Sales were $810,490 for the three months ended March 31, 2024, compared to $523,199 for the three months ended March 31, 2023. The sales increase was primarily related to additional units sold in 2024 versus the same period in 2023. This reflects an increase of approximately 55% over the same quarter in 2023.Net loss in the first quarter of 2024 was $4,532,363, or ($0.29) per basic and diluted share, compared to a net loss of $2,267,908 or ($0.15) per basic and diluted share in the first quarter of 2023. Adjusted net loss in the first quarter of 2024 was $1,144,053, or ($0.07) per basic and diluted share, compared to adjusted net loss of $2,180,764 or ($0.14) per basic and diluted share in the first quarter of 2023.
Adjusted EBITDA was ($1,098,698) for the first quarter of 2024 versus adjusted EBITDA of ($2,183,933) for the same period in 2023, reflecting an increase of $1,085,235 in 2024 compared to the same period in 2023.
As of March 31, 2024, the Company had cash and cash equivalents, of $1,049,357 and working capital of approximately $8,148,204.
Phil Oldridge, CEO and Chairman of the Company’s Board of Directors, stated that, “we continue to work on expanding our business while maintaining vigilance over spending as a part of our principled operating philosophy.”
“On the manufacturing front, we started to make progress on refurbishing our Osceola, Arkansas facility during the first quarter,” continued Mr. Oldridge. “The Company has also started the leasehold improvements to the Clark facility in the Philippines.”
“Looking ahead, we are excited to see the 2023 round of funding by the EPA to spur school bus electrification in the U.S., and we were awarded as a beneficiary in 2024 for 25 all electric EVT school buses. More broadly, we remain excited about our previously announced partnership with Plug’d. We delivered units in Q1 2024 and have partnered with them for leasing to fleet and government customers. We continue to see an increase in demand for our vehicles from companies that can take delivery of our products in the short term as opposed to simply generating backlogs of orders without firm delivery dates. At Envirotech Vehicles, we believe that this continued growing interest in and demand for our vehicles provides a positive outlook through 2024 and beyond,” concluded Mr. Oldridge.
