Electric vehicle maker Envirotech Vehicles Inc. of Osceola widened its net loss in the first quarter, but saw its sales increase drastically, the company reported late Monday.
The electric vehicle maker (Otcqx: EVTV) lost $2.53 million in the quarter, or 1 cent per share, compared to $658,510 in the first quarter of 2021. Sales totaled $1.12 million, up from $470,793.
The company said it sold 12 vehicles during the quarter whereas it sold five vehicles in the first quarter of 2021.
As of March 31, Envirotech had cash, cash equivalents, restricted cash and marketable securities of nearly $9.1 million, down from $12.9 million as of Dec. 31. Working capital was $21 million compared to $21.5 million.
CEO Phillip Oldridge said in a news release that the company had grown its sales by leveraging its network of factory authorized representatives and voucher approvals for the purchase of its vehicles from state incentive programs like the New Jersey Zero Emissions Incentive Program.
He also said the company had 24 trucks and 100 vans ready to be delivered when the quarter ended. Another 100 trucks and 100 vans are in production, Oldridge said, to meet demand.
In addition, the first phase of renovations at its 580,000-SF plant in Osceola is now complete, he announced. The company is moving ahead with the next phase of construction.
"As we've mentioned previously, with this facility, we are currently one of the only EV companies with manufacturing capabilities in the United States. As the only licensed vehicle manufacturer in the state of Arkansas, we have a unique opportunity to gain an early foothold in the region and benefit from the robust business climate and highly capable workforce that Osceola has to offer,” Oldridge said. “We are energized by our progress so far, and we remain confident in our ability to effectively scale our business and deliver positive results throughout the balance of 2022."
Envirotech filed preliminary paperwork with the SEC this month showing that it plans to hold an initial public offering and uplist its stock to Nasdaq.