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Celectrovaya News for Immediate Release Electrovaya Reports Q4 FY2021 and Fiscal 2021 Results Strongest quarter of FY 2021 , with revenue expected to more than double in Fiscal 2022 to approximately $ 27 million Toronto , Ontario December 20 , 2021 - Electrovaya Inc. ( “ Electrovaya ” or the “ Company ” ) ( TSX : EFL ; OTCQB : EFLVF ) , a lithium - ion battery manufacturer with differentiated intellectual property that allows heightened safety and improved longevity enabling industry- leading performance , today reported its financial results for the fourth quarter and fiscal year ended September 30 , 2021 ( " Q4 FY2021 ” & “ FY 2021 " , respectively ) . All dollar amounts are in U.S. dollars unless otherwise noted . Financial Highlights : Revenue for Q4 FY2021 was $ 4.2 million ( C $ 5.4 million ) , compared to $ 6.9 million ( C $ 8.8 million ) in the fiscal fourth quarter ended September 30 , 2020 ( “ Q4 FY2020 " ) . Revenue for Q4 FY2021 decreased by 40 % compared to Q4 FY2020 but increased significantly on a sequential basis compared to $ 1.9 million ( C $ 3.2 million ) in the fiscal third quarter ended June 30 , 2021 ( “ Q3 FY2021 ” ) . Management believes that the year- over - year revenue decline in Q4 FY2021 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 . Management is encouraged by the strong quarterly sequential revenue growth in Q4 FY2021 and believes the situation has improved , as the Company has received indications of significant new orders for delivery in the 2022 calendar year . Revenue for FY 2021 was $ 11.6 million ( C $ 14.8 million ) , compared to revenue of $ 14.5 million ( C $ 18.5 million ) in the fiscal year ended September 30 , 2020 ( " FY 2020 ” ) . The gross margin was 34 % in FY 2021 , which was consistent with FY 2020 . The balance sheet was strengthened during FY 2021. On September 30 , 2021 , current assets were $ 12.0 million , current liabilities were $ 13.5 million , and the equity deficiency was $ 1.7 million . This represents an increase of $ 4.0 million in current assets , a reduction of $ 3.0 million in current liabilities , and a reduction in the equity deficiency of $ 7.0 million compared to the balances as of September 30 , 2020 . On September 27 , 2021 , the Company completed a brokered private placement of Common Shares and warrants to purchase Common Shares with an institutional investor in the United States for gross proceeds of approximately C $ 3.8 million . The Company issued 2,919,230 Common Shares and warrants to purchase up to 1,459,615 Common Shares at a price of C $ 1.30 per Common Share and associated warrant . Each warrant entitles the holder thereof to purchase one Common Share at an exercise price of C $ 1.60 per Common Share at any time prior to September 29 , 2024 .