense sector - Robotics is expected to be the second largest revenue driver, with defense also contributing significantly [31] Question: CapEx outlook for Jamestown facility - The company expects to spend 90% of the $50 million EXIM loan before the end of the fiscal year, with increased CapEx in Q2 and Q3 [53] Question: Revenue contribution from Jamestown facility - Cell manufacturing is anticipated to start in fiscal 2027, with some revenue from battery systems expected in fiscal Q4 2026 [57] Question: Impact of semiconductor costs - The company has not seen significant impacts from semiconductor costs, with the ability to adjust pricing if necessary [86]

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Group 1 - Electrovaya Inc. (NASDAQ:ELVA) is recognized as a promising small-cap industrial stock with a current price target of $14, indicating an upside potential of nearly 87% from its current level [1] - Analyst Colin Rusch initiated coverage with a bullish rating, emphasizing Electrovaya's strong market position in battery technologies and its proprietary Infinity Battery Platform, which provides a competitive advantage [2] - The company is well-positioned to expand in the electric materials handling sector, particularly as a supplier of long-life lithium-ion battery systems for autonomous mobile robots [2] Group 2 - As of December 22, all 5 analysts covering Electrovaya assigned Buy ratings, leading to a consensus 1-year average price target of $9.90, which reflects a 32% upside potential from the current level [3] - Electrovaya specializes in manufacturing lithium-ion batteries and battery management systems, focusing on applications that address climate change, including electric transportation and energy storage [4] - The company utilizes solid-state battery technology across both low and high voltage systems, enhancing its product offerings [4]

Industry Trends - Rising global defense spending, large-scale infrastructure investments, increased manufacturing activity, and AI-driven demand for data centers are key trends driving the industrial sector in 2025 [1] - These trends are expected to persist for several years due to the multi-year nature of the underlying spending [1] - Potential headwinds include strategic realignments, disruptive technologies, and shifts in the economic cycle, but opportunities remain across various sub-verticals [1] Investment Opportunities - The industrial sector encompasses a variety of industries, allowing for adequate portfolio diversification [2] - Small-cap industrial stocks present attractive investment opportunities, often overlooked, leading to inefficiencies and undervaluation [3] - The Invesco S&P SmallCap Industrials ETF reported a 15% return in 2025, indicating potential for further upside given the sector's growth prospects [3] Stock Analysis - Electrovaya Inc. (NASDAQ:ELVA) has a current share price of $7.50 with a potential upside of 32% and a bullish rating from Oppenheimer analyst Colin Rusch, who set a price target of $14 [9][10] - Electrovaya specializes in battery technologies and systems, focusing on long-life lithium-ion batteries for autonomous mobile robots, which positions the company well in the electric materials handling space [10][12] - Bowman Consulting Group Ltd. (NASDAQ:BWMN) has a share price of $33.88 and a potential upside of 35%, with a recent price target increase from Roth Capital analyst Jeff Martin from $45 to $50 [13][14] - The acquisition of RPT Alliance is expected to broaden Bowman Consulting's power and utilities platform, providing growth opportunities and expanding margins [15][17] - Both Electrovaya and Bowman Consulting have received favorable consensus ratings from analysts, indicating strong market confidence [11][16]