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Investor Presentation February 2026 (All figures in USD) NASDAQ : ELVA TSX : ELVA
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Safe Harbor Statement Safe Harbor Statement 2electrovaya.com NASDAQ : ELVA | TSX : ELVA 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 2026, 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, 2025 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.
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Electrovaya at a Glance Electrovaya at a Glance ✓ 16 Fortune 100 clients across critical operations - selecting Electrovaya on Performance & Safety ✓ Leading OEM Partners in USA & Japan across various market segments ✓ Expanding into new end markets with early wins in warehouse automation, robotics, GSE, defense and construction Blue Chip Customers & Partners ✓ High performance battery systems for high and low voltage applications ✓ Industry-leading safety & longevity validated by third party and field data ✓ Multiple Proprietary Technologies protected by ~100 patents ✓ Perfect Safety Record – 30,000+ batteries deployed with no safety incidents Infinity Technology – Safety & Longevity Sector Leading – Financial Results Domestic Manufacturing ✓ 11 consecutive quarters of positive Adj. EBITDA ✓ TTM net profit $4.8M ✓ TTM Revenue $68M, well beyond $50M breakeven. ✓ Only profitable pure play Advanced Lithium-ion battery manufacturer in North America ✓ Strong momentum in orders from OEM partners and Fortune 100 customers ✓ Existing Engineering & Systems manufacturing in Mississauga, Ontario with a recent second shift added to meet increasing demand ✓ New U.S Cell & Systems manufacturing in Jamestown, New York – began Systems assembly in Q2 2025 with cell & module production expected in 2026 ✓ Gigafactory will supply larger contracts 3electrovaya.com NASDAQ : ELVA | TSX : ELVA
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Electrovaya is Critical for Addressing Battery Safety Requirements Electrovaya is Critical for Addressing Battery Safety Requirements Example Issue Cases: Lithium Ion Fires × Lithium ion fires can last longer, cause extensive damage disrupting operations × Fires are difficult to extinguish × Fires often propagate within cells and battery systems due to separator failures × Risks costly damage and downtime, serious health and safety risks × A Passenger EV battery fire can take up to 3 days to fully extinguish (vs. 1 hour for a normal fire) Cycle Life × Short cycle life increases replacement frequency and raises total cost of ownership × Mission-critical sites demand long-life batteries to minimize operational disruption × Heavy-duty applications (warehouse automation, robotics, and energy storage) are highly sensitive to cycle life × Battery degradation reduces efficiency and causes downtime in always-on environments Data Center Fire (France, 2021) Lead-acid battery ignited and caused 3.6M websites to go offline Logistics Center Fire (Germany, 2023) 4electrovaya.com NASDAQ : ELVA | TSX : ELVA E-forklift ignited during charging and caused $50M+ in damages and shutdown warehouse for months E-comm. Warehouse Fire (UK, 2021) Robot’s Lithium-ion battery caught fire and halted operations for weeks
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Infinity Technology – Safety is Our Top Priority Infinity Technology – Safety is Our Top Priority No flames escaped the battery enclosure No internal propagation, the fire was contained within the faulted sub-module Risks costly damage and downtime Serious health and safety risks Toyota Pro ducti on System Nail Penetration Test Fire Propagation Test Nail Penetration Test No fire Infinity Batteries Provide Additional Prevention to Fire Propagation Typical Batteries Propagate Fire 5electrovaya.com NASDAQ : ELVA | TSX : ELVA
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Product Differentiation Ceramic Separator Technology Product Differentiation Ceramic Separator Technology 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 Competitors Full CeramicCoated PO Full CeramicCoated PO ✓ Cycle life ✓ Internal Resistance ✓ Temperature Effect ✓ Power Capability ✓ Ageing Internal Test Toyota Pro duction System Third Party Testing & Certifications Performance Safety Quality ✓ Cells, modules, packs ✓ Our production sites adhere to the utmost quality standards 15 minutes at 130°C 6electrovaya.com NASDAQ : ELVA | TSX : ELVA
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Electrovaya's Batteries Outperform Standard Batteries Electrovaya's Batteries Outperform Standard Batteries Safety Longevity Production Fully embedded ceramic separators reduce risks propagating fire One 14,000-cycle lifespan lasts 10–15 years of daily use. Outlasts typical batteries by 3–5x Jamestown, NY lithium-ion cell output will utilize domestic / friendly supply chains by mid-2026 One battery. Years of savings. Cost of Ownership 7electrovaya.com NASDAQ : ELVA | TSX : ELVA
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Mission-Critical Applications Require Higher Cycle Technology Mission-Critical Applications Require Higher Cycle Technology 500 1000 2,000 5,000 9,000 Consumer Electronics E-Bike EV Robotics Forklift (MHE) Energy Storage Longer Life Batteries Lower Cost of Ownership Longevity Initial Capacity (Cycles) Cycles 2,000 6,000 5,000 15,000 Top-3 Japan Top-3 Korea Top-3 China Electrovaya Electrovaya Batteries Last 3x Longer than Industry Benchmarks 8electrovaya.com NASDAQ : ELVA | TSX : ELVA
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Electrovaya Occupies a Differentiated Position in Landscape Electrovaya Occupies a Differentiated Position in Landscape Traditional Li-Ion / Graphite × Prone to thermal runway × Higher replacement frequency = higher TCO × Commoditized by large Asian battery suppliers and not suitable for industrial/commercial environments × Ideally suited for: EVs, basic electronics × Cycle life: Up to ~4,000 Silicon Anode / Solid State × Highest energy density, but expensive to manufacture × Earlier stages of commercialization with most players unprofitable with high cash burn × Ideally suited for: defense, consumer electronics × Cycle life: Up to ~1,500 ✓ The highest safety standards – 30,000+ batteries deployed with no incidents ✓ Long cycle life dramatically reduces maintenance and TCO ✓ Ideally suited for: drones, consumer electronics, material handling, rugged environments and energy storage that require long lifecycle and extreme safety ✓ Cycle life: 15,000+ 9electrovaya.com NASDAQ : ELVA | TSX : ELVA
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$66B Market Opportunity $66B Market Opportunity Sources: Precedence Research, Valuates Reports, The Insight Partners, Research And Markets, Verified Market Research Material Handling $6B • Infinity batteries are the safest NMC-based Li-ion option for high-risk environments like busy warehouses • Over 70% of sales with Fortune 500 companies ESS $55B • Infinity tech offers ultra-long cycle life reducing replacements by multiples for datacenter uptime while providing safe reliable performance • Product launched in September 2025 with strong interest for data center applications Robotics $2B • 24/7 autonomous reliability provide long runtime and wireless fast-charging for robots • Multiple OEM partners have already selected Electrovaya technology for new products GSE $500M • Infinity systems have long cycle life for cost savings for 24/7 GSE applications • Strong requirement for safety and reliability in this mission critical application • Electrovaya products under trial with a major US airline Defense $2B • Mission-critical reliability have demonstrated strong performance in extreme conditions • Multiple global defense contractors evaluating Electrovaya's products at various stages of implementation 10electrovaya.com NASDAQ : ELVA | TSX : ELVA
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Customers and Partners – Infinity Batteries Customers and Partners – Infinity Batteries Strategic Partnership Select OEM Customers End Users Example (not a full list) 11electrovaya.com NASDAQ : ELVA | TSX : ELVA
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Electrovaya Powers Mission Critical Applications 24/7 Electrovaya Powers Mission Critical Applications 24/7 Enables mission- critical operations 30,000+ Infinity Battery systems deployed 300+ Warehouses & logistic centers powered by Electrovaya 12electrovaya.com NASDAQ : ELVA | TSX : ELVA
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Electrovaya's Solid State Technology Electrovaya's Solid State Technology Infinity Batteries provide industry leading longevity with the potential to expand its TAM with new product development in solid state leveraging its proprietary separator technology Ideal For: Drones, Consumer Electronics, High- performance Vehicles, & Aerospace SSB Pouch Cell Prototyping Technology Derisked: Based on proprietary separator and electrolyte technology Scaling to > 100cm² Separator Manufacturing Technology Benefits: Highest energy density Proof-of-Concept Separator Development 13electrovaya.com NASDAQ : ELVA | TSX : ELVA
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Other Infinity Cell Technology Advancements 2026 Pilot ProductionPre-Production Q3 Certifications Ultra-Fast Charging Cell Development 5 Minutes ultra-fast charging -30°C performance Extra Long Cycle Life Superior Safety 14electrovaya.com NASDAQ : ELVA | TSX : ELVA Q2 Q4
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Other Infinity Cell Technology Advancements Generation 2 Ceramic Separator Technology Launching in 2027 Enhanced Thermostability Designed to maintain performance across wider operating temperatures with improved heat distribution at the cell level Higher Performance Increased rate capabilities and energy density Platform Ready Design Built for next-gen electronics, mobility, and energy systems providing the same benefits as Electrovaya's current generation technology 15electrovaya.com NASDAQ : ELVA | TSX : ELVA
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Leveraging Longevity Advantage Leveraging Longevity Advantage Recurring Revenue 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 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 >80% Aftermarket Services • Spare parts and accessories • Inspections and studies 30-50% Growing Segments Recurring Revenue Current <5% Target >10% 16electrovaya.com NASDAQ : ELVA | TSX : ELVA Approx. Target Margins
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Product and Market Expansion Roadmap Product and Market Expansion Roadmap Accelerating growth through innovative product rollouts and capturing new end market opportunities Robotics & GSE Advancements Solid State Battery ESS Delivery ESS Launch 2026 2026 2027 ESaaS Model Scaling Mid- term Long- term 17electrovaya.com NASDAQ : ELVA | TSX : ELVA Mid- term Ultra-Fast Charging
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Global Reach Global Reach Electrovaya Gigafactory Jamestown, NY, USA Electrovaya Corp & Labs Mississauga, ON, CA Electrovaya Japan Tokyo, Japan 18electrovaya.com NASDAQ : ELVA | TSX : ELVA
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US Manufacturing Expansion Jamestown Facility: Groundbreaking facility with no execution or financing risk US Manufacturing Expansion Jamestown Facility: Groundbreaking facility with no execution or financing risk 137,000 sq ft facility on a 52-acre site in Jamestown, New York • ~$51M million loan from EXIM with interest deferral to 2026/2027 • $25M revolving asset-based lending facility from BMO • ~$7M in local and state incentives • $10-15M annual BBB Act §45x tax credits Financing Secured Jan. 2025 Apr. 2025 Announces commencement of facility Starts first phase of battery system manufacturing operations Delivery of capital equipment begins Start ofModuleProduction Final setup and SAT of Cell Production Lines Provides reliable, domestic supply of lithium-ion cells (built in America) Vertical integration will improve margins and increases manufacturing capacity ($150-200M annually) Meets growing customer demand for made in America products & opens new market opportunities Low cost 100% renewable electricity (~$0.05/kWh) 19electrovaya.com NASDAQ : ELVA | TSX : ELVA Spring 2026 Summer 2026 Fall 2026
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Achieved Financial Inflection Point Achieved Financial Inflection Point One of the only profitable advanced 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 t o 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 opera tions plus stock-based compensation and depreciation and amortization. Adjusted EBITDA is not a measure of f inancial 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. Key Stats $10M TTM Adj. EBITDA Positive Net Profit and EPS Q2-4 2025 and Q1 2026 $68M TTM Revenue $83M+ FY 2026 Revenue Guidance 11 Consecutive Quarters of Positive EBITDA 20electrovaya.com NASDAQ : ELVA | TSX : ELVA Yearly Performance ($ in M) Quarterly Performance ($ in M) FY 2024 FY 2025 Q1 2025 Q1 2026 $44.6 $63.8 -3.30% Revenue Net Profit EBITDA $4.1 5.30% $8.8 $0.5 $2.0 -3.38% 6.70% $11.2 $15.6
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Financing Growth Financing Growth 45X Tax Credits Incentives for domestic manufacturing 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 $100m+ in annual revenue U.S Manufacturing Up to ~10.5m of tax credits under OBBBA (2025) 1 Cash Flow Positivity Electrovaya is no longer at a cash burning state Retained Earnings The generation of cash will support organic growth 21electrovaya.com NASDAQ : ELVA | TSX : ELVA
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(7,874) (705) 887 (5,919) 7,146 8,585 31,127 FY 2022 Net Working Capital FY 2023 Total Shareholders Equity FY 2024 FY 2025 31,878 Outstanding shares 47,964,096 Outstanding warrants 1,420,000 Outstanding stock options 4,139,884 Total 53,523,980 Summary Balance Sheets and Cap Table Summary Balance Sheets and Cap Table (US$ in thousands) 12/31/2025 09/30/2025 Cash & Equivalents $22,677 $6,358 Total Assets 99,936 63,931 Short-term Debt - - Total Debt 27,263 20,744 Total Liabilities 39,616 32,804 Total Shareholders Equity 60,320 31,127 Share price* $9.31 Market cap* $446M Institutional ownership ~18% Insider ownership ~27% Select Balance Sheet Items CapTable as of 02/11/26 Select Equity Items (NASDAQ) as of 02/11/26 22electrovaya.com NASDAQ : ELVA | TSX : ELVA
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Investor & Media Queries Please Contact: Jason Roy VP, Investor Relations & Corporate Development Phone: 905-855-4618 Email: jroy@electrovaya.com Web: www.electrovaya.com