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of Contents](#toc)\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n \n\n**FORM 10-Q**\n\n☒\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**FOR THE QUARTERLY PERIOD ENDED March 31, 2026**\n\n \n\n**or**\n\n \n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For the transition period from**                   **to **                        \n\n \n\n**Commission File Number: 001-38078**\n\n \n\n \n\n**ENVIROTECH VEHICLES, INC.**\n\n**(Exact name of registrant as specified in its charter)**\n\n \n\n**Delaware**\n\n**46-0774222**\n\n**(State or other jurisdiction of**\n\n**(I.R.S. Employer**\n\n**incorporation or organization)**\n\n**Identification No.)**\n\n \n\n**7510 Ardmore Street**\n\n**Houston, TX 77054**\n\n**(Address of principal executive offices, including zip code)**\n\n**(870) 970-3355**\n\n**(Registrant**’**s telephone number, including area code)**\n\n**N/A**\n\n**(Former name, former address and former fiscal year, if changed since last report)**\n\n \n\n \n\n**Securities registered pursuant to Section 12(b) of the Act:**\n\n \n\n \n \n**Trading**\n \n**Name of each exchange**\n\n**Title of each class** \n**Symbol(s)**\n \n**on which registered**\n\n**Common Stock, par value $0.00001 per share**\n \n**EVTV**\n \n**Nasdaq Stock Market LLC**\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☒\n\n  \nEmerging growth company\n☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\n \n\nThe number of shares outstanding of the registrant’s common stock, $0.00001 par value per share, as of May 18, 2026 was 12,930,719.\n\n \n\n \n\n \n\n \n\n \n\n \n\n**ENVIROTECH VEHICLES, INC. AND SUBSIDIARIES**\n\n \n\n**TABLE OF CONTENTS**\n\n \n\n**FORM 10-Q FOR THE QUARTERLY PERIOD ENDED March 31, 2026**\n\n \n\n \n\n**PAGE**\n\n[Special Note Regarding Forward-Looking Statements](#specialnote)\n[1](#specialnote)\n\n \n \n\n[**Part I. FINANCIAL INFORMATION**](#part1)\n\n \n \n \n\n[Item 1. Financial Statements:](#item1fs)\n\n[2](#item1fs)\n\n \n\n[Unaudited Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025](#bs)\n\n[2](#bs)\n\n \n\n[Unaudited Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025](#income)\n\n[3](#income)\n\n \n\n[Unaudited Consolidated Statement of Stockholders’ Equity for the Three Months Ended March 31, 2026 and 2025](#equity)\n\n[4](#equity)\n\n \n\n[Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025](#cashflow)\n\n[5](#cashflow)\n\n \n\n[Notes to Unaudited Consolidated Financial Statements](#notes)\n\n[6](#notes)\n\n \n \n \n\n[Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#item2mda)\n\n[16](#item2mda)\n\n[Item 3. Quantitative and Qualitative Disclosure about Market Risk](#item3qqd)\n\n[21](#item3qqd)\n\n[Item 4. Controls and Procedures](#item4controls)\n\n[21](#item4controls)\n\n \n\n[**Part II. OTHER INFORMATION**](#part2other)\n\n \n\n[Item 1. Legal Proceedings](#item1legal)\n\n[22](#item1legal)\n\n[Item 1A. Risk Factors](#item1arisk)\n\n[22](#item1arisk)\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#item2unregistered)\n\n[22](#item2unregistered)\n\n[Item 3. Defaults Upon Senior Securities](#item3defaults)\n\n[22](#item3defaults)\n\n[Item 4. Mine Safety Disclosures](#item4mine)\n\n[22](#item4mine)\n\n[Item 5. Other Information](#item5other)\n\n[22](#item5other)\n\n[Item 6. Exhibits](#exhibits)\n\n[23](#exhibits)\n\n[Signatures](#sigs)\n\n[24](#sigs)\n\n \n\ni\n\n \n\n \n\n \n\n**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**\n\n \n\nThis Quarterly Report on Form 10-Q (this “Quarterly Report”) of Envirotech Vehicles, Inc., including its consolidated subsidiaries (the \"Company,” “we,” “us,” and “our”) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or our future financial performance or condition and involve known and unknown risks, uncertainties and other factors that could cause our actual results, levels of activity, performance or achievement to differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “contemplate,” “plan,”  “project,” “forecast,” “potential,” “possible,” “proposed,” “should,” “develop,” “opportunity,” “target,” “outlook,” “optimistic,” “poised,” “positioned,” “maintain,” “continue,”  “aim,” “goal,”  “will” and “would” or the negatives of these terms or other comparable terminology intended to identify statements about the future.\n\n \n\nYou should not place undue reliance on forward-looking statements. The cautionary statements set forth in this Quarterly Report, including in “Risk Factors” and elsewhere, identify important factors, which you should consider in evaluating our forward-looking statements. These factors could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement and include, among other things:\n\n \n\n \n\n•\n\nour ability to generate demand for our products in order to generate revenue;\n\n \n\n \n\n•\n\nour dependence upon external sources for the financing of our operations;\n\n \n\n \n\n•\n\nour ability to effectively execute our business plan;\n\n \n \n \n\n \n•\nour ability to successfully integrate and realize the benefits of strategic acquisitions;\n\n \n\n \n\n•\n\nour ability and our suppliers’ ability to scale our manufacturing and assembling processes effectively and quickly;\n\n \n\n \n\n•\n\nour ability to manage our expansion, growth and operating expenses and reduce and adequately control the costs and expenses associated with operating our business;\n\n \n \n \n\n \n•\nthe potential impact of product recalls and product liability claims relating to the products we distribute and other litigation;\n\n \n\n \n\n•\n\nour ability and our manufacturing partners’ ability to navigate disruptions to the global supply chain and procure the raw materials, parts, and components necessary to produce our products on terms acceptable to us and our customers;\n\n \n\n \n\n•\n\nour ability to obtain, retain and grow our customers;\n\n \n\n \n\n•\n\nour ability to enter into, sustain and renew strategic relationships on favorable terms;\n\n \n \n \n\n \n•\nour dependency on, and retention of, key personnel;\n\n \n\n \n\n•\n\nour ability to achieve and sustain profitability;\n\n \n \n \n\n \n•\nthe impact of legislation and/or government regulation on our business and industry, including, without limitation, the status of government subsidies, rebates and economic incentives that support the development and demand for our products and services within our electric vehicles segment and our ability to obtain required governmental authorizations for the sale and distribution of our drones;\n\n \n \n \n\n \n•\nour compliance with foreign laws and regulations related to the international expansion of our drone division;\n\n \n \n \n\n \n•\nongoing and anticipated changes in the U.S. political environment and changes to regulatory agencies;\n\n \n \n \n\n \n•\nchanges in trade policies and the imposition of tariffs and other trade barriers in the jurisdictions where we source our materials or sell our products;\n\n \n\n \n\n•\n\nour ability to evaluate and measure our current business and future prospects;\n\n \n\n \n\n•\n\nour ability to compete and succeed in highly competitive and evolving industries;\n\n \n\n \n\n•\n\nour ability to respond and adapt to changes in technology;\n\n \n \n \n\n \n•\nthe cost and adequacy of insurance coverage and increases in the number of severity of insurance and claims expenses;\n\n \n\n \n\n•\n\nour ability to protect our intellectual property and to develop, maintain and enhance strong brands;\n\n \n \n \n\n \n•\ndisruptions in our information technology systems, including, but not limited to, system failures, cyber-attacks, unauthorized physical or electronic access, or other natural or man-made incidents or disasters; and\n\n \n \n \n\n \n•\nour ability to maintain compliance with the listing requirements of the Nasdaq Stock Market LLC (“Nasdaq”) and the impact of any steps taken to maintain such compliance on our operations, stock price and future access to capital.\n\n \n\nYou should read this Quarterly Report and the documents that we reference elsewhere in this Quarterly Report completely and with the understanding that our actual results may differ materially from what we expect as expressed or implied by our forward-looking statements. Forward-looking statements are subject to a number of known and unknown risks, uncertainties, assumptions and other important factors, including, but not limited to, those discussed in Part I, Item 2 (Management’s Discussion and Analysis of Financial Condition and Results of Operations) and in Part II, Item 1A (Risk Factors) of this Quarterly Report as well as in Part I, Item 1 (Business) and Item 1A (Risk Factors and Part II, Item 7 (Management's Discussion and Analysis of Financial Condition and Results of Operations) of our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the \"SEC\") on April 13, 2026. In light of the significant risks and uncertainties to which our forward-looking statements are subject, you should not place undue reliance on such forward-looking statements or regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. These forward-looking statements represent our estimates and assumptions only as of the date of this Quarterly Report regardless of the time of delivery of this Quarterly Report. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this Quarterly Report.\n\n \n\nUnless expressly indicated or the context requires otherwise, references in this Quarterly Report to “Envirotech,” the “Company,” “we,” “our,” and “us” refer to Envirotech Vehicles, Inc., a Delaware corporation, and our consolidated subsidiaries, unless the context indicates otherwise.\n\n \n\n \n\n1\n\n \n\n \n\n \n\n**PART I. FINANCIAL INFORMATION**"}