Exhibit 99.1
Envirotech Vehicles Announces First Quarter 2022 Financial Results
Osceola, Arkansas, May 16, 2022, Envirotech Vehicles, Inc. (“Envirotech Vehicles” or the “Company”) (OTCQX: EVTV), a provider of new zero-emission, purpose-built electric vehicles, today announced its results for the first quarter ended March 31, 2022. The Company has achieved several milestones, including an increase in sales, strategic partnerships with new factory authorized representatives, new alliances with state and federal entities, a newly launched omnichannel marketing strategy, as well as the opening of a new state-of-the-art US-based manufacturing facility.
First Quarter 2022 Financial Results
Sales were $1,108,500 for the three months ended March 31, 2022, compared to $470,793 for the three months ended March 31, 2021. The sales increase was primarily related to the sale of 12 vehicles in the first quarter of 2022 compared to five vehicles in the prior year period.
Total operating expenses for the three months ended March 31, 2022, were $2,947,648, compared to $596,153 for the same period in 2021, as the Company continues to invest in its operations in advance of anticipated higher sales. Total net operating expenses included non-cash charges of $1,633,504 for the three months ended March 31, 2022.
Net loss in the first quarter of 2022 was $2,527,397 compared to a net loss of $658,510 in the first quarter of 2021. Net loss per share was $(0.01) in the first quarter of 2022, consistent with net loss per share in the same period in 2022.
As of March 31, 2022, the Company had cash, cash equivalents, restricted cash and marketable securities of $9,099,105 as compared to $12,909,225 million of cash, cash equivalents, restricted cash and marketable securities as of December 31, 2021. Working capital at March 31, 2022 was $21,034,550 as compared to working capital of $21,473,117 at December 31, 2021.
Phillip Oldridge, Chief Executive Officer of Envirotech Vehicles, commented, “We recognized significantly improved revenue in the first quarter of 2022 as our state-of-the-art fleet of electric trucks and vans continue to see increased traction in the marketplace. By leveraging our valuable network of factory authorized representatives (FAR) and through voucher approvals for the purchase of our vehicles from state incentive programs like the New Jersey Zero Emissions Incentive Program (NJ ZIP), we’ve been able to drive considerable improvements in our sales numbers, both sequentially and year-over-year, and with finished goods inventory at March 31, 2022 of 24 trucks and 100 vans, we are poised to make more deliveries in the second quarter as well. Additionally, we are excited to announce that due to the overwhelming response to the EVT product we currently have 100 trucks and an additional 100 vans in production. We will start receiving shipments of both the trucks and vans in the second quarter and monthly through the end of the year.
