05:01 PM EDT, 08/14/2023 (MT Newswires) -- Electrovaya (ELVA.NaE) on Monday said it swung to a profit in its fiscal third quarter as sales more than doubled.

The battery manufacturer said it earned US$77,000in the quarter ended June 30, compared with a loss of US$1.46 million in the year-prior quarter.

Revenue rose to US$10.53 million from US$4.3 million.

"We generated strong growth in revenue and profitability during the third quarter, with battery system gross margins of over 30%. We expect our deliveries to accelerate during the fourth quarter and are maintaining our revenue guidance to double year over year to $42 million for the fiscal year," chief executive Raj DasGupta said in a release.

Electrovaya (ELVA.NaE) shares closed up C$0.42 to C$5.33 on the Toronto Stock Exchange.

05:01 PM EDT, 08/14/2023 (MT Newswires) -- Electrovaya (ELVA.NaE) on Monday said it swung to a profit in its fiscal third quarter as sales more than doubled.

The battery manufacturer said it earned US$77,000in the quarter ended June 30, compared with a loss of US$1.46 million in the year-prior quarter.

Revenue rose to US$10.53 million from US$4.3 million.

"We generated strong growth in revenue and profitability during the third quarter, with battery system gross margins of over 30%. We expect our deliveries to accelerate during the fourth quarter and are maintaining our revenue guidance to double year over year to $42 million for the fiscal year," chief executive Raj DasGupta said in a release.

Electrovaya (ELVA.NaE) shares closed up C$0.42 to C$5.33 on the Toronto Stock Exchange.

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