Envirotech Vehicles, Inc.

Analysis for Ticker: EVTV

Envirotech Vehicles Inc builds zero emission electric commercial vehicles like logistics vans, urban trucks, and school buses at its factory in Arkansas. The business is a clever illusion designed to burn cash while insiders take the remains. In 2025, the company spent 19,1$ million just to make products they sold for 5,9$ million. This is a negative 222,0% gross margin, which means for every 1$ they collected from a customer, they actually lost 3,23$ just on the factory floor. It is like running a lemonade stand where you buy the lemons for 3$ and sell the juice for 1$, and then you pay yourself a giant salary to do it. The financial mechanism started with a name change in 05/2021 from ADOMANI to hide a history of failure. Between 2022 and 2024, the company recorded combined net losses of over 65,0$ million. During this time, the leadership team treated the treasury like a private bank. In 2024, chief executive officer Phillip W Oldridge took 1.163.621$ in total compensation while paying his own private companies for equipment leases and office space. He even paid 150.000$ to a consulting firm owned by his sibling. The president and interim chief financial officer, Jason Maddox, sold his private firm Maddox Industries to the company for 3,1 million shares and then set up a system where he extracts 352.000$ every year through an entity called Shell Castle LLC.