Company Analysis

Electrovaya Inc. (ELVA)

Nasdaq: ELVA · Miscellaneous Electrical Machinery, Equipment & Supplies · Mississauga, ON · filing with the SEC since 2021
Grade5.8
◀ Past 6.5● Present 5.5▶ Future 5.3
6 est.

The grade of Electrovaya Inc.

Nine metrics read from its own filings, by tense
Headline grade
5.8/10
◀ Past6.530% of the headline
● Present5.540% of the headline
▶ Future5.330% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 3 read as filed from the record and 6 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

6.5/1030% of the headline grade · 1 of 3 filed, 2 estimated

Surviving crises

as filed
6.6/10

Has it survived what it has been through?

2 warning events since 2021; the latest 2023-12-29.

weight 33% of this tense · 66th percentile among 43 sector filers · read for itself

From the record

Electrovaya Inc.'s filings since 2021 show 2 warning events: a late-report notice (Form NT 10-K or NT 10-Q, 2 times, the latest 2023-12-29) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

SI estimate
4.8/10

What has it actually done, year after year?

SI estimate 4.8/10, confidence 20 of 100 (family median).

weight 45% of this tense · 50th percentile among 35 sector filers · read for its customers

SI estimate Inferred, not read as filed

Why it is an estimate
Fewer than three filed years of revenue on file, so the desk assumes the typical reading of its industry family, the median of 35 members with one.
What the record cannot read
Fewer than three filed years of revenue on file.
How it was reasoned
family median, 35 readings behind it.
Confidence
20 of 100
What would change it
Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Electrovaya Inc.'s track record is put at 4.8 of 10 with a confidence of 20 of 100, because fewer than three filed years of revenue on file, so the desk assumes the typical reading of its industry family, the median of 35 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

Shareholder treatment

SI estimate
9.9/10

How has it treated the people who own it?

SI estimate 9.9/10, confidence 35 of 100 (one part).

weight 22% of this tense · 99th percentile among 39 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, the share count over the years, which ranks in the top 1% of 39 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read
Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned
one part: the share count over the years, the one part on file, ranked among 39 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Electrovaya Inc.'s shareholder treatment is put at 9.9 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the top 1% of 39 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

5.5/1040% of the headline grade · 1 of 3 filed, 2 estimated

Financial health

SI estimate
4.5/10

Is it financially healthy right now?

SI estimate 4.5/10, confidence 20 of 100 (family median).

weight 45% of this tense · 50th percentile among 41 sector filers · read for itself

SI estimate Inferred, not read as filed

Why it is an estimate
The newest annual statements on file are more than two years old, so the desk assumes the typical reading of its industry family, the median of 41 members with one.
What the record cannot read
The newest annual statements on file are more than two years old.
How it was reasoned
family median, 41 readings behind it.
Confidence
20 of 100
What would change it
Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Electrovaya Inc.'s financial health is put at 4.5 of 10 with a confidence of 20 of 100, because the newest annual statements on file are more than two years old, so the desk assumes the typical reading of its industry family, the median of 41 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

Industry position

as filed
7.2/10

How strong is its position in its industry?

top 28% of 39 in its family; net margin -3.4%.

weight 33% of this tense · 72nd percentile among 39 sector filers · read for its customers

From the record

Electrovaya Inc.'s standing among 39 graded names in its industry family: revenue of $44 million in fiscal 2023 ranks in the bottom 46% by size; a net margin of -3.4% ranks in the top 27%; revenue growth of 171% a year over the last 1 filed years ranks in the top 4% (its annual reports).

What it rests on

  • revenue against the family$44.1Mbottom 46% of its family
  • net margin-3.4%top 27% of its family
  • three-year revenue growth171.0%top 4% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate
5.0/10

What are the people in charge doing?

SI estimate 5.0/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 27 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 27 members with one.
What the record cannot read
It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read.
How it was reasoned
family median, 27 readings behind it.
Confidence
20 of 100
What would change it
Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Electrovaya Inc.'s leadership is put at 5.0 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 27 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

5.3/1030% of the headline grade · 1 of 3 filed, 2 estimated

Room to expand

as filed
5.8/10

How much room does it have to grow?

top 42% of 39 in its family for room to expand.

weight 45% of this tense · 58th percentile among 39 sector filers · read for itself

From the record

Electrovaya Inc.'s room to grow, from the newest filed statements (fiscal 2023): cash of $1 million against no long-term debt tagged leaves 2.7% of its assets as net cash, top 48% of its family; cash from operations less capital spending is 0% of revenue (top 24%); a gross margin of 26.9% (top 41%); research spending of 7.7% of revenue (bottom 47%) (its annual report).

What it rests on

  • cash less debt against assets2.7%top 48% of its family
  • cash from operations less capital spending against revenue0.0%top 24% of its family
  • gross margin26.9%top 41% of its family
  • research spending against revenue7.7%bottom 47% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

SI estimate
5.1/10

What could actually drive growth from here?

SI estimate 5.1/10, confidence 20 of 100 (family median).

weight 33% of this tense · 50th percentile among 35 sector filers · read for its customers

SI estimate Inferred, not read as filed

Why it is an estimate
The record does not carry three filed years of revenue and two of the four parts: acceleration, the newest year's growth, the growth of research and of capital spending, so the desk assumes the typical reading of its industry family, the median of 35 members with one.
What the record cannot read
The record does not carry three filed years of revenue and two of the four parts: acceleration, the newest year's growth, the growth of research and of capital spending.
How it was reasoned
family median, 35 readings behind it.
Confidence
20 of 100
What would change it
Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Electrovaya Inc.'s growth drivers is put at 5.1 of 10 with a confidence of 20 of 100, because the record does not carry three filed years of revenue and two of the four parts: acceleration, the newest year's growth, the growth of research and of capital spending, so the desk assumes the typical reading of its industry family, the median of 35 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

Expectations vs reality

SI estimate
4.7/10

Did its newest year beat what its own record pointed to?

SI estimate 4.7/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 35 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 35 members with one.
What the record cannot read
The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change.
How it was reasoned
family median, 35 readings behind it.
Confidence
20 of 100
What would change it
Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Electrovaya Inc.'s expectations vs reality is put at 4.7 of 10 with a confidence of 20 of 100, because the record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 35 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton ELVA · research, not advice