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Exhibit 99.1
ADOMANI® Reports Fourth Quarter and Full Year 2018 Results
CORONA, CA / ACCESSWIRE / February 13, 2019 /
ADOMANI, Inc. (NASDAQ: ADOM), a provider of advanced zero-emission and hybrid vehicle drivetrain solutions and purpose-built electric vehicles, today announced its results for the fourth quarter and full year ended December 31, 2018.Highlights
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Reported sales of $1.2 million for the quarter and $5.0 million for the year ended December 31, 2018. While sales during 2018 increased 10x as compared to the previous year’s sales, the Company did not achieve its expectations for sales of $7.5 million, as $2.1 million in non-recurring legacy, non-drivetrain revenue that it previously expected to recognize in 2018 from the sale of six complete zero-emission all-electric school buses being produced by a former partner was delayed and is now expected to be recognized in 2019. Approximately $400,000 in drivetrain revenue previously scheduled for customer delivery and anticipated to be recognized in December 2018 was also delayed and is now expected to be recognized in 2019. |
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Backlog at February 8, 2019 was $10.1 million, an increase of 17% from backlog of $8.6 million at December 31, 2018, and a 166% increase from backlog of $3.8 million a year earlier. |
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A-Z Bus Sales, Blue Bird’s school bus dealer in California, announced that the first seven Blue Bird All American RE Type D zero-emission all-electric school buses “Powered by ADOMANI®” were delivered to California schools by A-Z Bus Sales on time per the South Coast Air Quality Management District (SCAQMD) grant guidelines for delivery by September 30, 2018. |
Jim Reynolds, CEO of ADOMANI, commented, “In 2018, we derived a substantial portion of our revenue from sales of drivetrains for the Blue Bird all-electric school bus. While we experienced substantial growth in 2018 as compared to 2017, we believe we will benefit in 2019 from additional diversification of both our customer base and our product offerings. We feel we are well positioned to meet or exceed full year 2019 analyst revenue estimates based on (1) our $8.6 million backlog at the start of this year;
The following information was filed by Adomani, Inc. (ADOM) on Wednesday, February 13, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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10-K Annual Report February 2019
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