Envirotech Vehicles, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, which specializes in zero-emission electric vehicles, experienced a notable decline in revenue, reporting $0 for the three months ended September 30, 2024, compared to $100,024 for the same period in 2023. For the nine months ended September 30, 2024, revenue totaled $1,623,260, down from $2,756,103 in the prior year. This decrease is attributed to lower units sold, an unfavorable product mix, and challenging market conditions.
The company's gross profit for the third quarter of 2024 was a loss of $133,931, contrasting with a profit of $19,741 in Q3 2023. For the nine-month period, gross profit decreased to $378,111 from $1,017,098 in 2023. Operating expenses also saw a significant reduction, totaling $1,471,391 for Q3 2024, down from $6,004,278 in Q3 2023, primarily due to lower stock compensation expenses. The net loss for the third quarter of 2024 was $1,234,986, a substantial improvement from the $5,988,423 loss reported in the same quarter of the previous year.
As of September 30, 2024, the company had total assets of $22,833,284, a slight increase from $22,653,169 at the end of 2023. However, total current liabilities surged to $3,571,519 from $1,773,546, leading to total liabilities of $3,880,250, up from $2,019,591. The accumulated deficit increased to $(71,134,940) from $(64,612,499) at the end of 2023, while total stockholders’ equity decreased to $18,953,034 from $20,633,578.
Strategically, Envirotech has been active in financing and acquisitions. The company raised $1,799,248 from the issuance of common stock and $901,000 from a convertible note during the nine months ended September 30, 2024. Additionally, on October 30, 2024, Envirotech entered into a Membership Interest Purchase Agreement to acquire Maddox Industries, issuing 3,100,000 shares of common stock as consideration. This acquisition is expected to enhance the company’s manufacturing capabilities.
The company has also faced challenges, including a reliance on external capital and the need for a fully established dealer and service network. Despite these hurdles, Envirotech aims to invest in long-term growth, focusing on research and development for its electric vehicle offerings.
About Envirotech Vehicles, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.