Hello everyone, and thank you all for joining us during the Lytham Partners Fall 2025 Investor Conference. My name is Ben Shamsian, Vice President at Lytham Partners, and today we welcome Electrovaya. Dr. Raj DasGupta, CEO, will be presenting. Electrovaya trades under ELVA on the NASDAQ and the Toronto Stock Exchange. If anyone would like to set up a meeting with the company, please send me an email at shamsian@lythampartners.com. That's S-H-A-M-S-I-A-N at lythampartners dot com. With that, let's get started. Dr. DasGupta, welcome, and the floor is yours. Ben, thanks so much for a kind introduction. I'll be here speaking today about Electrovaya, a lithium-ion battery technology and manufacturing company. Electrovaya trades on the NASDAQ and the Toronto Stock Exchange under the ticker ELVA. Today we'll be going through some forward-looking information, and we will assume that you've read our disclaimer, and it's similar to other companies, of course. Who is Electrovaya? Electrovaya is a very exciting company who has a highly differentiated lithium-ion battery technology, which we developed some years back. We are currently in the execution phase of taking that technology and delivering it to real-world applications. This is not a technology which has potential promise; it is already delivering key advantages in the space. What are these advantages? First of all, it's a battery technology which provides significantly improved safety. People are well aware that lithium-ion batteries have some history of having some safety incidents. There have been high-profile fires, etc. What our technology does is it makes the lithium-ion battery much safer through a proprietary ceramic separator technology. I'll come to that in more detail later in the presentation. On top of that, a safety advantage, and that safety advantage has been demonstrated in over 30,000 battery systems with a perfect safety record. On top of that, we also have the technology, which we call the Infinity technology, which also allows the battery to last a very, very long time without losing performance over cycling time. What does that mean? You're all familiar with your phones. Your phone battery will last about 800 cycles or about two years, give or take, on how you use your phone. An Electrovaya battery, on the other hand, will last 8,000, 10,000 cycles with the number of cycles. That's an order of magnitude higher lifecycle over a cell phone battery. Where is that useful? It's very useful in applications which do multiple cycles a day and really, really, really test the limits of the batteries. Those are applications like robotics, material handling, mining. There's a long list of specialized, what I would call heavy-duty mission-critical applications. The combination of these two performance and benefits from our technology is what we've commercialized. We've done very well in the material handling space. We're now powering about 16 Fortune 100 companies' warehouse operations, whether that be in a combination of robotics or forklifts. We're partnered with some of the leading OEMs in the space, including Toyota Material Handling. We are getting into new sectors such as defense, airport ground equipment, robotics, energy storage, again with the theme of heavy weighting to cycle life and safety performance. With this performance advantage, we've also been able to sell our solutions at a higher price than typical lithium-ion batteries. Margins are good in the company. Our growth rates have been outstanding over the last few years. We've now had nine quarters of consecutive positive EBITDA, and our last two announced quarterly results were also demonstrating net profit. Revenue is growing, profitability is growing. Lastly, another key item that we're developing is a domestic manufacturing base in the United States. We're well underway on building a gigantic plant in Western New York. This plant, the costs of building this plant have been taken care of by a direct loan from the Export-Import Bank of the United States. Technology, we're well differentiated there. We have great customers already validated and are using our technology around the world. Domestic manufacturing gives us that, first of all, a base of increasing our capacity, but also enabling us to go after more sensitive applications. Generally, the drive overall in the industry is to have more domestic sources for this key strategic asset, which is batteries. As I mentioned, I would say we have really three core competitive advantages. Number one, safety. The safety performance of our batteries is at a bar higher than our competition's. Longevity, this is that cycle life advantage we have, again, about a 4 x or 5x over typical lithium-ion batteries used in automotive and other similar applications. Finally, a domestic manufacturing base, which is in itself an advantage for certain applications. The company really drove over the last three, four years. Our focus has been in material handling, and that's how we've gotten the results we've developed in that period. Now that that baseline is there, we're also taking this technology to other sectors which have similar requirements for safety, cycle life. This includes defense. We have already shipped batteries to a number of major defense contractors, some of whom are starting to develop that further. We expect that segment to grow over the coming years. Robotics is a key place we've put a lot of attention on. Robotics is benefiting from a number of general trends in the industry. Automation of warehouses is happening at a rapid pace. AI is enabling these devices to do much more than previous years. Companies around the globe are investing more and more in robotics. Robots need batteries, and then they need batteries that can keep up with these devices. Especially these devices don't have a human interaction; they can run forever. The battery needs to keep up with that. We see a huge potential market there. Airport ground equipment is somewhat adjacent to the material handling space. These are vehicles which push back planes or manage baggage. They operate in extensive hours per day, and they need a very, very safe battery technology in order to be approved in these airports. Also, certain energy storage applications are seeing some interest in the AI data center space. In this space, safety is important, performance is important, and we expect we've launched a product recently in the energy storage space, and we're seeing great interest there. The list goes on beyond that. Fundamentally, Electrovaya's technology is the best technology for heavy-duty mission-critical applications. We are after those markets also because they can provide us better margins. We are not targeting more commodity-driven markets like automotive and bulk energy storage. There are other battery companies that are taking care of that space. Addressable markets, I'm not going to spend too much time here, but the TAM on a lot of these, in some cases, like for instance, material handling already is large, growing. That market is transitioning from lead-acid batteries and also internal combustion to lithium-ion, where the timing is right for companies to use Electrovaya's products because they're going to outlast the typical lithium-ion batteries. As a result, they provide a lower cost of ownership, even if the capital cost is higher. Other markets are emerging quickly. I mentioned robotics that's starting, that's growing at a very, very fast clip, as well as energy storage. With any business, it's a matter of having technology as well as execution, and then, of course, timing. I think the timing right now for a number of these markets we're going after aligns very well. The technology has been proven over the last five years. Now it's about execution and deployment into these key sectors. As I mentioned, transition in the material handling space is at a really good time for that. The robotics industry is just emerging, and it's going to be a very, very significant space. We've hit the timing well with the Infinity technology. A little bit more on safety. Safety is becoming more and more of a concern as, unfortunately, some incidents have taken place. These are sometimes quite high-profile incidents, even data center fires or warehouse fires, which have been ultimately caused by batteries. That's why our customers are partly very keen on our technology. It's one thing to have a battery fire in a car, which is outside, another inside a warehouse where you may have a couple hundred devices charging multiple times a day. Safety is very, very critical in those types of applications. It's a very costly event to happen. It's obviously not something that happens frequently, but when it does happen, if it does, it's an incredibly costly event. If you can avoid that with a better battery technology, companies will do so. Why is our battery technology so safe? The ceramics, all lithium-ion batteries have a separator inside them. The job of that separator is precisely what the name implies. It's designed to separate your cathode and your anode inside the cell, but allow the lithium ions to go through it. Typical lithium-ion batteries, like the ones you're watching this program on or the one on your phone, have a polymer separator. Those work fine except if they get too hot. If they get too hot, what happens is they shrink. They will shrink like a plastic bag does if you take a lighter to it. When that happens, of course, you're plusing your cathode and your anode, or you're plusing your minus in that battery not touching each other. If they're touching each other, you've got a short circuit, you've got a fire. What happens next is the next cell gets too hot as well. Its separator shrinks, it catches fire, which is why this is often referred to as thermal runaway. It's also why stopping lithium-ion battery fires is quite difficult once they've started. In our case, the separator material is a ceramic material. It's stable at high temperatures. It makes, first of all, that chance of the cell catching fire in the first place very, very difficult. Even more difficult would be that propagation of that fire inside a battery pack. That's the technology. It works well. It's been demonstrated again in over 30,000 battery systems with a perfect safety record. We pass the most stringent of battery safety tests out there. We think this is a core advantage of Electrovaya's technology profile. The other one, which I mentioned at the start, of course, is cycle life. This is third-party data demonstrating cells exceeding that 10,000 cycle mark. In a car, putting that in perspective, in a car that would do over 3 million miles. In a car, no one really needs a car that does 3 million miles, perhaps maybe a robotaxi, but other devices do need that cycle life. Robotics, certainly, material handling, and certain energy storage applications will go to that level in their lifetime. This provides that life cycle cost advantage, that key performance advantage. You can rely on an Electrovaya battery to do the job throughout its life. Now the technology is getting deployed at a higher and higher rate. We have well over 200 warehouses, three continents, and many countries are now having these batteries powering their warehouses. In terms of customers and partners, we're partnered with a great list of leading corporations using our batteries in their warehouses, for instance. Also on the OEM level, Toyota Group has been a great partner with us, Toyota Material Handling. In Japan, we have a partnership with Sumitomo Corporation there, and they're going after a lot of these construction and mining vehicle OEMs. The business is developing quickly in other segments as well, including robotics, and we're very excited to see some of these activities, as well as defense. We're already working with a number of major defense contractors. Another priority for the company is, of course, these batteries last so long. We want to leverage that lifespan by including some recurring revenue streams, including software systems, but also looking at things like energy-as-a-service. We're also increasing our global reach, of course, with the partnership with Sumitomo Corporation that's taking care of a lot of activities in Japan and the Asia Pacific. The U.S. Canadian operations are growing, and we're also likely to establish a specific office for the Japanese market. Talking about domestic manufacturing a bit further, this is our 52-acre site in Jamestown, New York. We own that site and the land and building, and we're currently outfitting that facility to support essentially tripling our battery manufacturing capacity. The work is going on right now. The investments we're making on equipment and the construction are funded from a direct loan from EXIM, which we recently did our first draw on just very recently. Terms are good with EXIM, and we're very excited to have this partnership and really build in the United States this very exciting technology. In addition to the backing from EXIM, we also have backing from the state of New York. The production output from the Jamestown facility will be eligible for production tax credits, which is under 4545X, which is actually quite significant and was renewed under the Big Beautiful Bill Act earlier this year. In addition, certain products that we produce may also be eligible for investment tax credits. This facility is going to not just support expanding our capacity, expanding our revenue-generating capabilities, but also, I believe, is going to be a catalyst for the company in additional verticals and segments. We at Electrovaya have a long history of developing key battery technologies. The Infinity technology is commercializing now. It's, of course, being improved over time, but we haven't stopped there. We're working on next-gen lithium-ion battery technologies, including a solid-state battery technology, leveraging a lot of the know-how and expertise we've developed over that time with ceramic separators. Our solid-state battery also uses a ceramic separator, which has been developed in-house. We're currently making some small pouch cells. We're also investing in our own facility to make larger cells that we can start sharing with potential partners. That's another exciting technology we're working on. Looking at the general financing of growth, of course, that's important. We mentioned the Export-Import Bank financing for expanding Jamestown. We also have a $25 million revolving facility with Bank of Montreal, which supports our general working capital. That's a significant improvement over our previous financing partner, which was changed earlier this year. On operations, 45X tax credits for production out of Jamestown and the investment tax credits potentially for, for instance, on energy storage systems. Most importantly, Electrovaya is making money on the batteries we sell. We've had, again, nine quarters of positive EBITDA, sustained profitability over the last couple of quarters, and that, I believe, is a trend we're going to continue. Generally speaking, numbers are going up, going in the right direction. We've been very conservative on our overall operations. Our break-even rates are about $50 million on a trailing 12-month basis. We're exceeding that, and we're going to continue to exceed that going forward. We're growing at a very fast but responsible clip. I think that that's the trend we plan to continue. This general focus on the bottom line has stood us well, and that's what we're going to continue to do going forward. Generally speaking, most metrics have been improving, especially over the last three, four years. We're very pleased to see the overall trajectory of the company. Where do we want to go? What do we want to be? Electrovaya is going to become the dominant battery player for mission-critical heavy-duty applications. We think we're going to make a serious impact in the space and a serious impact in the domestic market. We're very excited about what's coming for us over the next few years, and we're executing on that vision. With that, I'd like to conclude. Ben, if you have any other comments. Thank you. Thank you, Raj, and thank you, everyone, for watching. If you have any questions or would like to schedule a meeting with Electrovaya, please send me an email at shamsian@lythampartners.com. That's S-H-A-M-S-I-A-N at lythampartners.com. If you'd like to learn more about Lytham Partners, you can visit our website at lythampartners.com or follow us on LinkedIn to stay connected about future events. We hope you enjoyed this presentation and enjoy the rest of the call.