Electrovaya Inc. ('Electrovaya' or the 'Company') (TSX: EFL; OTCQB: EFLVF), a lithium ion battery manufacturer with industry-leading performance and substantial intellectual property, announces preliminary and unaudited revenues for its fiscal fourth quarter and year ended September 30, 2020 ('Q4 FY2020' and 'FY 2020', respectively).
Preliminary unaudited revenue for Q4 FY2020 is $6.9 million(1) (C$9.1 million), approximately a 40% sequential increase in revenue over $4.8 million (C$6.5 million), in the fiscal third quarter ended June 30, 2020. The sequential revenue growth reflects continued strong demand for the Company's lithium ion batteries from customers in the electric forklift truck market. For FY 2020, preliminary unaudited revenue is $14.5 million(1) (C$19.2 million), a nearly three-fold increase from revenue of $4.9 million (C$6.5 million) in the 2019 fiscal year.
(C) 2020 Electronic News Publishing, source ENP Newswire