Envirotech Vehicles Inc. of Osceola (Nasdaq: EVTV) on Monday reported a $1 million loss in the second quarter, slightly more than the electric vehicle maker’s $893,079 loss in the same period a year ago.
On a per-share basis, the loss was 7 cents, up from 6 cents in the second quarter of 2021.
Sales in the quarter totaled $2.1 million, up from $188,266 a year ago. The company sold 21 vehicles, compared to two vehicles in the second quarter of 2021. For the year to date, the company has delivered 33 vehicles.
CEO Phillip Oldridge called the period a “breakout quarter.”
“We’re seeing tremendous order volume for our electric trucks and vans as state and federal funding becomes more available, and importantly, we’re delivering orders and enabling our customers to begin transitioning their fleets to EVs … With the recent passing of the Inflation Reduction Act, which, among other provisions, includes the introduction of a new commercial clean vehicle credit, we anticipate businesses will be even more incentivized to accelerate their transition to clean energy fleets, and EVTV is well-positioned to continuing to assist that move,” he said in a news release.
Envirotech last week announced orders for three of its Class 4 logistics vans under the New Jersey Zero Emissions Incentive Program, or ZIP. That brought total orders under the program to 43 vehicles valued at more than $3.8 million.
Operating expenses for the quarter totaled were $1.8 million, up from $931,354 a year ago. The company attributed the increase to expanded sales and marketing efforts, as well as research, development and engineering costs related to the company’s new school bus offering and Class 5 truck, expected to be available by the end of the year.
Envirotech in June announced that it was eligible for $27 million in performance-based state incentives for development of its manufacturing facility in Osceola. Work at the 850,000-SF facility is ongoing.
As of June 30, the company had cash, cash equivalents, restricted cash and marketable securities of $6.3 million and working capital of just under $20 million.
Shares of Envirotech rose 2% in after-hours trading Monday. For the year to date, the company’s stock is up 6%.