Orders placed through Sumitomo Corporation Power & Mobility for high-voltage battery systems to be used by a Major Japanese Headquartered OEM's Vehicle Project

Repeat order represents over $13 million in purchases by this end user with further plans to add incremental batteries to their existing facilities as well as batteries for new construction sites

The Initial Assembly of Battery Systems is Part of a Larger Planned Investment in Jamestown, New York.

Revenue of $11.2M and Positive Adjusted EBITDA for Seventh Consecutive Quarter

Strengthened Balance Sheet and improved financial position

Significant Progress in Closing EXIM and Bank Financing to support US Manufacturing Expansion and Overall Growth Plans

Reaffirms Fiscal 2025 Revenue Guidance Exceeding $60M, Driven by Strong Order Pipeline

The Company has begun placing initial purchase orders for battery system assembly equipment along with commencing hiring with the goal of starting battery assembly by CY Q2 2025

Revenue of $44.6M with $4M Adjusted EBITDA1 (6th Consecutive Positive Quarter)

Historic Positive Cash Flow from Operations and Improved Gross Margins

Approval of $51million direct loan from The Export-Import Bank of the United States expected to fund Electrovaya's lithium ion cell and battery manufacturing facility in Jamestown, New York

Removal of Going Concern note in the financial statements due to improved financial performance

This purchase order, valued at $4.1million, represents the start of the customer's fleet conversion strategy with another four additional sites being planned