What Does H.C. Wainwright See in Electrovaya (ELVA) Despite Its Near-Term Revenue Cut?

Electrovaya Inc. (NASDAQ:ELVA) is one of the best EV battery stocks to buy in 2026. On April 29, H.C. Wainwright reiterated its Buy rating on Electrovaya Inc. (NASDAQ:ELVA) and kept its price target at $10.

What Does H.C. Wainwright See in Electrovaya (ELVA) Despite Its Near-Term Revenue Cut?

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Analyst Amit Dayal lifted Electrovaya’s FY2028 EPS estimate to $0.62 from $0.61. This call was regardless of the analyst’s doubts about near-term projects. Dayal said his firm slashed its second-quarter fiscal 2026 revenue forecast from $19.2 million down to $7.9 million, citing caution over possible supply chain disruptions tied to developments in the Middle East.

Despite that near-term pullback, Wainwright expects Electrovaya to exceed $83 million in full-year fiscal 2026 revenue, which is a huge jump from the $68 million the company generated over the past twelve months. This outlook, Dayal said, is supported by a $10.5 million order booked in February and the March launch of new integrated OEM high-voltage battery systems.

Independently of the analyst action, on April 13, Electrovaya launched a new line of Infinity battery systems designed specifically for Class III material handling vehicles, commonly known as walkie pallet jacks. Walkie pallet jacks are used across warehouses, distribution centers, manufacturing plants, and retail stores.

According to the company’s VP of Business Development Jeremy Dang, this new product line adds to Electrovaya’s existing material handling portfolio. It also moves the company closer to offering a complete, unified battery solution to its customers in that segment, Dang added.

Electrovaya Inc. (NASDAQ:ELVA) is a Canadian battery technology company. It develops and manufactures lithium-ion batteries used in electric vehicles and energy storage systems. The company specializes in advanced battery systems, including its proprietary lithium-ion ceramic (LFP-based) technology.

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