Electrovaya

Key valuation inputs and assumptions used in the BSM are stock price of CAD $4.55, expected life of 3 years, annualized volatility of 85.58%, annual risk-free rate of 3.87%, and annual dividend yield of 0.0%.

SEC original ↗Electrovaya — Earnings release (6-K exhibit)EX-99Aug 11, 2026

For the financial year ending September 30, 2025, key valuation inputs and assumptions used in the BSM when valuing the warrants as at September 30, 2025, were, stock price Cdn $8.20 (September 30, 2024: Cdn $3.16), expected life of 0.11 years (September 30, 2024: 1.1 years), annualized volatility of 87.03% (September 30, 2024: 52.72%), annual risk-free rate of 2.49 % (September 30, 2024: 2.94%), and dividend yield of 0.0 % (September 30, 2024: 0.0%).

SEC original ↗Electrovaya — Earnings release (6-K exhibit)EX-99Aug 11, 2026

Borrowing costs arising from the EIR accretion of the loan fees are capitalized to capital work in progress (CWIP) in accordance with IAS 23 Borrowing Costs, only up to the date the qualifying asset is ready for its intended use.

SEC original ↗Electrovaya — Earnings release (6-K exhibit)EX-99Aug 11, 2026

Thereafter, such borrowing costs are recognized in profit or loss.

SEC original ↗Electrovaya — Earnings release (6-K exhibit)EX-99Aug 11, 2026

Revolving Credit Facility- Bank of Montreal (BMO) As at June 30, 2026, the principal balance under the facility is $18,760 (Cdn $26,649).

SEC original ↗Electrovaya — Earnings release (6-K exhibit)EX-99Aug 11, 2026

The interest is payable monthly and carrying value of the BMO revolving credit facility is as follows - June 30, 2026 September 30, 2025 Opening balance $ 17,672 16,283 Exchange difference (853 ) (1 ) Payments made during the period (40,612 ) (77,895 ) Loan fees amortization 144 104 Loan fees - (565 ) Cash drawn during the period 42,093 79,757 Closing balance $ 18,444 17,683 During March 2025, the company paid off its Cortland working capital facility.

SEC original ↗Electrovaya — Earnings release (6-K exhibit)EX-99Aug 11, 2026

Risk Management The Company may be exposed to risks of varying degrees of significance which could affect its ability to achieve its strategic objectives.

SEC original ↗Electrovaya — Earnings release (6-K exhibit)EX-99Aug 11, 2026

OTHER RISKS 24 2 | Page Introduction Management s discussion and analysis ( MD&A ) provides our viewpoint on our Company, performance and strategy.

SEC original ↗Electrovaya — Earnings release (6-K exhibit)EX-99Aug 11, 2026

OUR STRATEGY We have developed a highly proprietary and specialized lithium-ion technology that provides superior cycle life and safety.

SEC original ↗Electrovaya — Earnings release (6-K exhibit)EX-99Aug 11, 2026

Given these advantages, the Company is focused on applications where those two performances differentiators provide the greatest benefits which has led to a focus on heavy duty and mission critical applications.

SEC original ↗Electrovaya — Earnings release (6-K exhibit)EX-99Aug 11, 2026

To achieve these strategic objectives, we intend to: Establish global strategic relationships in order to broaden the market potential of our products and services.

SEC original ↗Electrovaya — Earnings release (6-K exhibit)EX-99Aug 11, 2026

dollars) For the three and nine month periods ended June 30, 2026 and 2025 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.

SEC original ↗Electrovaya — Earnings release (6-K exhibit)EX-99Aug 11, 2026

QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT RISKS AND UNCERTAINTIES 20 15.

SEC original ↗Electrovaya — Earnings release (6-K exhibit)EX-99Aug 11, 2026

Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate are necessarily applied in making forward looking statements and such statements are subject to risks and uncertainties, therefore actual results may differ materially from those expressed or implied in such statements and undue reliance should not be placed on such statements.

SEC original ↗Electrovaya — Earnings release (6-K exhibit)EX-99Aug 11, 2026

Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward looking statements may be found in the Company s Annual Information Form for the year ended September 30, 2025 under Risk Factors , in the Company s base shelf prospectus dated September 17, 2024, and in the Company s most recent annual and interim Management s Discussion and Analysis under Qualitative And Quantitative Disclosures about Risk and Uncertainties , as well as in other public disclosure documents filed with Canadian securities regulatory authorities.

SEC original ↗Electrovaya — Earnings release (6-K exhibit)EX-99Aug 11, 2026

QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT RISKS AND UNCERTAINTIES The Company may be exposed to risks of varying degrees of significance which could affect its ability to achieve its strategic objectives.

SEC original ↗Electrovaya — Earnings release (6-K exhibit)EX-99Aug 11, 2026

With the recent change in the political leadership of the United States of America, permanent or temporary tariffs on trade between Canada and the United States is a possibility.

SEC original ↗Electrovaya — Earnings release (6-K exhibit)EX-99Aug 11, 2026