Electrovaya Down 7.7% After Hours as it Posts Higher Profit and Revenue for Fiscal Second Quarter
Electrovaya (ELVA.TO, ELVA) was last seen down 7.7% in after-hours Nasdaq trade after the company on Thursday said its fiscal second-quarter profit and revenue rose year-over-year.The battery company earned US$1.02 million, or US$0.02 per share, in the period, up from US$828,000, or US$0.02, a year ago. FactSet expected US$0.01 per share.Revenue rose to US$18.05 million from US$15.02 million a year prior. FactSet projected US$17.7 million.The company said it expects continued growth into fiscal 2026 with revenue projected to grow 30% year-over-year, mainly due to rising demand from its largest end users of material handling batteries."Revenue guidance is subject to change and is made barring any unforeseen circumstances, including evolving geopolitical and economic conditions that have recently emerged and may impact supply chains, customer demand, and the timing of revenue realization," it added.The company's shares were last seen down US$0.87 to US$10.30 after hours. They closed up C$0.86 to C$15.33 on the Toronto Stock Exchange.