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Celectrovaya News for Immediate Release Electrovaya Reports Q3 FY2021 Financial Results Toronto , Ontario - August 9 , 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 third quarter and nine months ended June 30 , 2021 ( “ Q3 FY2021 ” and “ YTD FY2021 ” , respectively ) . All dollar amounts are in U.S. dollars unless otherwise noted . Financial Highlights : • • • • • Revenue for Q3 FY2021 was $ 1.9 million ( C $ 2.4 million ) , compared to $ 4.8 million ( C $ 6.0 million ) in the fiscal third quarter ended June 30 , 2020 ( " Q3 FY2020 " ) . Management believes that the year - over - year decline was primarily due to a reduced order volume resulting from a transition to the OEM Strategic Supply Agreement , which was signed in December 2020. This agreement brought a new corporate sales team focused on large corporations , and management believes the sales cycle is relatively long for these customers . Continued disruptions to the supply chain caused by the COVID - 19- pandemic , as well as component shortages , also impacted the Company . Revenue for YTD FY2021 was $ 7.4 million ( C $ 9.3 million ) , compared to $ 7.6 million ( C $ 9.5 million ) for the nine months ended June 30 , 2020 ( " YTD FY2020 " ) . It appears that the delays discussed above are being mitigated , as the Company received a number of significant purchase orders late in Q3 FY2021 and early in the fiscal fourth quarter , as noted in the business highlights below . The majority of the new orders were generated through the OEM sales channel , but the Company also received a significant new order through its direct sales channel . Orders were received from both new and repeat customers . As at June 30 , 2021 , the Company had $ 0.9 million ( C $ 1.1 million ) of cash and had drawn $ 2.8 million ( C $ 3.5 million ) from its $ 5.6 million ( C $ 7 million ) working capital facility , leaving a further $ 2.8 million ( C $ 3.5 million ) undrawn . The Company also had $ 2.5 million ( C $ 3.1 million ) of accounts receivable and $ 4.9 million ( C $ 6.1 million ) of inventory . The Company's financial position improved during YTD FY2021 . As at June 30 , 2021 , current assets increased by 40 % compared to the end of the 2020 fiscal year , while current liabilities were reduced by 12 % and the equity deficiency was reduced by 61 % . Business Highlights : On June 16 , 2021 , Electrovaya announced that the Company and its officers reached an agreement with the Administrator of Litarion GmbH ( “ Litarion ” ) to mutually settle all potential claims as part of the termination of Litarion's insolvency proceedings . Electrovaya agreed to pay € 221,000 as full and final settlement , which includes payment