Envirotech Vehicles, Inc. Announces Strategic Expansion into Electric Drones and Watercraft Divisions to Accelerate Growth and Shareholder Value

HOUSTON, TX / ACCESS Newswire / May 1, 2025 - Envirotech Vehicles, Inc. (NASDAQ:EVTV) ("Envirotech" or the "Company") today announced a strategic expansion into the electric drone and watercraft sectors, targeting high-growth verticals across land, air, and sea. The Company plans to develop and acquire divisions focused on commercial and industrial electric drones, along with electric jet drive systems for watercraft.

This move positions Envirotech to dramatically expand its total addressable market (TAM), diversify revenue streams, and capitalize on emerging government and commercial demand for clean, American-assembled mobility solutions.

Key Market Opportunities Include:

• Agricultural Drone Market: Projected to reach $1.76 billion in the U.S. by 2030
• Commercial & Industrial Drone Services: Infrastructure inspection, surveillance, logistics, and delivery - part of the global $58.4 billion drone services market by 2030
• Electric Watercraft Market: Forecast to exceed $1.28 billion in the U.S. by 2032, including personal and light commercial vessels

Company Highlights and Growth KPIs:

• Targeting new revenue in 2025 from drone and marine product lines
• Margins of 40-60% expected on proprietary jet drive systems and drone service contracts
• Pipeline of 3 strategic acquisitions under review to accelerate time-to-market
• Cross-sector EV platform advantage: ability to scale technology and supply chain across land, air, and sea applications
• Expansion of recurring revenue through drone fleet services (e.g., spraying, mapping, monitoring) and aftermarket watercraft systems
• Exploring DoD, FEMA, and USDA opportunities for dual-use drone and watercraft applications

"Our strategic entry into electric drones and watercraft represents a transformational inflection point for Envirotech," said Jason Maddox, President of Envirotech. "These markets not only align with global electrification trends, but also offer high-margin opportunities and strong government tailwinds. We're building a scalable electric mobility ecosystem that unlocks long-term shareholder value."

Envirotech will continue generating core revenue from its commercial EV portfolio-including electric buses, vans, and trucks-while projecting additional topline growth beginning in 2025 from:

• Electric drones with bundled service packages for agriculture, logistics, and infrastructure
• Electric jet propulsion systems for kayaks, RIBs, inflatable boats, and utility vessels

The Company expects to announce further details regarding acquisitions and product launches later in Q2 2025.

Business owners and potential strategic partners interested in learning about Envirotech's vehicle and technology offering should contact the company at https://evtvusa.com/contact-evtv/.

About Envirotech Vehicles

Envirotech Vehicles, Inc. (NASDAQ: EVTV) is a technology company dedicated to revolutionizing the electric vehicle landscape by designing and manufacturing electric commercial vehicles that offer sustainable, efficient, and cost-effective transportation solutions. Committed to driving the future of mobility, Envirotech is pushing the boundaries of innovation and sustainability. For more information, visit https://www.evtvusa.com.

Cautionary Statement Regarding Forward-Looking Statements

Statements made in this press release that relate to future plans, events, financial results, prospects, or performance are forward-looking statements. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions, and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in reports filed by Envirotech with the Securities and Exchange Commission, all of which are available online at https://www.sec.gov.

All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "will," "estimated," "planned," "expected," "believes," "strategy," "opportunity," "anticipated," "outlook," "designed," and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, Envirotech undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances, or unanticipated events.

Contact:

Envirotech Vehicles, Inc.
Merrick Alpert, Chief Communications Officer
Telephone: (870) 970-3355
Email: [email protected]

Source: Envirotech Vehicles, Inc.