Envirotech Reports Losses for Q4 and Full Year, Says Demand is Increasing

Envirotech Reports Losses for Q4 and Full Year, Says Demand is Increasing
Envirotech CEO Phillip Oldridge (Envirotech)

Electric vehicle maker Envirotech Vehicles Inc. of Osceola widened its net losses in the fourth quarter and the full year, the company reported late Wednesday.

The electric vehicle maker (Otcqx: EVTV) lost $4.36 million in the quarter, or 1 cent per share, compared to $24,660 in the fourth quarter of 2020. Net loss for the year totaled $7.65 million, or 3 cents per share, compared to $279,521. 

However, sales increased significantly, to $674,693 in the fourth quarter and $2.04 million in 2021, up from no sales in the same quarter of last year and $88,735 in 2020. 

The company said it sold six vehicles during the quarter whereas it didn’t sell any vehicles in the fourth quarter of 2020. Last year, it sold 20 vehicles, compared to one vehicle in 2020. It also sold maintenance and inspection services.

CEO Phillip Oldridge said in a news release that Envirotech saw more order activity in part because it is an approved vendor for state and federal voucher programs, such as the New Jersey Zero Emission Incentive Program. That program has awarded voucher grants worth approximately $2.7 to Envirotech customers, allowing them to buy 31 of its vehicles, the company reported on Wednesday.

In February, Envirotech announced it would be opening its 580,000-SF manufacturing facility in Osceola, “uniquely positioning us as one of the only EV companies with manufacturing capabilities in the United States,” Oldridge added. 

That facility has opened and final assembly on several vehicles was completed there, he said. Also, last month, Envirotech became the only company of its kind to be licensed in Arkansas

Other highlights noted in the report include that the EV maker:

  • Introduced a fully electric right side driving cargo van that will allow drivers to deliver postage and packages without exiting their vehicles
  • Signed an agreement with Central State Bus Sales, allowing the Fenton, Missouri-based bus provider to promote, sell and service Envirotech products
  • Delivered vans to Kingbee Rentals and two box trucks to Louis Sardo Bus & Coach Upholstery
  • Hired Christian Rodich as chief financial officer and promoted to Sue Emry to executive vice president
  • Listed its stock on the OTCQX and changed its ticker to EVTV

Oldridge said the company has focused on making sure it has inventory to meet increasing demand. In November, 40 vehicles were delivered to the company. It ended the year with 68 vehicles, and received another 58 vans in February, including 10 of the new right side driving models. 

The CEO also said he believes the company is well positioned to not only meet demand but complete deliveries to customers in an efficient and timely manner.

Envirotech expects to see sequential revenue growth in the first quarter of this year. 

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