Financial Performance - Sales for Q1 2024 were $810,490, representing a 55% increase from $523,199 in Q1 2023[2] - Net loss for Q1 2024 was $4,532,363, or ($0.29) per share, compared to a net loss of $2,267,908, or ($0.15) per share in Q1 2023[3] - Adjusted net loss for Q1 2024 was $1,144,053, or ($0.07) per share, an improvement from an adjusted net loss of $2,180,764, or ($0.14) per share in Q1 2023[3] - Adjusted EBITDA for Q1 2024 was ($1,098,698), an increase of $1,085,235 compared to ($2,183,933) in Q1 2023[4] - As of March 31, 2024, the company had cash and cash equivalents of $1,049,357 and working capital of approximately $8,148,204[4] Business Developments - The company was awarded funding for 25 all-electric EVT school buses as part of the EPA's 2023 funding round for school bus electrification[5] - The company is expanding its manufacturing capabilities with refurbishments at its Osceola, Arkansas facility and leasehold improvements at the Clark facility in the Philippines[5] - The partnership with Plug'd has resulted in unit deliveries in Q1 2024, targeting fleet and government customers[5] - The company is experiencing increased demand for its vehicles, focusing on short-term deliveries rather than backlogs[5] - The company emphasizes a positive outlook for 2024 and beyond due to growing interest and demand for its electric vehicles[5]
Envirotech Vehicles(EVTV) - 2024 Q1 - Quarterly Results