Electrovaya: Real Traction In Forklifts But The Story Is More Fragile Than It Looks
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Bashar Issa7.01K FollowersFollow5ShareSavePlay(9min)CommentsSummaryElectrovaya shows strong revenue growth and a pivot to profitability but faces contradictions that warrant investor caution.ELVA's narrow market acceptance, reliance on a few customers, and lumpy sales history raise concerns about sustainable growth.Management is cutting sales and marketing expenses while expanding into new verticals and increasing overhead by running two underutilized facilities.Despite targeting a promising niche in electric forklifts, ELVA's debt, equity dilution, and elusive economies of scale limit its appeal to aggressive, diversified portfolios.
Getty Images Investment Thesis Electrovaya (ELVA) (ELVA:CA) reported strong FQ4'25 and FY25 results (for the 3 and 12 months ended September 2025, respectively). As many of you know, I'm very much into small-cap success stories. Nonetheless, despite Electrovaya's recent success and evenThis article was written byBashar Issa7.01K FollowersFollowBashar is a contributing writer at Seeking Alpha, focusing on Long/Short investment ideas, with a geographic focus in North America. Before that, Bashar worked at an Investment Fund in the United Kingdom. He has a Master's degree in Finance from the Queen Mary University of London and a Bachelor's degree in Economics from Middlesex University.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.