Financial Performance - For the years ended December 31, 2024 and 2023, the company's net losses were $8.8 million and $12.7 million, respectively, with non-cash charges of approximately $2.7 million and $6.6 million included in those losses [19]. - The company has made substantial progress in expanding its operational footprint at its Osceola, Arkansas facility, including final assembly and battery balancing [58]. - The Company does not currently face material market risks such as interest rate fluctuation or foreign currency exchange risk [307]. - The Company anticipates that international selling, marketing, and administrative costs related to foreign sales will be largely denominated in the same foreign currency, mitigating foreign currency exchange risk exposure [308]. Acquisitions and Partnerships - The company completed the Maddox Acquisition on December 18, 2024, issuing 3,100,000 shares of common stock and potentially up to $1 million in cash payments based on revenue performance during the Earnout Period [21]. - The Exclusive Distribution Agreement with EEVI ensures product supply and design consistency until December 17, 2070 [68]. - The Company has entered into a purchase agreement for a manufacturing facility in Osceola, Arkansas, but the transaction has not yet closed [117]. - The Arkansas Economic Development Commission proposed up to $27 million in incentives for the Company's operations, pending approvals and performance thresholds [118]. Market Trends and Projections - In 2023, nearly 14 million new electric vehicles were registered globally, a 35% year-on-year increase, with electric vehicle sales accounting for 18% of all cars sold globally [26]. - The global market for hybrid and electric cars is projected to follow a double-digit growth trend from 2023 to 2028, with Asia-Pacific and Europe leading in adoption [26]. - The transition to electric heavy-duty vehicles is expected to result in lower total costs of ownership by 2030, making them more attractive than diesel counterparts [33]. - The electric vehicle market remains highly competitive, with traditional manufacturers and new entrants vying for market share amid significant operational challenges [72]. Infrastructure and Charging Needs - The U.S. will need 2.13 million Level 2 and 172,000 Level 3 chargers by 2030 to support electric vehicle infrastructure [28]. - Upfront costs for electric trucks and buses are expected to decline significantly through 2030 as battery prices fall, making them competitive on a total cost of ownership basis [40]. Regulatory and Incentive Programs - The Advanced Clean Truck Regulation requires truck manufacturers to sell increasing percentages of zero-emission trucks starting with the 2024 model year, although the status of this regulation remains uncertain [23]. - Federal tax credits for electric vehicles include $7,500 for vehicles under 14,000 lbs and up to $40,000 for commercial vehicles over 14,000 lbs [42]. - California offers point-of-sale vouchers ranging from $20,000 to over $120,000 per eligible Class 4–8 vehicle [57]. - The Clean Truck and Bus Voucher Incentive Project (HVIP) has allocated over $1.7 billion for clean transportation incentives, with $80 million approved for the 2023-2024 fiscal year [80]. - Zero-emission Class 3 trucks are eligible for up to $45,000 in HVIP vouchers, while Class 4 and Class 5 vehicles can receive $60,000 per vehicle [81]. - The New York State Energy Research & Development Authority has reported $46.1 million in total funding availability under the New York Truck Voucher Incentive Program (NYTVIP) as of March 2024 [83]. - The New Jersey Zero Emissions Incentive Program offers up to $175,000 towards the purchase of battery-electric vehicles, with a total funding of $90 million [88]. - California's Zero-Emission School Bus and Infrastructure project provides per vehicle incentives of up to $375,000 for electric school buses [89]. - The EPA's Clean School Bus program may fund up to 100% of the cost for replacing existing school buses with zero-emission buses [101]. - The Heavy-Duty Zero Emission Vehicle grant program plans to distribute $1 billion for clean heavy-duty vehicles and infrastructure between 2024 and 2031 [103]. - The Commercial Clean Vehicle Credit allows businesses to receive a tax credit of up to $40,000 for qualified commercial clean vehicles [97]. - The Congestion Mitigation and Air Quality Improvement Program allocates funding to states for projects that improve air quality, with at least 16 states using funds for alternative fuel vehicle projects [95]. - The Volkswagen Environmental Mitigation Trust Funds provide millions annually for on-road vehicle projects, including electric school buses [89]. Product Development and Innovation - The company plans to introduce new products and platforms, including Electric Vehicle Supply Equipment and stationary energy storage systems [58]. - The company is actively engaged in discussions to expand relationships with third-party service providers and technology integrators [58]. - The company plans to build out its dealership and service network, including a new service center in New Jersey and plans for a center in Houston, Texas [58]. - The company is focused on building a dedicated sales team to enhance its marketing and sales network across geographic regions [63]. - The company has established relationships with multiple vendors to mitigate supply chain risks related to raw materials and components [69]. Environmental Impact - Electric buses and trucks produce zero tailpipe emissions, leading to significant reductions in nitrogen oxides and particulate matter, with replacing a conventional diesel bus potentially achieving a reduction of 78 metric tons of GHG emissions [31]. - Electric transit buses cost approximately $200,000 more than diesel buses, but lifetime fuel and maintenance savings approximate $400,000 [39]. - The California Energy Commission aims for a 40% reduction in GHG emissions below 1990 levels by 2030, with significant funding allocated for alternative and renewable fuel projects [92]. - New York State mandates that all school buses purchased must be zero-emission by 2027 and all operating school buses must be zero-emission by 2035, supported by $500 million from the Clean Air, Clean Water and Green Jobs Environmental Bond Act [85]. - The Company has delivered a total of 76 vehicles under the New Jersey Zero-Emission Incentive Program since 2021, reflecting its commitment to clean vehicle deployment [121].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |-----------------------------------------------------------------------------------------|-----------------------------------------------------| | | | | For the tr ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |-----------------------------------------------------------------------------------------|-----------------------------------------------------| | | | | For the transit ...

Exhibit 99.1 Envirotech Vehicles Announces First Quarter 2024 Financial Results OSCEOLA, AR / May 20, 2024 / Envirotech Vehicles, Inc. (NASDAQ:EVTV), a provider of purpose-built zero-emission electric vehicles (the "Company" or "Envirotech Vehicles"), today announced its results for the three months ended March 31, 2024. First Quarter 2024 Financial Results Sales were $810,490 for the three months ended March 31, 2024, compared to $523,199 for the three months ended March 31, 2023. The sales increase was pr ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38078 ENVIROTECH VEHICLES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of ( ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38078 ENVIROTECH VEHICLES, INC. (Name of registrant as specified in its charter) Delaware 46-0774222 (State or other jurisdic ...

Financial Performance - For the three months ended September 30, 2023, sales were $100,024, a decrease of 90.3% compared to $1,029,280 for the same period in 2022[18]. - Gross profit for the three months ended September 30, 2023, was $19,741, down 94.4% from $351,425 in the prior year[18]. - Operating expenses for the three months ended September 30, 2023, totaled $6,004,278, an increase of 252.5% compared to $1,704,160 for the same period in 2022[18]. - The net loss for the three months ended September 30, 2023, was $5,988,423, compared to a net loss of $1,323,768 for the same period in 2022, representing a 352.5% increase in losses[18]. - For the nine months ended September 30, 2023, the company reported a net loss of $9,510,360 compared to a net loss of $5,437,212 for the same period in 2022, indicating an increase in losses of approximately 75.5%[23]. Assets and Liabilities - Total current assets decreased to $13,591,953 as of September 30, 2023, down 26.0% from $18,339,239 at the end of 2022[16]. - Total assets decreased to $25,422,084 as of September 30, 2023, down 24.0% from $33,483,689 at the end of 2022[16]. - The accumulated deficit increased to $(61,438,880) as of September 30, 2023, compared to $(51,928,520) at the end of 2022[16]. - Cash and cash equivalents decreased to $879,042 as of September 30, 2023, down 68.2% from $2,765,068 at the end of 2022[16]. Inventory and Receivables - The company had finished goods inventory valued at $6,894,676 as of September 30, 2023, compared to $5,683,755 at the end of 2022, representing an increase of approximately 21.3%[41]. - Trade accounts receivable stood at $1,895,587 with an allowance for doubtful accounts of $271,218, resulting in a net trade accounts receivable balance of $1,624,369 as of September 30, 2023[40]. - The company reported inventory deposits of $3,133,753 as of September 30, 2023, down from $4,829,933 at the end of 2022, indicating a decrease of approximately 35.2%[42]. Goodwill and Impairment - The company reported a goodwill impairment charge of $3,392,129 for the three months ended September 30, 2023[18]. - The company incurred a goodwill impairment charge of $3,392,129 during the nine months ended September 30, 2023, which was not present in the prior year[23]. - Goodwill impairment charge of $3,392,129 recorded for the three and nine months ended September 30, 2023, resulting in a goodwill balance of $11,290,491[49]. Research and Development - Research and development costs increased to $46,734 and $175,546 for the three and nine months ended September 30, 2023, compared to $25,000 and $112,412 for the same periods in 2022[50]. Cash Flow - Cash flows from operating activities showed a net cash used of $4,039,576, an improvement from $8,271,750 in the prior year, reflecting a decrease in cash outflow of approximately 51%[23]. - The company had cash, restricted cash, and cash equivalents of $879,042 at the end of the period, down from $2,683,230 at the end of the previous year, a decrease of approximately 67.3%[23]. Lease and Rent Expenses - The company entered into a sublease for a warehouse in the Philippines, with a monthly rent of $15,000 for the first year, escalating to $15,750 in the second year[77][78]. - Total net rent expense for the three months ended September 30, 2023, was $59,857, compared to $52,579 for the same period in 2022, reflecting an increase of 14.5%[99]. - Total lease cost for the nine months ended September 30, 2023, was $177,397, slightly down from $180,746 in 2022, indicating a decrease of 1.9%[100]. - Rent expense under the ABCI Office Lease was $53,400 for the nine months ended September 30, 2023, compared to $25,200 for the same period in 2022[91]. Legal Matters - The company has settled a class action lawsuit with Electric Drivetrains, resulting in no proceeds paid in the settlement[86]. - The company is involved in ongoing litigation with GreenPower Motor Company, alleging breach of fiduciary duties and seeking damages[81]. Management Compensation - Phillip W. Oldridge, the CEO, has an annual base salary of $300,000 and is eligible for a bonus based on 5% of the company's net income[76]. - The company reimbursed the CEO $81,269 for the use of a personal airplane for business-related activities during the first nine months of 2023[75]. Market Risks - The Company does not currently face material market risks such as interest rate fluctuation risk and foreign currency exchange risk, as most expenses are denominated in U.S. dollars[147]. - The Company anticipates risks associated with raw material costs, particularly batteries, as it moves into production, which could materially affect operating results[148].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38078 ENVIROTECH VEHICLES, INC. (Exact name of registrant as specified in its charter) Delaware 46-0774222 (State or othe ...

Financial Performance - For Q1 2023, Envirotech Vehicles reported sales of $523,199, a significant increase from $89,900 in Q1 2022, representing a growth of approximately 482%[14] - The gross profit for Q1 2023 was $118,363, compared to $13,473 in Q1 2022, indicating a substantial improvement in profitability[14] - The net loss for Q1 2023 was $2,267,908, a decrease from a net loss of $2,936,862 in Q1 2022, reflecting a reduction in losses by about 23%[14] - Operating expenses for Q1 2023 were $2,411,229, down from $2,953,648 in Q1 2022, showing a decrease of about 18.3%[14] Assets and Liabilities - Total current assets decreased to $15,996,269 as of March 31, 2023, down from $18,339,239 as of December 31, 2022, a decline of approximately 12.3%[12] - Cash and cash equivalents at the end of Q1 2023 were $1,668,909, down from $2,765,068 at the end of Q4 2022, a decrease of about 39.6%[12] - Total liabilities decreased to $1,317,001 as of March 31, 2023, compared to $1,488,709 as of December 31, 2022, a reduction of approximately 11.5%[12] - The company’s accumulated deficit increased to $54,196,428 as of March 31, 2023, from $51,928,520 at the end of 2022, indicating a rise in losses[15] Inventory and Receivables - As of March 31, 2023, the company had trade accounts receivable of $2,160,732 and a recorded allowance for bad debt of $271,218, resulting in a net trade accounts receivable balance of $1,889,514[32] - The company reported finished goods inventory of $5,745,850 as of March 31, 2023, with a recorded inventory valuation allowance of $12,429[33] - The company had inventory deposits of $5,169,872 as of March 31, 2023, an increase from $4,829,933 as of December 31, 2022[34] Research and Development - Research and development costs incurred during the three months ended March 31, 2023, were $70,888, compared to no research and development costs for the same period in 2022[43] Manufacturing and Operations - Envirotech Vehicles is focused on expanding its zero-emission commercial fleet vehicles to meet increasing demand in the market[18] - The company has established a state-of-the-art manufacturing facility in Osceola, Arkansas, which spans approximately 580,000 square feet[19] Financial Agreements and Obligations - The Company entered into a $63,576 equipment financing agreement with Navitas Credit Corp., with monthly payments of $2,648.99, and a current balance of $5,298 as of March 31, 2023[47] - A $18,755 loan with Wells Fargo for facility grounds equipment has a current balance of $21,360, with $6,252 classified as current and $15,108 as long-term[48] - The Company secured a $225,000 premium financing agreement with First Insurance Funding, which was fully paid off by March 31, 2023[49] - A second premium financing agreement for $214,088 has a current balance of $48,451, classified as current[50] - The Company has a total monthly payment obligation of $7,771 under lease agreements with SRI Professional Services, resulting in a rent expense of $23,312 for Q1 2023[65] Stock and Compensation - The Company recorded stock compensation expense of $87,144 for 85,000 restricted shares awarded during Q1 2023[63] - The Company has 608,266 outstanding stock options with an intrinsic value of $355,670 as of March 31, 2023[62] - As of March 31, 2023, the Company has 1,389,584 outstanding warrants with an average exercise price of $17.43 and a remaining life of 2.68 years[53] Legal Matters - The Company is involved in ongoing litigation with GreenPower Motor Company, alleging breach of fiduciary duties and seeking damages[73] - The company resolved the Mollik Litigation on September 30, 2023, with the court dismissing the action with prejudice, indicating no financial proceeds from the company were used for the resolution[77] - The Brooks Litigation, where the plaintiff sought $13.5 million in damages, has been completely dismissed following a settlement approved by the court on March 7, 2022[79] Lease and Rent Expenses - As of March 31, 2023, the company reported total lease costs of $58,264, a decrease of 67.7% from $180,746 in the same period of 2022[90] - The company has entered into a new sublease agreement in March 2023 for a warehouse in the Philippines, with a monthly rent starting at $15,000, escalating to $16,530 over the lease term[88] - The company has recognized an operating liability and corresponding Right-Of-Use asset related to its leases, with a weighted-average discount rate of 14% as of March 31, 2022[90] - The company’s rent expense under the SRI Equipment Leases was $23,312 for both the three months ended March 31, 2023, and March 31, 2022[81] - The company’s weighted-average remaining lease term for operating leases was 0.62 years as of March 31, 2022[90] Market Risks - The company does not currently face material market risks such as interest rate fluctuation risk or foreign currency exchange risk, as most expenses are denominated in U.S. dollars[131] - The company anticipates potential risks associated with the costs of raw materials, particularly batteries, as it moves into production[132]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38078 ENVIROTECH VEHICLES, INC. (Name of registrant as specified in its charter) Delaware 46-0774222 (State or other jurisdic ...