Envirotech Vehicles, Inc. (EVTV)·Q1 2024 Earnings Summary

Executive Summary

• Q1 2024 showed improving top-line traction with sales up 55% year over year to $0.81M, while GAAP net loss widened on non-cash items; adjusted net loss and adjusted EBITDA improved meaningfully versus the prior year as stock-based comp and fair-value marks were excluded .
• Management highlighted operational progress (Osceola refurbishment, Philippines facility leasehold improvements) and execution momentum with early deliveries to Plug’d, a signed 200-vehicle agreement (~$16.2M), and NJ ZIP-funded backlog; these should underpin near-term revenue conversion if fulfilled on schedule .
• No formal guidance or Wall Street consensus was available; S&P Global estimates were unavailable at query time; comparisons to estimates are therefore not provided. Values retrieved from S&P Global were unavailable due to access limits.
• Near-term catalysts: Plug’d deliveries and funding milestones, NJ ZIP deliveries through 2024, and EPA Clean School Bus award execution (25 EVT school buses) that could help sustain order flow and investor confidence .

What Went Well and What Went Wrong

What Went Well

• Sales growth and improved underlying loss metrics: Sales rose 55% YoY to $0.81M; adjusted net loss improved to ($1.14M) and adjusted EBITDA to ($1.10M), narrowing losses vs Q1’23 as non-cash items dominated GAAP variance .
• Commercial traction with Plug’d and funded programs: Company delivered units to Plug’d in Q1 and has a signed 200-vehicle sales and purchase agreement ($16.2M) alongside NJ ZIP-funded orders ($4.3M revenue backlog) scheduled for 2024 delivery .
• Management executing on manufacturing footprint: “We started to make progress on refurbishing our Osceola, Arkansas facility” and “started the leasehold improvements to the Clark facility in the Philippines,” positioning for delivery scalability .

What Went Wrong

• GAAP net loss widened YoY due to non-cash items: Q1’24 GAAP net loss ($4.53M) vs ($2.27M) in Q1’23, driven by $1.82M stock-based comp and $1.57M unrealized loss on financial instruments at fair value .
• Liquidity tight, emphasizing execution risk: Cash was $1.05M and working capital ~$8.15M as of March 31, 2024, implying reliance on efficient conversion of backlog and new orders into cash .
• Visibility and coverage remain limited: No earnings call transcript found and S&P Global consensus estimates unavailable at query time, likely limiting institutional visibility and increasing narrative risk around execution. Values retrieved from S&P Global were unavailable due to access limits.

Financial Results

Quarter-over-Quarter Trend (oldest → newest)

Year-over-Year (Q1 2023 vs Q1 2024)

Notes: Non-GAAP adjustments reconcile primarily for (1) stock-based compensation and (2) unrealized loss on financial instruments at fair value .

Segment Breakdown

KPIs and Balance Sheet Snapshot

Guidance Changes

No specific quantitative guidance ranges were issued in the Q1 press release; management expressed a positive outlook tied to funded programs and partnerships .

Earnings Call Themes & Trends

No Q1 2024 earnings call transcript was located; themes below are drawn from company press materials and filings.

Management Commentary

• “We continue to work on expanding our business while maintaining vigilance over spending as a part of our principled operating philosophy.” — Phil Oldridge, CEO and Chairman .
• “We started to make progress on refurbishing our Osceola, Arkansas facility during the first quarter… [and] started the leasehold improvements to the Clark facility in the Philippines.” — Phil Oldridge .
• “We delivered units in Q1 2024 [to Plug’d] and have partnered with them for leasing to fleet and government customers… we believe that this continued growing interest in and demand for our vehicles provides a positive outlook through 2024 and beyond.” — Phil Oldridge .

Q&A Highlights

No Q1 2024 earnings call transcript was available; therefore, no Q&A highlights or clarifications could be extracted at this time.

Estimates Context

• Wall Street consensus (S&P Global) for Q1 2024 EPS and revenue was unavailable at query time; we could not retrieve estimates due to S&P Global access limits. As a result, we do not present vs-consensus comparisons. Values retrieved from S&P Global were unavailable due to access limits.

Key Takeaways for Investors

• Revenue momentum is improving from a low base; execution against Plug’d (200 vehicles, $16.2M) and NJ ZIP-funded backlog ($4.3M) are the most immediate revenue catalysts through 2024 .
• GAAP net loss widened on non-cash items (stock-based comp and fair-value mark), but adjusted net loss and adjusted EBITDA improved year over year; investors should track the sustainability of non-cash expense normalization versus delivery-driven gross margin progression .
• Liquidity is modest (cash $1.05M; working capital ~$8.15M), heightening the importance of timely funding and cash conversion from Plug’d and NJ ZIP deliveries in 2024 .
• Manufacturing readiness is advancing (Osceola refurbishment, Philippines improvements), which should help scale deliveries; however, proof points (monthly/quarterly delivery cadence) are needed to confirm throughput .
• Government and school bus programs remain a strategic tailwind; execution of the EPA Clean School Bus award (25 buses) could support volumes and brand visibility with school districts .
• With no formal guidance and limited external coverage, news flow on deliveries, funding receipts, and additional program wins will likely drive near-term stock reaction; focus on order-to-cash milestones and gross margin trajectory.

Appendix: Additional Trend Reference

• Q/Q and recent history suggest rising revenues ($0.10M in Q3’23; $0.11M in Q4’23; $0.81M in Q1’24) with continued GAAP losses; the company’s own Q1 release underscores non-cash drivers of GAAP variance and improving adjusted results .