Company Overview - Envirotech Vehicles, Inc.

Business Focus:
Envirotech Vehicles, Inc. specializes in providing purpose-built zero-emission electric vehicles (EVs) designed primarily for commercial, municipal, and institutional fleet applications. The company's vehicles aim to reduce the total cost of ownership while helping fleet operators comply with environmental regulations.

Product Offerings:

• Class 2 through 4 logistics vans
• Class 4 through 5 urban trucks
• School buses
• Electric forklifts
• Street sweepers
• Neighborhood electric vehicles
• Right-hand drive vans and urban trucks

These vehicles are manufactured by OEMs located in China, Malaysia, and the Philippines, and are marketed, sold, warrantied, and serviced through a developing distribution and service network. Future plans include expanding into automated charging infrastructure and stationary energy storage solutions.

Market & Industry Context:

• The company operates amidst increasing regulatory pressure for zero-emission vehicles, especially in California, which has set mandates for zero-emission trucks and school buses.
• The global EV market is rapidly growing, with nearly 14 million new EVs registered worldwide in 2023 and US EV sales projected to increase by 20% in 2024.
• Market growth is driven by environmental concerns, policy incentives, and advancements in technology.

Customers & Market Segments:

• Public and private fleet operators
• School districts
• Last-mile delivery companies
• Bus transit agencies
• Colleges and universities
• Government and municipal agencies
• Commercial users like ports, rail, and distribution centers
• Industries such as agriculture, food processing, mining, oil & gas, and utilities

Number of Employees:

• As of April 10, 2025: 23,106,392 shares of common stock issued and outstanding. (Total employee count: 22 FT employees)

Financial Highlights (2024):

• Revenue: ~$1.9 million (decreased from ~$2.9 million in 2023)
• Net Loss: ~$8.8 million (improved from ~$12.7 million in 2023)
• Non-cash Expenses (2024): ~$2.7 million
• Assets (December 31, 2024): ~$32.67 million including cash equivalents, inventory, property, goodwill, and intangible assets.
• Liabilities (December 31, 2024): ~$11.75 million, primarily current liabilities including accounts payable, deferred revenue, accrued liabilities, and current debt.
• Stockholders’ Equity: ~$20.9 million

Recent Corporate Activity:

• In October 2024, Envirotech acquired Maddox Industries, LLC, which involved issuing 3.1 million shares and aligning leadership with Jason Maddox appointed as President.
• The company continues to expand its manufacturing footprint, moving corporate HQ to Houston, TX, and developing dealer and service networks across key states.

Summary:
Envirotech Vehicles, Inc. is a U.S.-based provider of electric, purpose-built commercial vehicles targeting fleet operators with a focus on reducing emissions and operational costs. The company is actively expanding its product line, manufacturing capacity, and dealer network amid a growing global EV market with shifts in regulation and incentives supporting zero-emission vehicle adoption.