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Envirotech Vehicles , Inc. (NASDAQ:EVTV), a small-cap company with a market value of $4.67 million, announced the appointment of Jason Maddox as a Class II director, effective Wednesday. According to InvestingPro analysis, the company faces significant financial challenges, with its stock down nearly 90% over the past year. Maddox will serve on the board until the company’s 2025 annual meeting of stockholders, according to a statement based on a filing with the Securities and Exchange Commission.
Maddox currently serves as Envirotech Vehicles’ Interim Chief Financial Officer, a position he has held since January, and as President since October 2024. He is not joining any board committees at this time.
Prior to joining Envirotech Vehicles, Maddox was the Chief Executive Officer of Maddox Defense, Inc. since June 2008 and served as CEO of Maddox Industries LLC from January 2021 until its acquisition by Envirotech Vehicles in December 2024. As part of the acquisition, Maddox received 3,100,000 shares of Envirotech Vehicles common stock, valued at approximately $4.3 million based on the closing price at the time of the transaction. InvestingPro data shows the company generated revenue of $1.65 million in the last twelve months, though analysts expect sales growth in the current year. He was also eligible for up to $1 million in earnout payments over six months following the closing date, but no earnout payments were earned during that period.
There are no family relationships between Maddox and other directors or executive officers of the company. Maddox will not receive additional compensation for his role as a director. The company stated there were no arrangements or understandings with any person regarding his selection as a director.
Maddox Industries, now part of Envirotech Vehicles, is a party to a manufacturing agreement with Maddox Defense, under which it manufactures medical gowns for Maddox Defense and its affiliates. During the last completed fiscal year and through Monday, Envirotech Vehicles received approximately $705,341 in payments from Maddox Defense and reimbursed about $483,388 in expenses under this agreement. Maddox is the founder and sole stockholder of Maddox Defense.
This information is based on a press release statement and the company’s recent SEC filing. While currently unprofitable, InvestingPro analysis indicates the company is expected to turn profitable this year, with 15+ additional insights available to subscribers regarding the company’s financial health and future prospects.
In other recent news, Envirotech Vehicles has announced the implementation of a 1-for-10 reverse stock split, effective August 6, 2025. This adjustment will see the company’s shares begin trading on a split-adjusted basis on the Nasdaq Capital Market on August 8, 2025. In addition to this financial update, Envirotech Vehicles has made strides in its electric school bus operations, delivering an EVT Bumble (NASDAQ:BMBL) Bee electric school bus to the Kopperl Independent (LON:IOG) School District in Texas. This delivery is part of the U.S. Environmental Protection Agency’s Clean School Bus Program, which has funded the production and distribution of 25 electric school buses to districts in Texas and Arkansas. Furthermore, Envirotech has initiated full commercial operations in its electric school bus division, delivering three EVT Bumble Bee buses to school districts in Freer, Blanket, and Waelder, Texas. These deliveries are also supported by the EPA’s program, which aims to replace existing buses with zero-emission alternatives. Additionally, Envirotech has announced plans to expand its electric mobility solutions across various transportation sectors, including land, air, and sea. The company aims to develop a "unified ecosystem" targeting agricultural drones, commercial drone services, and electric watercraft markets.
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