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NASDAQ : ELVA TSX : ELVA Corporate Overview August - 2025 (All figures in USD)
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Forward-looking statements: This presentation contains forward-looking statements and forward looking information (collectively, "forward-looking statements"), including statements that relate to, among other things, the size of the Company's addressable market and target verticals and applications, margin performance capabilities of new target operating segments, future operating jurisdictions including plans for manufacturing expansion in the United States and Japan, the ability to take advantage of manufacturing incentives for United States based manufacturers, the development of new products including solid-state batteries, the characteristics thereof, and the need for separator technology therein, the size of the Company’s sales pipeline and the ability to satisfy orders thereunder, the Company’s ability to satisfy its ongoing debt obligations, intentions to refinance existing debt facilities, anticipated continued increase in sales momentum in fiscal 2025, the future direction of the Company’s business and products, technology development and other statements regarding the Company’s markets, objectives, goals, strategies, intentions, beliefs, plans, expectations and estimates, and can generally be identified by the use of words such as “may”, “will”, “could”, “should”, “would”, “likely”, “possible”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “objective” and “continue” (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements are necessarily based on assumptions and involve risks and uncertainties, and undue reliance should not be placed on such statements. As a result actual results may differ materially from any result or expectation expressed or implied in forward-looking statements. Material assumptions on which forward-looking statements herein are based include that the Company's customers will complete new distribution centres in accordance with communicated expectations, intentions and plans, anticipated new orders based on customers’ historical patterns and additional demand communicated to the Company and its partners, but not yet provided as a purchase order, expected decreases in input and material costs combined with stable selling prices in FY 2025, that the Company will be able to deliver ordered products on a basis consistent with past deliveries, that the Company’s customer counterparties will meet their production and demand growth targets, the Company’s ability to successfully execute its plans and intentions, including with respect to the entry into new business segments and verticals as well as servicing existing customers, the availability to obtain financing on reasonable commercial terms, including refinancing existing debt and completing the announced financing with the Export-Import Bank of the United States, the impact of competition and new technologies on the Company, that the Company’s relationships with its suppliers, customers, lenders and other third parties will be maintained, market growth for lithium-ion battery applications, the Company’s ability to service debt obligations and adhere to negotiated debt covenants, the regulatory, legal and political framework governing taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct its business and the interpretations of applicable laws, the Company’s future research and development levels and future production levels, and the Company’s operating costs and expected capital expenditures. Important factors that could cause actual results to differ materially from expectations include but are not limited to the impact of political decisions in the United States and elsewhere on trade and with respect to government incentives for manufacturing, natural disasters, unusually adverse weather, epidemic or pandemic outbreaks, cyber incidents, boycotts and geopolitical events, including the imposition of tariffs or trade controls that could impact the Company's cross-border business, market demand among the Company’s customers and target markets for lithium-ion batteries as well as those additional risk factors found in the Company’s base shelf prospectus dated September 17, 2024 and any supplement thereto, and the documents incorporated by reference therein. The Company does not undertake any obligation to update or revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing Electrovaya’s assessments as of any date subsequent to the date of this presentation.Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company’s Annual Information Form for the year ended September 30, 2024 under “Risk Factors”, and in the Company’s most recent annual Management’s Discussion and Analysis under “Qualitative And Quantitative Disclosures about Risk and Uncertainties” as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law. These and other risks and uncertainties related to Electrovaya’s business and the assumptions on which the forward-looking information is based are described in greater detail in the sections entitled "Risk Factors" in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission and the Ontario Securities Commission in Canada. Electrovaya assumes no obligation to update or revise any forward-looking statements, except as required by applicable laws. These forward-looking statements should not be relied upon as representing Electrovaya’s assessments as of any date subsequent to the date of this presentation, all dollar amounts are in U.S. dollars unless otherwise noted. electrovaya.com NASDAQ : ELVA | TSX : ELVA Safe Harbor Statement 2
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electrovaya.com NASDAQ : ELVA | TSX : ELVA Electrovaya at a Glance electrovaya.com NASDAQ : ELVA | TSX : ELVA 3 16 Fortune 100 clients across mission critical operations - selecting Electrovaya on Performance & Safety Leading OEM Partners in USA & Japan across various market segments Blue Chip Customers & Partners Industry leading Safety & Longevity validated by third party & field data for High and Low Voltage Battery Systems Multiple Proprietary Technologies ~100 patents Perfect Safety Record - 30,000+ batteries deployed with no safety incidents Infinity Technology - Safety & Longevity Inflection Point - Financial Results Domestic Manufacturing 9 consecutive quarters of positive Adj. EBITDA 2 consecutive quarters of positive EPS TTM Revenue has surpassed $50 million breakeven point TTM Operating Income has increased 426% YoY U.S Cell & Systems Manufacturing in Jamestown, New York Engineering & Systems manufacturing in Mississauga, Ontario Gigafactory will allow us to supply larger contracts
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electrovaya.com NASDAQ : ELVA | TSX : ELVA Competitive Landscape -Unique Advantages 4 Electrovaya Competitors Safety Safety Safety Longevity Safety Production Safety Cost of Ownership Safety Longevity Production Cost of Ownership Fully embedded ceramic separators reduce risks propagating fire One battery lasts 10–15 years of daily use Outlasts typical batteries by 3–5×. Jamestown, NY lithium-ion cell output will utilize domestic / friendly supply chains by mid 2026 One battery. Years of savings. More replacements = More cost Lacks advanced safety features Requires 2–5 replacements over 10-15 years Mostly dependent on China based supply chains
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electrovaya.com NASDAQ : ELVA | TSX : ELVA Expansion Into New Verticals 5 FY 2025 Applications FY 2026+ Applications E-truckConstruction Energy Storage Mining Physical A.I Robotics FY 2024 Applications Defense Material Handling Defense Material Handling Airport Ground Equipment Construction Defense Energy Storage E-truck Material Handling Airport Ground Equipment Defense Robotics In-development In-development
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$80b $55b5 $14b4 $6b3 $2b2 $2b1 electrovaya.com NASDAQ : ELVA | TSX : ELVA Addressable Markets 6 Capturing market share from lead-acid batteries Lead-acid forklift market = 3.5b Japan has 14% of that market Warehouses make 42% of the market Lithium-ion batteries are 47% of the warehouse submarket Lead-acid make up 43% ($632m) Forklift Battery market size is 3.5B with 5% CAGR Lithium-ion battery market size = 200b - Appliances market size = 36b Electric Commercial Vehicle Size = 71b Stationary Energy Storage (ESS) = 61b Material Handling Battery market size = 9b Autonomous Robotics = 4b Defence Battery Market = 2b Autonomous Robots Defence Material Handling Electric Commercial Vehicles Energy Storage Systems (ESS) Total Addressable Market Estimate (TAM) Select Sector Growth Estimates Total 4) Research And Markets 5 ) Verified Market Research 1) Precedence Research 2) Valuates Reports 3) The Insight Partners
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Average Hours of Service per System Lifespan 3, 4 electrovaya.com NASDAQ : ELVA | TSX : ELVA Key Tailwinds 7 Capturing market share from lead-acid batteries Lead-acid forklift market = 3.5b Japan has 14% of that market Warehouses make 42% of the market Lithium-ion batteries are 47% of the warehouse submarket Lead-acid make up 43% ($632m) Forklift Battery market size is 3.5B with 5% CAGR Lithium-ion battery market size = 200b - Appliances market size = 36b Electric Commercial Vehicle Size = 71b Stationary Energy Storage (ESS) = 61b Material Handling Battery market size = 9b Autonomous Robotics = 4b Defence Battery Market = 2b Imported lithium-ion batteries may see significant tariffs Strategic applications are especially looking for domestic supply of lithium-ion technology Movement Towards Domestic Manufacturers Appetite For High Performance Batteries Continued Expansion of E-Commerce A.I Brains Wanting Batteries Chinese li-ion battery imports to Japan ($m) 1 Customers are noticing the need for a “silver bullet” to their energy storage needs A “bullet” that does not require constant maintenance and replacement Warehouses need to operate for longer and with more MHEs Aircraft also need quicker turnaround more often from their GSEs A common topic as been hyperscale data centers and the immense energy usage We also see tremendous potential in “Physical A.I”, evident to take off soon 15% Estimated CAGR for Hyperscale Data Centers 5 hopefully, in the next 10 years, as we build out this new generation of plants and factories, they’re highly robotic and they’re helping us deal with the severe labor shortage that we have all over the world” 28% 4 ) Toyota 5 ) Precedence Research 1 ) UN Comtrade 2) SellersCommerce 3) HyTek Global E-Commerce Market Size CAGR 2
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electrovaya.com NASDAQ : ELVA | TSX : ELVA Battery Safety Technology Is Valuable 8 Hours To Extinguish A Passenger EV battery fire can take up to 3 days to fully extinguish Lithium-ion fires last longer • Fires are difficult to extinguish • Fires often propagate within cells and battery systems due to separator failures E-commerce Warehouse Fire (UK, 2021) • Robot’s Lithium-ion battery caught fire and halted operations for weeks Data Center Fire (France, 2021) • Lead-acid battery ignited and caused 3.6M websites to go offline Logistics Center Fire (Germany, 2023) • E-forklift ignited during charging and caused $50M+ in damages and shutdown warehouse for months
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electrovaya.com NASDAQ : ELVA | TSX : ELVA Infinity Technology – Safety is Our Top Priority 9 TYPICAL BATTERIES PROPAGATE FIREINFINITY BATTERIES PROVIDE ADDITIONAL PREVENTION TO FIRE PROPAGATION No internal propagation, the fire was contained within the faulted sub-module No flames escaped the battery enclosure Risks costly damage and downtime Serious health and safety risks Nail Penetration Test Fire Propagation Test Nail Penetration Test No fire
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Proven technology supported by extensive 3rd party testing & validation Third Party Testing & Certifications electrovaya.com NASDAQ : ELVA | TSX : ELVA 10 Cells, modules & packs Cells passed all abuse tests at EUCAR Hazard Level 2 UL2580, UL1642, UL1973 ECE R100.3 SAND 2005-3123 Safety Performance (3rd Party Test ) ✓Cycle life ✓Internal Resistance ✓Temperature Effect ✓Power Capability ✓Ageing & Internal Test Our production sites adhere to the utmost quality standards Quality Toyota Production System
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Full Ceramic vs Coated PO Separator Thermal Stability 15 minutes at 130°C Full CeramicCoated PO Full CeramicCoated PO Ceramic-Coated PO Separator (Competitors) Fully Embedded Ceramic Separator (Electrovaya) Product Differentiation – Ceramic Separator Technology electrovaya.com NASDAQ : ELVA | TSX : ELVA 11 ● Heat Stability Advantage: Unlike competitors' ceramic coatings that can shrink or deform under high temperatures, Electrovaya's ceramic separators maintain their structural integrity, ensuring consistent performance even in demanding conditions ● Enhanced Safety and Reliability: Electrovaya’s proprietary ceramic separators resist heat-induced shrinkage, reducing the risk of thermal runaway and ensuring long-term durability in heavy-duty applications
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electrovaya.com NASDAQ : ELVA | TSX : ELVA Multi-Million-Mile Batteries – Lowest Cost of Ownership 12 *CYCLE EQUIVALENT: 500 1000 2,000 5,000 9,000 Longevity Consumer Electronics E-Bike EV Forklift (MHE) E-Bus Energy storage 14,000 cycles is equivalent to 3,500,000 miles for a 250-mile range car1 1 ) Greencarreports 2) In-house testing 3) Competitor sources and autoevolution 2 3
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electrovaya.com NASDAQ : ELVA | TSX : ELVA Electrovaya Powered – Mission Critical & 24/7 13 Total 30,000+ Infinity Battery systems deployed Powering over 200 warehouses & logistic centers Empowering mission-critical operations
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electrovaya.com NASDAQ : ELVA | TSX : ELVA Customers and Partners – Infinity Batteries 14 Strategic Partnership Example OEM Customers End Users Example (not a full list)
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electrovaya.com NASDAQ : ELVA | TSX : ELVA Leveraging Longevity Advantage – Recurring Revenue Recurring RevenueCurrent - <5% Target - >10% Lease/Rentals • Lower upfront costs (with OEM supported residual value) • Ability to participate in off-lease opportunities • Rentals are a small but growing offering and in use with Electrovaya’s largest end customers Approx. Margins Capabilities 0-5 yrs : 30% 6-10 yrs: 80% 11 yrs + : 100% SaaS Opportunities to increase from data analytics (already in use at major customers), demand response, and energy storage Approx. Margin Capabilities >80% Aftermarket Services • Spare parts & accessories • Inspections and studies Approx. Margins 30-50% Growing Segments 15
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electrovaya.com NASDAQ : ELVA | TSX : ELVA Global Reach Electrovaya Gigafactory Jamestown, NY, USA Electrovaya Corp & Labs Mississauga, ON, CA Electrovaya Japan Coming Soon 16
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electrovaya.com NASDAQ : ELVA | TSX : ELVA US Manufacturing Expansion – Jamestown MADE IN USA FUNDED OWNED 137,000 sq ft $0.05/kWh Improves profitability, domestic supply chains and opens more market opportunities Fully funded expansion plan with a $50.8 million direct loan from Export Import Bank of the United States (EXIM) ‘Make More in America’ initiative Industrial facility on 52 acres Low cost & 100% renewable electricity 17
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electrovaya.com NASDAQ : ELVA | TSX : ELVA US Manufacturing Expansion – Jamestown 18 • Provides reliable, domestic supply of lithium-ion cells (built in America) • Meets growing customer demand for made in America products & opens new market opportunities • Vertical integration will improve margins and increases Electrovaya’s manufacturing capacity • Increases Eletrovaya’s capabilities to support exports, construction & engineering • ~$50 million capital expenditure • Closed $50.8 million loan by EXIM Bank, Make More in America (MMIA) • Closed Revolving asset-based lending facility for $25.0 million with Bank of Montreal (BMO) • $7.25 million local and state incentive package received • $10-15 million annual BBB Act 45x tax credits based on output STRATEGIC AND FINANCIAL BENEFITS FINANCIAL HIGHLIGHTS
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Drones, Consumer Electronics, High-performance Vehicles, & Aerospace electrovaya.com NASDAQ : ELVA | TSX : ELVA Our Products: Technology Solutions Complementary technologies targeting various EV applications Infinity Batteries provide industry leading longevity and SSBs provide industry-leading energy density In-development Stage Highest energy density Based on proprietary separator and electrolyte technology Commercial Stage Superior safety & lowest total cost of ownership Based on proprietary separator and electrolyte technology Robots, E-forklift, E-truck, and Energy Storage Systems (ESS) Solid-State Batteries Infinity Batteries 19
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electrovaya.com NASDAQ : ELVA | TSX : ELVA ELVA SSBs – Unparalleled Ceramic Separator Experience Electrovaya has developed a scalable manufacturing approach for the preparation of flexible ceramic composite separators for Solid-State Batteries (SSBs) 20 SSB Pouch Cell Prototyping Scaling to > 100cm² Separator Manufacturing Proof-of-Concept Separator Development
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45X Tax Credits Incentives for domestic manufacturing electrovaya.com NASDAQ : ELVA | TSX : ELVA Financing Growth 21 Sources Uses Working & Equipment Capital Operations Export-Import Bank $51 million senior secured working capital facility U.S Gigafactory $150-200m revenue capacity generation BMO Corp Banking $25 million senior secured working capital facility Working Capital Management Supporting $100m+ in annual revenue U.S Manufacturing Up to ~10.5m of tax credits under OBBBA (2025) 1 Cash Flow Positivity Electrovaya is no longer at a cash burning state Retained Earnings The generation of cash will support organic growth 1 ) One Big Beautiful Bill Act
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electrovaya.com NASDAQ : ELVA | TSX : ELVA Financial Performance – Trailing 9 Months 22 Adj. EBITDA 9 Months Ending June 30th ($000s) +31% Operating Income 9 Months Ending June 30th ($000s) Adj. EBITDA Margin 9 Months Ending June 30th (p.p) +61% Sales from 9 Months Ending June 30th ($000s) +111% +16,574%
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electrovaya.com NASDAQ : ELVA | TSX : ELVA Financial Performance – Trailing Twelve Months 23 TTM Adj. EBITDA ($000s) +11% +114% TTM Operating Income ($000s) TTM Adj. EBITDA Margin (p.p) +32% TTM Sales ($000s) +46%
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electrovaya.com NASDAQ : ELVA | TSX : ELVA Financial Performance – Profitability Inflection Achieved Reaching an inflection point…. Set to be one of the only profitable battery companies in North America *Non-IFRS Measure: Adjusted EBITDA does not have a standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers. We believe that certain investors and analysts use Adjusted EBITDA to measure the performance of the business. Adjusted EBITDA is defined as income/loss from operations plus stock-based compensation and depreciation and amortization. Adjusted EBITDA is not a measure of financial performance under IFRS, and may not be defined and calculated in the same manner by other companies and should not be considered in isolation or as an alternative to IFRS measures. The most directly comparable measure to Adjusted EBITDA calculated in accordance with IFRS is income (loss) from operations. 24 ● Revenue and Adj. EBITDA have continued to improve due to increased orders driven by strong market demand with now 9 consecutive quarters of being Adj. EBITDA* positive ● TTM Revenue $55 million, Surpassing the breakeven point of ~$50 million ● TTM Adj. EBITDA of 6.9 million ● Achieved positive net profit and EPS in Q2 AND Q3-2025 ● Reaffirms FY 2025 Revenue Guidance Exceeding $60 million
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electrovaya.com NASDAQ : ELVA | TSX : ELVA Summary Balance Sheets and Cap Table 25 CapTable As of 06/30/2025 Select Equity Items (NASDAQ) As of 08/12/2025 Outstanding shares 40,106,915 Outstanding warrants 1,420,000 Outstanding stock options 4,842,789 Total 46,369,704 Share price $5.03 Market cap $202M Insider ownership ~28% Institutional ownership ~18% (US$ in thousands) Cash & Equivalents Total Assets Short-term Debt Total Debt Total Liabilities Total Shareholders Equity 06/30/2025 06/30/2024 Select Balance Sheet Items $1,290 53,871 – 18,834 31,537 22,334 $534 37,810 18,164 18,164 30,190 7,620
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Investor & Media Queries Please contact: Jason Roy VP, Corporate Development & Investor Relations Phone: 905-855-4618 Email: jroy@electrovaya.com Web: www.electrovaya.com