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Message: Year over year revenue at Electrovaya down 37.5%

My mistake, the numbers are $2,131,000 and $560,000 for a drop of 73.7%. Take out the Litarion revenue of $5,475,000 and look at what Electrovaya had for revenues Q3/2015, Q3/2014. If you compare apples to apples Electrovaya's revenues are down 73.7% year over year. Most of the increase in R&D will be wages that are expensed to that segment. The two month contribution by Litarion of $5,475,000 USD equals about $5,000,000 EURO so next quarter the 3 month contribution from Litarion will be about $8,200,000 USD plus any revenue that might come from Leclanche. The contribution by Electrovaya cannot be much worse than the $560,000 this quarter. Next quarter should see revenues at something over $9 million USD. but year over year apples to apples is what will matter more. It's the quarter after that that gets interesting because at some point in that quarter Daimler stops buying from Litarion and the street knows it so it comes down to the sheepeople vs the street.

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