Problem with Electrovaya is lack of confidence in management promise, just looks to last 3 years corporate presentation promise and reality.

Litarion/Separion is first materialized promise since long and an excellent news (best of last 10 years indeed), but market is not stupid despite 900% sales increase stock price is flat because 92% of those revenue comes from phase out Daimler contract in October.

Except large and biggest in Electrovaya history "sales pipeline" which remains to understand meaning for Electrovaya not yet any proof of lithium ion commercial order success (Mondelez, Walmart, Storage, ...) except 1M$ sales of Separion and 8.2MWh (less than 2% plant capacity) electrode sales to Leclanché but will need much more to justify Litarion acquisition.

As mention in management discussion they have a very short time to replace Daimler contract, so it is a gamble, hope they will succeed but should not forget inherent risk.