Here are two brief analogies to describe Envirotech Vehicles (EVTV):

• The Tesla of electric buses.
• A Rivian for electric buses.

• Electric Commercial Trucks: Envirotech Vehicles designs, manufactures, and distributes all-electric Class 4 and 5 cab/chassis trucks for various commercial applications.
• Electric Refuse Vehicles: The company offers specialized all-electric refuse trucks designed for municipal and commercial waste collection.
• Electric Terminal Tractors: Envirotech Vehicles provides all-electric terminal tractors, also known as yard spotters, for efficient trailer movement in logistics and distribution centers.
• Electric Forklifts: They also supply a range of electric forklifts for industrial material handling and warehousing operations.

Envirotech Vehicles (EVTV) Major Customers

Envirotech Vehicles (EVTV) primarily sells its electric commercial vehicles to other companies and organizations (B2B sales) rather than directly to individuals. Their vehicles are designed for commercial fleet operations, logistics, and public services.

Based on publicly available information, a major named customer is:

• Motorwerks Group: A private multi-brand automotive group that announced a significant purchase order in late 2023 for 1,100 EVTV electric commercial vehicles. Motorwerks Group will utilize these vehicles within its own operations and distribute them through its network.

Beyond specific large orders, EVTV's primary customer base and sales channels also include:

• Authorized Dealerships and Distributors: These are companies that purchase vehicles directly from Envirotech Vehicles for resale or lease to end-user customers. EVTV is actively building out its dealer network across North America.
• Commercial Fleet Operators: Companies involved in last-mile delivery, logistics, parcel services, construction, and other commercial sectors that operate vehicle fleets.
• Municipalities and Government Entities: Including city governments, waste management departments, public transit authorities, and school districts that seek to electrify their service and utility vehicle fleets.

While EVTV's SEC filings (e.g., 10-K) mention that a significant portion of their revenue comes from a small number of customers, these customers are typically not named in the public filings themselves unless they are related parties or meet specific disclosure thresholds beyond just being a major customer.

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Phillip Oldridge, CEO and Board Chair

Phillip Oldridge is a pioneer in the electric commercial vehicle industry with over 30 years of experience. He was the founder and CEO of GreenPower Motor Company, a Canadian electric bus manufacturer. Oldridge also founded Bus & Coach International in 2006 and GreenPower Motor Co., Inc. in 2010. His prior roles include CEO President at Travel Impressions (1993-1995), President and CEO at Nevada Charter Inc (1995-2001), President and CEO at Canamera Holdings (2002-2006), and Chief Executive Officer at Connoisseur World Wide Inc. / Bus & Coach International (2008-2011). Canamera Carriers, Inc., where he served as CEO, was acquired by Trimac Transportation Services, Inc. in 2008 for $2.90 million. Additionally, Envirotech Drive Systems, Inc., where he was Chairman & CEO, was acquired by Envirotech Vehicles, Inc.

William C. Miller, CFO

William C. Miller was appointed as Envirotech Vehicles' Chief Financial Officer effective January 1, 2025, bringing over 25 years of accounting and finance experience. He is a Certified Public Accountant and a Chartered Global Management Accountant. Before joining Envirotech Vehicles, Miller operated his own public accounting firm and served as the Director of Internal Audit for the Office of the Arkansas Lottery.

Jason Maddox, President

Jason Maddox was appointed President of Envirotech Vehicles in October 2024. He also served as the Interim Chief Financial Officer for the company until January 1, 2025.

Elgin Tracy, Chief Operating Officer

Elgin Tracy was appointed as the Chief Operating Officer of Envirotech Vehicles in October 2024.

Merrick Alpert, Chief Communications Officer

Merrick Alpert is a member of the Envirotech Vehicles leadership team.

Key Risks to Envirotech Vehicles (EVTV)

Envirotech Vehicles (EVTV) faces several significant risks to its business operations and financial stability. The most pressing concerns include a high probability of financial distress, substantial dependence on government incentives for electric vehicle adoption, and the uncertainties associated with a recent strategic pivot towards AI infrastructure.

1. High Probability of Financial Distress and Severe Liquidity Strain
   Envirotech Vehicles is currently experiencing significant financial challenges, with a reported Probability of Financial Distress (PFD) of 89.50% as of December 9, 2025, indicating a high risk of bankruptcy within the upcoming year. The company has shown severe earnings deterioration, with a net loss widening to $25.5 million for the first nine months of 2025, up from $6.5 million in 2024. This has led to considerable asset and equity erosion, with total assets declining to $18.2 million from $32.7 million and stockholders' equity falling to $1.9 million from $20.9 million within nine months. Furthermore, EVTV faces tight liquidity, holding only $77,595 in cash and cash equivalents as of September 30, 2025, after a $6.3 million operating cash outflow year-to-date. The company is heavily reliant on external and often dilutive financing methods, such as convertible and standby equity notes, to fund its operations.
2. Significant Dependence on Government Incentives and Market Adoption
   EVTV's business model is substantially reliant on the broader adoption of electric vehicles and the availability of government incentives, subsidies, and rebates, which are crucial for customers purchasing zero-emission systems. The high production costs of electric vehicles mean that customer purchases often depend on these government funds, and the continued availability and amount of these incentives are uncertain. Fluctuations in environmental regulations, trade policies, and global economic conditions also pose risks to consumer and business spending, directly impacting the demand for EVTV's products.
3. Risks Associated with Strategic Pivot to AI Infrastructure
   Envirotech Vehicles recently announced an exclusive framework to acquire AZIO AI Corporation, signaling a strategic move to expand into AI infrastructure solutions beyond its core electric vehicle business. While this pivot aims to broaden EVTV's capabilities, it introduces new operational dynamics and risks. The focus on integrating AI infrastructure may divert critical attention and resources from EVTV's existing, struggling mobility business, potentially impacting its operational performance during this transition. Moreover, the completion of this acquisition is contingent on various factors, including due diligence and regulatory approvals, adding an element of uncertainty to the company's future strategic direction.

The rapid and aggressive entry of established automotive manufacturers such as Ford (e.g., E-Transit), General Motors (e.g., BrightDrop), and Daimler Truck (e.g., eSprinter) into the commercial electric vehicle market poses a significant emerging threat. These companies leverage extensive manufacturing capabilities, vast dealer networks, deep financial resources, and long-standing relationships with large fleet customers, directly competing with Envirotech Vehicles' offerings in mid-mile and last-mile delivery segments. Additionally, well-funded EV startups that have secured large contracts, such as Rivian's production of electric delivery vehicles for Amazon, demonstrate the capacity of other players to scale production and capture market share in adjacent commercial EV niches.

Envirotech Vehicles (EVTV) operates in several addressable markets with its main products and services, including electric commercial vehicles, electric school buses, electric refuse trucks, heavy-lift drones for agricultural and fire protection, and electric watercraft.

Electric Commercial Vehicles (Buses, Vans, and Trucks)

• The global electric commercial vehicle market was valued at approximately $72.3 billion in 2024 and is projected to reach $1,298.26 billion by 2033, exhibiting a Compound Annual Growth Rate (CAGR) of 25.56% from 2025-2033.
• The U.S. electric commercial vehicle market was estimated at $13.88 billion in 2024. Another report indicated the U.S. market for electric commercial vehicles was $26.2 billion in 2024, dominating North America which held about 36% of the global market. This market is expected to grow to $235.41 billion by 2030 with a CAGR of 18.3% from 2025 to 2030.
• The U.S. electric last-mile delivery vehicle market was valued at $6.8 billion in 2024 and is projected to reach $18.8995 billion by 2033, growing at a CAGR of 16.2% from 2025 to 2033. Globally, the electric last-mile delivery vehicle market was estimated at $29.17 billion in 2024 and is projected to reach $139.41 billion by 2033, with North America holding the largest share at 34.2% in 2024.

Electric School Buses

• The U.S. electric school bus market is projected to reach $4.77 billion in 2025, with a CAGR of 4.74% from 2019 to 2033. The U.S. electric school bus market is also estimated to grow at a CAGR of approximately 25% during 2021–2027. The overall U.S. school bus market (including all powertrain types) was valued at $4.32 billion in 2023 and is expected to reach $6.57 billion by 2033. Electric models within the U.S. school bus market are set to climb rapidly with a 39.46% CAGR through 2030.

Electric Refuse Trucks

• Battery electric refuse trucks are projected to account for 63% of refuse truck sales in the U.S. by 2030.
• The global electric waste collection trucks market was valued at $0.21 billion in 2024 and is expected to grow to $0.52 billion in 2029 at a CAGR of 20.4%. The broader global garbage truck market (which includes all fuel types) was $13.9 billion in 2024 and is projected to reach $22.0 billion by 2034.

Heavy-Lift Drones (Agricultural and Fire Protection)

• The U.S. agricultural drone market is projected to reach $1.76 billion by 2030. A more recent estimate puts the agricultural market opportunity in the U.S. at $7 billion annually.
• The U.S. wildfire suppression market was $5.7 billion in FY2024.
• For aerial spray services in Italy targeting steep hillside vineyards and olive groves, the estimated serviceable market is between $250 million and $400 million.
• Commercial & Industrial Drone Services are part of a global market projected to be $58.4 billion by 2030.

Electric Watercraft

• The U.S. electric watercraft market, including personal and light commercial vessels, is forecast to exceed $1.28 billion by 2032.

Envirotech Vehicles (EVTV) is positioned for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market trends:

1. Expansion into New Market Segments: Envirotech Vehicles is strategically expanding into the electric drone and watercraft sectors. This includes developing commercial and industrial electric drones for applications like agriculture, logistics, and infrastructure, as well as electric jet drive systems for various watercraft. These new markets are projected to be high-growth verticals, with the U.S. agricultural drone market expected to reach $1.76 billion by 2030, the global commercial and industrial drone services market $58.4 billion by 2030, and the U.S. electric watercraft market over $1.28 billion by 2032.
2. Growth in Core Electric Commercial Vehicle Portfolio: The company plans to continue generating revenue from its established lineup of electric commercial vehicles, including buses, vans, and trucks. Envirotech aims to acquire new customers and support its expanding operations through enhanced sales and marketing efforts. This segment benefits from favorable regulatory tailwinds and increasing government incentives for zero-emission vehicles, along with the total cost of ownership advantages offered by their electric vehicles.
3. Strategic Acquisitions: Envirotech anticipates additional top-line growth starting in 2025 through strategic acquisitions. The company is actively reviewing a pipeline of three strategic acquisitions to accelerate its time-to-market for the new drone and marine product lines.
4. Research and Development (R&D): A continued focus on R&D to enhance its existing zero-emission electric vehicles and systems is expected to drive long-term growth. This investment aims to improve product offerings and maintain competitiveness in the evolving electric vehicle market.
5. European Market Expansion: Envirotech Vehicles is expanding its reach into the European market through a partnership in Italy, which presents an opportunity to access new customer bases and increase international sales.

Share Issuance

• Envirotech Vehicles implemented a 1-for-10 reverse stock split effective August 6, 2025, reducing outstanding shares from approximately 35.3 million to 3.5 million.
• The company expects to access $25 million in funding from Yorkville Advisors Global LP, allowing it to sell common stock over 36 months.
• Proceeds from the issuance of convertible notes totaled $2,850,500 for the three months ended March 31, 2025, and proceeds from the issuance of common stock were $585,499 for the period ended March 31, 2024.

Inbound Investments

• Envirotech Vehicles anticipates accessing $25 million in funding from Yorkville Advisors Global LP through a standby equity purchase agreement.
• Yorkville Advisors advanced $2 million to Envirotech under a convertible promissory note on October 31, 2024, with another $1 million expected.
• A Post IPO funding round on February 26, 2025, secured $5 million from Yorkville Advisors.

Outbound Investments

• Envirotech Vehicles signed a non-binding Letter of Intent to acquire Kymera, a marine craft manufacturer, with the acquisition projected to close in Q2 2025 to establish a new marine division.
• The company has acquired Maddox Industries.
• Envirotech is reviewing a pipeline of strategic acquisitions to accelerate market entry and expand revenue streams by 2025.

Capital Expenditures

• The company recorded purchases of property and equipment amounting to $176,828 for the three months ended March 31, 2025.
• Envirotech expects to increase capital expenditures as it transfers assembly and corporate functions to its Houston, Texas facility.
• Funding from Yorkville is intended to enable a rapid scale-up of manufacturing at the Osceola, Arkansas electric vehicle production facility.