Envirotech Vehicles (EVTV) AI Stock Analysis

• Market Cap: $14.97M
• Dividend Yield: N/A
• Average Volume (3M): 675.19K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.95
• 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: 0.70
• Enterprise Value/Revenue: 2.83
• Enterprise Value/Gross Profit: -9.11
• Enterprise Value/Ebitda: -0.64
• 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: $3.00 ▲(19.52% Upside)

The score is held down primarily by weak financial performance—negative gross profit, widening losses, shrinking equity with higher leverage, and ongoing negative operating/free cash flow. Technicals are a partial offset due to strong price momentum, but overbought signals raise near-term risk; valuation remains constrained by losses and no dividend, while the recent equity raise helps listing compliance but introduces dilution and does not remove financial stability concerns.

Positive Factors

Market position / End-market focus

Envirotech’s focus on commercial EVs for transit, municipal and delivery fleets aligns with a multi-year structural shift to electrification. Fleet customers tend to have predictable procurement cycles and total-cost-of-ownership mandates, supporting repeat orders and long-term revenue visibility if product reliability and service are maintained.

Revenue rebound

A pronounced TTM revenue rebound indicates improving commercial traction and potential product-market fit in fleet segments. If sustained, growing top-line can enable scale economies in manufacturing, spread fixed costs, and create a runway for margin recovery, assuming unit gross margins can be stabilized through cost or pricing actions.

Recurring services & government support

Aftermarket services and parts create recurring, higher-margin revenue and strengthen customer relationships, improving lifetime value. Coupled with potential government grants and incentives for green transit, this mix can lower customer adoption barriers and subsidize fleet conversions, supporting more durable demand and cash flow over time.

Negative Factors

Negative unit economics

Negative gross profit shows production or pricing currently destroys value at the unit level, a structural problem that cannot be fixed by revenue growth alone. Unless manufacturing costs, supply chain inefficiencies, or pricing are materially improved, sustained negative unit economics will continue to erode margins and require ongoing external financing.

Balance sheet deterioration

A sharply weaker equity base and higher leverage reduce financial flexibility for a capital-intensive manufacturer. Elevated leverage increases refinancing and covenant risk, limits ability to fund production scale or R&D internally, and raises the chance management must prioritize short-term liquidity over strategic investments.

Persistent cash burn

Consistent negative operating and free cash flow indicates the business is not self-funding growth and relies on external capital. This constrains ability to expand production, secure supplier terms, and invest in quality improvements. Continued cash burn increases dilution risk and jeopardizes long-term execution unless cash generation turns positive.

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

Envirotech Vehicles is facing significant financial challenges, with persistent losses and cash flow difficulties. The company shows some resilience in maintaining equity, but operational inefficiencies and inconsistent revenue growth pose risks to financial stability.

Income Statement

Envirotech Vehicles has been experiencing significant challenges in profitability, with consistent negative net income and EBIT over the years. The gross profit margin remains positive, indicating some efficiency in production, but both EBIT and net profit margins are deeply negative, reflecting substantial operating losses. Revenue growth has been inconsistent, showing volatility in business operations.

Balance Sheet

The company exhibits a mixed balance sheet condition. While it maintains a positive stockholders' equity, the return on equity is negative due to persistent losses. The debt-to-equity ratio is moderate, suggesting manageable leverage, but the equity ratio indicates a heavy reliance on equity financing. This implies potential sustainability but also highlights risks if profitability does not improve.

Cash Flow

Envirotech Vehicles faces cash flow challenges, with negative operating and free cash flow indicating issues in generating cash from operations. The operating cash flow to net income ratio is unfavorable, reinforcing the difficulty in converting sales into actual cash. Although there is some investment and financing activity, the cash flow situation remains a concern.

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: Negative
• RSI: Negative
• 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 0.88, above the 50-day MA of 1.06, and above the 200-day MA of 1.80, indicating a bullish trend. The MACD of 0.35 indicates Negative momentum. The RSI at 77.61 is Negative, neither overbought nor oversold. The STOCH value of 75.05 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	$14.97M	-0.27	-267.76%	―	113.69%	-84.50%
WKHS	42 Neutral	$11.52M	-0.03	-162.44%	―	16.74%	81.14%
SBLX	41 Neutral	$4.54M	-0.06	-121.52%	―	-100.00%	11.41%
CENN	40 Neutral	$13.41M	-0.13	-30.79%	―	-56.89%	12.17%
EMPD	40 Underperform	$180.30M	-0.06	-20.84%	―	-36.52%	99.81%
BINI	38 Underperform	$1.64M	―	―	―	5865.42%	98.16%

Envirotech Vehicles Corporate Events

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.

Envirotech Vehicles Extends Earnout Period to 2026

Envirotech Vehicles, Inc. completed the acquisition of Maddox Industries on December 18, 2024, and initially agreed on an earnout period for payments to the seller based on revenue, capped at $1 million. On October 20, 2025, the company extended this earnout period to June 17, 2026, maintaining the same terms, which could impact financial planning and stakeholder expectations.

The most recent analyst rating on (EVTV) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Envirotech Vehicles stock, see the EVTV Stock Forecast page.