Envirotech Vehicles Inc Financials

EVTV

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Envirotech Vehicles Inc (EVTV) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI EVTV FY2025 2026-05-19

FY2025 shows the business became gross-loss-making, turning external funding from support capital into a bridge for operations.

Across FY2024 to FY2025, revenue more than tripled to $5.9M while gross margin collapsed from positive to -222.2%. That shift means the economic strain moved below operating expenses and into unit economics, so additional sales increased the gross loss before overhead was even paid.

The balance sheet flipped quickly: equity turned negative at -$8.9M, and the current ratio fell to 0.3x in FY2025. That implies near-term obligations are no longer buffered by liquid assets the way they were in the prior year.

Cash burn still came mainly from the business itself, with operating cash flow at -$5.6M and free cash flow at -$5.8M in FY2025. Because capital spending was modest, the shortfall was not a reinvestment story; financing inflows of $4.2M served mainly to keep pace with operating drain rather than rebuild balance-sheet flexibility.

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Envirotech Vehicles Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

100

Envirotech Vehicles Inc's revenue surged 217.6% year-over-year to $5.9M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Envirotech Vehicles Inc carries a low D/E ratio of -0.05, meaning only $-0.05 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Envirotech Vehicles Inc's current ratio of 0.26 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While Envirotech Vehicles Inc generated -$5.6M in operating cash flow, capex of $177K consumed most of it, leaving -$5.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

1/9

Envirotech Vehicles Inc passes 1 of 9 financial strength tests. No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

1.67x

For every $1 of reported earnings, Envirotech Vehicles Inc generates $1.67 in operating cash flow (-$5.6M OCF vs -$3.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$5.9M

YoY+217.6%

5Y CAGR+131.8%

Envirotech Vehicles Inc generated $5.9M in revenue in fiscal year 2025. This represents an increase of 217.6% from the prior year.

EBITDA

N/A

Net Income

-$3.3M

YoY+20.8%

Envirotech Vehicles Inc reported -$3.3M in net income in fiscal year 2025. This represents an increase of 20.8% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$5.8M

YoY-46.5%

Envirotech Vehicles Inc generated -$5.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 46.5% from the prior year.

Cash & Debt

$359K

YoY-81.5%

5Y CAGR+21.4%

10Y CAGR-22.4%

Envirotech Vehicles Inc held $359K in cash against $486K in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY+143.0%

Envirotech Vehicles Inc had 5M shares outstanding in fiscal year 2025. This represents an increase of 143.0% from the prior year.

Margins & Returns

Gross Margin

-222.2%

YoY-248.4pp

5Y CAGR-239.3pp

Envirotech Vehicles Inc's gross margin was -222.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 248.4 percentage points from the prior year.

Operating Margin

N/A

Net Margin

-56.3%

YoY+169.3pp

5Y CAGR+258.7pp

Envirotech Vehicles Inc's net profit margin was -56.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 169.3 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

$732K

YoY+279.4%

10Y CAGR+2.9%

Envirotech Vehicles Inc invested $732K in research and development in fiscal year 2025. This represents an increase of 279.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$177K

YoY-58.9%

5Y CAGR+19.3%

10Y CAGR+50.3%

Envirotech Vehicles Inc invested $177K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 58.9% from the prior year.

EVTV Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$5.9M+217.6%	$1.9M-34.7%	$2.9M-36.4%	$4.5M+120.5%	$2.0M+2202.2%	$89K
Cost of Revenue	$19.1M+1285.5%	$1.4M-25.6%	$1.9M-33.0%	$2.8M+116.4%	$1.3M+1642.1%	$74K
Gross Profit	-$13.2M-2800.1%	$489K-51.4%	$1.0M-41.9%	$1.7M+127.5%	$761K+4917.3%	$15K
R&D Expenses	$732K+279.4%	$193K-18.3%	$236K+57.5%	$150K+157.9%	$58K	$0
SG&A Expenses	$11.3M+38.5%	$8.1M-0.3%	$8.2M+2.2%	$8.0M-2.9%	$8.2M+2219.2%	$355K
Operating Income	N/A	-$7.9M+37.7%	-$12.7M+71.0%	-$43.8M-467.7%	-$7.7M-1779.5%	-$411K
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	$0-100.0%	$221K+201.1%	-$218K
Net Income	-$3.3M+20.8%	-$4.2M+66.7%	-$12.7M+71.0%	-$43.8M-472.4%	-$7.7M-2637.6%	-$280K
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$2.2M-9.7%	$2.5M+37.3%	$1.8M+73.1%	$1.0M+77.3%	$591K	N/A	$0-100.0%	$813K
Cost of Revenue	$2.4M-83.1%	$14.4M+733.3%	$1.7M-30.9%	$2.5M+431.6%	$471K	N/A	$134K-78.0%	$609K
Gross Profit	-$189K+98.4%	-$11.9M-14879.4%	$81K+105.5%	-$1.5M-1321.0%	$119K	N/A	-$134K-165.7%	$204K
R&D Expenses	$10K	$0-100.0%	$43K-92.7%	$590K+499.7%	$98K	N/A	$20K-66.8%	$62K
SG&A Expenses	$3.6M+66.5%	$2.1M-22.8%	$2.8M+1.1%	$2.8M-23.6%	$3.6M	N/A	$1.4M-4.8%	$1.5M
Operating Income	-$3.8M	N/A	-$6.1M-26.3%	-$4.8M+65.0%	-$13.7M	N/A	-$1.6M-21.2%	-$1.3M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	$0	$0	N/A	$0	$0
Net Income	-$4.0M-118.0%	$22.2M+449.2%	-$6.4M-23.5%	-$5.1M+63.3%	-$14.0M	N/A	-$1.2M-63.6%	-$755K
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EVTV Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$4.7M-85.7%	$32.7M+44.2%	$22.7M-32.3%	$33.5M-55.5%	$75.3M+3026.5%	$2.4M
Current Assets	$3.5M-80.2%	$17.6M+46.3%	$12.1M-34.3%	$18.3M-20.3%	$23.0M+1087.3%	$1.9M
Cash & Equivalents	$359K-81.5%	$1.9M+325.0%	$457K-83.5%	$2.8M-42.9%	$4.8M+3457.8%	$136K
Inventory	$0-100.0%	$6.4M-6.1%	$6.8M+20.4%	$5.7M+47.3%	$3.9M	$0
Accounts Receivable	N/A	$1.0M+45.9%	$692K-66.6%	$2.1M+45.2%	$1.4M+15767.0%	$9K
Goodwill	$0-100.0%	$10.1M+5.4%	$9.6M-34.7%	$14.7M-71.6%	$51.8M	N/A
Total Liabilities	$13.6M+15.7%	$11.7M+481.7%	$2.0M+35.7%	$1.5M-4.9%	$1.6M-45.6%	$2.9M
Current Liabilities	$13.3M+13.1%	$11.7M+562.2%	$1.8M+20.5%	$1.5M-5.0%	$1.6M-43.2%	$2.7M
Long-Term Debt	$486K-85.6%	$3.4M+1109.8%	$280K	N/A	N/A	N/A
Total Equity	-$8.9M-142.7%	$20.9M+1.4%	$20.6M-35.5%	$32.0M-56.6%	$73.7M+15718.0%	-$472K
Retained Earnings	-$112.6M-53.3%	-$73.5M-13.7%	-$64.6M-24.4%	-$51.9M-539.2%	-$8.1M-1620.3%	-$472K

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$11.2M+139.7%	$4.7M-74.3%	$18.2M-20.0%	$22.7M-8.5%	$24.8M-24.0%	$32.7M+43.1%	$22.8M+1.4%	$22.5M
Current Assets	$6.8M+94.3%	$3.5M-77.5%	$15.5M-5.1%	$16.3M-18.7%	$20.1M+13.8%	$17.6M+44.1%	$12.2M+2.1%	$12.0M
Cash & Equivalents	$2.0M+461.0%	$359K+362.6%	$78K-91.8%	$942K+346.0%	$211K-89.1%	$1.9M+184.4%	$683K+56.2%	$437K
Inventory	$0	$0-100.0%	$4.9M0.0%	$4.9M-22.3%	$6.2M-2.6%	$6.4M-4.3%	$6.7M0.0%	$6.7M
Accounts Receivable	N/A	N/A	N/A	N/A	$852K-15.6%	$1.0M-7.4%	$1.1M-23.5%	$1.4M
Goodwill	N/A	$0	$0	$0	$0-100.0%	$10.1M+5.4%	$9.6M0.0%	$9.6M
Total Liabilities	$19.4M+42.4%	$13.6M-16.8%	$16.3M-3.0%	$16.8M+7.4%	$15.7M+33.4%	$11.7M+202.8%	$3.9M-11.0%	$4.4M
Current Liabilities	$18.3M+37.8%	$13.3M-16.8%	$16.0M-2.8%	$16.4M+4.9%	$15.7M+33.4%	$11.7M+228.8%	$3.6M-16.6%	$4.3M
Long-Term Debt	$4.5M+834.5%	$486K-83.1%	$2.9M-41.8%	$4.9M+8.1%	$4.6M+35.1%	$3.4M+268.5%	$918K-30.6%	$1.3M
Total Equity	-$8.2M+8.4%	-$8.9M-579.5%	$1.9M-68.5%	$5.9M-35.6%	$9.2M-56.2%	$20.9M+10.4%	$19.0M+4.4%	$18.1M
Retained Earnings	-$116.6M-3.5%	-$112.6M-13.7%	-$99.0M-6.9%	-$92.6M-5.9%	-$87.5M-19.1%	-$73.5M-3.3%	-$71.1M-1.8%	-$69.9M

EVTV Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$5.6M-59.4%	-$3.5M+25.6%	-$4.7M+36.6%	-$7.4M+42.6%	-$12.9M-947.6%	$1.5M
Capital Expenditures	$177K-58.9%	$430K+1101.7%	$36K-78.8%	$169K+503.0%	$28K-61.7%	$73K
Free Cash Flow	-$5.8M-46.5%	-$3.9M+17.1%	-$4.7M+37.5%	-$7.6M+41.4%	-$13.0M-992.1%	$1.5M
Investing Cash Flow	-$177K+96.2%	-$4.7M-304.0%	$2.3M-58.1%	$5.5M+217.7%	-$4.7M-6300.0%	-$73K
Financing Cash Flow	$4.2M-56.9%	$9.7M+26395.5%	$37K+123.4%	-$157K-100.8%	$20.6M+13372.7%	$153K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$3.3M-571.9%	$708K+177.8%	-$910K+22.0%	-$1.2M+72.3%	-$4.2M-543.1%	-$656K+42.9%	-$1.1M-19.0%	-$965K
Capital Expenditures	$1.5M	$0	$0	$0-100.0%	$177K-12.2%	$201K+114.7%	$94K-30.7%	$135K
Free Cash Flow	-$4.9M-787.3%	$708K+177.8%	-$910K+22.0%	-$1.2M+73.4%	-$4.4M-412.7%	-$857K+31.0%	-$1.2M-12.9%	-$1.1M
Investing Cash Flow	-$1.5M	$0	$0	$0+100.0%	-$177K+96.1%	-$4.5M-4676.3%	-$94K+30.7%	-$135K
Financing Cash Flow	$6.5M+1627.9%	-$427K-1032.3%	$46K-97.6%	$1.9M-28.7%	$2.7M-58.3%	$6.4M+329.7%	$1.5M+204.9%	$488K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EVTV Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	-222.2%-248.4pp	26.1%-9.0pp	35.1%-3.3pp	38.5%+1.2pp	37.3%+20.2pp	17.1%
Operating Margin	N/A	-423.5%+20.6pp	-444.1%+529.3pp	-973.4%-595.3pp	-378.1%+85.0pp	-463.1%
Net Margin	-56.3%+169.3pp	-225.5%+217.5pp	-443.1%+529.4pp	-972.4%-597.8pp	-374.6%-59.6pp	-315.0%
Return on Equity	N/A	-20.2%+41.3pp	-61.5%+75.4pp	-136.9%-126.5pp	-10.4%	N/A
Return on Assets	-71.6%-58.7pp	-12.9%+43.1pp	-56.0%+74.8pp	-130.8%-120.7pp	-10.2%+1.4pp	-11.6%
Current Ratio	0.26-1.2	1.50-5.3	6.80-5.7	12.46-2.4	14.85+14.1	0.71
Debt-to-Equity	-0.05-0.2	0.16+0.1	0.01-0.0	0.05+0.0	0.02+6.1	-6.10
FCF Margin	-97.1%+113.4pp	-210.4%-44.6pp	-165.9%+2.9pp	-168.7%+465.9pp	-634.6%-2272.4pp	1637.7%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	-8.4%+471.4pp	-479.8%-484.2pp	4.5%+143.7pp	-139.2%-159.4pp	20.2%	N/A	N/A	25.1%
Operating Margin	-167.7%	N/A	-334.5%+123.9pp	-458.4%+1866.8pp	-2325.2%	N/A	N/A	-163.0%
Net Margin	-177.3%-1069.2pp	891.9%+1242.6pp	-350.8%+140.8pp	-491.6%+1885.2pp	-2376.8%	N/A	N/A	-92.9%
Return on Equity	N/A	N/A	-341.4%-254.3pp	-87.1%+65.9pp	-153.1%	N/A	-6.5%-2.4pp	-4.2%
Return on Assets	-35.6%-511.2pp	475.6%+510.5pp	-34.9%-12.3pp	-22.6%+33.9pp	-56.5%	N/A	-5.4%-2.1pp	-3.4%
Current Ratio	0.37+0.1	0.26-0.7	0.97-0.0	0.99-0.3	1.28-0.2	1.50-1.9	3.43+0.6	2.80
Debt-to-Equity	-0.56-0.5	-0.05-1.6	1.54+0.7	0.84+0.3	0.50+0.3	0.16+0.1	0.05-0.0	0.07
FCF Margin	-216.5%-244.9pp	28.5%+78.7pp	-50.2%+61.3pp	-111.5%+632.5pp	-744.1%	N/A	N/A	-135.4%

Note: Shareholder equity is negative (-$8.9M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.26), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Envirotech Vehicles Inc's annual revenue?

Envirotech Vehicles Inc (EVTV) reported $5.9M in total revenue for fiscal year 2025. This represents a 217.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Envirotech Vehicles Inc's revenue growing?

Envirotech Vehicles Inc (EVTV) revenue grew by 217.6% year-over-year, from $1.9M to $5.9M in fiscal year 2025.

Is Envirotech Vehicles Inc profitable?

No, Envirotech Vehicles Inc (EVTV) reported a net income of -$3.3M in fiscal year 2025, with a net profit margin of -56.3%.

How much debt does Envirotech Vehicles Inc have?

As of fiscal year 2025, Envirotech Vehicles Inc (EVTV) had $359K in cash and equivalents against $486K in long-term debt.

What is Envirotech Vehicles Inc's gross margin?

Envirotech Vehicles Inc (EVTV) had a gross margin of -222.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Envirotech Vehicles Inc's net profit margin?

Envirotech Vehicles Inc (EVTV) had a net profit margin of -56.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Envirotech Vehicles Inc's free cash flow?

Envirotech Vehicles Inc (EVTV) generated -$5.8M in free cash flow during fiscal year 2025. This represents a -46.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Envirotech Vehicles Inc's operating cash flow?

Envirotech Vehicles Inc (EVTV) generated -$5.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Envirotech Vehicles Inc's total assets?

Envirotech Vehicles Inc (EVTV) had $4.7M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Envirotech Vehicles Inc's capital expenditures?

Envirotech Vehicles Inc (EVTV) invested $177K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Envirotech Vehicles Inc spend on research and development?

Envirotech Vehicles Inc (EVTV) invested $732K in research and development during fiscal year 2025.

How many shares does Envirotech Vehicles Inc have outstanding?

Envirotech Vehicles Inc (EVTV) had 5M shares outstanding as of fiscal year 2025.

What is Envirotech Vehicles Inc's current ratio?

Envirotech Vehicles Inc (EVTV) had a current ratio of 0.26 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Envirotech Vehicles Inc's debt-to-equity ratio?

Envirotech Vehicles Inc (EVTV) had a debt-to-equity ratio of -0.05 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Envirotech Vehicles Inc's return on assets (ROA)?

Envirotech Vehicles Inc (EVTV) had a return on assets of -71.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Envirotech Vehicles Inc's cash runway?

Based on fiscal year 2025 data, Envirotech Vehicles Inc (EVTV) had $359K in cash against an annual operating cash burn of $5.6M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Envirotech Vehicles Inc's debt-to-equity ratio negative or unusual?

Envirotech Vehicles Inc (EVTV) has negative shareholder equity of -$8.9M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Envirotech Vehicles Inc's Piotroski F-Score?

Envirotech Vehicles Inc (EVTV) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Envirotech Vehicles Inc's earnings high quality?

Envirotech Vehicles Inc (EVTV) has an earnings quality ratio of 1.67x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Envirotech Vehicles Inc?

Envirotech Vehicles Inc (EVTV) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.