Electrovaya Inc.

Greetings. Welcome to the Electra Viya Q1 2025 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. Please note, this conference is being recorded. I will now turn the conference over to your host, John Gibson, CFO. You may begin.

Thank you. Good afternoon, everyone. And thank you for joining today's call to discuss Electrovia's Q1 2025 financial results. Today's call is being hosted by Dr. Raj Dasgupta, CEO of Electrovia, and myself, John Gibson, CFO. Today, Electrovia issued a press release concerning its business highlights and financial results for the three-month period ending December 31st, 2024. If you would like a copy of the release, you can access that on our website. If you'd like to view our financial statements and management discussion and analysis, You can access those documents on the CEDARplus website at www.cedarplus.ca or on the SEC's EDGAR website at sec.gov forward slash EDGAR. 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 their size and potential for growth, and 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 risks and uncertainties, and Agile results may differ materially from those expressed or implied in such statements. Additional information about factors that could cause Agile 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 and is in the Q1 fiscal 2025 results and the most recent annual information form and management discussion analysis under risks and uncertainties, as well as in other public disclosure documents filed by Canadian security regulatory authorities and are equivalent in the U.S. Also, please note that all the numbers discussed on the call are in U.S. dollars and are otherwise limited. And now, I'd like to turn the call over to Raj.

Thank you, John, and good evening, everyone. It is a pleasure to address you today as we discuss our Q1 fiscal year 2025 quarter. This quarter was marked by several groundbreaking milestones that underline the strength of our business and our trajectory for growth. I'll highlight a few of the key ones here. Despite the typical weaker seasonality of Q1, we delivered a strong financial performance with $11.2 million in revenue, achieving over 30% margins in our seventh consecutive quarter of positive adjusted EBITDA. During the quarter, we secured a $51 million direct loan approval from the Export-Import Bank of the United States under the Banks Make More in America initiative. a pivotal step towards expanding our lithium mine cell manufacturing in Jamestown, New York. This move will not only increase capacity, but also improve margins and enable larger scale projects. In order to support closing conditions and support bank refinancing activities, we embarked on a successful equity raise with gross proceeds of about $12.8 million, which was led by excellent institutions with a long-term mindset. It is great to see that support, especially as it has been a difficult market for clean technology in general. This equity round was sufficient to meet the requirements of EXIM and the North American banking partner we are working with, which was a key condition for both parties. Furthermore, it has led to significant strengthening of our balance sheet and financial position which has allowed us to accelerate our Jamestown battery system assembly plans. Further on that point, we decided to accelerate our plans for battery system assembly operations at the Jamestown facility. Similar assembly equipment that is currently used at our existing Ontario facility has been procured, some of which is already installed, and hiring key personnel is well underway. I anticipate being able to commence commercial operations by in April 2025. However, we have the capability to further accelerate this if necessary. The start of assembly in Jamestown will help support ramp up in overall production while also supporting the company's mitigation strategy with respect to potential trade barriers. Overall, I believe Electrovia has a robust tariff mitigation strategy portions of which are already being implemented. With regards to sales, Electroviya continues to see good momentum from its two material handling OEM partners and end customers of its material handling products. As some of you may have noticed, Toyota Material Handling and Raymond Corporation are merging under Toyota Material Handling North America. I believe this will ultimately be beneficial to Electroviya as it will streamline some of our activities. A recently introduced leasing program with one of the ROEM partners has demonstrated high sales interest and has already led to encouraging traction. Furthermore, the company has seen momentum growing from one of its key end customers for repowering existing warehouse infrastructure with electrified batteries. Also a positive sign is our current largest operator of battery equipment, a Fortune 100 retailer. who has indicated renewed demand for Electro-Vibe products. We are seeing increasing activity in other sectors and are on track to ship our first modules to Global Construction OEM in Japan later this quarter. In Japan, we've had a flurry of interest through our partnership with Sumitomo Corporation with other prospective OEMs, which I believe some of which will turn into material contracts. There are also a number of projects in development for autonomous vehicle applications, which includes everything from warehousing products to defense vehicles. Our high voltage battery products continue to be seated in a wide variety of potential applications. Our solid state developments continue to make progress. Today we have pouched cell cycling consistently to over 200 cycles. We have achieved a proof of concept for scalable manufacturing of solid state separators. And our current focus is on increasing the scale of manufacturing processes and optimizing the cell chemistry. By far, our highest near-term priority remains ensuring that the Jamestown facility is financed to produce our world-beating lithium-ion battery products. We are currently in the process of finalizing loan documentation with both EXIM and the leading North American bank for their respective financing packages. to support both the Jamestown expansion as well as improve the company's overall working capital position. There has been substantial progress and I would say most of the documentation is substantially advanced. We continue to anticipate closing these facilities almost simultaneously and during the current quarter. With that, I'd like to pass the call back to John Gibson who will go into the financial results in more detail.