Call today! 951.407.9860
Call today! 951.407.9860
CORONA, CA / ACCESSWIRE / March 31, 2020 / ADOMANI, Inc. (OTCQB: ADOM), DBA Envirotech Vehicles, a provider of new zero-emission purpose-built electric vehicles and drivetrain solutions, today announced its results for the fourth quarter and full year ended December 31, 2020.
Highlights and Recent Developments
Phillip Oldridge, CEO of Envirotech Vehicles, commented, “2020 was a challenging year, but the turnaround strategy initiated in Q4 has placed us on an exciting growth trajectory as we head into 2021. Now doing business as Envirotech Vehicles, our recently closed merger with EVT transforms our company from an undercapitalized and underperforming business focused on EV sales that required government subsidies for customers, to a well capitalized provider of purpose-built electric vehicles with an industry leading customer-ready product line. Furthermore, we expect that the additional capital resources we acquired as a result of the merger will provide the financial strength we need to fulfill the growing demand we are seeing from fleet truck operators who want to convert to electric.”
Mr. Oldridge continued, “Our key focus is continuing to put the right building blocks in place to scale the business and drive sustained growth. This includes expanding our employee base to support the healthy pipeline of opportunities we are seeing and strategically scaling our engineering and manufacturing to support the anticipated ramp in the business. Finally, our already robust vehicle product line will be further expanded to ensure we can offer fleet owners the broadest suite of vehicles to fulfill their needs.”
Mr. Oldridge concluded, “Having been a pioneer in the fleet EV space, it is gratifying to see the transition to EV truly taking hold. We are unique in the sector in that we have vehicles manufactured and ready for customers, as well as a breadth of experience across our organization that enables us to effectively support fleet customers and their unique requirements and needs. With a revitalized Company, strategy and balance sheet, we are optimistic about our ability to fulfill the growing need amongst fleet owners for a dependable, cost effective EV solution.”
Fourth Quarter and Full Year 2020 Financial Results
Sales were approximately $41,000 and $618,000 for the three months and year ended December 31, 2020, respectively, compared to $2,011,000 and $12,561,000 for the three months and year ended December 31, 2019, respectively. The sales decrease was primarily related to the impact of COVID-19 restrictions on our business and the administrative delays and lack of access to HVIP funds.
Total net operating expenses for the fourth quarter of 2020 decreased by $338,000 compared to the fourth quarter of 2019, primarily due to general and administrative expense reductions. Total net operating expenses decreased by approximately $1.5 million for the year ended December 31, 2020, compared to the year ended December 31, 2019.
Net loss in the fourth quarter of 2020 was approximately $1.1 million, compared to a net loss of approximately $1.2 million in the fourth quarter of 2019. The total non-cash expenses included in the net loss totals for the quarters ended December 31, 2020 and December 31, 2019 were approximately $500,000 and $340,000, respectively.
Net loss for the year ended December 31, 2020 was approximately $4.4 million compared to $5.2 million for the year ended December 31, 2019. The total non-cash expenses included in the net loss totals for the years ended December 31, 2020 and 2019 were approximately $1.0 million and $1.2 million, respectively.
As of December 31, 2020, the Company had cash, cash equivalents, and short-term investments of approximately $4.1 million and debt of approximately $420,000, as compared to approximately $7.2 million of cash, cash equivalents and short-term investments and approximately $5.8 million of debt as of December 31, 2019. Working capital at December 31, 2020 was approximately $4.5 million as compared to approximately $2.7 million at December 31, 2019.
About Envirotech Vehicles
ADOMANI, Inc. (DBA Envirotech Vehicles) is a provider of purpose-built zero-emission electric vehicles focused on reducing the total cost of vehicle ownership and helping fleet operators unlock the benefits of green technology. We serve commercial and last-mile fleets, school districts, public and private transportation service companies and colleges and universities to meet the increasing demand for heavy duty electric vehicles. Our vehicles address the challenges of traditional fuel price cost instability and local, state and federal environmental regulatory compliance. For more information visit www.ADOMANIelectric.com.
Cautionary Statement Regarding Forward-Looking Statements
Statements made in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in reports filed by ADOMANI, Inc. (DBA Envirotech Vehicles) with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words “planned,” “expected,” “believes,” “strategy,” “opportunity,” “anticipated,” “outlook,” “designed,” and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, Envirotech Vehicles undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.
Investor Relations Contacts:
Michael K. Menerey, Chief Financial Officer
Telephone: (951) 407-9860 ext. 1205
IMS Investor Relations
John Nesbett/Jennifer Belodeau
SOURCE: ADOMANI, Inc. (DBA Envirotech Vehicles)
Partnering with us gives you access to a passionate and dedicated team of experts with the true belief that delivering quality ZEV solutions is the pathway to cleaner air, reduced dependency on fossil-fueled vehicles, and a lower total cost of vehicle ownership for businesses.
We work closely with our partners, providing EV education while helping them find viable ZEV solutions that work best for their specific needs.
Begin your journey, Powered by ADOMANI.
© ADOMANI | All Rights Reserved | email@example.com | 951.407.9860