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Envirotech Vehicles, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no sales revenue for the three months ended September 30, 2024, compared to $100,024 in the same period the previous year. For the nine months ended September 30, 2024, sales revenue was $1,623,260, down from $2,756,103 in the previous year.
Cost of sales for the three months ended September 30, 2024, was $133,931, compared to $80,283 in the same quarter of the previous year. The cost of sales for the nine months ended September 30, 2024, was $1,245,149, compared to $1,739,005 in the previous year.
The company reported a net loss of $1,234,986 for the three months ended September 30, 2024, compared to a net loss of $5,988,423 in the previous year. For the nine months ended September 30, 2024, the net loss was $6,522,441, compared to $9,510,360 in the previous year.
General and administrative expenses were $1,395,921 for the three months ended September 30, 2024, compared to $2,578,727 in the previous year. For the nine months ended September 30, 2024, these expenses were $6,056,919, compared to $6,785,405 in the previous year.
Consulting expenses were $55,000 for the three months ended September 30, 2024, compared to a negative $13,312 in the previous year. For the nine months ended September 30, 2024, consulting expenses were $55,000, down from $207,930 in the previous year.
Research and development expenses were $20,470 for the three months ended September 30, 2024, compared to $46,734 in the previous year. For the nine months ended September 30, 2024, these expenses were $152,351, compared to $175,546 in the previous year.
The company recorded an unrealized gain of $403,625 on financial instruments for the three months ended September 30, 2024, and an unrealized loss of $595,783 for the nine months ended September 30, 2024.
Envirotech Vehicles announced an agreement to acquire Maddox Industries, LLC, a provider of government contracting solutions. The acquisition includes issuing 3,100,000 shares of common stock and potential earnout payments up to $1 million.
The filing discusses the company's dependence on government subsidies, the need for external financing, and plans for long-term investment in growth, including a new manufacturing facility in Osceola, Arkansas.
The company acknowledges risks related to market conditions, supply chain disruptions, and competition in the electric vehicle industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Envirotech Vehicles Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.