• Raymond James reaffirms a "Strong Buy" rating for Electrovaya Inc. (NASDAQ:ELVA), raising the price target from $6 to $9.50.
• The company reports a 43% increase in top-line growth for fiscal year 2025, marking its first annual profitability.
• Electrovaya's backlog, valued between $100 million and $125 million, is expected to fuel further growth.

Electrovaya Inc. (NASDAQ:ELVA) specializes in developing and manufacturing lithium-ion batteries for various sectors, including industrial robotics and defense. The company is gaining attention for its innovative solutions and is competing with other battery manufacturers in the market.

On December 11, 2025, Raymond James maintained its "Strong Buy" rating for ELVA, with the stock price at $6.71. The firm also raised its price target from $6 to $9.50, indicating confidence in Electrovaya's future performance. This aligns with the company's recent financial success, as it reported a 43% increase in top-line growth for fiscal year 2025.

Electrovaya's strong financial performance has led to its first annual profitability, a significant milestone for the company. This success is largely due to the scaling of operations, which has resulted in appealing economies of scale. The company's backlog, now between $100 million and $125 million, is expected to support its growth in the coming year.

The stock price for ELVA is currently $6.93, reflecting a 28.81% increase with a change of $1.55. The stock has fluctuated between $5.10 and $6.96 today, showing investor interest. Over the past year, ELVA has reached a high of $7.72 and a low of $1.80, indicating significant volatility.

Electrovaya's market capitalization is approximately $279.4 million, with a trading volume of 2,532,925 shares. The anticipated operational status of the Jamestown plant by early 2027 is expected to further enhance Electrovaya's scale and marketability, supporting its growth in high-demand sectors.