Envirotech Vehicles Reports Fourth Quarter and Full Year 2021 Results

Rhea-AI Summary

Envirotech Vehicles Inc. (OTCQX:EVTV) announced its financial results for Q4 and the full year 2021. Sales surged to $674,693 in Q4 2021, up from $0 in Q4 2020, driven by the sale of six vehicles. Full-year sales reached $2,042,844, compared to $88,735 in 2020, with 20 vehicles sold. However, operating expenses increased significantly to $5,576,291 in Q4 and $8,485,372 for the year, leading to net losses of $4,358,792 and $7,652,099, respectively. The company reported cash reserves of $12,909,225 and plans to scale operations with a new manufacturing facility in Arkansas.

Positive

• Sales increased to $674,693 in Q4 2021 from $0 in Q4 2020.
• Full-year sales rose to $2,042,844 in 2021 from $88,735 in 2020.
• Opened a 580,000 square foot manufacturing facility in Arkansas, enhancing domestic manufacturing capabilities.
• Received $1.4 million in additional vouchers from the New Jersey Zero Emission Incentive Program.

Negative

• Net loss of $4,358,792 in Q4 2021 compared to $24,660 in Q4 2020.
• Total operating expenses reached $5,576,291 in Q4 2021, up from $149,096 in Q4 2020.
• Net loss for the year was $7,652,099 compared to $279,521 the previous year.

OSCEOLA, AR / ACCESSWIRE / April 27, 2022 / Envirotech Vehicles Inc. (OTCQX:EVTV), a provider of new zero-emission purpose-built electric vehicles, today announced its results for the fourth quarter and full year ended December 31, 2021.

Fourth Quarter and Full Year 2021 Financial Results

Sales were $674,693 for the three months ended December 31, 2021, compared to $0 for the three months ended December 31, 2020. The sales increase was primarily related to the sale of six vehicles in the fourth quarter of 2021 compared to no vehicles in the prior year period. Sales for the 2021 period also include maintenance and inspection service sales.

Sales were $2,042,844 million for the full year ended December 31, 2021, compared to $88,735 for the full year ended December 31, 2020. The sales increase was primarily related to the sale of 20 vehicles in the 2021 period compared to one vehicle in the prior year period. Sales for the 2021 period also include maintenance and inspection service sales.

Total operating expenses for the three months and full year ended December 31, 2021, were $5,576,291 and $8,485,372, respectively, compared to $149,096 and $426,132 for the same periods in 2020, as the company continues to invest in its operations in advance of anticipated higher sales. Total net operating expenses included non-cash charges of approximately $3,643,056 and $4,119,098 respectively, for the three months and full year periods ended December 31, 2021.

Net loss in the fourth quarter of 2021 was $4,358,792 compared to a net loss of $24,660 in the fourth quarter of 2020. Net loss for the year ended December 31, 2021 was $7,652,099 compared to a net loss of $279,521 for the same period in 2020. Net loss per share was $(0.01) in the fourth quarter of 2021 and $(0.03) for the year ended December 31, 2021.

As of December 31, 2021, the Company had cash, cash equivalents, restricted cash and marketable securities of $12,909,225 and no debt as compared to $1,930,132 million of cash, cash equivalents, restricted cash and marketable securities as of December 31, 2020. Working capital at December 31, 2021 was $21,473,117 as compared to a working capital deficit of $788,911 at December 31, 2020.

Phillip Oldridge, CEO of Envirotech Vehicles, commented, "Throughout 2021, we experienced a significant increase in order activity for our best-in-class fleet of electric trucks and vans. State and federal voucher programs like the New Jersey Zero Emission Incentive Program (NJ ZIP), for which we are an approved vendor, continue to grant vouchers to our customers for the purchase of our vehicles, as well as heightened order activity from our factory authorized representative, or FAR, network. In February 2022, we announced that we will be opening a 580,000 square foot state of the art manufacturing facility in Osceola, Arkansas, uniquely positioning us as one of the only EV companies with manufacturing capabilities in the United States. Since then, we've completed final assembly on several electric vehicles at the facility. As the only licensed vehicle manufacturer in the state of Arkansas, this is a major milestone for both Envirotech Vehicles and the community of Osceola, and we look forward to ramping our manufacturing capabilities as we progress through 2022.

Highlights and Recent Company Developments:

• Opened a state-of-the-art 580,000 square foot manufacturing facility in Osceola, Arkansas. Envirotech Vehicles is now one of the only EV companies with manufacturing capabilities in the United States establishing an early and crucial foothold in the rapidly growing U.S. EV market.
• New Jersey Zero Emissions Incentive Program awarded an additional 18 vouchers at a total value of approximately $1.4 million towards the purchase of the Company's vehicles. To date, NJ ZIP has awarded voucher grants for the purchase of 31 of the Company's vehicles at a total value of aaproximately $2.7 million.
• Introduced a fully electric right side driving cargo van as an ideal solution for delivery fleets that will allow drivers to deliver postage and packages without exiting the vehicle.
• Signed a FAR agreement with Central State Bus Sales allowing the Fenton, Missouri-based bus provider to promote, sell and service Envirotech Vehicles products.
• Delivered 10 Class 4 high-roof logistics vans to Kingbee Rentals and two up-fitted box trucks to Louis Sardo Bus & Coach Upholstery.
• Announced the addition of Christian Rodich as Chief Financial Officer on 2/1/2022 and the promotion of Sue Emry to Executive Vice President on 12/1/2021.
• Graduated to the OTCQX Best Market and changed our ticker symbol to ‘EVTV'.

Mr. Oldridge continued, "In addition to our new facility, we increased our visibility by listing our stock on the OTCQX and changed our ticker ‘EVTV' to better reflect our new name and brand. We are seeing tremendous interest in our vehicles, and we've focused on ensuring we have the appropriate inventory levels to meet market demand. In November of 2021, we received delivery of 40 vehicles and ended the year with 68 vehicles in our inventory. We received an additional 58 class 4 vans in February of 2022 including 10 of our new right side drive delivery vans. Looking forward, we believe that we are well positioned to meet the increasing demand for our products and complete deliveries to our customers both efficiently and in a timely manner. Given the strength of our pipeline, our backlog, and with the logistical complexities of relocating our operations to Arkansas largely behind us, we are confident that we'll be able to capitalize on the momentum we built in 2021 and deliver a strong 2022 with sequential revenue growth in Q1 2022 over Q4 of 2021."

Conference Call Information

The Company will host a conference call today, Wednesday, April 27, 2022, at 5:00 p.m. Eastern time to discuss its fourth quarter and full year 2021 results.

To access the live webcast, please use the following link:

https://www.webcaster4.com/Webcast/Page/2214/45386

To participate in the call by phone, dial (877) 545-0320 approximately five minutes prior to the scheduled start time and use access code 378789. International callers should dial (973) 528-0002 and use access code 378789.

A replay of the teleconference will be available until Wednesday, May 11, 2022, and may be accessed by dialing (877) 481-4010 and using replay passcode 45386. International callers should dial (919) 882-2331 and use replay passcode 45386.

About Envirotech Vehicles

Envirotech Vehicles, Inc. is a provider of purpose-built zero-emission electric vehicles focused on reducing the total cost of vehicle ownership and helping fleet operators unlock the benefits of green technology. We serve commercial and last-mile fleets, school districts, public and private transportation service companies and colleges and universities to meet the increasing demand for heavy duty electric vehicles. Our vehicles address the challenges of traditional fuel price cost instability and local, state and federal environmental regulatory compliance. For more information visit www.EVTVUSA.com.

Cautionary Statement Regarding Forward-Looking Statements

Statements made in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in reports filed by Envirotech Vehicles, Inc. (formerly ADOMANI, Inc.) with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "planned," "expected," "believes," "strategy," "opportunity," "anticipated," "outlook," "designed," and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, Envirotech Vehicles undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.

Contact Information:

IMS Investor Relations
John Nesbett/Jennifer Belodeau
Telephone: 203.972.9200
Email: evtv@imsinvestorrelations.com

Envirotech Vehicles
Christian Rodich, Chief Financial Officer
Telephone: (951) 407-9860 ext. 1207
Email: christian.r@evtvusa.com

SOURCE: Envirotech Vehicles, Inc

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FAQ

What were Envirotech Vehicles' sales figures for Q4 2021?

Envirotech Vehicles reported sales of $674,693 for Q4 2021, an increase from $0 in Q4 2020.

What was the net loss for Envirotech Vehicles in 2021?

The net loss for Envirotech Vehicles in 2021 was $7,652,099, compared to a net loss of $279,521 in 2020.

What is the significance of the new manufacturing facility for Envirotech Vehicles?

The new 580,000 square foot manufacturing facility in Arkansas positions Envirotech as one of the few EV companies with domestic manufacturing capabilities.

How much funding did Envirotech Vehicles receive from the New Jersey Zero Emission Incentive Program?

Envirotech Vehicles received an additional $1.4 million in vouchers from the New Jersey Zero Emission Incentive Program.