OSCEOLA, AR / ACCESSWIRE / November 14, 2022 / Envirotech Vehicles, Inc. (NASDAQ:EVTV), a provider of new zero-emission, purpose-built electric vehicles (the "Company"), today announced its results for the third quarter and nine months ended September 30, 2022.

Third Quarter 2022 Financial Results

Sales were $3,882,670 for the three months ended September 30, 2022, compared to $709,092 for the three months ended September 30, 2021. The sales increase was primarily related to the sale of 37 vehicles in the third quarter of 2022 compared to eight vehicles in the prior year period.

Total net operating expenses for the three months ended September 30, 2022, were $1,738,397, compared to $1,381,574 for the same period in 2021, as the Company continues to invest in its operations. The increase in expenses during the quarter is primarily related to increased headcount and sales and marketing expenses. Total net operating expenses included non-cash charges of $69,093 for the three months ended September 30, 2022.

Net income in the third quarter of 2022 was $126,749, or $0.01 per basic and diluted share, compared to a net loss of $850,475 or ($0.06) per basic and diluted share in the third quarter of 2021.

As of September 30, 2022, the Company had cash, cash equivalents, restricted cash and marketable securities of $4,659,538 and working capital of $20,246,804.

Phillip Oldridge, Chief Executive Officer of Envirotech Vehicles, commented, "In the third quarter, we generated a profit, the first in our company's history. This achievement was driven by a more than 75% increase in vehicle deliveries relative to the second quarter, as we delivered 37 units, and is also a testament to our lean, cost-focused organization. We believe we could have hit our target of doubling deliveries on a quarter over quarter basis if not for shipping delays, but are nonetheless very proud to have navigated the myriad of challenges presented by global supply chains to have delivered a total of 70 vehicles this year as of September 30."

"On the manufacturing front, we continued to make progress on refurbishing our Osceola, Arkansas facility during the third quarter," continued Mr. Oldridge. "We performed extensive maintenance and upkeep inside and on the grounds of the facility. Further, we have secured our engineering, design and architecture teams as we pivot to commencement of construction inside the building to convert it to an electric vehicle manufacturing, production and assembly facility by 2024."

"Looking ahead, legislative tailwinds and incentive programs are a big driver in these early days of what will be a generational shift to electric vehicles. As a result, we have hired a full-time grant writing firm, and have assembled a team of state and federal consultants to help ensure that we maximize our potential. As an example, we were excited to see the initial round of funding by the EPA to spur school bus electrification in the U.S., and we expect to be a beneficiary in 2023 and other future funding rounds as our school bus comes to market in the first half of next year. More broadly, we remain excited about large scale government fleet electrification opportunities, and have seen growing inquiries from prospective international customers as well. Going forward, growth may not be linear - and holiday shutdowns plus the impact on orders of the inherently lumpy state and federal funding programs would suggest we will see a retreat in fourth quarter 2022 deliveries relative to the third quarter - but we remain excited about the continued growing interest in and demand for our vehicles as we look out to 2023 and beyond," concluded Mr. Oldridge.

Conference Call Information

The Company will host a conference call tomorrow, Tuesday, November 15, 2022, at 8:30 a.m. Eastern Time to discuss its results for the third quarter and nine months ended September 30, 2022.

To access the live webcast, please click on this link.

To participate by phone, please dial 877-545-0523 approximately five minutes prior to the scheduled start time and request the Envirotech Vehicles call. International callers should dial 973-528-0016. Participants may also provide the access code, which is 815808.

A replay of the teleconference will be available until Tuesday, November 29, 2022, and may be accessed by dialing 877-481-4010. International callers should dial 919-882-2331. The replay passcode is 47078.

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. 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

ICR, Inc.
New York, NY
Telephone: (646) 200-8873
Email: envirotech@icrinc.com

Envirotech Vehicles
Susan Emry, Executive Vice President
Telephone: (870) 970-3355 ext. 1001
Email: sue.e@evtvusa.com

ENVIROTECH VEHICLES, INC.AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)

See Accompanying Notes to Unaudited Consolidated Financial Statements.

ENVIROTECH VEHICLES, INC.AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

See Accompanying Notes to Unaudited Consolidated Financial Statements.

SOURCE: Envirotech Vehicles, Inc.