Envirotech Vehicles, Inc.

EVTV

Overview

EVTV is a diversified hardware technology company that develops power-backed systems combining power generation, power management, and high-performance hardware for electrified and energy-intensive applications. Its core focus spans commercial electric vehicles, heavy-lift drone platforms, medical supply manufacturing (through Maddox Industries), and modular, power-integrated compute systems for data-center and advanced computing workloads. EVTV provides the infrastructure layer—power systems integration, modular enclosures, cooling, and electrical balance-of-system components—to support third-party compute workloads; the company does not develop proprietary AI software.

Core focus areas

• Commercial electric vehicles (Class 2–5, school buses, forklifts, street sweepers, neighborhood EVs, right-hand-drive models)
• Heavy-lift drone platforms for industrial and public-safety applications
• Medical supply manufacturing via Maddox Industries
• Power-driven computing and data infrastructure (modular, power-integrated compute systems)

Business segments and offerings

Commercial Electric Vehicles

• Vehicles: Class 2–4 vans, Class 4–5 urban trucks, school buses, electric forklifts, street sweepers, neighborhood EVs, and right-hand-drive vans/trucks.
• Manufacturing model: OEM-built chassis and subassemblies sourced from China, Taiwan, and Malaysia; EVTV performs final assembly, integration, customization, delivery coordination, and after-sales service.
• Features: Telemetry, power export, grid-connectivity options, with potential for automated charging and stationary energy storage.
• Customers: Fleet operators, municipal/public agencies, and institutional customers. Sales cycles are typically long and influenced by incentives.

Drone Systems (heavy-lift, industrial)

• Focus: Heavy-lift drones for agriculture, fire suppression, forestry, and related industrial uses; goal of U.S.-based manufacturing.
• Development status: Design and development phase; no commercial manufacturing or sales reported as of 12/31/2025.
• Capabilities under development: Geospatial mapping, coordinated multi-drone operations, and onboard sensing/analytics.
• Key actions: February 2025 engagement with a U.S. drone manufacturer to produce a heavy-lift drone to detailed specifications; plan to establish a U.S. drone manufacturing facility and pursue commercial sales after regulatory approvals.
• Ownership: In Q1 2025 EVTV acquired 52% of AG Drone Inc.; the remaining 48% is owned equally by Phillip Oldridge (Chairman), Jason Maddox (President/Interim CFO), and Elgin Tracy (COO).

Medical Supplies (Maddox Industries)

• Structure: Maddox Industries is a wholly owned subsidiary that manufactures medical supplies in the U.S. for Maddox Medical under government contracts.
• Purpose: Provide domestic manufacturing capability to support government procurement, supply chain resilience, and regulatory compliance; serves to validate semi-automated, regulated production processes in the U.S.
• Role: A supporting capability rather than a primary growth driver.

AI Data Infrastructure (power-driven computing and data infrastructure)

• Strategic direction: Beginning in 2026, EVTV initiated development of modular, power-backed computing infrastructure to support high-density AI and advanced computing workloads.
• Product concept: Containerized data-center modules that include dedicated power generation (including natural gas and other sources), electrical distribution, cooling, and rack-level compute hardware (initially CPUs with future support for GPUs).
• Deployment modes: Grid-connected, off-grid, or hybrid power configurations with potential on-site generation; target customers include hyperscale operators, government entities, and enterprises requiring secure, power-resilient compute.
• Development status: Planning and development phase.

Recent developments and strategy

• Strategic evolution (2025–2026): Shifted from a broader EV-market approach to emphasize scalable, margin-durable, power-backed infrastructure opportunities, including drones and modular compute infrastructure.
• Maddox acquisition (late 2024): Added domestic manufacturing capabilities and regulatory-compliant production experience.
• Drone program: Formal entry into the drone space in 2025 with the AG Drone investment and a U.S.-based heavy-lift drone development plan.
• Data-center planning: Evaluating power resources and infrastructure build-outs for data-center deployment in select U.S. regions, including South Texas.
• Corporate actions: Terminated a purchase order discounting facility with GOBA Capital in Q3 2025.
• Operations footprint: Transitioning corporate, manufacturing, and operational activities from Arkansas to Houston, Texas; relocation expected to complete in the first half of 2026.
• Houston hub: Subleased an 86,000-square-foot facility from Maddox Defense, Inc. at approximately $20,000 per month to centralize manufacturing and operations.
• Production model: Uses a semi-knocked-down (SKD) assembly model for commercial EVs; drone and AI infrastructure platforms are designed for U.S.-based manufacturing or deployment, with ongoing supplier and regulatory alignment.

Market and customers

• AI Data Infrastructure: Hyperscale/cloud providers, government agencies, enterprise and industrial customers with compute-intensive workloads, and infrastructure developers/partners seeking integrated power-and-compute solutions.
• Drone Systems: Large-scale agricultural operators, forestry managers, fire suppression and emergency response agencies, and government customers with domestic-sourcing requirements.
• Commercial EVs: Fleet operators (delivery, logistics, service), municipal/public agencies, and institutional/commercial customers focused on ROI-driven electrification.
• Sales dynamics: Relationship-driven and technical selling processes; sales cycles range from months to multiple years for infrastructure deployments.
• Customer commitments: The drone program has received deposits for priority access from prospective customers; those deposits are not firm commitments or recognized revenue.

Backlog and workforce

• Backlog (as of 12/31/2025): 2 zero-emission Class 4 trucks and 38 zero-emission Class 4 cargo vans under firm orders.
• Employees: 293 full-time employees as of 12/31/2025 across engineering, manufacturing, assembly, power management, automation, logistics, IT, and corporate functions.
• 2025 hiring: More than 250 manufacturing and machine-operator roles added to support the Houston relocation and scale-up of Maddox Industries operations.

Financial snapshot (selected figures)

• Net loss: $39.1 million in 2025; $8.8 million in 2024.
• Non-cash charges: Approximately $26.4 million in 2025, including about $13.4 million of goodwill impairment and other intangible impairments.
• Liquidity and capital: Cash and cash equivalents of $0.4 million as of 12/31/2025; negative working capital of approximately $9.8 million; accumulated deficit of about $112.6 million.
• Going concern: Management has concluded there is substantial doubt about the company’s ability to continue as a going concern; financial statements are prepared on a going-concern basis and management has not assured future financing outcomes.

Intellectual property and regulation

• Intellectual property: Strategy emphasizes trade secrets, confidentiality agreements, and selective registrations. Trademark activity includes three service marks and two U.S. trademark registrations for EV-related branding. EVTV will own IP rights to work product arising from its initial U.S.-manufactured drone model.
• Regulation:
  • EVs: Subject to federal and state motor vehicle safety, emissions, transportation, and environmental regulations, including evolving greenhouse-gas and heavy-duty standards.
  • Drones: Subject to FAA rules (Part 107 and evolving BVLOS regulations) and federal procurement considerations that favor domestic manufacturing for certain contracts.
  • AI data infrastructure: Subject to energy generation and interconnection rules, data-center regulations, environmental permitting for on-site generation, and security/privacy requirements.
  • Maddox/Maddox Medical: Subject to government-contract obligations, domestic sourcing requirements, cybersecurity, and compliance and audit risks.

Corporate information

• Primary presence: Houston, Texas (relocation from Arkansas underway in 2025–2026).
• Website: www.evtvusa.com

Summary

EVTV is transitioning from a primarily EV-focused vehicle company to a diversified platform builder for power-backed hardware across EVs, drones, medical manufacturing, and modular compute infrastructure. The company operates at multiple development stages: commercial activity and backlog in EVs, and early-stage development programs in drone systems and power-integrated compute infrastructure. EVTV reported material losses and limited cash at year-end 2025 while pursuing strategic acquisitions, U.S.-based manufacturing expansion, and new power-integrated compute offerings.