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HOUSTON - Envirotech Vehicles, Inc. (NASDAQ:EVTV) has begun the production and certification execution phase for its heavy capacity drones after securing deposits for 80 units, the company announced in a press release Thursday. This development comes as the stock trades near its 52-week low of $1.10, having fallen over 93% in the past year according to InvestingPro data.
The orders came from Studio di Agronomia Baffetti in Italy and Venture Air Solutions in Florida, marking the company's expansion into both European and U.S. markets for its drone technology.
"We're moving from paper to production," said Elgin Tracy, Chief Operating Officer of EVTV, in the statement.
The company has completed full-scale prototype and flight validation and is currently working on a pre-production run of 10 units for customer demonstrations expected in the fourth quarter of 2025.
EVTV plans to submit for Federal Aviation Administration Stage II and Italian ENAC certification by the end of 2025, with first customer deliveries targeted for the second quarter of 2026.
According to the timeline provided in the press release, the company aims to reach a manufacturing capacity of over 150 units per year by the third quarter of 2026 and projects drone division revenue of more than $150 million by the fourth quarter of 2027.
The company's agreement with Studio Baffetti involves preparations for field testing in Tuscany's agricultural regions, while its work with Venture Air Solutions focuses on infrastructure and inspection operations in the southeastern United States.
EVTV is expanding its manufacturing capabilities in Arkansas and Texas to support its transition to what it describes as a "fully integrated ground-and-air mobility company."
In other recent news, Envirotech Vehicles Inc. has announced significant developments in its business operations. The company has secured deposits for 80 heavy capacity drones from Studio di Agronomia Baffetti in Italy and Venture Air Solutions in Florida. This marks a notable expansion into the drone market as European regulations now support large-scale agricultural and industrial drone operations. Additionally, Envirotech Vehicles signed a Letter of Intent with Studio di Agronomia Baffetti to deploy heavy-lift drones in Tuscany, Italy, starting in Spring 2026. This agreement aims to introduce drone-based spraying for vineyards and olive groves in the region. Furthermore, the company has amended its agreement with the seller of Maddox Industries, extending the earnout period to June 2026. This extension pertains to the acquisition agreement made in December 2024, with earnout payments linked to Maddox Industries' revenue. These recent developments highlight Envirotech Vehicles' strategic moves in expanding its market presence and operational capabilities.
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