OSCEOLA, AR - Envirotech Vehicles, Inc. (NASDAQ:EVTV), a specialist in zero-emission electric vehicles, is set to deliver six electric vehicles and one electric forklift to Texas-based PlugD Commercial Electric Leasing and Rentals Inc. by tomorrow. The delivery is part of an ongoing sales agreement, following a $200,000 deposit already received for future deliveries.
Phillip Oldridge, CEO of Envirotech Vehicles, remarked on the significance of the delivery as a step towards fulfilling the larger order of 200 vehicles. PlugD's CEO, Adam Greenberg, highlighted the deployment of these vehicles, including two Class-3 vehicles for The FRONTDoor Collective's last-mile deliveries for a major retailer, and others for MedProtect and Gator Chemical, serving the medical supply and chemical sectors respectively. An additional vehicle, known as the zipper, will be used for airport security and perimeter control.
Envirotech Vehicles positions itself as a company focused on reducing vehicle ownership costs and supporting fleet operators in the transition to green technology. They cater to a variety of clients, including commercial fleets, educational institutions, and public and private transportation services.
This news article is based on a press release statement from Envirotech Vehicles, Inc.
InvestingPro Insights
As Envirotech Vehicles, Inc. (NASDAQ:EVTV) progresses with its delivery of electric vehicles to PlugD Commercial Electric Leasing and Rentals Inc., investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, Envirotech Vehicles has a market capitalization of $39.21 million and has experienced a notable revenue growth of 40.48% in the last twelve months as of Q3 2023. Despite this growth, the company's operating income margin remained significantly negative at -160.52% for the same period, indicating challenges in converting revenue to operating income.
The stock's performance has been quite volatile, with a 111.63% return over the last three months, yet a -14.95% return over the last year as of today. This aligns with one of the InvestingPro Tips, which suggests that the stock generally trades with high price volatility. Additionally, analysts predict that the company will be profitable this year, which could be a pivotal point for investors considering the company's past performance.
Envirotech Vehicles also holds an InvestingPro Fair Value estimate of $2.76, slightly above its previous closing price of $2.57. This suggests a potential upside according to the metrics analyzed by InvestingPro. For investors seeking to make informed decisions, there are additional InvestingPro Tips available that could provide further insights into Envirotech's financial position, including the fact that the company holds more cash than debt on its balance sheet and that liquid assets exceed short term obligations.
Interested readers can delve deeper into Envirotech Vehicles' financials and market analysis by visiting InvestingPro for a comprehensive set of tips. For those looking to subscribe, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. In total, there are 11 InvestingPro Tips available to subscribers, offering a broader perspective on the company's financial health and market standing.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.