Electrovaya Inc. (NASDAQ:ELVA) Sees Price Target Hike Amid Strong Financials and Lithium-Ion Battery Growth

Font: Financial Modeling Prep  • May 15, 2026

• Leading analyst firm H.C. Wainwright raised its stock price target for Electrovaya to $15.00 from $10.00, maintaining a "Buy" stock rating.
• Electrovaya reported robust revenue growth, with a 20% year-over-year increase to $18.00 million in Q2 and 28% growth to $33.60 million for the first six months.
• The company demonstrated improved profitability metrics, with earnings per share (EPS) of $0.02 (beating estimates) and adjusted EBITDA growing 41% to $2.80 million.

Electrovaya Inc. (NASDAQ:ELVA) is a company that designs and manufactures advanced lithium-ion batteries. Its products are used in materials handling electric vehicles (EVs), like forklifts, and it is expanding into new areas. These new ventures include batteries for commercial robotics and large-scale energy storage systems (ESS), including a project with the Department of Energy.

On May 15, 2026, leading analyst firm H.C. Wainwright showed increased investor confidence in Electrovaya. The firm raised its stock price target on the stock to $15.00 from its previous target of $10.00. It also maintained its "Buy" stock rating for the company. At the time of this update, Electrovaya's stock price was $11.16 per share.

This positive outlook is supported by the company's recent financial performance and growth trajectory. As highlighted by Accesswire, Electrovaya reported a 20% year-over-year revenue growth to $18.00 million for its second fiscal quarter. For the first six months of the fiscal year, revenue grew 28% to $33.60 million, showing sustained business growth in its core operations.

Electrovaya's profitability metrics also show improvement. Electrovaya posted earnings per share (EPS) of $0.02 per share, which surpassed the Zacks Consensus Estimate for earnings of $0.01 per share, as reported by Zacks. Its adjusted EBITDA, a key profitability metric before interest, taxes, and other expenses, grew by 41% year-over-year to $2.80 million, resulting in a net profit of $1.00 million.

Despite this growth, the company faces some operational challenges. Its gross margin, a critical profitability indicator, improved to 33.4% from 31.1% a year ago. However, Electrovaya noted that supply chain disruptions and delays could affect customer demand and orders. It currently has about $1.40 million of finished products that are waiting to be shipped.