Electrovaya Inc.

Greetings and welcome to the ElectroVIA's first quarter 2022 financial results and analyst 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 call over to Richard Hawka, Executive Vice President and Chief Financial Officer. 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 Q1 fiscal 2022 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 February 14, 2022, Electrovi issued a press release concerning its business highlights and financial results for the three-month period ended December 31, 2021. If you would like a copy of the release, you can access it on our website. If you want to view our financial statements and MD&A or our annual information form, you can access those documents on the SADAR website at www.sadar.gov. As with all previous calls, our comments today are subject to the normal provisions relating to forward-looking information. We'll provide information relating to our views regarding trends in our markets, including their size and potential for growth, and our competitive position in our target markets. Although we believe that the expectations reflected in such forward-looking statements are reasonable, Such statements involve risk and uncertainties, and actual results may differ materially 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 applied at making forward-looking statements may be found in the company's press release announcing the Q1 fiscal 2022 results and the most recent annual information form, and management discussion and analysis under risk 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. And now I'd like to turn the call over to Dr. Shankar Dasgupta. Shankar?

Thank you, Richard. and good morning everyone i would like to start this morning by taking a minute to review our infinity battery line with its exceedingly good safety and longevity is the product going into the electric forklift and later into electric buses and other applications our target for fiscal year 2022 is to have this year our breakout year target revenues of about us dollar 27 million and a beta break even or positive this target revenue would be more than double our revenues of 11.6 million in fiscal year 2021 130 annual year-to-year growth over fiscal 2021. in our press release last night we are reiterating our target barring of course unforeseen circumstances our q1 numbers were low because some of our major users today had the majority of their income in the december quarter hence their off take in the last quarter was nil Their demand comes through in the nine months from January to September. For example, this year, our major user, one of our major users, has already given us 6 million purchase orders to be delivered in this quarter ending 31st March 2022. And we expect more in the next two quarters. Our OEM channel partner, Raymond Corp., the premium electric brand of the Toyota Group, did sign a strategic supply agreement. And in that agreement, they have a minimum purchase plan, which is triggered on 1st January 2022. That is started last month. We feel they will exceed their minimum purchase needs. Raymond Toyota, as you know, was named the number one forklift manufacturer in the world for 2021. with about $13.8 billion in revenue. Raymond is also the largest manufacturer of electric lift trucks in North America. Going forward, we have strong commitments from our OEM partner and key end-user customers to reach our targeted revenue for the current fiscal year. We are now operating in over 80 locations powering electric materials handling trucks, and we feel this conservative market is now emerging. Our battery cycle life and safety are critical differentiators for us. They are game changers and fundamental to our current and future success. I will now turn the call over to Richard to review our fiscal 2021 and fourth quarter results In greater details, first quarter results.