CORONA, CA / ACCESSWIRE / August 11, 2021 / Envirotech Vehicles Inc. (OTCQB:ADOM), a provider of new zero-emission purpose-built electric vehicles, today announced its results for the second quarter ended June 30, 2021.
Highlights and Recent Company Developments
- On May 26, 2021, the Company officially changed the company name to Envirotech Vehicles, Inc.
- Announced the signing of a Factory Authorized Representative (FAR) agreement with Sunset Vans, Inc., allowing the Corona, California based company and an industry leader in the manufacture and sale of wheelchair-accessible vans, to promote, sell and service Envirotech Vehicles' products throughout the United States through their nationwide sales and distribution network. Sunset Vans is required to purchase and stock two high-roof vans at commencement of the Agreement.
- Announced the signing of a FAR agreement with Joseph Holdings, Inc., a member of the Jose Y Jose Group of companies, allowing the Barbados-based company specializing in waste management services to promote, sell and service Envirotech Vehicles' products throughout the Caribbean. Joseph Holdings is required to buy at least one van and one Class 4 or Class 5 truck at commencement of the Agreement. Envirotech Vehicles has received a purchase order for 5 vehicles from Joseph Holdings valued at $400,000.
- Selected as an approved vendor for New Jersey's zero-emission incentive program, a $15 million pilot voucher program that supports businesses and institutions purchasing new, zero-emission vehicles operating in the greater Newark and greater Camden areas by offering up to $100,000 towards the purchase of battery-electric vehicles.
- Announced the appointment of industry veteran and former member of Envirotech Vehicles' board of directors Pam Compton as Director of Business Development.
- Joined the ASPIRE Engineering Research Center as an industry member.
- Announced the signing of a FAR agreement with Wasatch Clean Energy, allowing the Salt Lake City, Utah based truck and van equipment installation provider to promote, sell and service Envirotech Vehicles' products throughout the United States. Wasatch Clean Energy is required to buy at least one van and one Class 4 or Class 5 truck at commencement of the Agreement.
- Received a purchase order from Kingbee Rentals, LLC for the purchase of 25 Class 4 vans valued at $2 million in July 2021.
- Delivered the first all-electric Class 4 cargo van to Sunset Vans, Inc. and the first Class 4 all-electric truck to Zero Nox, Inc. under the Factory Authorized Representative ("FAR") agreement the parties entered into in May 2021.
- Announced the signing of a FAR agreement with Hoglund Bus Co., Inc., allowing the Monticello, Minnesota-based leader in the transportation industry serving customers in Minnesota, Iowa and Wisconsin, to promote, sell and service Envirotech Vehicles' products throughout the United States. Hoglund is required to buy at least one van and one Class 4 or Class 5 truck at commencement of the Agreement.
Phillip Oldridge, CEO of Envirotech Vehicles, commented, "As we move into the latter half of 2021, we remain focused on leveraging the growing market interest in the adoption of greener transportation options, and more specifically, the interest in our purpose-built, customer-ready trucks and industrial fleet vehicles. During the second quarter we made solid progress with our efforts to expand our market presence and reach. We continue to grow our network of Factory Authorized Representative agreements both domestically and internationally. These agreements allow us to greatly expand our sales and service capabilities and have been instrumental to the growth of the company."
Mr. Oldridge continued, "We are also continuing to build our product lines and ramping our fleet and operations to effectively position Envirotech Vehicles for the growing pipeline of opportunities that we're seeing increase our sales backlog. We've recently received purchase orders for a total of 30 vehicles amounting to total sales of approximately $2.4 million, showcasing the demand for our industry-leading, customer-ready product line. Envirotech Vehicles is strongly positioned to capitalize on these opportunities as we continue to see tremendous interest from fleet operators seeking the environmental and economic benefits of converting to electric vehicles.
The EV space has been steadily gaining momentum, and we're optimistic that the heightened government focus and support of our industry will benefit our business. We are a longstanding provider of reliable, cost-efficient electric vehicle offerings, and as we move forward we remain intently focused on bringing our portfolio of fleet vehicles to a broader and deeper audience of commercial, industrial and government customers," Mr. Oldridge concluded.
Second Quarter 2021 Financial Results
Sales were approximately $188,000 and $659,000 for the three and six months ended June 30, 2021, respectively, compared to $2,000 and $89,000 for the three and six months ended June 30, 2020. The sales increase was primarily related to the sale of two vehicles in the second quarter of 2021 and seven vehicles for the six months ended June 30, 2021, compared to one vehicle for the entire six-month period in 2020. Sales for the 2021 periods also include maintenance and inspection service sales.
Total operating expenses for the three and six months ended June 30, 2021 were approximately $931,000 and $1,528,000, respectively, compared to $95,000 and $206,000 for the same periods in 2020, as the company invested in its operations in advance of anticipated higher sales.
Net loss in the second quarter of 2021 was approximately $893,000, compared to a net loss of $87,000 in the second quarter of 2020. Net loss for the six months ended June 30, 2021 was approximately $1.6 million compared to a net loss of $184,000 for the same period in 2020.
As of June 30, 2021, the Company had cash, cash equivalents, restricted cash and marketable securities totally $20.6 million and working capital of $24.3 million.
Conference Call Information
The Company will host a conference call today, Wednesday, August 11, 2021 at 4:30 pm ET to discuss its second quarter 2021 results.
To access the live webcast, please use the following link: https://www.webcaster4.com/Webcast/Page/2214/42429
To participate in the call by phone, dial (844) 407-9500 approximately five minutes prior to the scheduled start time. International callers should dial (862) 298-0850. A replay of the teleconference will be available until Wednesday, August 25, 2021, and may be accessed by dialing (877) 481-4010 and using replay passcode 42429. International callers should dial (919) 882-2331and use replay passcode 42429.
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 known as 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
Investor Relations Contacts:
IMS Investor Relations
John Nesbett/Jennifer Belodeau
Telephone: 203.972.9200
Email: jnesbett@imsinvestorrelations.com
Envirotech Vehicles
Michael K. Menerey, Chief Financial Officer
Telephone: (951) 407-9860 ext. 1205
Email: mike.m@evtvusa.com
SOURCE: Envirotech Vehicles, Inc.
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