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Envirotech Vehicles Announces Third Quarter 2022 Financial Results
OSCEOLA, AR / ACCESSWIRE / November 14, 2022 / Envirotech Vehicles, Inc. (NASDAQ:EVTV), a provider of new zero-emission, purpose-built electric vehicles (the
About this update from Envirotech Vehicles, Inc.
[{"type":"text","content":"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 ResultsSales 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 ...