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