Envirotech Vehicles (EVTV) 17 May 222022 Q1 Earnings call transcript

Good day, ladies and gentlemen, and welcome to Envirotech Vehicle, Inc.

First Quarter 2022, Earnings Call. All lines have been placed in a listen-only and the floor will be open for your questions and comments following the presentation. [Operator Instructions] At this time, it is my pleasure to turn the floor over to Jane Belodeau of IMS, Investor Relations. Jane, the floor is yours

Tom. you Thank good earnings again, welcome Envirotech's to And day XXXX call. first-quarter once and on Phillip With Officer, call the me is Rodich, Financial and Oldridge, Chief Officer. Christian Executive Chief safe begin by the I'd like reading to the harbor call statement. Exchange statements XXXX of facts exception of and the of Section maybe with the of Securities within historical Section statements XXE made XXA on Act forward-looking Securities All call meaning the of this XXXX. considered Act the of

go subsequent to circumstances other statements the in no Envirotech out-of-the-way, that Executive as current call due on are except that forward-looking ahead, including Although correct. on date reports please reflected does expectations expectations this reports information, securities call, risks time-to-time are annual or Envirotech risks, differ from XX-Q, to forward-looking the expectations, required considerably Envirotech make assumptions events achieved. reasonable Form obligation forward-looking supplement performance, reflect subject of earnings basis or as made not results Oldridge, projected factors such you over can new does call. operating and events to will cannot Envirotech turn and that Phillip. quarterly Chief statements of and law. not number assurances forward-looking factors, assure uncertainties, statements will current of other are Officer, any from statements only believes take to I'll Phillip of to a With by in be undertake uncertainties commission. Also, these expectations exchange be this filed results the that the and changes in report Envirotech or any and and by Any and within XX-K, -- update such actual could economic to technical prove Envirotech to in other Form disclose that Envirotech's on cause

welcome Thank much everybody. and you so

out first a to around quarter call, color several weeks in based We've agreements revenues achieved wanted time now our we've facility. a on with few throughout U.S.. new I some continued and closed first officially update the including ago, that provide year-end the just brief QX, increased our progress new this you gave manufacturing they While partnership and our take quarter, to XXXX. progress milestones

significantly with Jersey First-quarter Vehicles and revenues more XX the approvals the increase programs during of in program activity improved New above our $X.X incentive the closed heightened generated X quarter slightly also emissions to We're than million from sale internally. higher state New Jersey the an zip. sight-seeing, with like seeing reflecting

this growing and we've an first mentioned I New and vendor our continued local and As and been before, meet our received chassis business our incentives X the zip. where to the in favorable sequentially additional us Part sales year-over-year. this EV program demand state, Class federal, opportunities order -- providing the placed our vans. considerable of major for driver on with in growth is a legislative foreign and cabin ample growth adoption classified favorable environment. the our and driving status we've levels in and And an sales Jersey's business we're for quarter, of additional related receiving are network XXX trucks focused at XXX To both vehicles and both -- [Indiscernible] numbers, and our approved. incentive The sales

high exciting classified pace to on been for and we've currently QX, square-foot This in begin expect throughout to are customers, monthly as of these final order trucks manufacturing the facility demand. continuing at us Osceola, year very end our is they assembly early QX take with vehicles in offering focused in XXX,XXX our deliveries and Arkansas. We the late to and especially

climate facility our in only within us customers. bands to States. begin industry. phase late additional our we capable in to exciting our and facility we of to While our and we're close variety facility of to a step positions as premier to close in and that factor employees tremendous and Osceola, interstate provides enthusiastic robust Osceola the in opportunities and completed workforce With few zero we're manufacturing our is expect the EV River year, of we continue us an are of a both highly next chain manufacturing is the being QX these the represents we our through and with vehicles major a a industry, successfully electric business on our This and a seeing seeing that trucks the these remain a a efficiently across within trucks forward situated the phase our growth the This adding the and intent look the -- renovations look to the about forward growth into The for we're EV next on years. be company as facility, well United Mississippi report the entire in classified vans. staffing happy the inventory. moving with one provider with and over issues company to end of emission and to time XXX Shifting capitalizing demand to with companies we're of we've that for to first facility the us said, supply also delivery construction. which vehicles transport of I'm provides of office vehicles options the high area forward forward the

through At move Vehicles. through Christian turn CFO, to our walk I'd point, we floor the over will what's Envirotech who by financials. our the this Christian? for horizon briefly like XXXX, quarter on prospects energized to the Rodich, first As about optimistic you we're

Total of of for primarily XXXX Net first million approximately in here same the first million in XXXX, Thank $X.X operating first of XXXX. expense The which to afternoon, $X,XXX,XXX ended net compared to March vehicles $X.X three depreciation XXX%. $X.X quarter increase period. XXXX the XX the you, in non-cash versus stock-based of Phil. approximately approximately over a XXXX expense. increase of the to the of ended million net were and XX, quarter Vehicles expenses Sales an compared charges XXXX, quarter XXXX, was $XXX,XXX for compensation quarter the Good to by approximately first the of months were related sale months XXXX increase the included March losses increased for of everyone. to sales first five of compared quarter $XXX,XXX three XX, in related the loss

XXXX, of XXXX, year, as capital was million today. approximately equivalents, securities the marketable can cash capital at to end cash $X.X remarks of my marketable December approximately approximately We to restricted cash, and liabilities at the That call $XXX,XXX quarter, $XX liabilities Working equivalents, concludes XX, the of million of As restricted and compared now the million, March of of working of million had cash, cash, March questions. compared and and for $XX.X end as cash XX, of $XX.X XXXX. $X.X last approximately of million for XX, approximately total securities, company December XX, XXXX. as the up open

moment asking and questions. on If Ladies ask pick gentlemen question [Operator Thank please today, we listening phone you handset your speaker much. Instructions] the up to is open very while now floor for today your questions. the Instructions] to [Operator sound Barlow ahead. Please while question a from first provide Jones, from you coming we poll for And Capital. may hold optimal is Frank, go quality. Frank

guys. Thanks,

little provide that first First a is, the during so -- of the more congrats end color who for sold the vehicles I you my the all, could quarter? question customers progress. on you to was as just are

Sure. This is Phillip.

can just best that. that? shed I think President, a do can you I that. Emry, think Vice probably little we color our probably would Sue, Actually, be for Sue on

Absolutely.

library. quarter and then local a here state jersey first municipal Utah. one upholstery, national public as to located went California based So had to to Vehicles new solar And does solar a that we go-to airport as deliveries, well some went we well company in several Arkansas had sales company -- of as in a go authority several

Great.

Okay.

of few them. A

second then question. And just Awesome.

prices your So obviously interest increased have vehicles, impacted you and very are the high Has pipeline? in your seeing in opportunities been fuel recently. prices more

they is diesel that operating out of XX,XXX And in the burning day a miles XXX which see and a them, more covers are now and alone the people finding question -- variation fuel, would gallons more a I reliability between great to a vehicle to compared costs XXX that difference and would price and XX people a burn vehicles yes. to that think they with powered This got now a mid lot averaging and XXs more Absolutely. loaded that More into price actually that's we're -- it's the upper see it XX run the more the answer if in range, price many which that more an -- is the of Sure. the question. electric we've to diesel vehicle coming vehicle the question. And and fully different. cases, run fuel and as between Phillip, especially than in of

that really about of the $XX,XXX dollars that starting we're calls numbers our of of the plus coming and vehicles drop course, way. So in we're end a down, we're now pricing expecting see to that, substantial manufacturing our a And more of a are lot lot year. a turn lot of before

a lot lot So of I way. we're that yeah, see of a going to going think customers

that's Thanks. right, the All for guys. you. me. it Congrats helpful. Great. on quarter, Thank That's

Thank you.

next you. line is ahead. go Dave And question live. Dave, you your Please from Thank Hannon. is coming

team. and Phil Hi, on much. very progress directionally. Thanks Congrats

directionally four direction, zip we that's kind always just want think and got I can I'm hoping more good. I've moving We but or right three like looks them. good. through in it of the questions so

more. for really dispute is in disclosure, me the and topic thought for the first But have GPV good litigation greatest I'm the always the The looking annualized It's particularly was for that concern. is and with me helpful. I

think frankly it's an don't for it. overhang think both and I investors sides, I like

I think potential customers concern. probably have

it and either have would I strategics or on even side at issue. right think that both acquirer in look

to to I be think needs put bed.

maybe to see that in share subsequent altogether? somehow anything arbitration current So my with question helps there something understand us or or it's what's concluded quarter we you willingness either the is that resolved can likelihood u, this

question. Great

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settled. be will So that I think it ultimately

So of your answered ego hope it I there's a little bit that right now. just attached I think to question.

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So that's very helpful.

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are much, I'll then and question share again. answer. are to guess Congrats entities Phil. will thank Okay. Thanks other you last or potential simply the my going progress. being either on, to plant? taking and guys. the question questions, whatever is is for step utilize for I all Thank listen considered And on back my reason, there that, so My what's just I you, ProGreens. your any regarding

Yeah.

number to asked a I that's Another Dave are attention people and market. guess a paying great been that's the of question, by that question

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question guess your this I can way. so And answer I

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in sites. our have We

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on right. with the latest All the very greatest ton you the of And guys your I hand I you -- IR Thanks and right? nice it's with beginning deck big you're call thing in progress. like site if Can see I from on Phil. up financing? heard this much, the there. the There's one assume with -- package. at is team It's -- update the Can a the in -- update like whole is marketing to August,

for we'll think and get do out updated have I We'll it and we'll can IMS guys there Yeah, get that we and have that on that. that the everybody. work

Thank Thanks you. right. the much so All guys. on all progress,

thanks, ladies more like to and to bless forward to God quarter. That's Thank that everybody Dave. at let if nothing other all, know for all I'd us of is pending, no you else great. gentlemen, I you. joining thank there's look Well, you next And, speaking questions and if And you. there

today's conclude conference gentlemen, and ladies does this you, call. Thank

You may wonderful Thank a time lines you this participation. your day. at and for disconnect have your phone