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Envirotech Vehicles, Inc. Reports Net Loss of $43.8 Million for the Year 2022
Annual Revenue of $4.5 Million
Envirotech Vehicles, Inc. [EVTVD], a leading clean energy transportation company, has announced its financial results for the year ended December 31, 2022. The company reported a net loss of $43.8 million, compared to a net loss of $7.7 million in the previous year. Despite the challenging economic environment, Envirotech Vehicles managed to achieve an annual revenue of $4.5 million.
The financial performance of Envirotech Vehicles witnessed a significant decline in 2022, primarily driven by a goodwill impairment charge of $37.1 million. This charge reflects the company’s reassessment of its intangible assets' value due to changes in market conditions. Additionally, operating expenses increased to $45.6 million, compared to $8.5 million in the previous year. These expenses were primarily driven by higher general and administrative costs.