Revenue up 100.4% from the same quarter in Fiscal 2003





Electrovaya Inc. (TSX:EFL) today announced financial results for the third quarter ended June 30, 2004. All figures are in US dollars.

Third Quarter Highlights

-- Revenues increased by 100.4% to $1.6 million, from $0.8 million in the third quarter ended June 30, 2003.

-- Gross profit was $ 139,000 or 9% of revenue, compared to ($376,000) for the same quarter in the prior year.

-- Overall cash burn was $2.2 million compared to a positive cash-flow of $0.3 million in the same quarter in Fiscal 2003.

-- Cash & investments were $13.4 million as at June 30, 2004, compared to $17.1 million as at June 30, 2003

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