The Fort Worth Press - Electrovaya Provides a Business Update

Highlights:

• Unaudited revenue for the fiscal year ended September 30, 2026 ("FY2026") is expected to be a record and within previously issued guidance of approximately $71 million of normalized revenue, despite macroeconomic headwinds in core end markets.

• Audited FY2026 results, expected in early December 2026, will be the Company's first reported under U.S. GAAP, supporting its transition to U.S. domestic filer status.

• FY2027 is expected to see the Company's two most pivotal initiatives come online: Jamestown lithium-ion cell, module and pack manufacturing, and the ElvaPulse™ product line.

• Jamestown module manufacturing equipment has completed Factory Acceptance Testing; cell equipment testing is progressing well.

• Appointed Kris Kuzniewski, Ph.D., as Vice President, Data Center Sales, to lead ElvaPulse™ data center sales.

"Fiscal 2026 was another record year for Electrovaya, delivered in an environment where several of our core markets faced real macroeconomic challenges," said Dr. Raj Das Gupta, Chief Executive Officer of Electrovaya. "We are excited to begin fiscal 2027, the year in which our two most pivotal initiatives come online: domestic cell, module and pack manufacturing in Jamestown, and our ElvaPulse™ energy storage platform. Together, we believe they will be instrumental in transforming Electrovaya and expanding the markets we serve."

Jamestown Manufacturing Site Update

Factory Acceptance Testing of the module manufacturing equipment for the Company's Jamestown, New York facility has been completed, and the equipment has been accepted for delivery to the site. Testing of the cell manufacturing equipment is progressing well and is continuing to ensure the equipment and the integrated manufacturing process meet the Company's performance and quality expectations. This extensive testing program is a deliberate risk-mitigation step, designed to avoid issues that have affected other battery plant start-ups.

The Jamestown team continues to strengthen, with equipment and process engineering leads recently joining. Approximately 10 Electrovaya staff are currently engaged in the extensive testing and acceptance testing effort.

Data Centers and ElvaPulse™

Electrovaya introduced its ElvaPulse™ product line at the Yotta data center energy conference in September, where it received a strong reception. Management is confident that the domestically manufactured ElvaPulse™ provides an optimized solution for shorter-duration energy storage, a segment that is not well addressed by incumbent energy storage solutions.

The ElvaPulse™ 1500 delivers 7 MW per block, which the Company believes is the highest power density of any comparable solution on the market. Higher power density means fewer batteries are required to meet power-firming and uninterruptible power supply (UPS) requirements, which are growing as data centers increase their power needs, while also aligning with tightening utility requirements.

To lead the Company's dedicated sales efforts for data center applications, Electrovaya has appointed Kris Kuzniewski, Ph.D., to the newly created role of Vice President, Data Center Sales. Dr. Kuzniewski brings more than 15 years of sales and business development experience across data center infrastructure, colocation, cloud and critical power. Most recently, as Director, U.S. AI Data Center Sales at Sinexcel, he led the company's U.S. AI data center sales of medium-voltage UPS and battery energy storage system (BESS) solutions, closing hundreds of megawatts of medium-voltage UPS sales. Previously, he spent more than three years at CoreSite, an American Tower company, managing a portfolio of more than 140 enterprise data center accounts. Dr. Kuzniewski has established relationships across U.S. hyperscalers, neoclouds, colocation operators, developers, design firms and EPC contractors. At Electrovaya, he will focus on prequalifying the Company with key data center buyers, securing specification positions for ElvaPulse™ in data center designs, and building a pipeline of named projects, with an emphasis on ElvaPulse's industry-leading power density, safety and domestic manufacturing.

Sales and Market Demand

In FY2027, Electrovaya is expecting a growing share of revenue to come from new verticals such as defense, robotics, airport ground equipment and high voltage battery systems. These opportunities represent an increasingly important component of the Company's growth outlook, extending its reach into new applications and broadening its revenue base. All of these verticals are expected to provide material revenue for the Company during FY 2027. Electrovaya is also seeing increased demand for port-related applications, spanning both its high-voltage material handling battery products for Toyota Material Handling and its high-voltage battery systems for electric trucks.