Envirotech Vehicles (EVTV) AI Stock Analysis

• Market Cap: $10.62M
• Dividend Yield: N/A
• Average Volume (3M): 675.19K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.88
• Revenue Growth: 113.69%
• EPS Growth: -84.50%
• Country: US
• Employees: 22
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Manufacturers
• EPS (TTM): -0.64
• Shares Outstanding: 4,829,515
• 10 Day Avg. Volume: 119,138
• 30 Day Avg. Volume: 675,191
• PEG Ratio: 0.64
• Price to Book (P/B): 9.37
• Price to Sales (P/S): 104.88
• P/FCF Ratio: -49.84
• Enterprise Value/Market Cap: 1.10
• Enterprise Value/Revenue: 3.15
• Enterprise Value/Gross Profit: -10.17
• Enterprise Value/Ebitda: -0.72
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $2.00 ▼(-20.32% Downside)

The score is held down primarily by weak financial fundamentals—worsening losses, negative gross profit, sharply reduced equity with higher leverage, and continued cash burn. Technicals are comparatively strong with price above major moving averages and positive MACD, but valuation remains challenged by negative earnings and corporate events add listing/compliance uncertainty despite the equity raise.

Positive Factors

Revenue Growth Momentum

A large, sustained revenue rebound demonstrates meaningful market traction for EVTV's commercial vehicles. Strong top-line growth provides a foundation to scale manufacturing, spread fixed costs, and invest in service networks; if sustained, it materially improves the path to durable profitability.

Commercial Fleet Focus

Specialization in public transit, municipal services and delivery fleets targets institutional buyers with repeat procurement and maintenance needs. This B2B focus supports recurring parts and service revenue, deeper customer relationships, and higher switching costs versus consumer EV markets.

Equity Raise Restored Listing Threshold

Recent equity advances increased stockholders' equity above the Nasdaq minimum, preserving public listing access and short-term financing flexibility. This capital injection reduces immediate delisting risk and provides runway to pursue orders, partnerships, or operational fixes while seeking longer-term funding.

Negative Factors

Negative Gross Profit and Widening Losses

Negative gross profit means unit economics are broken: production or supply costs exceed revenues on core vehicles. Without structural cost reductions, improved yields, or pricing power, scaling revenue will enlarge losses, impede margin recovery, and threaten long-term viability regardless of demand growth.

Persistent Cash Burn

Sustained negative operating and free cash flow indicates the business consumes cash to fund operations. Ongoing burn increases reliance on external financing, raises dilution or creditor risk, limits investments in capacity or R&D, and weakens resilience to demand or supply shocks over the medium term.

Nasdaq Compliance & Governance Risk

A Nasdaq compliance deficiency and repeated adjourned annual meetings point to governance and shareholder engagement problems. Potential delisting or prolonged remediation can restrict capital access, distract management, and harm customer and partner confidence, imposing structural operational risks.

Envirotech Vehicles Business Overview & Revenue Model

Company Description

Envirotech Vehicles, Inc. provides zero-emission electric vehicles in the United States. The company also offers vehicle maintenance and inspection services. It serves commercial and last-mile fleets, school districts, public and private transportation service companies, and colleges and universities. The company was formerly known as ADOMANI, Inc. and changed its name to Envirotech Vehicles, Inc. in May 2021. Envirotech Vehicles, Inc. is based in Osceola, Arkansas.

How the Company Makes Money

Envirotech Vehicles generates revenue through the sale of its electric vehicles, which includes both direct sales to customers and potential lease agreements. The company also earns income from maintenance services and parts sales for its vehicles, fostering ongoing relationships with customers. Additionally, EVTV may benefit from government grants and incentives aimed at promoting green technology and sustainable transportation solutions. Strategic partnerships with local governments and businesses can further enhance its revenue stream by facilitating bulk orders and collaborative projects focused on urban mobility.

Envirotech Vehicles Financial Statement Overview

Summary

Despite a strong TTM revenue rebound, profitability deteriorated sharply (negative gross profit and materially wider losses). Equity fell steeply and leverage increased meaningfully, while operating cash flow and free cash flow remain negative, indicating ongoing cash burn and higher financial risk.

Income Statement

TTM (Trailing-Twelve-Months) revenue rebounded strongly (up ~83%), but profitability deteriorated sharply: gross profit turned negative and losses widened materially (net margin roughly -1,479% vs. about -473% in 2024). The company has been consistently unprofitable across all periods shown, and the latest TTM shows significantly weaker operating performance despite higher sales.

Balance Sheet

Leverage has risen meaningfully: debt-to-equity increased from ~0.18 (2024) to ~2.13 in TTM (Trailing-Twelve-Months), driven by a steep drop in equity (from ~$20.9M to ~$1.9M) while debt stayed near ~$4.0M. Total assets also fell (from ~$32.7M to ~$18.2M). Returns on equity are deeply negative, signaling continued value erosion and higher financial risk versus prior years.

Cash Flow

Cash generation remains weak: operating cash flow and free cash flow are negative in TTM (Trailing-Twelve-Months) and 2024, indicating ongoing cash burn. While free cash flow has generally tracked net losses (free cash flow to net income ~1.05–1.12), the trend is not improving—TTM free cash flow growth is negative, and operating cash flow does not cover earnings. The 2020 positive cash flow appears non-recurring versus subsequent years.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.70M	1.87M	2.86M	4.50M	2.04M	88.73K
Gross Profit	-1.15M	488.80K	1.01M	1.73M	761.38K	15.18K
EBITDA	-16.24M	-7.73M	-7.49M	-6.66M	-6.97M	-386.29K
Net Income	-27.87M	-8.85M	-12.68M	-43.80M	-7.65M	-279.52K
Balance Sheet
Total Assets	18.20M	32.67M	22.65M	33.48M	75.31M	2.41M
Cash, Cash Equivalents and Short-Term Investments	77.59K	1.94M	456.72K	5.10M	12.85M	136.22K
Total Debt	3.97M	3.84M	806.55K	232.44K	178.71K	152.84K
Total Liabilities	16.33M	11.75M	2.02M	1.49M	1.57M	2.88M
Stockholders Equity	1.86M	20.92M	20.63M	31.99M	73.74M	-472.16K
Cash Flow
Free Cash Flow	-7.33M	-3.94M	-4.28M	-7.60M	-12.96M	1.45M
Operating Cash Flow	-6.95M	-3.50M	-4.25M	-7.43M	-12.94M	1.53M
Investing Cash Flow	-4.65M	-4.71M	2.31M	5.51M	-4.68M	-73.09K
Financing Cash Flow	11.00M	9.70M	-430.48K	-156.69K	20.59M	152.84K

Envirotech Vehicles Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.51
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EVTV, the sentiment is Positive. The current price of 2.51 is above the 20-day moving average (MA) of 2.32, above the 50-day MA of 1.44, and above the 200-day MA of 1.80, indicating a neutral trend. The MACD of 0.24 indicates Positive momentum. The RSI at 53.05 is Neutral, neither overbought nor oversold. The STOCH value of 35.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EVTV.

Envirotech Vehicles Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
EVTV	47 Neutral	$10.62M	-0.19	-267.76%	―	113.69%	-84.50%
EMPD	46 Neutral	$163.91M	-0.05	-20.84%	―	-36.52%	99.81%
WKHS	42 Neutral	$9.98M	-0.02	-162.44%	―	16.74%	81.14%
SBLX	41 Neutral	$3.95M	-0.05	-121.52%	―	-100.00%	11.41%
CENN	40 Neutral	$12.22M	-0.12	-30.79%	―	-56.89%	12.17%
BINI	38 Underperform	$1.55M	―	―	―	5865.42%	98.16%

Envirotech Vehicles Corporate Events

Envirotech Vehicles Faces Nasdaq Compliance and Meeting Challenges

On January 15, 2026, Envirotech Vehicles, Inc. received a notice from Nasdaq’s Listing Qualifications Department indicating that the company was no longer in compliance with the exchange’s requirement to hold an annual stockholders’ meeting within twelve months of the fiscal year end, triggering a 45-day period to submit a plan to regain compliance and the possibility of an extension of up to 180 days from the fiscal year end. The company, which had previously adjourned its 2025 annual meeting from December 30, 2025, to January 20, 2026, commenced the meeting on January 20 but again adjourned it to February 3, 2026, due to lack of quorum, and is now actively soliciting additional shareholder votes—including by hiring proxy solicitor InvestorCom LLC—in an effort to secure quorum, complete the voting on existing proposals, and address the Nasdaq compliance deficiency, a process that may affect its listing status and corporate governance standing if not resolved within the allowed timelines.

The most recent analyst rating on (EVTV) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Envirotech Vehicles stock, see the EVTV Stock Forecast page.

Envirotech Vehicles Raises Equity to Maintain Nasdaq Listing

Envirotech Vehicles, Inc. reported that as of September 30, 2025, it had stockholders’ equity of approximately $1.86 million, and during the fourth quarter of 2025 it fully repaid $2.85 million in principal and accrued interest on outstanding convertible promissory notes under its amended standby equity purchase agreement with YA II PN, Ltd. In the fourth quarter of 2025 and the first quarter of 2026, the company raised about $3.1 million in gross proceeds through additional advances under that agreement, issuing 5,431,083 new common shares and boosting stockholders’ equity to above the $2.5 million minimum required to maintain its Nasdaq Capital Market listing, though it cautioned that continued compliance is not assured.

The most recent analyst rating on (EVTV) stock is a Hold with a $0.55 price target. To see the full list of analyst forecasts on Envirotech Vehicles stock, see the EVTV Stock Forecast page.

Envirotech Vehicles Adjourns 2025 Annual Stockholder Meeting

On December 30, 2025, Envirotech Vehicles, Inc. convened its 2025 Annual Meeting of Stockholders but immediately adjourned it to January 20, 2026, due to a lack of quorum, keeping November 13, 2025, as the record date for voting eligibility. During the adjournment period, the company will continue soliciting votes on the existing proposals outlined in its previously filed proxy statement, encouraging stockholders of record who have not yet voted to do so before the reconvened meeting and clarifying that previously submitted proxies remain valid unless changed, underscoring an effort to secure sufficient shareholder participation for corporate decision-making.

The most recent analyst rating on (EVTV) stock is a Sell with a $0.39 price target. To see the full list of analyst forecasts on Envirotech Vehicles stock, see the EVTV Stock Forecast page.

Envirotech Vehicles Board Member Melissa Barcellos to Depart

On November 12, 2025, Melissa Barcellos announced she will not seek re-election to Envirotech Vehicles, Inc.’s Board of Directors at the 2025 Annual Meeting of Stockholders. Having served since March 2021, her decision is not due to any disagreement with the company, and she will remain in her role until the end of her term.

The most recent analyst rating on (EVTV) stock is a Sell with a $1.00 price target. To see the full list of analyst forecasts on Envirotech Vehicles stock, see the EVTV Stock Forecast page.