Envirotech Vehicles, Inc. reported a decline in revenue for the fiscal year ending December 31, 2024, generating approximately $1.87 million, down 35% from $2.86 million in 2023. The company also recorded a net loss of $8.8 million for 2024, an improvement from the $12.7 million loss in the previous year, which included a significant non-cash goodwill impairment charge of $5.1 million. The decrease in revenue was attributed to a lower number of units sold and an unfavorable product mix, reflecting challenging market conditions.
In a strategic move, Envirotech completed the acquisition of Maddox Industries, LLC on December 18, 2024, for a total consideration of $4.28 million, which included the issuance of 3.1 million shares of common stock. This acquisition is expected to enhance the company's manufacturing capabilities and generate revenue from government contracts over the next three years. Following the acquisition, Jason Maddox was appointed as the company's President, indicating a shift in leadership aimed at strengthening operational efficiency.
Operationally, Envirotech's total operating expenses decreased by 39% to $8.41 million in 2024, primarily due to the absence of the previous year's goodwill impairment charge. General and administrative expenses remained relatively stable, while consulting and research and development costs saw reductions. The company reported a backlog of two Class 4 trucks and 42 Class 4 cargo vans as of December 31, 2024, indicating ongoing demand for its products.
Looking ahead, Envirotech plans to relocate its corporate headquarters to Houston, Texas, and establish a new manufacturing facility, which is expected to incur additional capital expenditures. The company aims to leverage government subsidies and incentives to support its growth in the electric vehicle market, which is projected to expand significantly. However, the future of these incentives remains uncertain due to potential changes in federal policies under the current administration, which could impact the demand for zero-emission vehicles.
About Envirotech Vehicles, Inc.
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