Electrovaya: Tripling Capacity May Lead To Strong Increase In Earnings

  • Electrovaya is positioned to benefit from the shift to lithium-ion batteries in material handling, with strong OEM partnerships like Toyota driving future demand. The company is executing a high-risk, leveraged growth strategy, tripling capacity with a new U.S. plant and aiming for a 15-fold earnings increase by 2028. Execution risk and high leverage temper near-term upside, but long-term free cash flow and growth potential post-2026 could be substantial if expansion succeeds.