Electrovaya Inc.

Greetings and welcome to the electro via quarter four and year end 2020 financial results and conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Executive Vice President and CFO, Richard Hoffman. Thank you. You may begin.

Thank you, operator. Good morning, everyone, and thank you for joining us on today's conference call to discuss Electrovia's fiscal 2020 fourth quarter and year-end financial results. Today's call is being hosted by Dr. Shankar Dasgupta, CEO of Electrovia, and myself, Richard Halka, Executive Vice President and CFO. On November 30, 2020, Electravia issued a press release concerning its business highlights and financial results for the three- and 12-month period ended September 30, 2020. If you would like a copy of the release, you can access it on our website. If you want to view our financial statements, management discussion and analysis, and annual information form, you can access those documents on the SEDAR website at www.seda.gov. As with previous calls, our comments today are subject to normal provisions relating to forward-looking information. We'll provide information relating to our current views regarding trends in our markets, including their size and potential for growth, our competitive position in our target markets. Although we believe that the expectations reflected in such forward-looking statements are reasonable, Such statements involve risks and uncertainties, and actual results may differ from those expressed or implied in such statements. Additional information about factors that could cause actual results to differ materially from expectations and about material factors or assumptions implied in making forward-looking statements may be found in the company's press release announcing the fiscal 2020 second quarter results. and the most recent annual information form and management discussion and analysis under risks and uncertainties, as well as in other public disclosure documents filed with Canadian securities regulatory authorities. Also, please note that all numbers discussed on this call are in U.S. dollars unless otherwise noted. Also note that we use the term EBITDA. EBITDA does not have a standardized meeting under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other users. We believe that certain investors and analysts use EBITDA to measure performance of the business. EBITDA is defined as loss from operations plus finance costs plus stock-based compensation and depreciation. And now, I'd like to turn the call over to Shankar.

Thank you, Richard, and good morning, everyone. This year, fiscal 2020, has been a transformative year for Electrovaya. Electrovaya ended the fiscal year with a total revenue of $14.5 million, or $19 million in Canadian dollars, tripling our revenue year over year. Our revenue for the quarter ended 30th September 2020 was $6.9 million, or Canadian $9.1 million, the highest quarterly revenue in our recent history, and an excellent 44% sequential growth over the preceding third quarter ending 30th June 2020, which itself was a 146% sequential increase in revenue growth from Q2, the March quarter in this fiscal year. Our EBITDA in Q4 is again positive. It grew by 60% to 800,000 or over 1 million Canadian, following a positive EBITDA of half a million dollars in Q3. An important milestone in September 2020 was the final settlement of our $15 million of convertible debt, which we repaid. Richard will discuss the financial results in more detail. We are now powering electric trucks in about 40 locations, mainly in the USA and to large companies. We are marketing through two channels, through our OEM partners distribution as well as direct sales. How big is our addressable market in lift trucks? We understand that there are over 2 million lift trucks operating in North America, moving goods inside warehouses and factories, providing essential services in transporting groceries, vital to e-commerce, and many other applications. If the addressable market for intensive use lift trucks is, for example, 25% of the total, that would be about half a million lift trucks. And if we take each battery to have an average price of $200,000, then the addressable market would for batteries is in the order of magnitude of $10 billion in North America alone, a large potential market. During COVID, Electrowire is an essential company, and our very dedicated and courageous team comes to the factory every day carrying out vital production, operations, engineering, research, and admin tasks. We all admire our team's courage and dedication and their attention to details in complying to the COVID-19 guidelines. They are keeping the groceries and many vital goods moving in warehouses, cold storages, and in e-commerce distribution. Our OEM sales partner is possibly one of the world's largest companies, and has access to all technology across the world. And we are humbled that they chose Electrovaya. And now, quite quickly, we are powering electric lift trucks and forklifts in 40 locations. Most of our clients have multiple locations, tens or hundreds of them. Hence, being able to seed our technology in these 40 locations has been important. We are now seeing repeat orders from a number of our Fortune 500 customers. We believe we must be providing exceptional technology in terms of battery longevity, safety, energy, power, and fast charging. This market for heavy users needed a remarkable battery which we are delivering. Similar performance are needed for intensive use applications such as electric buses, electric trucks, and electric taxis. All intensive users need the superior battery. Our lift truck battery in many locations are operating 24 hours a day, seven days a week. I'm now going to hand the call over to Raj Dasgupta our VP of Technology and Business Development, to comment on research and development efforts in addition to our sales and marketing activities. Raj?