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Electrovaya Reports Q1 FY2021 Financial Results - Quarterly Revenue Triples Year - Over - Year TORONTO , ON / February 10 , 2021 / Electrovaya Inc. ( " Electrovaya " or the " Company " ) ( TSX : EFL ) ( OTCQB : EFLVF ) , a lithium ion battery manufacturer with industry - leading performance and substantial intellectual property , today reported its financial results for the fiscal first quarter ended December 31 , 2020 ( " Q1 FY2021 " ) . All dollar amounts are in U.S. dollars unless otherwise noted . Celectrovaya Q1 FY2021 Financial Highlights : • . • Revenue increased to $ 2.6 million ( C $ 3.3 million ) , compared to $ 0.9 million ( C $ 1.1 million ) in the fiscal first quarter ended December 31 , 2019 ( " Q1 FY2020 " ) . The year- over - year revenue growth reflects growing customer demand . EBITDA¹ was negative $ 0.8 million ( C $ 1.0 million ) , compared to negative $ 0.9 million ( C $ 1.1 million ) in Q1 FY2020 . Q1 FY2021 EBITDA¹ included a $ 0.5 million ( C $ 0.6 million ) increase in R & D expenditures as the Company added more staff along with an increased focus on areas of cell chemistry , solid state cells , system design , electronic firmware and software . Subsequent to quarter end the Company raised $ 6.4 million ( C $ 8.1 million ) through a private placement of common shares and the exercise of warrants and compensation options . A portion of the gross proceeds was used to reduce the outstanding revolving facility by $ 1.8 million ( C $ 2.3 million ) , significantly strengthening the balance sheet . Electrovaya has not historically experienced seasonality in its business . In recent periods , however , revenue has been relatively low in the fiscal first quarter , which reflects customers ' preference to defer product delivery past the holiday season and into the New Year . This is due to an increasing e - commerce demand and the need to minimize changes or disruptions at high- volume distribution centers . Seasonality has also increased due to the impact of COVID - 19 on the general consumer community as a result of a shift from in - person to online shopping , increasing the activity at distribution centres . The transition from the Raymond Sales Agreement to the Raymond Strategic Supply Agreement also caused some operational delay in shipments , as the new sales support systems was not fully in place until January 2021. This delay in shipment is reflected by the increase in inventory of $ 2.4 million ( C $ 3.0 million ) , some of it being finished goods , and decrease in accounts receivable of $ 1.1 million ( C $ 1.4 million ) at December 31 , 2020 as compared the September 30 , 2020 balances . In January 2021 , the Company announced that it completed a private placement for gross proceeds of $ 2.6 million ( C $ 3.3 million ) . Also in January 2021 , warrants and compensation