05:18 PM EST, 12/12/2024 (MT Newswires) -- Electrovaya ( ELVA ) was up 5.3% in after-hours Nasdaq trade after the company on Thursday reported a narrower fiscal fourth-quarter net loss on higher revenue.

The battery manufacturer said that it lost US$114,000 in the quarter ended Sept. 30, down from a loss of US$324,000 a year earlier.

Revenue rose to US$11.56 million from US$10.27 million in the year-ago quarter. FactSet consensus was US$12.5 million.

The company said it expects strong growth in fiscal 2025, with revenues surpassing US$60 million, driven by increased demand from its biggest end users of material handling batteries. This forecast is based on existing orders and expected future orders, as well as some revenue that may be deferred to fiscal year 2026.

"With growing demand from existing and new customers, we expect robust growth in 2025 and onwards. This includes increasing revenue, enhancing profitability, and expanding domestic lithium-ion cell manufacturing in the US," Chief Executive Raj DasGupta said.

The company added that given its financial performance, its management and the auditors have decided that the going concern note in Electrovaya's ( ELVA ) financial statements is no longer needed.

The company's shares were last seen up US$0.15 to US$3.00 after hours. They closed up $0.36 to $3.98 on the Toronto Stock Exchange.