Electrovaya Inc.

Greetings, and welcome to the ElectroVIA Q2 2021 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A 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. I would now like to turn the conference over to your host, Richard Halka, Executive Vice President and CFO. Please go ahead.

Thank you, Brock. Good morning, everyone, and thank you for joining us on today's conference call to discuss Electrovia's Q2 2021 second quarter financial results. Today's call is being hosted by Dr. Shankar Dasgupta, CEO of Electrovia, and myself, Richard Holke, Executive Vice President and CFO. On May 11, 2021, Electrovia issued a press release concerning its business highlights and financial results for the three-month period ended March 31, 2021. If you would like a copy of the release, you can access it on our website. If you want to view the financial statements and management's discussion and analysis, you can access those documents on the SADAR website at www.sadar.gov. As with previous calls, our comments today are subject to the normal provisions related to forward-looking information. We'll provide information relating to our current views regarding trends in our markets, including size and potential for growth, and our competitive position in our target markets. Although we believe the expectations reflected in such forward-looking statements are reasonable, Such statements involve risks and uncertainties, and actual results may differ materially from those expressed or implied in such statements. Additional information and factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the company's press release announcing the fiscal 21 second quarter results. and the most recent annual information form and management's discussion and analysis under risk and uncertainties, as well as in our other public disclosure documents filed with Canadian security regulatory authorities. Also, please note that all numbers discussed on this call are in U.S. dollars, unless otherwise noted. And now, I'd like to turn the call over to Shankar. Shankar?

Thank you, Richard. and good morning everyone q2 2021 ending 31st march was a busy quarter for us and we are pleased with our progress in this quarter we grew revenue 50 in the quarter and around 96 for the six months ended march 31st 2021. The year-over-year revenue growth reflects growing customer demand. Our sales are coming from large, intensive users that recognize the value of our batteries. Our battery's safety, cycle life, and energy density is providing significant efficiency gain and strong return on investment to our customers. Richard will outline further the financial results. On the sales and revenue channel, we are getting traction in spite of the prolonged COVID disruptions. For our revenue, we have two channels to the market. The first channel is through Raymond Corporation, an OEM, original equipment manufacturer, who has an extensive sales network. The second channel is our direct sales to the customers. On the first channel, Raymond Corp., who is a wholly owned subsidiary of the Toyota Group, is the premium electric brand for electric lift trucks for Toyota. Raymond is also the largest manufacturer of branded electric lift trucks in North America, and along with the Toyota-branded trucks, is the largest manufacturer globally in this sector. Electrovaya and Raymond signed the Strategic Supply Agreement in December 2020, and this has been the first quarter after that agreement. And Raymond has launched this product with a revamped website at www.raymondcorp.com. Raymond's focus market is, of course, USA and Canada through its distribution chain. The Electrobio battery is now integrated with most of the large lift trucks sold by Raymond. We are very bullish that Raymond will have our battery in very many customer locations in the lift truck sector. Last quarter was the first quarter that the Raymond Strategic Supply Agreement came into effect. We continue to receive repeat orders for Fortune 500 companies as they recognize the efficiency gains from our lithium ion batteries in their operations. As an example of the new sales push from our OEM partner is one recent customer they secured recently is a Fortune 100 big box retailer who is now operating our batteries in five of their stores in the New York City area. This end customer user has several thousand stores and could become a significant opportunity for the company, several hundreds of millions potential with a single customer. Our batteries are being sold for both the Raymond and the Toyota branded electric trucks. As part of the launch program, Raymond has invested substantial sales and marketing effort behind these batteries through their battery essentials product launch. In addition to sales in the USA, Raymond, through their overseas subsidiaries, has started marketing the Electrovire batteries overseas, initially to the South America and Australasia markets. We delivered our first shipment to an e-commerce customer in Argentina, as well as to a multinational food conglomerate also in Argentina. We are now courting customers through Raymond into Australia, Colombia, Brazil, Philippines, Canada, and elsewhere. No doubt, however, the largest market is the USA. and we are now possibly powering lift trucks in some 50, 55 locations in the USA. This is a new Raymond corporate team marketing our products, and we believe this team has the resources needed to make the Electrovaya battery a standard in the electric lift truck industry. Fundamentally, our battery has industry-leading safety and longevity, as tested by our partners, our customers, and underwriter laboratories. The addressable market for electric lift trucks is large, and we believe there are over 2.5 million lift trucks being used commercially in the USA. If you are using an electric vehicle for extended periods like 10 hours or more a day, we believe The rational choice should be electrovia, hence our attention also to batteries for electric buses. In March 2021, a few months ago, we announced the launch of our electric bus lithium ion battery systems with the delivery of a 700 volt, 300 kilowatt hour battery. This product launch marks Electrovire's entry into the emerging electric bus market, and we are receiving considerable interest regarding our new product offering. We believe the addressable market for electric buses is large and just emerging in North America and Europe. Typically, these large buses are being priced at around $1, $600 to $1 million each, and the battery is some 30-40% of the total cost of the vehicle. The Canadian federal government has outlined a $2.4 billion investment to support the purchase of some 5,000 electric buses in Canada. The U.S. government is planning something larger as part of President Joe Biden's $2 trillion green energy revolution investments. I will now turn the call over to Richard to review our fiscal second quarter results in greater detail.