Electrovaya Inc. (ELVA) Balance Sheet
ELVA balance sheet, FY2025
September 30, 2025 · U.S. dollars$63.9M assets = $32.8M liabilities + $31.1M equity
Both columns are drawn to the same scale: what ELVA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ELVA financial health
Descriptive bands, not a rating. Fiscal FY2025.
ELVA balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $30.8MFY2016 | $63.9MFY2025 | +8.4%/yr | |
| Total liabilities | $22.9MFY2016 | $32.8MFY2025 | +4.1%/yr | |
| Shareholders’ equity | $7.9MFY2016 | $31.1MFY2025 | +16.4%/yr | |
| Cash & short-term investments | $668,000FY2016 | $6.4MFY2025 | +28.4%/yr | |
| Total debt | $8.0MFY2016 | $22.6MFY2025 | +12.2%/yr | |
| Net cash (debt) | −$7.3MFY2016 | −$16.2MFY2025 | −$8.9M | |
| Working capital | $1.3MFY2016 | $31.9MFY2025 | +$30.6M | |
| Book value per share | $0.47FY2016 | $0.75FY2025 | +5.3%/yr | |
| Current ratio | 1.06FY2016 | 4.16FY2025 | +3.10 | |
| Debt / equity | 1.01FY2016 | 0.72FY2025 | −0.28 | |
| Shares outstanding | 16.8MFY2016 | 41.4MFY2025 | +10.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ELVA assets
ELVA liabilities and equity
ELVA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ELVA balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $6.4M | $781,000 | $1.0M | $626,000 | $4.2M | $1.1M | $333,000 | $126,000 | $3.4M | $668,000 |
| Cash & equivalents | $6.4M | $781,000 | $1.0M | $626,000 | $4.2M | $1.1M | $333,000 | $126,000 | $3.4M | $668,000 |
| Receivables | $16.5M | $11.3M | $10.6M | $2.9M | $1.3M | $2.5M | $346,000 | $916,000 | $784,000 | $3.0M |
| Inventory | $12.5M | $9.7M | $8.3M | $7.4M | $4.7M | $2.0M | $997,000 | $1.8M | $4.1M | $18.2M |
| Other current assets | $6.7M | $7.6M | $6.0M | $3.9M | $1.8M | $2.4M | $407,000 | $1.5M | $14.5M | $1.4M |
| Total current assets | $42.0M | $29.4M | $25.9M | $14.8M | $12.0M | $8.1M | $2.1M | $4.3M | $22.7M | $23.3M |
| Property, plant & equipment (net) | $13.0M | $10.0M | $10.1M | $7.3M | $2.9M | $2.5M | $5,000 | $145,000 | $12.2M | $7.4M |
| Goodwill & intangible assets | $1.6M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $92,000 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $7.4M | $90,000 | $459,000 | $88,000 | $79,000 | $75,000 | $0 | $11.4M | $622,000 | $71,000 |
| Total assets | $63.9M | $39.5M | $36.5M | $22.2M | $15.0M | $10.6M | $2.1M | $15.8M | $35.5M | $30.8M |
| Liabilities | ||||||||||
| Accounts payable | $6.8M | $7.0M | $6.0M | $3.1M | $1.7M | $2.2M | $809,000 | $2.6M | $1.7M | $14.1M |
| Short-term debt | $358,000 | $18.9M | $16.7M | $17.4M | $8.8M | $10.1M | $12.8M | $16.3M | $15.2M | $7.8M |
| Deferred revenue | — | — | $2.4M | $70,000 | $1.0M | $2.1M | $1.3M | $97,000 | $32,000 | $17,000 |
| Total current liabilities | $10.1M | $28.5M | $26.6M | $22.7M | $13.5M | $16.5M | $16.2M | $18.9M | $25.9M | $22.0M |
| Long-term debt | $20.7M | $0 | $0 | $3.5M | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $1.8M | $2.3M | $2.7M | $2.5M | $2.9M | $2.9M | — | — | — | — |
| Other long-term liabilities | $2.0M | $2.4M | $2.8M | $2.8M | $3.2M | $2.9M | $142,000 | $10.7M | $10.8M | $883,000 |
| Total liabilities | $32.8M | $30.9M | $29.4M | $28.9M | $16.7M | $19.4M | $16.4M | $29.6M | $36.8M | $22.9M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $134.9M | $116.4M | $115.0M | $103.3M | $102.5M | $86.1M | $82.9M | $81.9M | $79.7M | $75.3M |
| Retained earnings (deficit) | −$125.9M | −$129.2M | −$127.8M | −$129.0M | −$127.1M | −$119.5M | −$120.7M | −$123.4M | −$100.7M | −$79.5M |
| Accumulated other comprehensive income | $5.9M | $5.8M | $5.9M | $6.1M | $13.3M | $13.4M | $13.1M | $18.4M | $12.2M | $8.9M |
| Total shareholders' equity | $31.1M | $8.6M | $7.1M | −$6.7M | −$1.7M | −$8.7M | −$14.3M | −$13.8M | −$1.2M | $7.9M |
| Key figures | ||||||||||
| Total debt | $22.6M | $20.8M | $19.0M | $23.1M | $11.5M | $12.8M | $12.8M | $26.8M | $25.3M | $8.0M |
| Net cash (debt) | −$16.2M | −$20.0M | −$18.0M | −$22.5M | −$7.3M | −$11.7M | −$12.5M | −$26.7M | −$21.9M | −$7.3M |
| Working capital | $31.9M | $887,000 | −$705,000 | −$7.9M | −$1.4M | −$8.4M | −$14.1M | −$14.6M | −$3.2M | $1.3M |
| Tangible book value | $29.6M | $8.6M | $7.1M | −$6.7M | −$1.7M | −$8.7M | −$14.3M | −$13.8M | −$1.2M | $7.9M |
| Book value per share | $0.75 | $0.25 | $0.21 | −$0.23 | −$0.06 | −$0.36 | −$0.67 | −$0.70 | −$0.07 | $0.47 |
| Shares outstanding | 41.4M | 34.0M | 33.8M | 29.4M | 28.0M | 23.9M | 21.4M | 19.7M | 17.6M | 16.8M |
| Current ratio | 4.16 | 1.03 | 0.97 | 0.65 | 0.89 | 0.49 | 0.13 | 0.23 | 0.88 | 1.06 |
| Quick ratio | 2.27 | 0.42 | 0.44 | 0.16 | 0.41 | 0.22 | 0.04 | 0.06 | 0.16 | 0.17 |
| Debt / equity | 0.72 | 2.42 | 2.66 | — | — | — | — | — | — | 1.01 |
| Equity / assets | 48.7% | 21.7% | 19.6% | −30.2% | −11.3% | −81.9% | −683.2% | −86.9% | −3.4% | 25.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $13.1M | $20.4M | $22.7M | $6.4M | $1.3M | $283,000 | $8.2M | $781,000 | $534,000 | $1.1M | $624,786 | $1.0M |
| Cash & equivalents | $13.1M | $20.4M | $22.7M | $6.4M | $1.3M | $283,000 | $8.2M | $781,000 | $534,000 | $1.1M | $624,786 | $1.0M |
| Receivables | $30.0M | $19.5M | $14.0M | $16.5M | $19.1M | $18.1M | $11.1M | $11.3M | $8.2M | $8.9M | $8.6M | $10.6M |
| Inventory | $18.3M | $15.0M | $13.8M | $12.5M | $12.1M | $8.0M | $8.1M | $9.7M | $12.4M | $11.3M | $9.2M | $8.3M |
| Other current assets | $14.6M | $11.7M | $11.8M | $6.7M | $9.8M | $9.0M | $8.1M | $7.6M | $6.5M | $5.9M | $6.2M | $6.0M |
| Total current assets | $76.0M | $66.5M | $62.2M | $42.0M | $42.3M | $35.3M | $35.5M | $29.4M | $27.6M | $27.2M | $24.7M | $25.9M |
| Property, plant & equipment (net) | $19.0M | $15.4M | $15.0M | $13.0M | $11.3M | $10.0M | $8.8M | $10.0M | $9.4M | $9.7M | $10.0M | $10.1M |
| Goodwill & intangible assets | $0 | $0 | $0 | $1.6M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $23.5M | $24.1M | $22.7M | $7.4M | $259,000 | $85,000 | $758,000 | $90,000 | $788,000 | $705,000 | $781,304 | $459,000 |
| Total assets | $118.5M | $106.0M | $99.9M | $63.9M | $53.9M | $45.4M | $45.1M | $39.5M | $37.8M | $37.6M | $35.5M | $36.5M |
| Liabilities | ||||||||||||
| Accounts payable | $6.0M | $5.1M | $6.9M | $6.8M | $7.2M | $6.1M | $4.7M | $7.0M | $5.6M | $4.9M | $5.8M | $6.0M |
| Short-term debt | $777,000 | $571,000 | $321,000 | $358,000 | $409,000 | $426,000 | $15.7M | $18.9M | $18.6M | $18.5M | $16.8M | $16.7M |
| Deferred revenue | — | — | — | — | — | — | — | — | $1 | $2 | $1 | $2.4M |
| Total current liabilities | $10.1M | $8.7M | $10.3M | $10.1M | $10.5M | $9.1M | $22.9M | $28.5M | $27.9M | $27.4M | $25.2M | $26.6M |
| Long-term debt | $38.3M | $31.9M | $27.3M | $20.7M | $18.8M | $13.1M | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $2.8M | $2.3M | $1.7M | $1.8M | $2.0M | $2.0M | $2.1M | $2.3M | $2.4M | $2.5M | — | $2.7M |
| Other long-term liabilities | $2.9M | $2.6M | $2.0M | $2.0M | $2.2M | $2.1M | $2.2M | $2.4M | $2.2M | $2.4M | $2.7M | $2.8M |
| Total liabilities | $51.3M | $43.3M | $39.6M | $32.8M | $31.5M | $24.3M | $25.0M | $30.9M | $30.2M | $29.8M | $27.9M | $29.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $172.0M | $169.2M | $163.1M | $134.9M | $128.1M | $128.1M | $128.0M | $116.4M | $116.4M | $116.4M | $115.1M | $115.0M |
| Retained earnings (deficit) | −$123.5M | −$123.8M | −$124.8M | −$125.9M | −$127.9M | −$128.8M | −$129.7M | −$129.2M | −$129.1M | −$131.5M | −$130.7M | −$127.8M |
| Accumulated other comprehensive income | $6.2M | $6.1M | $6.0M | $5.9M | $5.4M | $5.6M | $5.7M | $5.8M | $5.2M | $8.5M | $13.5M | $5.9M |
| Total shareholders' equity | $67.2M | $62.8M | $60.3M | $31.1M | $22.3M | $21.1M | $20.1M | $8.6M | $7.6M | $7.8M | $7.5M | $7.1M |
| Key figures | ||||||||||||
| Total debt | $41.1M | $34.3M | $29.0M | $22.6M | $20.8M | $15.1M | $17.4M | $20.8M | $20.6M | $20.6M | $19.0M | $19.0M |
| Net cash (debt) | −$28.0M | −$13.9M | −$6.3M | −$16.2M | −$19.5M | −$14.8M | −$9.2M | −$20.0M | −$20.0M | −$19.5M | −$18.4M | −$18.0M |
| Working capital | $65.9M | $57.8M | $51.9M | $31.9M | $31.8M | $26.2M | $12.6M | $887,000 | −$354,000 | −$221,000 | −$568,910 | −$705,000 |
| Tangible book value | $67.2M | $62.8M | $60.3M | $29.6M | $22.3M | $21.1M | $20.1M | $8.6M | $7.6M | $7.8M | $7.5M | $7.1M |
| Book value per share | $1.28 | $1.22 | $1.32 | $0.74 | $0.49 | $0.53 | $0.57 | $0.25 | $0.22 | $0.23 | $0.22 | $0.21 |
| Shares outstanding | 52.5M | 51.7M | 45.7M | 42.1M | 45.4M | 40.1M | 35.0M | 34.0M | 34.1M | 34.0M | 33.8M | 33.8M |
| Current ratio | 7.53 | 7.66 | 6.02 | 4.16 | 4.03 | 3.89 | 1.55 | 1.03 | 0.99 | 0.99 | 0.98 | 0.97 |
| Quick ratio | 4.27 | 4.59 | 3.54 | 2.27 | 1.94 | 2.02 | 0.84 | 0.42 | 0.31 | 0.36 | 0.37 | 0.44 |
| Debt / equity | 0.61 | 0.55 | 0.48 | 0.72 | 0.93 | 0.71 | 0.87 | 2.42 | 2.70 | 2.65 | 2.53 | 2.66 |
| Equity / assets | 56.7% | 59.2% | 60.4% | 48.7% | 41.5% | 46.5% | 44.5% | 21.7% | 20.2% | 20.6% | 21.2% | 19.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 19, 2025); data from EODHD.
ELVA financial position
At the end of fiscal 2025 (September 30, 2025), Electrovaya had total assets of $63.9 million (up 61.9% from a year earlier), total liabilities of $32.8 million and shareholders' equity of $31.1 million. It held $6.4 million in cash and short-term investments against $22.6 million of debt, net debt of $16.2 million. Its current ratio was 4.16. In the latest quarter (ended June 30, 2026) total assets were $118.5 million and equity $67.2 million.
Related: ELVA income statement, ELVA cash flow statement, ELVA key metrics. See the ELVA stock overview for the latest quote and news.
ELVA balance sheet FAQ
What are Electrovaya's total assets?
Electrovaya reported total assets of $63.9 million at the end of fiscal 2025 (September 30, 2025), compared with $39.5 million a year earlier.
How much debt does Electrovaya have?
Electrovaya had $22.6 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.72.
How much cash does Electrovaya have?
Electrovaya held $6.4 million in cash and short-term investments at the end of fiscal 2025; with $22.6 million of debt that is net debt of $16.2 million.
What is Electrovaya's book value?
Electrovaya's shareholders' equity (book value) was $31.1 million at the end of fiscal 2025, or $0.75 per share.
What is Electrovaya's current ratio?
Electrovaya had current assets of $42.0 million and current liabilities of $10.1 million, a current ratio of 4.16 (it can cover its short-term obligations).
How much goodwill does Electrovaya have?
Electrovaya carried $1.6 million of goodwill and intangible assets, 2.5% of total assets, at the end of fiscal 2025.