Electrovaya Inc.

Greetings and welcome to Electra Via's first quarter 2023 financial results conference call. At this time, all participants are on a listen-only mode. The 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, John Gibson, Chief Financial Officer. Thank you. You may begin.

Thanks, Doug. Good evening, everybody, and thank you for joining today's call to discuss Electrovia's Q1 2023 financial results. Today's call has been hosted by Dr. Raj Dasgupta, CEO of Electrovia and myself. Today, Electrovia issued a press release concerning its business highlights and financial results for the three months period ended December 31st, 2022. 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 management discussion and analysis, You can access those documents on the CEDAR website at www.cedar.com. As with previous calls, our comments today are subject to the normal provisions relating to forward-looking information. We will provide information relating to our current views regarding market trends, including the size and potential for growth, our competitive position within our target markets. Although we believe that the expectations reflected in such forward-looking statements are reasonable, they do obviously 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 in making forward-looking statements may be found in the company's press release announcing the Q1 fiscal 23 results and the most recent management discussion and analysis under risk and uncertainties, as well as in other public disclosure documents filed with Canadian security regulatory authorities. Also, please note that, as usual, the numbers discussed on this call are in U.S. dollars unless otherwise noted. And now I'd like to turn the call over to Raj.

Thank you, John, and good evening, everyone. Electrify has made a strong start to fiscal year 2023. We have made significant progress with respect to operations, finance, business development, and technology development. Our Infinity battery technology platform continues to provide a competitive advantage with respect to cycle life and safety and differentiates Electrovia amongst its peers. Q1 is typically the weakest quarter of the year due to seasonality factors as our material handling customers are still highly weighted towards large national retailers who have a preference for delivery in other periods of the year. Despite this, we delivered the second highest quarterly revenue in our recent history this quarter. We expect our revenue to increase materially in the following quarters and thus are maintaining our revenue guidance for the fiscal year at $42 million. Electrovia has a strong backlog of orders in hand, combined with a growing pipeline of projects, primarily through our strategic OEM supplier agreement with Raymond Corp. This includes projects with existing customers and also some significant new customers. Over the last year, the majority of our revenue has come from Fortune 100 retail customers, and we expect this trend to continue in fiscal year 2023. Last week, we announced a new Fortune 100 retail customer, which we hope will progress into becoming a significant buyer in the years ahead. While material handling remains our largest segment, we are seeing interest for our battery technology in other sectors as well. ElectroBio will be delivering high-voltage battery systems to two customers later in the fiscal year. We are also developing customized battery systems for robotic fuel cell hybrid and material handling electric vehicles for a variety of OEM customers. These developments, while not generating significant revenue this year, could lead to larger demand for our solutions in the future. Furthermore, these development projects further indicate customers' confidence in electrified technology and ability to provide cutting-edge battery systems that meet the needs of the most demanding applications. To further support our long-term efforts for customized battery systems, the company is investing in an automated module assembly line that is expected to be commissioned in April of this year, while also bolstering our engineering team with new talent. Our largest near-term investment is our planned Gigafactory near Jamestown, New York. This facility is expected to augment our current supply and will also represent a return to vertical integration for ElectroVIA's cell assembly, which utilizes a unique approach and technology. The Gigafactory will also enable ElectroVIA to take advantage of growing incentives for domestic manufacturing, including new policies with the Inflation Reduction Act. As we mentioned previously, it is our intention that the majority of the funding for the initial phase of the project will be from non-dilutive means, including grants and debt. The company is in late-stage negotiations with two U.S.-based government-owned lending institutions to finance a significant portion of the first phase of the Gigafactory. We recently received a term sheet from one of the lenders, which we are in the process of negotiating. Despite progress and our optimism, there is no guarantee that either institution will provide funding for the project. I will now turn the call over to John to review our fiscal first quarter results in greater detail. John?