EXHIBIT 99.1

UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

ELECTROVAYA INC.

FOR THE PERIODS ENDED March 31, 2025 and 2024

ELECTROVAYA INC.

Condensed Interim Consolidated Statements of Financial Position

(Expressed in thousands of U.S. dollars)

As at March 31, 2025 and September 30, 2024

				As at				As at
		Notes		March 31, 2025				September 30, 2024
Assets
Current assets
Cash and cash equivalents					283				781
Trade and other receivables		Note 4			18,073				11,292
Inventories		Note 5			7,980				9,698
Prepaid expenses		Note 6			8,966				7,647
Total current assets					35,302				29,418
Non-current assets
Property, plant and equipment		Note 7			10,036				9,979
Long-term deposit					85				85
Total non-current assets					10,121				10,064
Total assets					45,423				39,482
Liabilities and Equity
Current liabilities
Trade and other payables		Note 8			8,529				9,473
Working capital facilities		Note 9 (a)			-				16,283
Promissory notes		Note 9 (b)			-				519
Short term loans		Note 10			-				1,630
Derivative liability		Note 16			113				155
Lease liability		Note 12			426				471
Total current liabilities					9,068				28,531
Non-current liabilities
Lease liability		Note 12			1,564				1,871
Long term loan		Note 9 (a)			13,087				-
Government assistance payable					200				152
Other payables		Note 19			374				343
Total non-current liabilities					15,225				2,366
Equity
Share capital		Note 13			128,062				116,408
Contributed surplus					11,577				10,904
Warrants		Note 13			4,725				4,725
Accumulated other comprehensive income					5,602				5,792
Deficit					(128,836	)			(129,244	)
Total Equity					21,130				8,585
Total liabilities and equity					45,423				39,482

See accompanying notes to unaudited condensed interim consolidated financial statements
Signed on behalf of the Board of Directors
Chair of the Board		Sankar Das Gupta, Director
Chair of Audit Committee		James K Jacobs, Director

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ELECTROVAYA INC.

Condensed Interim Consolidated Statements of Earnings

(Expressed in thousands of U.S. dollars)

For the three and six month periods ended March 31, 2025 and 2024

(Unaudited)

				Three months ended March 31,								Six months ended March 31,
		Notes		2025				2024				2025				2024
Revenue		Note 18			15,018				10,695				26,187				22,786
Direct manufacturing costs		Note 5(b)			10,345				6,970				18,106				15,532
Gross margin					4,673				3,725				8,081				7,254
Expenses
Research and development					1,070				642				2,054				1,606
Government assistance					(19	)			(29	)			(84	)			(87	)
Sales and marketing					504				708				1,284				1,438
General and administrative					1,106				921				2,273				2,309
Stock based compensation					288				480				703				849
Depreciation and amortization		Note 7			328				300				645				536
					3,277				3,022				6,875				6,651
Income from operations					1,396				703				1,206				603
Net finance charges		Note 11			632				1,535				1,334				1,554
Foreign exchange loss (gain) and interest income					(64	)			7				(536	)			96
Net income (loss) for the period					828				(839	)			408				(1,047	)
Basic income (loss) per share					0.02				(0.02	)			0.01				(0.03	)
Diluted income (loss) per share					0.02				-				0.01				-
Weighted average number of shares
Outstanding, basic and fully diluted					40,097,115				34,019,482				37,509,735				33,926,815

See accompanying notes to unaudited condensed interim consolidated financial statements.

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ELECTROVAYA INC.

Condensed Interim Consolidated Statements of Comprehensive income (Loss)

(Expressed in thousands of U.S. dollars)

For the three and six month periods ended March 31, 2025 and 2024

(Unaudited)

		Three months ended March 31,								Six months ended March 31,
		2025				2024				2025				2024
Net income (loss) for the period			828				(839	)			408				(1,047	)
Items that may be reclassified to Profit and Loss
Cumulative translation adjustment			(87	)			(233	)			(190	)			(54	)
Other comprehensive income (loss) for the period			741				(1,072	)			218				(1,101	)
See accompanying notes to unaudited condensed interim consolidated financial statements.

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ELECTROVAYA INC.

Condensed Interim Consolidated Statements of Changes in Equity

(Expressed in thousands of U.S. dollars)

For the six-month periods ended March 31, 2025 and 2024

		Share Capital				Contributed Surplus				Warrants				Accumulated other Comprehensive Income				Deficit				Total
Balance – October 01, 2023			115,041				9,249				4,725				5,890				(127,759	)			7,146
Stock-based compensation			-				849				-				-				-				849
Issue of shares			199				-				-				-				-				199
Exercise of options			1,161				(498	)			-				-				-				663
Cumulative translation adjustment			-				-				-				(54	)			-				(54	)
Net loss for the period			-				-				-				-				(1,047	)			(1,047	)
Balance – March 31, 2024			116,401				9,600				4,725				5,836				(128,806	)			7,756
Balance – October 01, 2024			116,408				10,904				4,725				5,792				(129,244	)			8,585
Stock-based compensation			-				703				-				-				-				703
Issuance of shares			11,624				-				-				-				-				11,624
Exercise of options			30				(30	)			-				-				-				-
Cumulative translation adjustment			-				-				-				(190	)			-				(190	)
Net income for the period			-				-				-				-				408				408
Balance – March 31, 2025			128,062				11,577				4,725				5,602				(128,836	)			21,130

See accompanying notes to unaudited condensed interim consolidated financial statements.

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ELECTROVAYA INC.

Condensed Interim Consolidated Statement of Cash Flows

(Expressed in thousands of U.S. dollars)

Six-month periods ended March 31, 2025 and 2024

(Unaudited)

		Notes		March 31, 2025				March 31, 2024
Cash and cash equivalents provided by (used in)
Operating activities
Net income (loss) for the period					408				(1,047	)
Add :
Depreciation and amortization					645				590
Stock based compensation expense					703				849
Interest expense and other financing charges		Note 11			1,334				1,554
Unrealized foreign exchange					133				-
Cash provided by (used in) operating activities					3,223				1,946
Net changes in the working capital		Note 15			(7,975	)			(1,624	)
Cash from (used in) operating activities					(4,752	)			322
Investing activities:
Purchase of property, plant and equipment		Note 7			(889	)			(395	)
Cash from (used in) investing activities					(889	)			(395	)
Financing activities
Issuance of shares		Note 13			11,582				-
Exercise of options		Note 13			30				180
Proceeds from working capital facilities		Note 9(a)			29,531				30,434
Repayment of working capital facilities		Note 9(a)			(32,202	)			(27,510	)
Repayment of vendor take back loan		Note 10			(1,630	)			(702	)
Repayment of promissory note		Note 9(b)			(533	)			(507	)
Interest and other finance cost		Note 11			(1,209	)			(1,595	)
Government assistance					(13	)			(28	)
Lease payments		Note 12			(358	)			(186	)
Cash from (used in) financing activities					5,198				86
Increase (decrease) in cash and cash equivalents					(443	)			13
Cash and cash equivalents, beginning of period					781				1,032
Effect of movements in exchange rates on cash held					(55	)			71
Cash and cash equivalents at end of period					283				1,116
Supplemental cash flow disclosures:
Interest paid					1,046				872
Income tax paid					-				-
See accompanying notes to unaudited condensed interim consolidated financial statements.
Some comparative figures have been adjusted to make it consistent with current period presentation.

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ELECTROVAYA INC. Notes to unaudited condensed interim consolidated financial statements (Expressed in thousands of U.S. dollars) For the three and six month periods ended March 31, 2025 and 2024

1.	Reporting Entity
	Electrovaya Inc. (the “Company”) is domiciled in Ontario, Canada, and is incorporated under the Business Corporations Act (Ontario). The Company’s registered office is at 6688 Kitimat Road, Mississauga, Ontario, L5N 1P8, Canada. The Company’s common shares trade on the Toronto Stock Exchange and NASDAQ under the symbol ELVA.TO and ELVA, respectively. The Company has no immediate or ultimate controlling parent.   These unaudited condensed interim consolidated financial statements comprise the Company and its subsidiaries (together referred to as the “Group” or “Company”). The Company is primarily involved in the design, development, manufacturing and sale of Lithium-Ion batteries, battery systems and battery-related products for energy storage, clean electric transportation, and other specialized applications.
2.	Basis of Presentation
a.	Statement of Compliance
	These unaudited condensed interim consolidated financial statements have been prepared based on the principles of International Accounting Standard 34, “Interim Financial Reporting” as issued by the International Accounting Standards Board ("IASB"). These unaudited condensed interim consolidated financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the Company’s September 30, 2024 audited annual consolidated financial statements and accompanying notes.   These unaudited condensed interim consolidated financial statements were authorized for issuance by the Company’s Board of Directors on May 14, 2025.
b.	Basis of Accounting
	These unaudited condensed interim consolidated financial statements have been prepared on the going concern basis, which contemplates the realization of assets and settlement of liabilities as they fall due in the normal course of business.   During the six month periods ended March 31, 2025, the Company had cash (used)/ provided by in operations of $(4,752) (six month period ended March 31, 2024: $322). As of March 31, 2025, the Company had working capital of $26,234 (September 30, 2024: $887) and the net profit for the six-month period ended March 31, 2025 was $408 (six-month period ended March 31, 2024: net loss of $(1,047)).   The Company’s equity was in surplus of $21,130. As of March 31, 2025, the Company had cash and cash equivalents of $283.
c.	Functional and Presentation Currency
	These consolidated financial statements are presented in U.S. dollars and have been rounded to the nearest thousands, except per share amounts and when otherwise indicated. The functional currency of the Electrovaya Inc. is the Canadian dollar and the functional currencies of all the Group’s companies is US Dollars. Below are the companies within the Group - Electrovaya Corp., Electrovaya Company, Sustainable Energy Jamestown LLC, Electrovaya USA Inc.

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ELECTROVAYA INC. Notes to unaudited condensed interim consolidated financial statements (Expressed in thousands of U.S. dollars) For the three and six month periods ended March 31, 2025 and 2024

d.	Use of Judgements and Estimates
	The preparation of the unaudited condensed interim consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.   Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.   Information about significant areas of estimation uncertainty that have the most significant effect on the amounts recognized in the unaudited condensed interim consolidated financial statements relate to the following (assumptions made are disclosed in individual notes throughout the unaudited condensed interim consolidated financial statements where relevant):
	·	Estimates used in determining the net realizable values of inventories, taking into account the most reliable evidence available at each reporting date. The future realization of these inventories may be affected by future technology or other market-driven changes that may reduce future selling prices.
	·	Estimates used in determining the allowance for expected credit losses based on the assessment of the collectability of customer accounts and the aging of the related invoices and represents the best estimate of probable credit losses in the existing trade accounts receivable.
	·	Estimates used in testing non-financial assets for impairment including determination of the recoverable amount of a cash generating unit.
	·	Estimates used in determining the fair value of stock option grants and warrants. These estimates include assumptions about the volatility of the Company’s stock and forfeiture.
3.	Material Accounting Policies
	The material accounting policies adopted in these unaudited condensed interim consolidated financial statements are the same as those applied in the Company’s consolidated financial statements as at and for the year ended September 30, 2024. Unless otherwise stated, these policies have been consistently applied to all periods presented.

4.	Trade and Other Receivables

		March 31, 2025				September 30, 2024
Trade receivables, gross			16,979				10,577
Expected credit losses			(44	)			(64	)
Net trade receivables			16,935				10,513
Other receivables			1,138				779
Trade and other receivables			18,073				11,292

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ELECTROVAYA INC. Notes to unaudited condensed interim consolidated financial statements (Expressed in thousands of U.S. dollars) For the three and six month periods ended March 31, 2025 and 2024

As at March 31, 2025 0.71% of the Company’s accounts receivable is over 90 days past due (September 30, 2024 – 0.77 %)

	Current	31-60	61-90	>90 days	total
%	84.90%	9.75%	4.63%	0.71%	100%
Gross Trade receivable	14,416	1,656	786	121	$16,979

	Current	31-60	61-90	>90 days	total
Trade receivable (net of specific provision)	14,416	1,656	786	121	16,979
Expected loss rate	0.05%	0.24%	0.42%	24.79%	0.09%
Expected loss provision	$7	$4	$3	$30	$44

As at September 30, 2024  0.77% of the Company’s accounts receivable is over 90 days past due.

	Current	31-60	61-90	>90 days	total
%	78.52%	20.61%	0.10%	0.77%	100%
Gross Trade receivable	8,305	2,180	11	81	10,577

	Current	31-60	61-90	>90 days	total
Trade receivable (net of specific provision)	8,305	2,180	11	81	10,577
Expected loss rate	0.05%	0.24%	0.42%	66.67%	0.60%
Expected loss provision	4	5	0	55	64

The movement in the allowance for credit losses can be reconciled as follows:

		March 31, 2025				September 30, 2024
Beginning balance			64				257
Write off			-				(244	)
Allowance provided/(recovery)			(20	)			51
Ending balance			44				64

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ELECTROVAYA INC. Notes to unaudited condensed interim consolidated financial statements (Expressed in thousands of U.S. dollars) For the three and six month periods ended March 31, 2025 and 2024

5.	Inventories
a.	Total inventories on hand as at March 31, 2025 and September 30, 2024 are as follows:

		March 31, 2025				September 30, 2024
Raw materials			7,025				8,433
Semi-finished			13				324
Finished goods			942				941
			7,980				9,698

b.	During the period ended March 31, 2025, the provision for slow moving and obsolete inventories amounted to $212 (September 30, 2024: $225), which was also included in direct manufacturing costs.
c.	During the three and six month periods ended March 31, 2025, materials amounted to $10,306 and $17,400 (three and six month periods ended March 31, 2024: $6,871 and $15,063) was expensed through direct manufacturing costs.

6.	Prepaid expenses

		March 31, 2025				September 30, 2024
Prepaid expenses			1,076				612
Prepaid insurance			50				54
Prepaid purchases			7,840				6,981
			8,966				7,647

Prepaid purchases are comprised of vendor deposits on inventory orders for the future acquisition of inventories.

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ELECTROVAYA INC. Notes to unaudited condensed interim consolidated financial statements (Expressed in thousands of U.S. dollars) For the three and six month periods ended March 31, 2025 and 2024

7.	Property, plant and equipment

March 31, 2025
		Land & Building				Right of Use Asset				Leasehold Improvement				Production Equipment				Office Furniture & Equipment				Battery technology				Total
Gross carrying amount
Balance beginning			7,700				3,202				76				1,808				105				862				13,753
Additions			-				-				46				544				9				290				889
Exchange differences			-				(191	)			(4	)			(108	)			(6	)			19				(290	)
Balance ending			7,700				3,011				118				2,244				108				1,171				14,352
Depreciation and impairment
Balance beginning			(793	)			(1,583	)			(48	)			(1,193	)			(71	)			(168	)			(3,856	)
Additions			(187	)			(213	)			(7	)			(121	)			(13	)			(104	)			(645	)
Exchange differences			-				95				3				71				4				12				185
Balance ending			(980	)			(1,701	)			(52	)			(1,243	)			(80	)			(260	)			(4,316	)
Net Book Value ending			6,720				1,310				66				1,001				28				911				10,036
September 30, 2024
		Land & Building				Right of Use Asset				Leasehold Improvement				Production Equipment				Office Furniture & Equipment				Battery technology				Total
Gross carrying amount
Balance beginning			7,700				3,197				76				1,712				73				401				13,159
Additions			-				-				-				94				31				540				665
Exchange differences			-				6				-				3				1				52				62
Balance ending			7,700				3,203				76				1,809				105				993				13,886
Depreciation and impairment
Balance beginning			(419	)			(1,127	)			(33	)			(970	)			(60	)			(154	)			(2,763	)
Additions			(374	)			(454	)			(15	)			(221	)			(11	)			(114	)			(1,189	)
Exchange differences			-				(3	)			-				(3	)			(1	)			52				45
Balance ending			(793	)			(1,584	)			(48	)			(1,194	)			(72	)			(215	)			(3,907	)
Net Book Value ending			6,907				1,619				28				615				33				778				9,979

8.	Trade and Other payables

		March 31, 2025				September 30, 2024
Trade payables			6,110				7,073
Accruals			1,791				1,745
Employee payables			628				655
			8,529				9,473

Warranty provision continuity schedule is as follows:

		March 31, 2025				September 30, 2024
Opening provision			1,072				250
Utilised during the period			(301	)			(672	)
Provided during the period			262				1,494
Closing balance			1,033				1,072

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ELECTROVAYA INC. Notes to unaudited condensed interim consolidated financial statements (Expressed in thousands of U.S. dollars) For the three and six month periods ended March 31, 2025 and 2024

9.	Working Capital Facilities
a.	Revolving Credit Facility
	As at March 31, 2025, the balance owing under the facility is $13.61 million (Cdn $19.57 million). The maximum credit available under the facility is $20 million.   Cortland The interest on the revolving credit facility is the greater of a) 7.05% per annum above the Prime Rate or b) 12% per annum. Interest is payable monthly.   Bank of Montreal The interest rate is 7.45%, interest is payable monthly.

		March 31, 2025				September 30, 2024
Opening balance			16,283				11,821
Exchange difference			(980	)			20
Payments made during the period			(31,222	)			(47,805	)
Loan fees			(525	)			-
Cash drawn during the period			29,531				52,247
Closing balance			13,087				16,283

On September 29, 2023, the Company renewed its revolving facility and extended the term of the facility by three months to December 29, 2023. In exchange for this renewal, the Company issued 10,443 shares at Cdn $3.83 (as determined by five-day volume weighted average) as compensation for Cdn $40 amendment fee. This was included within finance costs in the statement of earnings. All other terms and conditions are unchanged.

On February 12, 2024, the Company revised its revolving facility, expanding its maximum principal amount to $22 million and extending its term to July 29, 2025. As part of this adjustment, a commitment fee of $303 Canadian was paid in cash on the closing date and amortised over the term of the facility.

On March 07, 2025, the Company entered into a three year credit agreement with Bank of Montreal as lender to provide working capital facilities with outstanding amount not exceeding $20 million and a $5 million accordion. As a part of this agreement, the balance outstanding with Cortland working capital facility has been paid off in full.  The company paid an early termination fee to Cortland for the amount of $375. Legal and professional fees in relation to the new facility have been capitalised and will be amortised over the period of the facility. The  working capital facility  provides  the  Bank with  security  over  the assets  of  the Company.

During the month of March 2025, the Company took a loan approval from Export–Import Bank of the United States for the amount of $51 million for the Jamestown facility with a term of 6.5 years. As of March 31, 2025, the Company has not drawn down on this loan.

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ELECTROVAYA INC. Notes to unaudited condensed interim consolidated financial statements (Expressed in thousands of U.S. dollars) For the three and six month periods ended March 31, 2025 and 2024

b.	Promissory Note

		March 31, 2025				September 30, 2024
Promissory Note opening balance			519				1,026
Finance cost			14				37
Repayment of Promissory Note (ii)			(533	)			-
Repayment of Promissory Note(i)			-				(507	)
Finance cost paid with options			-				(37	)
			-			$	519

i.	On February 16, 2024, the Executive Chairman and Chief Executive Officer both exercised options of Electrovaya Inc. A sum of $507 from the promissory note was utilized to cover portion of the options' purchase price. The remaining balance of the promissory note, amounting to $519, was then substituted with a new promissory note on February 28, 2024, carrying a 14% interest rate and paid off in the month of December 2024.
ii.	On March 31, 2023, the Company purchased 100% of the membership interest in Sustainable Energy Jamestown LLC (‘SEJ”), a New York incorporated company controlled by the majority shareholders of the Company. In return, the Company issued a promissory note for $1,050 to the members of SEJ, with a term of 365 days bearing interest at 7.5% annually payable at maturity. Interest recorded for the three and six month periods ended March 31, 2025 is $nil and $17 (Three and six month periods ended March 31, 2024: $18 and $37).

10.	Short term loans
	As of March 31, 2025, and September 30, 2024, short term loans consist of:

		March 31, 2025				September 30, 2024
Short term loans			-				-
Vendor take back			-				1,630
			-				1,630

The company paid back the VTB liability along with interest in the month of December 2024.

Closing balance as at September 30, 2023 (Short term: $3,457. Long term: $nil)			3,457
Repaid in period			(1,879	)
Interest accretion			52
Closing balance as at September 30, 2024 (Short term: $1,630 Long term: $nil)			1,630
Interest accretion			16
Repaid in period			(1,646	)
Closing balance as at December 31, 2024 (Short term: $1,630 Long term: $nil)			-

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ELECTROVAYA INC. Notes to unaudited condensed interim consolidated financial statements (Expressed in thousands of U.S. dollars) For the three and six month periods ended March 31, 2025 and 2024

11.	Finance costs
	During the three and six-month periods ended March 31, 2025 and 2024, the Company incurred both cash and non-cash finance costs. The following table shows the split as included on the statement of earnings.

		Three months period ended																												Six months period ended
		31-Mar-25												31-Mar-24												31-Mar-25												31-Mar-24
		Cash				Non-Cash				Total				Cash				Non-Cash				Total				Cash				Non-Cash				Total				Cash				Non-Cash				Total
Working capital facility			504				30				534				705				-				705				1,030				55				1,085				1,146				-				1,146
Shares issued			-				-				-				-				180				180				-				-				-				-				199				199
Promissory notes			-				-				-				-				37				37				-				17				17				-				37				37
Interest on VTB loan (note 10)			-				-				-				32				30				62				16				-				16				48				30				78
Lease interest (note 12)			145				(75	)			70				181				(93	)			88				145				-				145				181				-				181
Equity issuance cost			18				31				49				219				-				219				18				31				49				219				-				219
Changes in FV of derivative warrants			-				(59	)			(59	)			-				155				155				-				(42	)			(42	)			-				(564	)			(564	)
Accretion on government payable			-				38				38				-				89				89				-				64				64				-				258				258
			667				(35	)			632				1,137				398				1,535				1,209				125				1,334				1,594				(40	)			1,554