Adomani, Inc. (ADOM) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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ADOM Quarterly Reports

Adomani, Inc.

CIK: 1563568 Ticker: ADOM


Exhibit 99.1

ADOMANI® Reports Fourth Quarter and Full Year 2019 Results

CORONA, CA / ACCESSWIRE / March10, 2020 /

ADOMANI, Inc. (OTCQB: ADOM), a provider of new zero-emission purpose-built electric vehicles and drivetrain solutions,  today announced its results for the fourth quarter and full year ended December 31, 2019. ADOMANI does not plan to host an earnings call.


Reported sales of approximately $2.0 million for the quarter and approximately $12.6 million for the year ended December 31, 2019. While sales during 2019 increased 2.5x as compared to the previous year’s sales, we did not achieve our expectations for sales of $14.1 million, in part because HVIP funding administrative issues prevented us from delivering trucks and cargo vans in our possession with a combined revenue of approximately $1.2 million. In addition, $313,000 in non-recurring legacy, non-drivetrain revenue that we previously expected to recognize in 2019 from the sale of one complete zero-emission all-electric school bus being produced by a former partner was delayed and is now expected to be recognized in 2020. This combined $1.5 million, had it been recognized in 2019 and not pushed into 2020, would have increased our 2019 revenue to the targeted $14.1 million.

Backlog at December 31, 2019 was $3.1 million.

We are excited about a number of new international opportunities that we learned about in 2019 in Ukraine, Mexico, South America and a number of other countries and have been investigating them diligently.  While we are confident a number of them may develop into projects, we continue to work through the laborious process as of the date of this release. In the Philippines, we delivered the first 10 e-trikes from the 250 vehicle purchase order we received in early 2019, and the next 50 are in production.

In December 2019, we signed a lease for warehouse space in Corona, California. The facility will be used to conduct research and development activity, stage materials, assemble and/or manufacture vehicles, perform pre-delivery inspections, test demo vehicles, and securely store vehicles, equipment, parts and finished vehicle inventories.



The following information was filed by Adomani, Inc. (ADOM) on Wednesday, March 11, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Adomani, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parentheticals)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Consolidated Statements Of Stockholders' Equity (Unaudited)
Commitments (Tables)
Commitments - Additional Information (Details)
Commitments - Future Minimum Payments Under Contractual Commitments (Details)
Common Stock
Common Stock - Additional Information (Details)
Contingencies - Additional Information (Details)
Debt - Additional Information (Details)
Leases - Additional Information (Details)
Notes Receivable
Notes Receivable - Additional Information (Details)
Organization And Operations
Property And Equipment, Net
Property And Equipment, Net (Tables)
Property And Equipment, Net - Additional Information (Details)
Property And Equipment, Net - Components Of Property And Equipment, Net (Details)
Stock Warrants
Stock Warrants (Tables)
Stock Warrants - Additional Information (Details)
Stock Warrants - Warrant Activity (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Schedule Of Stock Option Activity (Details)
Subsequent Events
Subsequents Events - Additional Information (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Details)

Material Contracts, Statements, Certifications & more

Adomani, Inc. provided additional information to their SEC Filing as exhibits

Ticker: ADOM
CIK: 1563568
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-019971
Submitted to the SEC: Thu Apr 30 2020 8:32:39 AM EST
Accepted by the SEC: Thu Apr 30 2020
Period: Tuesday, March 31, 2020
Industry: Motor Vehicle Parts And Accessories

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