2024 Q2 Form 10-Q Financial Statement

#000143774924017090 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $812.8K $810.5K $523.2K
YoY Change -61.89% 54.91% -52.8%
Cost Of Revenue $608.9K $502.3K $404.8K
YoY Change -51.44% 24.07% -41.46%
Gross Profit $203.8K $308.2K $118.4K
YoY Change -76.81% 160.4% -71.61%
Gross Profit Margin 25.08% 38.03% 22.62%
Selling, General & Admin $1.467M $3.194M $2.340M
YoY Change -29.82% 36.51% -20.61%
% of Gross Profit 719.62% 1036.36% 1976.97%
Research & Development $61.62K $70.27K $70.89K
YoY Change 6.37% -0.88%
% of Gross Profit 30.23% 22.8% 59.89%
Depreciation & Amortization $36.66K $39.21K $28.98K
YoY Change 19.95% 35.29% 55.33%
% of Gross Profit 17.99% 12.72% 24.49%
Operating Expenses $1.528M $3.265M $2.411M
YoY Change -28.76% 35.39% -18.2%
Operating Profit -$1.325M -$2.956M -$2.293M
YoY Change 4.58% 28.93% -9.4%
Interest Expense -$1.067K -$6.143K $32.15K
YoY Change -107.65% -119.11% 162.05%
% of Operating Profit
Other Income/Expense, Net $569.4K -$1.576M $24.96K
YoY Change 4462.89% -6414.87% -378.55%
Pretax Income -$755.1K -$4.532M -$2.268M
YoY Change -39.79% 99.85% -10.27%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$755.1K -$4.532M -$2.268M
YoY Change -39.79% 99.85% -10.27%
Net Earnings / Revenue -92.9% -559.21% -433.47%
Basic Earnings Per Share -$0.05 -$0.29 -$0.15
Diluted Earnings Per Share -$0.05 -$0.29 -$0.15
COMMON SHARES
Basic Shares Outstanding 16.20M 15.52M 15.02M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $437.1K $1.049M $2.678M
YoY Change -76.33% -60.82% -70.37%
Cash & Equivalents $437.1K $1.049M $1.669M
Short-Term Investments $1.009M
Other Short-Term Assets $136.7K $136.7K $180.0K
YoY Change -15.99% -24.08% -95.11%
Inventory $6.703M $7.241M $5.733M
Prepaid Expenses $426.8K $357.2K $284.5K
Receivables $1.426M $1.025M $1.890M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $11.99M $12.64M $16.00M
YoY Change -19.16% -20.96% -27.26%
LONG-TERM ASSETS
Property, Plant & Equipment $384.3K $309.5K $359.0K
YoY Change -1.58% -13.79% 34.97%
Goodwill $9.584M $9.584M $14.68M
YoY Change -34.73% -34.73%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $160.2K $160.2K $93.37K
YoY Change 15.75% 71.53% 23.07%
Total Long-Term Assets $10.52M $10.52M $15.13M
YoY Change -30.83% -30.49% -70.96%
TOTAL ASSETS
Total Short-Term Assets $11.99M $12.64M $16.00M
Total Long-Term Assets $10.52M $10.52M $15.13M
Total Assets $22.51M $23.16M $31.13M
YoY Change -25.07% -25.59% -57.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $960.8K $960.1K $884.0K
YoY Change -0.59% 8.61% 418.44%
Accrued Expenses $864.5K $647.0K $357.8K
YoY Change 122.78% 80.8% -52.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.027M $0.00
YoY Change
Long-Term Debt Due $1.264M $112.5K $60.00K
YoY Change 12540.6% 87.53% 88.74%
Total Short-Term Liabilities $4.281M $4.495M $1.302M
YoY Change 214.62% 245.23% 36.17%
LONG-TERM LIABILITIES
Long-Term Debt $7.290K $8.860K $20.00K
YoY Change -27.1% -55.7% 277.36%
Other Long-Term Liabilities $71.55K $155.0K
YoY Change
Total Long-Term Liabilities $78.84K $163.9K $20.00K
YoY Change 688.4% 719.4% 277.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.281M $4.495M $1.302M
Total Long-Term Liabilities $78.84K $163.9K $20.00K
Total Liabilities $4.360M $4.658M $1.317M
YoY Change 217.13% 253.71% 36.99%
SHAREHOLDERS EQUITY
Retained Earnings -$69.90M -$69.14M -$54.20M
YoY Change 26.06% 27.58%
Common Stock $159.00 $155.00 $150.00
YoY Change 6.0% 3.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.15M $18.51M $29.81M
YoY Change
Total Liabilities & Shareholders Equity $22.51M $23.16M $31.13M
YoY Change -25.07% -25.59% -57.99%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$755.1K -$4.532M -$2.268M
YoY Change -39.79% 99.85% -10.27%
Depreciation, Depletion And Amortization $36.66K $39.21K $28.98K
YoY Change 19.95% 35.29% 55.33%
Cash From Operating Activities -$965.0K -$735.6K -$2.249M
YoY Change 17.68% -67.29% -42.42%
INVESTING ACTIVITIES
Capital Expenditures $135.3K $0.00 $19.48K
YoY Change 576.45% -100.0% -255.85%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $1.330M
YoY Change -100.0% -55.67%
Cash From Investing Activities -$135.3K $0.00 $1.310M
YoY Change 576.45% -100.0% -56.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 488.0K $1.328M -$157.3K
YoY Change -1075.98% -944.22% -240.41%
NET CHANGE
Cash From Operating Activities -965.0K -$735.6K -$2.249M
Cash From Investing Activities -135.3K $0.00 $1.310M
Cash From Financing Activities 488.0K $1.328M -$157.3K
Net Change In Cash -612.3K $592.6K -$1.096M
YoY Change -31.2% -154.08% 35.98%
FREE CASH FLOW
Cash From Operating Activities -$965.0K -$735.6K -$2.249M
Capital Expenditures $135.3K $0.00 $19.48K
Free Cash Flow -$1.100M -$735.6K -$2.268M
YoY Change 30.99% -67.57% -41.74%

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CY2024Q1 us-gaap Nature Of Operations
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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 27pt;"> <p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">1.</em></b></p> </td><td style="width: auto;"> <p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Organization and Operations</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt; text-align: justify;">Envirotech Vehicles, Inc. (“we”, “us”, “our” or the “Company”) is a provider of purpose-built <em style="font: inherit;">zero</em>-emission electric vehicles focused on reducing the total cost of vehicle ownership and helping fleet operators unlock the benefits of green technology. The Company serves commercial and last-mile fleets, school districts, public and private transportation service companies, and colleges and universities to meet the increasing demand for light to heavy-duty electric vehicles. The Company’s vehicles address the challenges of traditional fuel price cost instability and local, state, and federal regulatory compliance.</p>
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CY2024Q1 us-gaap Operating Lease Cost
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CY2023Q1 us-gaap Operating Lease Cost
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CY2024Q1 us-gaap Short Term Lease Cost
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CY2023Q1 us-gaap Short Term Lease Cost
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CY2024Q1 us-gaap Lease Cost
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CY2023Q1 us-gaap Lease Cost
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CY2024Q1 us-gaap Operating Lease Payments
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CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
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