Electrovaya, one of the newest additions to Jamestown’s manufacturing base, is projecting a roughly 30% increase in revenue for the rest of 2026.

One reason for the company’s revenue and profit growth is the opening of its Gigafactory in Ellicott. Company officials said work on the site continues, with site upgrades and construction in progress, including a significant portion of dry room construction. The company has also hired a head of Jamestown cell manufacturing operations along with other senior managers.

Raj DasGupta, Electrovaya CEO, said he was at the Ellicott plant on Wednesday in advance of Thursday afternoon’s conference call with investor analysts. Some building floors in the former Acu-Rite plant had to be reinforced to support advanced manufacturing equipment, with facility upgrades on schedule. The company has hired Ok-soo Han as the cell manufacturing lead at the Ellicott plant, with the new manager already having relocated to the Jamestown area after being based in Michigan since 2015 while leading new cell production work at LG Energy Solutions. Other process engineers and manufacturing specialists are being added at the Ellicott plant as well who DasGupta said have experience across several major North American battery operations.

“Along with our ongoing capital equipment investments at the site, experienced talent will be critical to the successful execution of our long-term manufacturing strategy,” Das Gupta said. “The Jamestown expansion remains a core component of our plans to increase production capacity and support domestic manufacturing, particularly for our future energy storage and defense-related product lines.”

The comments on the build-out of the Ellicott Gigafactory were discussed during a conference call with investor analysts late Thursday afternoon. The local plant opened in April 2025, with Electrovaya officials saying at the time that its newest manufacturing operation would boost the company’s bottom line. Those statements were proven correct again on Thursday. Electrovaya reported a $3 million increase in second quarter revenue to $18 million in 2026, compared to $15 million in the second quarter of 2025. Revenue for the first half of the 2025-26 company fiscal year clocked in at $33.6 million, an increase of $7.4 million from the first six months of 2024-25. Revenues could have been higher had the company not experienced supply chain delays in the later part of the second quarter that slowed production and shipments, leading to $1.4 million of finished goods that could not be recognized as revenue.

One analyst asked DasGupta what the short-term future is for work on the new production line being installed at the Ellicott plant. DasGupta said cell manufacturing equipment is from a Korean supplier. The line is being set up in Korea, where Electrovaya will conduct a factory acceptance test plan. Then work will shift to actual installation locally.

“So we’ll have a very large team from Jamestown primarily out there for a period of six weeks where we’ll run the entire production line essentially from start to finish,” DasGupta said. “That’s, I would say, a somewhat unusual factory acceptance test plan, but we’ve done that to derisk operations in Jamestown and reduce site acceptance test work that we would do. So that’s going to start occurring late summer. Earlier in the summer the same sort of activity is going to occur for our module production lines, which are highly automated. That’s not as complicated, so it will be a little bit shorter. … So there’s more or less a permanent construction crew on site in Jamestown right now.”

Gross margin for the second quarter of 2025-26 was 33.4%, compared to 31.1% in the same quarter in 2024-25, an increase of 230 basis points. The gross margin for the six months ending March 31, 2026, was 33.2% compared to 30.9% in the prior year. An increase of 230 basis points.

Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the second quarter of 2026 was $2.8 million, compared to $2 million in the second quarter of 2025, an increase of $800,000 or 41%. EBITDA is a financial metric used to evaluate a company’s core operational profitability and cash-generating power, stripping away the effects of financing decisions and accounting methods

Net profit for the first quarter was $1 million, an increase of $200,000 from the second quarter of 2025. Net profit for the six months ending March 31, 2026, was $2.1 million compared to $400,000 in the prior year.

The closing cash balance for the second quarter of 2026 was $20.4 million (non-restricted) compared to $6.4 million in the prior year, an increase of $13.9 million.

“We believe we have adequate liquidity to support our expansion into new verticals and anticipated growth as we continue through fiscal year 2026,” said John Gibson, Electrovaya chief financial officer.