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

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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.

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Backlog at December 31, 2019 was $3.1 million.

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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.

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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.