Phillip Oldridge, CEO Electric vehicles (EV) are well on their way to becoming a mainstay of the global automobile industry. Reduced emissions, the use of clean energy, and technological advancements;the proliferation of EV innovation promises a future with the smallest possible carbon footprint. EVs boast lower maintenance costs than their internal combustion engine counterparts. The main challenge for the eco-friendly means of transportation, however, is range anxiety. Battery life and the lack of accommodating infrastructure, such as charging stations, need to be addressed for EVs to go main stream. Envirotech Vehicles places its best foot forward at this juncture, delivering the most intuitive vehicle manufacturing solutions for this fast-evolving marketplace.
Fast chargers deliver a benchmark of 80-percent of vehicle battery power in 30 minutes. But in the US, less than 20-percent of existing public EV chargers are fast chargers. Consider, as well, that 27-percent of greenhouse gas emissions are generated by the transportation sector alone Envirotech Vehicles offers a solution to both problems by designing transport vehicles capable of achieving a full charge within four hours, making them a viable option for long-distance and last-mile deliveries. The enterprise manufactures purpose-built,all-electric, zeroemission vehicles that are used in medium- to heavy-duty commercial fleet transportation of goods. Most importantly, each EV is Environmental Protection Agency (EPA) certified.
“We focus on providing our customers with unique and costeffective solutions, addressing the challenges of traditional fuel price cost instability and local, state, and federal environmental regulatory compliances,” says Phillip Oldridge, CEO of Envirotech Vehicles.
The company’s EVs—categorized under urban truck, logistics van, and van cutaway—are user-friendly and require far fewer maintenance service intervals. Unlike gas or diesel-based automobiles, there is no need for glycol or transmission services. A minimum number of computer chips are used in Envirotech Vehicles’ products, giving it an edge over its competitors who are struggling to obtain electronic components. Instead,the company opts for mechanical parts that are wired and directly driven by motors connected to a control box, similar to electrical windows and power door locks in modern cars. Each vehicle has its own battery and vehicle management systems connected to an on board computer. Setting these components aside, the vehicular controls are very easy to maintain and use. This lowtech approach reduces manufacturing costs and ensures the long-term durability of every vehicle.
Envirotech Vehicles assisted a solar power technology solutions provider in achieving their organizational goals. The client was in need of a delivery transportation system. They reached out to Envirotech for assistance. One of the company’s three categories of vehicles perfectly fit the client’s needs. The transition from fossil fuels to an eco-friendly power source greatly benefited them in terms of productivity and client relationships. Deliveries were completed faster and the use of emission-free transport, with the promise of a green energy infrastructure, restored the customer’s faith in their environment-friendly practices.
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We focus on providing our customers with unique and cost-effective solutions, addressing the challenges of traditional fuel price cost instability and local, state, and federal environmental regulatory compliances
In a time that faces an uncertain ecological future,the need to reduce each industry’s carbon footprint is vital. Envirotech Vehicles stands perfectly poised to aid the world in making the necessary changes.
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First Quarter 2024 Financial Results
Sales were $810,490 for the three months ended March 31, 2024, compared to $523,199 for the three months ended March 31, 2023. The sales increase was primarily related to additional units sold in 2024 versus the same period in 2023. This reflects an increase of approximately 55% over the same quarter in 2023.
Net loss in the first quarter of 2024 was $4,532,363, or ($0.29) per basic and diluted share, compared to a net loss of $2,267,908 or ($0.15) per basic and diluted share in the first quarter of 2023. Adjusted net loss in the first quarter of 2024 was $1,144,053, or ($0.07) per basic and diluted share, compared to adjusted net loss of $2,180,764 or ($0.14) per basic and diluted share in the first quarter of 2023.
Adjusted EBITDA was ($1,098,698) for the first quarter of 2024 versus adjusted EBITDA of ($2,183,933) for the same period in 2023, reflecting an increase of $1,085,235 in 2024 compared to the same period in 2023.
As of March 31, 2024, the Company had cash and cash equivalents, of $1,049,357 and working capital of approximately $8,148,204.
Phil Oldridge, CEO and Chairman of the Company's Board of Directors, stated that, "we continue to work on expanding our business while maintaining vigilance over spending as a part of our principled operating philosophy."
"On the manufacturing front, we started to make progress on refurbishing our Osceola, Arkansas facility during the first quarter," continued Mr. Oldridge. "The Company has also started the leasehold improvements to the Clark facility in the Philippines."
"Looking ahead, we are excited to see the 2023 round of funding by the EPA to spur school bus electrification in the U.S., and we were awarded as a beneficiary in 2024 for 25 all electric EVT school buses. More broadly, we remain excited about our previously announced partnership with Plug'd. We delivered units in Q1 2024 and have partnered with them for leasing to fleet and government customers. We continue to see an increase in demand for our vehicles from companies that can take delivery of our products in the short term as opposed to simply generating backlogs of orders without firm delivery dates. At Envirotech Vehicles, we believe that this continued growing interest in and demand for our vehicles provides a positive outlook through 2024 and beyond," concluded Mr. Oldridge.