The company's financial position has deteriorated significantly, evidenced by a negative equity base of $8.2 million and a precarious current ratio of 0.37 as of 2026Q1.
| Total Current Assets | 6.77M | 3.48M | 17.64M | 12.06M | 18.34M | 23.02M | 1.94M | 9.64M | 10.18M | 4.45M | 2.75M | 4.55M | 51.79K |
| Cash & Short-Term Investments | 2.01M | 358.97K | 1.94M | 456.72K | 5.1M | 12.85M | 136.22K | 7.2M | 7.71M | 2.45M | 938K | 4.54M | 43.64K |
| Cash Only | 2.01M | 358.97K | 1.94M | 456.72K | 2.77M | 4.85M | 136.22K | 4.43M | 3.76M | 2.45M | 938K | 4.54M | 43.64K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 2.34M | 8M | 0 | 2.77M | 3.95M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.6M | 1.2M | 2.01M | 692.1K | 2.07M | 1.43M | 9K | 661K | 1.3M | 1M | 454K | 0 | 0 |
| Days Sales Outstanding | 95.37 | 73.52 | 392.31 | 88.24 | 168.03 | 255.15 | 37.02 | 19.21 | 94.47 | 858.82 | 2.44K | - | - |
| Inventory | 0 | 0 | 6.42M | 10.13M | 5.67M | 3.85M | 0 | 494K | 0 | 225K | 314K | 0 | 0 |
| Days Inventory Outstanding | 41.99 | - | 1.7K | 1.99K | 746.58 | 1.1K | - | 15.44 | - | 210.45 | 2.29K | - | - |
| Other Current Assets | 2.81M | 1.69M | 101.79K | 162.12K | 216.86K | 4.56M | 1.79M | 976.2K | 1.18M | 778K | 1.04M | 10K | 0 |
| Total Non-Current Assets | 4.42M | 1.18M | 15.04M | 10.6M | 15.14M | 52.28M | 469.59K | 681K | 653K | 873K | 661K | 153K | 43.49K |
| Property, Plant & Equipment | 4.2M | 961.44K | 700.68K | 859.62K | 368.46K | 272.11K | 227.56K | 112K | 150K | 487K | 417K | 19K | 29.09K |
| Fixed Asset Turnover | 3.00x | 6.18x | 2.67x | 3.33x | 12.23x | 7.51x | 0.39x | 112.15x | 33.41x | 0.87x | 0.16x | - | 0.95x |
| Goodwill | 0 | 0 | 10.1M | 9.58M | 14.68M | 51.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 3.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 120K | 110K | 0 |
| Other Non-Current Assets | 222K | 222K | 263.12K | 153.56K | 93.37K | 236.64K | 242.03K | 569K | 503K | 386K | 124K | 24K | 14.4K |
| Total Assets | 11.19M | 4.67M | 32.67M | 22.65M | 33.48M | 75.31M | 2.41M | 10.32M | 10.83M | 5.32M | 3.41M | 4.7M | 95.28K |
| Asset Turnover | 0.54x | 1.27x | 0.06x | 0.13x | 0.13x | 0.03x | 0.04x | 1.22x | 0.46x | 0.08x | 0.02x | - | 0.29x |
| Asset Growth % | -159.94% | -85.71% | 44.22% | -32.35% | -55.54% | 3026.47% | -76.65% | -4.76% | 103.55% | 56.25% | -27.53% | 4833.04% | - |
| Total Current Liabilities | 18.31M | 13.29M | 11.74M | 1.77M | 1.47M | 1.55M | 2.73M | 6.89M | 3.01M | 2.69M | 6.11M | 498K | 54.05K |
| Accounts Payable | 5.24M | 3.58M | 1.47M | 760.8K | 603.74K | 238.46K | 345.38K | 418K | 342K | 30K | 107K | 5K | 0 |
| Days Payables Outstanding | 60.17 | 93 | 388.48 | 149.52 | 79.48 | 67.92 | 1.71K | 13.07 | 25.59 | 28.06 | 781.1 | 256.97 | - |
| Short-Term Debt | 3.49M | 505.76K | 3.6M | 269.25K | 215.77K | 31.79K | 0 | 5.82M | 1.7M | 2.15M | 5.77M | 0 | 0 |
| Deferred Revenue (Current) | 16.14M | 1.54M | 4.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 68K | 0 |
| Other Current Liabilities | 5.15M | 5.17M | 132.41K | 0 | 0 | 0 | 0 | 649K | 968K | 514K | 236K | 425K | 54.05K |
| Current Ratio | 0.37x | 0.26x | 1.50x | 6.80x | 12.46x | 14.85x | 0.71x | 1.40x | 3.38x | 1.65x | 0.45x | 9.13x | 0.96x |
| Quick Ratio | 0.37x | 0.26x | 0.96x | 1.09x | 8.61x | 12.37x | 0.71x | 1.33x | 3.38x | 1.57x | 0.40x | 9.13x | 0.96x |
| Cash Conversion Cycle | 77.2 | - | 1.7K | 1.93K | 835.13 | 1.28K | - | 21.58 | - | 1.04K | 3.95K | - | - |
| Total Non-Current Liabilities | 1.06M | 306.9K | 4.17K | 246.04K | 16.67K | 15.67K | 152.84K | 148K | 219K | 289K | 0 | 5.05M | 88.1K |
| Long-Term Debt | 1.06M | 0 | 4.17K | 10.42K | 16.67K | 13.24K | 152.84K | 0 | 0 | 0 | 0 | 5.05M | 88.1K |
| Capital Lease Obligations | 1.07M | 306.9K | 0 | 235.63K | 0 | 2.43K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 148K | 219K | 289K | 0 | 0 | 0 |
| Total Liabilities | 19.37M | 13.6M | 11.75M | 2.02M | 1.49M | 1.57M | 2.88M | 7.04M | 3.23M | 2.98M | 6.11M | 5.55M | 142.15K |
| Total Debt | 5.11M | 1.04M | 3.84M | 806.55K | 232.44K | 178.71K | 152.84K | 5.82M | 1.7M | 2.15M | 5.77M | 5.05M | 88.1K |
| Net Debt | 3.1M | 683.6K | 1.9M | 349.83K | -2.53M | -4.67M | 16.61K | 1.39M | -2.06M | -297K | 4.83M | 511K | 44.46K |
| Debt / Equity | -0.63x | - | 0.18x | 0.04x | 0.01x | 0.00x | - | 1.77x | 0.22x | 0.92x | - | - | - |
| Debt / EBITDA | -0.21x | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.13x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -587240.64x | - | - | - | - | - | -141.05x | -122.69x | -58.46x | -67.01x | -8.31x | -7.60x | -1568.93x |
| Total Equity | -8.18M | -8.93M | 20.92M | 20.63M | 31.99M | 73.74M | -472.16K | 3.28M | 7.6M | 2.34M | -2.71M | -846K | -46.88K |
| Equity Growth % | -489.45% | -142.67% | 1.4% | -35.51% | -56.61% | 15717.98% | -114.39% | -56.84% | 224.96% | 186.44% | -219.98% | -1704.72% | - |
| Book Value per Share | -0.50 | -0.55 | 1.29 | 1.37 | 2.13 | 6.44 | -0.12 | 0.90 | 2.11 | 0.70 | -0.80 | -0.25 | -0.01 |
| Total Shareholders' Equity | -8.18M | -8.93M | 20.92M | 20.63M | 31.99M | 73.74M | -472.16K | 3.28M | 7.6M | 2.34M | -2.71M | -846K | -46.88K |
| Common Stock | 130 | 78 | 201 | 152 | 150 | 2.98K | 100 | 1K | 1K | 1K | 1K | 1K | 811 |
| Retained Earnings | -116.58M | -112.59M | -73.46M | -64.61M | -51.93M | -8.12M | -472.26K | -59.18M | -54.02M | -42.98M | -21.07M | -10.39M | -1.89M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and solvency
As reported in financial statements, EVTV's equity position has deteriorated from a positive $20.6 million in 2023Q4 to a negative $8.2 million by 2026Q1, reflecting a consistent and aggressive depletion of shareholder value driven by persistent operational losses and an inability to achieve sustainable scale.
The shift into negative equity territory suggests that the company's accumulated losses have now fully offset its capital base, raising significant concerns regarding long-term solvency. Investors should monitor whether this trajectory forces a restructuring or further dilutive financing to maintain basic operational continuity.
Based on recent SEC filings, the company's cash position plummeted to just $358,966 by 2025Q4, while the current ratio simultaneously compressed to a precarious 0.26, indicating an acute inability to cover short-term obligations without immediate and substantial external capital injections or asset liquidation.
A current ratio below 1.0 is a classic indicator of liquidity distress, suggesting that current liabilities significantly outweigh the company's liquid assets. This lack of a safety buffer leaves the firm highly susceptible to even minor operational disruptions or delays in customer payments.
According to the provided balance sheet data, total debt has climbed to $5.1 million as of 2026Q1, a notable increase from the $806,600 reported in 2023Q4, which suggests that management is increasingly relying on debt financing to bridge the widening gap between operating expenses and revenue.
The reliance on debt in the face of negative equity and mounting losses appears to be a necessity-driven strategy rather than a calculated leverage play. This trend warrants further investigation into the terms of these obligations and whether they impose restrictive covenants that could further limit the company's strategic flexibility.
As indicated by the historical balance sheet data, the complete removal of $10.1 million in goodwill by 2026Q1 from its 2024Q4 peak suggests that previous acquisition-related valuations were fundamentally unsupported, potentially masking the true extent of the company's asset quality issues for several reporting periods.
The disappearance of these intangible assets implies that the company's past growth strategy failed to generate the expected economic value, forcing a painful write-down. This development highlights the risk that remaining asset valuations may still be subject to further downward adjustments if operational performance does not improve.
Quick answers to the most common questions about buying EVTV stock.
As of 2025, Envirotech Vehicles, Inc. (EVTV) had total assets of $4.7M including $3.5M in current assets.
Envirotech Vehicles, Inc. (EVTV) carries total debt of $1.0M, offset by $0.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Envirotech Vehicles, Inc. (EVTV) has total shareholders' equity (book value) of $-8.9M ($-0.55 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Envirotech Vehicles, Inc. (EVTV) reported a current ratio of 0.26x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.