Electrovaya Continues To Anticipate 2024 Revenue Of $65M-75M Vs. $72.7M Consensus

Positive Financial Outlook & Fiscal 2024 Guidance:

The Company continues to anticipate revenue of approximately $65-75 million for the fiscal year ending September 30, 2024 ("FY 2024"). Approximately $20 million of this anticipated revenue is dependent on customers' new distribution center sites. Any delays in the startup of these sites may lead to a proportion of revenue moving into the subsequent fiscal year. The Company expects to have further clarity on firm delivery dates for these sites over the next several months.

The annual revenue forecast takes into consideration revenue from already delivered orders, the Company's current purchase order backlog, which as of May 13, 2024 is over $43 million, in addition to anticipated new orders based on historical patterns and additional demand communicated to the Company, but not yet provided as a purchase order. This guidance is subject to change and is made barring any unforeseen circumstances. See "Forward-Looking Statements".