At 6:45 a.m. ET on Tuesday, premarket trading is seeing notable activity in several stocks, with early price movements signaling potential opportunities before the opening bell.For active traders, premarket trading offers a head start in spotting potential breakouts, reversals, or sharp price swings. These early moves often indicate where momentum may carry into the regular session, making premarket analysis a key part of the trading day.In the Green - Premarket GainersThe following stocks are trading high ...

Financial Performance - For the three months ended September 30, 2025, net sales were $1,812,461, compared to $3,450,056 for the nine months ended September 30, 2025, indicating a significant increase from $1,623,260 in the same period last year[19] - Gross profit for the three months ended September 30, 2025, was $80,794, while the gross profit for the nine months ended September 30, 2025, was a loss of $1,257,532, compared to a profit of $378,111 in the same period last year[19] - The net loss for the three months ended September 30, 2025, was $6,357,557, compared to a net loss of $1,234,986 for the same period in 2024, indicating a worsening financial position[19] - For the nine months ended September 30, 2025, the company reported a net loss of $25,540,675 compared to a net loss of $6,522,441 for the same period in 2024[24] - The total operating loss for the three months ended September 30, 2025, was $6,063,194, with the electric vehicle segment contributing a loss of $3,057,470[123] - The total operating loss for the nine months ended September 30, 2025, was $24,594,494, with the electric vehicle segment reporting a loss of $19,581,724[125] Assets and Liabilities - The company reported a total of $15,477,584 in current assets as of September 30, 2025, down from $17,636,154 as of December 31, 2024[17] - Current liabilities increased to $15,977,016 as of September 30, 2025, compared to $11,744,671 as of December 31, 2024, indicating a rise in short-term financial obligations[17] - The accumulated deficit as of September 30, 2025, was $99,002,149, compared to $73,461,474 as of December 31, 2024, reflecting ongoing financial challenges[17] - The company had trade accounts receivable of $838,651 as of September 30, 2025, with an allowance for doubtful accounts of $413,169, resulting in a net trade accounts receivable balance of $425,482[41] - The company had finished goods inventory on hand of $6,040,410 as of September 30, 2025, with a recorded inventory valuation allowance of $1,184,731[43] - The company had inventory deposits of $7,465,129 as of September 30, 2025, an increase from $6,036,809 as of December 31, 2024[44] Operating Expenses - Total operating expenses for the three months ended September 30, 2025, were $6,143,988, up from $1,471,391 in the same period last year, reflecting increased operational costs[19] - Research and development expenses for the nine months ended September 30, 2025, were $731,808, significantly higher than $152,351 in the same period last year, indicating a focus on innovation[19] - Non-cash stock-based compensation expense for the nine months ended September 30, 2025, was $614,307, a decrease from $1,871,386 for the same period in 2024, representing a reduction of about 67%[55] - Depreciation expense for the three months ended September 30, 2025, was $105,150, compared to $36,303 for the same period in 2024, reflecting an increase of approximately 189%[64] - Operating lease expenses for the three months ended September 30, 2025, were $99,863, compared to $89,240 for the same period in 2024, reflecting an increase of 18.3%[120] Stock and Equity - The company issued 1,003,045 shares from convertible notes conversion, increasing the total common stock to 4,223,165 shares as of September 30, 2025[22] - As of September 30, 2025, the Company had 4,223,165 shares of common stock outstanding, an increase from 1,987,262 shares on December 31, 2024[89] - The Company has outstanding warrants for 147,039 shares, with exercise prices ranging from $16.60 to $200.00[92] - The Company raised $850,000 from a private placement of 51,205 shares at $16.60 per share, with warrants exercisable at the same price[94] - The Company recorded a full impairment on its ROU asset for a warehouse lease in December 2024, as it decided not to use the facility for its intended purpose[116] Debt and Financing - The future annual minimum payments of the Company's outstanding debt total $2,875,363, with $1,366,040 due in the remainder of 2025 and $1,509,323 in 2026[88] - The balance of the equipment financing agreement with Wells Fargo Bank was $5,731 as of September 30, 2025, with monthly payments of $521[69] - The Company entered into a premium financing agreement with AFCO Insurance Premium Finance for $140,400, with a remaining balance of $99,284 as of September 30, 2025[70] - The Company entered into a premium financing agreement for a loan of $114,140, payable over eleven months at an interest rate of 8.24%[71] Business Operations - The company added two new business operations in the first quarter of 2025: medical supplies and drones[26] - The company is currently engaged in research and development activities for its drone operations, which are in the startup phase[122] - The electric vehicle segment reported no sales for the three months ended September 30, 2025, while the medical supplies segment generated $1,812,461 in sales[123] - The company recognized revenue from the delivery of medical supplies to a related party, accounting for 100% of the net revenue for the medical supplies segment for the three months ended September 30, 2025[33] Impairments and Charges - The company has faced significant goodwill impairment charges totaling $10,103,048 for the nine months ended September 30, 2025, impacting overall financial health[19] - The Company recorded a non-cash impairment of goodwill amounting to $10,103,048 during the first quarter of 2025, resulting in a goodwill balance of $0 as of September 30, 2025[53][66] - The Company recorded a non-cash impairment charge of $3,300,801 related to other intangible assets for the three and nine months ended September 30, 2025[57][66] Lease Agreements - The Company has a lease agreement with Maddox Defense for a facility in Houston, Texas, with a total monthly payment obligation of $7,771[107] - The Company entered into a two-year sublease for a warehouse in the Philippines with a monthly rent starting at $15,000, escalating to $16,530[116] - Future minimum payments under operating leases total $893,073, with $311,210 due in the remainder of 2025[120] - The weighted-average remaining lease term for operating leases is 2.5 years, with a weighted-average discount rate of 14%[120] Other Financial Information - The company recorded net cash used in operating activities of $6,295,792 for the nine months ended September 30, 2025, compared to $2,848,876 for the same period in 2024[24] - The company had cash and cash equivalents of $77,595 at the end of the period, down from $682,654 at the end of the previous period[24] - The Company has a concentration in accounts payable, with two vendors making up over 10% individually and 52% in total of the outstanding accounts payable balance as of September 30, 2025[50] - The company is negotiating a payment plan with Priority Workforce for outstanding unpaid invoices related to employee leasing services, expected to be settled in Q4 2025[127]

Core Insights - Envirotech Vehicles, Inc. has announced the commencement of production and certification for its heavy capacity drone division, AG Drone Inc. following confirmed orders for 80 drones from two clients [1] Company Developments - The company has received deposits for 80 heavy capacity drones from Studio di Agronomia Baffetti in Italy and Venture Air Solutions in Florida [1] - The COO of the company, Elgin Tracy, stated that the company is transitioning from planning to actual production [1]

Core Insights - Envirotech Vehicles, Inc. (EVTV) has secured deposits for 80 heavy capacity drones from Studio di Agronomia Baffetti and Venture Air Solutions, marking a significant expansion in its drone business [2][5] - This development aligns with new European drone regulations, allowing EVTV to enter the European market for the first time [3][5] Company Update - The deposits consist of 40 drones each from Studio Baffetti and Venture Air Solutions, indicating strong demand for EVTV's heavy capacity drones in both Europe and the U.S. [2][7] - The average unit value of the drones is confirmed to be over $75,000, contributing to a projected revenue of over $150 million for the drone division by Q4 2027 [6][8] Regulatory Context - The announcement coincides with the European Union's Regulation (EU) 2019/947 and Italy's ENAC framework, which facilitate large-scale agricultural and industrial drone operations [3][5] - EVTV's drones comply with both U.S. and European aviation regulations, positioning the company favorably for international expansion [3][5] Strategic Partnerships - Studio Baffetti's investment is aimed at leveraging the new European standards for precision agriculture, while Venture Air Solutions focuses on enhancing aerial infrastructure and logistics [7] - The partnerships validate EVTV's status as a leader in the heavy capacity drone market, ready for deployment in both American and European markets [5][7] Strategic KPIs & Program Milestones - Total drones under deposit: 80, with a target timeline of Q4 2025 [6] - Flight-test hours logged: over 2,000, completed [8] - Targeted U.S. production capacity: 250 units per month by Q3 2026 [8]

Core Insights - Envirotech Vehicles, Inc. (EVTV) has signed a Letter of Intent (LOI) with Studio di Agronomia Baffetti to deploy precision-spray fleets in Italy's Tuscany region, targeting 1.1 million hectares and a market opportunity exceeding $300 million in precision agriculture across Europe [1][4]. Group 1: Partnership Details - The collaboration will integrate EVTV's Heavy-Lift Agricultural Drones into vineyard and olive grove spraying operations, replacing traditional tractor-based methods with aerial systems designed for steep terrains [2][4]. - The partnership aims to establish Italy's first certified authority for commercial drone-based spray operations, adhering to EU aviation and environmental regulations [3]. Group 2: Market Potential - Tuscany has over 58,000 hectares of vineyards and 90,000 hectares of olive groves, contributing to the overall 1.1 million hectares of high-value agricultural land in Italy [4]. - The serviceable market opportunity for aerial spray operations is estimated to be between $250 million and $400 million [7]. Group 3: Operational Advantages - EVTV's agricultural drones offer several advantages, including the ability to spray immediately after rainfall, a reduction of up to 40% in chemical and water usage, and access to areas that tractors cannot reach [7]. - The deployment timeline includes the arrival of the first demo and regulatory test drone in late 2025, with a full commercial launch expected in 2026, pending certification [7].

Core Viewpoint - Envirotech Vehicles, Inc. has achieved a significant milestone by delivering over 5 million isolation gowns to the U.S. government as part of a larger contract for 35 million gowns, indicating strong performance and potential for future growth in supply chain security [1] Group 1 - The company, along with its subsidiary Maddox Industries, has successfully manufactured and delivered over 5 million isolation gowns [1] - The Gown Contract totals 35 million gowns, with 19 months remaining for completion [1] - There is an expectation that the Gown Contract will be extended, which may further enhance America's supply chain security [1]

Core Viewpoint - Premarket trading is showing notable activity with significant price movements indicating potential investment opportunities before the market opens [1] Premarket Gainers - FGI Industries Ltd. (FGI) is up 278% at $15.02 [3] - Senmiao Technology Limited (AIHS) is up 96% at $4.22 [3] - Conifer Holdings, Inc. (CNFR) is up 86% at $2.11 [3] - WEBTOON Entertainment Inc. (WBTN) is up 39% at $20.81 [3] - Nukkleus Inc. (NUKK) is up 18% at $6.08 [3] - Tantech Holdings Ltd (TANH) is up 12% at $2.13 [3] - Check-Cap Ltd. (CHEK) is up 9% at $2.33 [3] - Ivanhoe Electric Inc. (IE) is up 8% at $9.71 [3] - Wolfspeed, Inc. (WOLF) is up 8% at $3.21 [3] - Bolt Projects Holdings, Inc. (BSLK) is up 5% at $3.95 [3] Premarket Losers - Envirotech Vehicles, Inc. (EVTV) is down 17% at $2.27 [4] - Dave & Buster's Entertainment, Inc. (PLAY) is down 15% at $20.40 [4] - NanoVibronix, Inc. (NAOV) is down 12% at $9.37 [4] - ADTRAN Holdings, Inc. (ADTN) is down 10% at $9.37 [4] - Rain Enhancement Technologies Holdco, Inc. (RAIN) is down 10% at $6.00 [4] - CNS Pharmaceuticals, Inc. (CNSP) is down 7% at $8.50 [4] - AVITA Medical, Inc. (RCEL) is down 7% at $6.22 [4] - Vince Holding Corp. (VNCE) is down 7% at $2.60 [4] - Monte Rosa Therapeutics, Inc. (GLUE) is down 6% at $6.50 [4] - Meiwu Technology Company Limited (WNW) is down 6% at $2.06 [4]

Core Insights - Envirotech Vehicles, Inc. has successfully completed the first American-made heavy-lift drone capable of carrying 1,500 pounds, featuring dual-use agricultural spray and wildfire protection technology [1] Company Overview - The drone has a payload capacity of 1,500 pounds, which is industry-leading for U.S. manufactured drones [1] - It can deliver 100 gallons of liquid per deployment and has an extended flight time of up to 45 minutes under full load [1] - The company will begin taking pre-orders for the drone next week [1] Market Opportunity - The agricultural market opportunity is valued at $7 billion annually, while the wildfire suppression market is valued at $5.7 billion [1] - The drone provides a scalable solution for farmers and cooperatives across America for crop spraying, fertilization, and pest control, which can significantly lower labor costs and increase yield efficiency [1] - The drone's capabilities allow it to reach difficult terrain, enhancing its utility in agricultural applications [1]

Part I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the periods ended June 30, 2025, and 2024, detailing financial position, performance, and cash flows, impacted by a goodwill impairment and new business segments [Unaudited Consolidated Balance Sheets](index=6&type=section&id=Unaudited%20Consolidated%20Balance%20Sheets) The company's total assets decreased from **$32.7 million** at year-end 2024 to **$22.7 million** as of June 30, 2025, primarily due to the complete impairment of goodwill. Total liabilities increased from **$11.7 million** to **$16.8 million** over the same period, while stockholders' equity fell sharply from **$20.9 million** to **$5.9 million** Consolidated Balance Sheet Highlights (as of June 30, 2025 vs. Dec 31, 2024) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $942,241 | $1,941,181 | | Goodwill | $0 | $10,103,048 | | Total Assets | $22,744,082 | $32,671,302 | | Total Liabilities | $16,836,671 | $11,748,839 | | Total Stockholders' Equity | $5,907,411 | $20,922,463 | - Goodwill was fully impaired, decreasing from **$10,103,048** at the end of 2024 to zero by June 30, 2025[17](index=17&type=chunk) [Unaudited Consolidated Statements of Operations](index=7&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Operations) The company reported a net loss of **$5.1 million** for Q2 2025, a substantial increase from the **$0.8 million** loss in Q2 2024. For the six-month period, the net loss widened to **$19.2 million** from **$5.3 million** year-over-year, primarily driven by a **$10.1 million** goodwill impairment charge and increased operating expenses Statement of Operations Summary | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Sales, net | $1,047,029 | $812,770 | $1,637,595 | $1,623,260 | | Gross profit (loss) | ($1,457,717) | $203,823 | ($1,338,326) | $512,042 | | Loss from operations | ($4,799,626) | ($1,324,541) | ($18,531,300) | ($4,280,837) | | Net loss | ($5,146,737) | ($755,092) | ($19,183,118) | ($5,287,455) | | Net loss per share | ($2.01) | ($0.48) | ($8.10) | ($3.41) | - A significant non-cash goodwill impairment charge of **$10,103,048** was recorded in the first six months of 2025, which was the primary driver of the increased net loss[19](index=19&type=chunk) [Unaudited Consolidated Statement of Stockholders' Equity](index=8&type=section&id=Unaudited%20Consolidated%20Statement%20of%20Stockholders%27%20Equity) Stockholders' equity decreased from **$20.9 million** at the end of 2024 to **$5.9 million** by June 30, 2025, primarily due to the **$19.2 million** net loss, partially offset by capital raised through note conversions and stock-based compensation Change in Stockholders' Equity (Six Months Ended June 30, 2025) | Description | Amount | | :--- | :--- | | Balance, December 31, 2024 | $20,922,463 | | Convertible note conversions | $3,581,011 | | Stock based compensation | $587,055 | | Net loss | ($19,183,118) | | **Balance, June 30, 2025** | **$5,907,411** | [Unaudited Consolidated Statements of Cash Flows](index=9&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2025, net cash used in operating activities increased to **$5.4 million** from **$1.7 million** in the prior-year period, with **$4.6 million** raised from financing activities, primarily through convertible notes, to fund operations Cash Flow Summary (Six Months Ended June 30) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($5,385,357) | ($1,700,563) | | Net cash used in investing activities | ($176,828) | ($135,288) | | Net cash provided by financing activities | $4,563,245 | $1,816,196 | | **Net change in cash** | **($998,940)** | **($19,655)** | - The company received **$4.75 million** in proceeds from the issuance of convertible notes in the first half of 2025, which was the primary source of financing[25](index=25&type=chunk) [Notes to Unaudited Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes provide critical details on accounting policies and financial results, including business expansion, a reverse stock split, a goodwill impairment, related-party transactions, and new reporting segments - In Q1 2025, the company expanded its business portfolio by adding two new operations: medical supplies and drones[28](index=28&type=chunk) - A 1-for-10 reverse stock split was effected on August 8, 2025, and all share and per-share data has been retroactively adjusted[29](index=29&type=chunk) - A non-cash goodwill impairment of **$10,103,048** was recorded during the first quarter of 2025 due to a decline in the company's stock price[56](index=56&type=chunk)[68](index=68&type=chunk) - All revenue from the new medical supplies segment in H1 2025 was from Maddox Defense, Inc., a company owned by Envirotech's President and Interim CFO, Jason Maddox[107](index=107&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's operational and financial results, highlighting diversification into medical supplies and drones, a significant net loss driven by goodwill impairment, and actions taken to address Nasdaq compliance, while noting dependence on external financing and acknowledging tariff risks - The company began operating under three segments in January 2025: electric vehicles, medical supplies, and drones[131](index=131&type=chunk) - A Nasdaq deficiency notice for failing to meet the **$1** minimum bid price was received on March 6, 2025. The company subsequently effected a 1-for-10 reverse stock split on August 6, 2025, to regain compliance[136](index=136&type=chunk)[137](index=137&type=chunk) - Sales in the electric vehicle segment decreased due to less favorable market conditions, while the new medical supplies segment generated **$1.29 million** in revenue for the first six months of 2025[156](index=156&type=chunk) - As of June 30, 2025, the company had cash of **$942,241** and negative working capital of approximately **$120,030**. Management believes existing cash and financing plans are sufficient for the next twelve months[175](index=175&type=chunk) [Item 3. Quantitative and Qualitative Disclosure about Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20about%20Market%20Risk) The company currently faces no material market risks from interest rate or foreign currency fluctuations but identifies potential future risks related to raw material costs, particularly batteries, as production scales - The company does not currently face material market risks such as interest rate or foreign currency exchange risk[191](index=191&type=chunk) - Potential risks may arise from the costs of raw materials, primarily batteries, as the company goes into production[192](index=192&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were not effective as of June 30, 2025, due to a material weakness related to an inability to maintain appropriate segregation of duties - Management concluded that disclosure controls and procedures were not effective as of June 30, 2025[194](index=194&type=chunk) - The ineffectiveness is due to a material weakness from the inability to maintain appropriate segregation of duties[194](index=194&type=chunk) Part II. OTHER INFORMATION [Item 1. Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material developments in its ongoing litigation with GreenPower Motor Company Inc. and continues to defend itself vigorously against the claims - The company is involved in ongoing litigation with GreenPower Motor Company Inc. and believes it has meritorious defenses[111](index=111&type=chunk)[197](index=197&type=chunk) [Item 1A. Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) The company states that there have been no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 - There were no material changes from the risk factors previously disclosed in the company's Annual Report on Form 10-K[197](index=197&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - None reported for the period[198](index=198&type=chunk) [Item 6. Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section provides a list of all exhibits filed with the Form 10-Q, including corporate governance documents, certifications by the CEO and CFO, and interactive data files (XBRL) - The report includes certifications from the Chief Executive Officer and Chief Financial Officer, as well as Inline XBRL documents[204](index=204&type=chunk)

Core Viewpoint - Envirotech Vehicles, Inc. aims to lead the future of electric mobility by integrating sustainable, American-assembled solutions across various sectors, targeting multi-billion-dollar markets [1][2]. Market Opportunities - The company is focusing on high-growth sectors such as agriculture, logistics, infrastructure, and marine applications, driven by the increasing demand for clean-energy solutions [2][3]. - Specific market projections include: - Agricultural Drones: U.S. market expected to reach $1.76 billion by 2030, fueled by precision farming and automation [8]. - Commercial & Industrial Drone Services: Global market projected to reach $58.4 billion by 2030, covering infrastructure inspection, surveillance, logistics, and delivery [8]. - Electric Watercraft: U.S. market anticipated to exceed $1.28 billion by 2032, including personal and light commercial vessels with electric jet propulsion [8]. Growth Drivers and Strategic Initiatives - Envirotech's integrated platform is designed for efficiency and scalability, with ongoing revenue generation from its commercial electric vehicle portfolio, including buses, vans, and trucks [4]. - The company expects additional topline growth starting in 2025, driven by strategic acquisitions and new revenue streams, including potential opportunities with government agencies [4][8]. Future Engagement - The company plans to provide updates on product launches and commercial operations as it executes its market strategy in the latter half of the year [5].