http://www.electrovaya.com/pdf/PR/2009/PR20090814.pdf

Revenues increasing; Losses decreasing; Cash position increased

TORONTO, ONTARIO--(Marketwire - 08/14/09) - Electrovaya Inc. (TSX:EFL - News) today announced financial results for the third quarter of fiscal 2009. All figures are in US dollars.

Highlights

- Ontario's Premier Dalton McGuinty visited Electrovaya and announced a grant of up to $16.7 million to support battery research and precommercialization activities at Electrovaya.

- The Maya 300, a low speed electric vehicle powered by Electrovaya's Lithium Ion battery was launched at the Maryland Science Center in collaboration with ExxonMobil. This is one of the first 4 door lithium-ion powered vehicles available in the US. The launch generated significant interest from International Media including the Wall Street Journal, Associated Press, Reuters, New York Time, CNN and others.

- Electrovaya's battery powered the electric Hummer H3 ReEV range-extended electric SUV showcased at the April, 2009 SAE International World Congress, Detroit, Michigan from April 20 to April 23, 2009, drawing admiration from many, including Governor Arnold Schwarzeneggar.

Financial Highlights

For the quarter ending June 30, 2009:

- Total revenue increased by 30.4% to $880,000 from $675,000 for the quarter ended March 31, 2009.

- Revenue less direct manufacturing costs increased by $388,000 or 129.3% to $688,000 during the current quarter compared to $300,000 in the quarter ending June 30, 2008

- Research and development expenses increased by 96.1% or $734,000 to $1,498,000 from $764,000 in the quarter ending June 30, 2008.

- Loss from operations, before interest, income taxes, foreign exchange and amortization decreased by $279,000 or 36.6% to $483,000 compared to $762,000 in the same quarter of the prior year.

- The Company had $6.2 million in cash and cash equivalents, an increase of $2.8 million compared to $3.4 million as at March 31, 2009.

 

Summary of Financial Results

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                                Three months ended       Nine months ending
In thousands of US$                        June 30                  June 30
except per share amounts        2009          2008           2009      2008
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Revenue                    $     880   $       916       $  2,347  $  1,887
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Loss from operations before
 interest, income taxes,
 foreign exchange and
 amortization              $    (483)  $      (762)      $ (1,247) $ (2,806)
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Loss for the period        $ (915)(i)  $ (1,070)(i)      $ (1,126) $ (3,156)
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Loss per share             $   (0.01)  $     (0.02)      $  (0.02) $  (0.05)
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Cash & investments         $   6,160   $     5,083       $  6,160  $  5,083
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(i) Includes unrealized foreign exchange loss of $321 and $151 respectively.