--- title: "Envirotech Vehicles | 10-K: FY2025 Revenue: USD 5.939 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/282591831.md" datetime: "2026-04-13T21:15:33.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/282591831.md) - [en](https://longbridge.com/en/news/282591831.md) - [zh-HK](https://longbridge.com/zh-HK/news/282591831.md) --- # Envirotech Vehicles | 10-K: FY2025 Revenue: USD 5.939 M Revenue: As of FY2025, the actual value is USD 5.939 M. EPS: As of FY2025, the actual value is USD -11.54. EBIT: As of FY2025, the actual value is USD -38.7 M. Envirotech Vehicles, Inc. reported a net loss of - $39.1 million for the year ended December 31, 2025, compared to - $8.8 million for the year ended December 31, 2024. The 2025 net loss included approximately - $26.4 million in non-cash charges, comprising - $10.1 million for goodwill impairment, - $3.3 million for impairment of intangibles, - $6.0 million for inventory write-downs, and - $7.0 million for write-offs of inventory deposits. ### Segment Revenue - **Total Sales**: Total sales increased to $5.9 million for the year ended December 31, 2025, from $1.9 million for the year ended December 31, 2024. - **Electric Vehicles Segment**: Sales for this segment were approximately $349,000 in 2025, consisting primarily of 2 logistics cargo vans and 2 cab and chassis trucks, a decrease from $1.8 million in 2024 which included 13 logistics cargo vans, 3 cab and chassis trucks, 1 passenger van, 2 zippers, 1 sweeper, and 1 forklift. This decrease was attributed to unfavorable market and geopolitical conditions and a shift in strategy. - **Medical Supplies Segment**: This segment generated $5.6 million in sales in 2025, primarily from manufacturing medical supplies (gowns) for a related party, Maddox Medical Corp. - **Drones Segment**: No sales were reported for the drones segment in 2025, as products are still in development. ### Operational Metrics - **Cost of Goods Sold**: Cost of sales was $19.1 million in 2025, resulting in a negative gross profit of - $13.2 million and a negative gross margin of -222%. This compares to $1.4 million in cost of sales in 2024, with a gross profit of $489,000 and a gross margin of 26%. The decrease in gross margin was primarily due to inventory write-downs and write-offs of inventory deposits in 2025. - **Operating Expenses**: Total operating expenses, net, increased to $25.5 million in 2025 from $8.4 million in 2024. - **General and Administrative**: Increased to $11.3 million in 2025 from $8.1 million in 2024, driven by higher legal fees ($0.9 million), accounting and professional fees ($1.3 million), amortization of intangible assets ($0.7 million), bad debts ($0.8 million), and taxes/licenses ($0.5 million), partially offset by a decrease in stock-based compensation. - **Consulting**: Decreased slightly to $65,000 in 2025 from $70,000 in 2024. - **Research and Development**: Increased to $731,808 in 2025 from $192,885 in 2024, primarily due to expenses related to the drone segment. - **Goodwill Impairment**: A non-cash charge of - $10.1 million was recorded in 2025 due to a declining stock price. - **Impairment of Intangible Assets**: A non-cash charge of - $3.3 million was recorded in 2025 due to a decline in cash flow forecasts for the medical supplies segment. - **Stock-based Compensation Expense**: Was $639,815 in 2025, down from $1.9 million in 2024. - **Other Income (Expense)**: Total other expense, net, was - $445,807 in 2025, an improvement from - $928,618 in 2024. - **Interest Income**: Increased to $33,320 in 2025 from $7,669 in 2024 due to higher cash balances. - **Loss on conversions and changes in fair value of convertible notes**: Was - $461,019 in 2025, compared to - $633,981 in 2024. ### Cash Flow - **Operating Activities**: Net cash used was - $5.6 million in 2025, compared to - $3.5 million in 2024. - **Investing Activities**: Net cash used was - $0.2 million in 2025, compared to - $4.7 million in 2024, with the latter primarily due to the Maddox Acquisition and property/equipment purchases. - **Financing Activities**: Net cash provided was $4.2 million in 2025, primarily from common stock issuance proceeds ($0.4 million), convertible notes proceeds ($4.8 million), and debt proceeds ($0.3 million), partially offset by earn-out payments related to the Maddox Acquisition (- $0.8 million) and debt repayments (- $0.5 million). In 2024, net cash provided was $9.7 million. ### Unique Metrics - **Working Capital**: Envirotech Vehicles, Inc. had negative working capital of - $9.8 million as of December 31, 2025. - **Accumulated Deficit**: The accumulated deficit was - $112.6 million as of December 31, 2025, up from - $73.5 million in 2024. - **Backlog**: As of December 31, 2025, the company had a backlog of 2 Class 4 trucks and 38 Class 4 cargo vans. - **Employees**: As of December 31, 2025, Envirotech Vehicles, Inc. employed 293 full-time employees, having expanded its workforce by over 250 manufacturing and machine-operator roles in Houston, Texas, to support the medical supplies segment. ### Outlook / Guidance Management has identified substantial doubt about Envirotech Vehicles, Inc.’s ability to continue as a going concern due to significant losses, negative cash flows, and insufficient cash. The company plans to address this by growing operations, seeking additional financing, and pursuing acquisitions of cash flow-generating assets. Envirotech Vehicles, Inc. anticipates increased operating expenses in the foreseeable future due to investments in R&D, manufacturing, sales, marketing, and general and administrative functions, which will adversely affect near-term results. ### Related Stocks - [EVTV.US](https://longbridge.com/en/quote/EVTV.US.md) ## Related News & Research - [Envirotech Vehicles Delays Quarterly SEC Filing](https://longbridge.com/en/news/286623579.md) - [Do Wall Street Analysts Like Welltower Stock?](https://longbridge.com/en/news/286776714.md) - [Nippo lifts profits and cash, delivers hefty special dividend ahead of earnings plateau](https://longbridge.com/en/news/286837429.md) - [ProShare Advisors LLC Purchases 257,762 Shares of Cintas Corporation $CTAS](https://longbridge.com/en/news/286893600.md) - [Stronger‑Than‑Expected Ansys Integration Could Be A Game Changer For Synopsys (SNPS)](https://longbridge.com/en/news/286866906.md)