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HOUSTON - Envirotech Vehicles, Inc. (NASDAQ:EVTV), a micro-cap electric vehicle manufacturer with a market value of $4.32 million, announced plans to expand its electric vehicle business beyond land transportation into air and sea markets, according to a company press release issued Tuesday. The company’s stock has declined over 86% in the past six months, according to InvestingPro data.
The company intends to develop electric solutions for agricultural drones, commercial drone services, and electric watercraft while continuing to produce its core electric buses, trucks, and vans.
"Envirotech is building more than vehicles—we’re creating a connected ecosystem that powers sustainable mobility across land, air, and sea," said Jason Maddox, President and Interim Chief Financial Officer of Envirotech.
The company cited market projections including a U.S. agricultural drone market expected to reach $1.76 billion by 2030, a global commercial drone services market projected at $58.4 billion by 2030, and a U.S. electric watercraft market forecasted to exceed $1.28 billion by 2032.
Envirotech stated it is pursuing new revenue streams for 2025, including potential opportunities with the Department of Defense, Federal Emergency Management Agency, and United States Department of Agriculture. The company also indicated it is reviewing potential strategic acquisitions to accelerate market entry.
The press release noted that Envirotech plans to provide additional updates on product launches and commercial operations in the second half of the year.
Envirotech Vehicles trades on the Nasdaq under the symbol EVTV and describes itself as a technology company focused on manufacturing electric commercial vehicles. Based on InvestingPro analysis, the stock appears undervalued relative to its Fair Value, though investors should note the company’s weak financial health score and significant cash burn rate. InvestingPro subscribers have access to 13 additional key insights about EVTV’s financial outlook and market position.
In other recent news, Envirotech Vehicles, Inc. has announced a non-binding Letter of Intent to acquire assets from Kymera, a marine craft manufacturer. This move marks Envirotech’s entry into the electric marine mobility sector, with plans to establish a new marine division. The acquisition is expected to be finalized in the second quarter of 2025, pending due diligence and agreement negotiations. Additionally, Envirotech has revealed plans to manufacture a heavy lift drone for agricultural use, expanding into the unmanned aerial system sector. This U.S.-made drone aims to diversify Envirotech’s product offerings and enhance its revenue base by 2025. The company has also launched a redesigned website to provide detailed information on its electric vehicle lineup, including future drones and watercraft. Furthermore, Envirotech is exploring strategic acquisitions to accelerate its entry into the electric drone and watercraft markets. These developments reflect Envirotech’s broader strategy to expand its product lines and tap into new revenue streams.
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