Azio AI Holdings, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsAZIO AI Holdings, Inc. is a Delaware-incorporated, Nasdaq-listed hardware technology company, formerly Envirotech Vehicles, that builds electrified and energy-intensive systems across EV, medical supplies, drone and early-stage AI compute infrastructure lines.
What they do
The company develops, integrates and deploys power-backed hardware. It sells Class 2-4 logistics vans, Class 4-5 urban trucks, school buses, electric forklifts, street sweepers, neighborhood EVs and right-hand drive vehicles manufactured by OEMs in China, Taiwan and Malaysia. Through wholly owned subsidiary Maddox Industries, LLC, it makes medical supplies such as protective apparel for government, healthcare and institutional customers, distributed by Maddox Medical Corp. It is in the design phase of heavy-lift agricultural, fire suppression and forestry drones and in the testing and validation phase of modular AI compute infrastructure.
Revenue drivers
- EV segment — Sells commercial and last-mile fleet vehicles to school districts, transit operators and colleges; sourced from OEMs in China, Taiwan and Malaysia through a developing distribution and service network.
- Medical supplies (Maddox Industries) — Manufactures protective apparel and related products using semi-automated systems for government agencies, healthcare systems and institutional procurement, a segment established with the late-2024 acquisition of Maddox Industries.
- Drone segment — Targets agricultural operators, cooperatives, forestry managers and public-sector buyers with high-payload platforms; commercial manufacturing and sales have not commenced as of the 10-K.
- AI compute infrastructure (exploratory) — Would sell equipment, system integration services, leasing or joint ventures for modular compute enclosures, cooling and power integration supporting third-party AI workloads; still in testing and validation.
Recent performance
Annual revenue was $5.9M in 2025 versus $1.9M in 2024, after declining from $4.5M in 2022 and $2.9M in 2023. Quarterly revenue over the last four reported periods was $1.8M (Sept 2025), $2.5M (Dec 2025), $2.2M (Mar 2026) and $2.7M (Jun 2026). Net loss narrowed from $43.8M in 2022 to $3.3M in 2025, but operating cash flow was negative $116.6M in 2025 against negative $3.5M in 2024. At June 30, 2026, total assets were $15.6M, total liabilities $27.9M, shareholders' equity was negative $12.4M and cash was $141,955.
Strategy
Management organizes the business around power management, electrification and integrated hardware know-how spanning commercial EVs, electric drones and medical supplies. The company is exploring modular AI compute infrastructure, focusing on power systems integration, enclosures, cooling and electrical balance-of-system rather than proprietary AI models. It intends drone production to occur in the U.S., subject to development, regulatory approvals and manufacturing readiness, and acquired a 52% equity interest in AG Drone Inc. in Q1 2025. The medical supplies segment is described as revenue-generating and credential-building rather than the primary long-term growth focus.
Risks
- Going concern — Management concluded there is substantial doubt about the company's ability to continue as a going concern, with shareholders' equity of negative $12.4M and $141,955 of cash at June 30, 2026.
- History of losses — The company has reported annual net losses every year from 2021 through 2025, including $3.3M in 2025, and diluted EPS of negative $11.54 in 2025.
- Undeveloped product lines — Drone products remain in the design phase with no commercial manufacturing or sales commenced, and modular AI infrastructure is only in testing and validation.
- Listing and governance events — The company received a delisting notice or listing-rule failure on August 28, 2026, has reported multiple director or officer changes in 2026, changed accountants on September 10, 2026 and amended its charter or bylaws repeatedly.
Outlook
Management describes the AI compute opportunity as revenue-generating only if pursued, through equipment sales, integration services, leasing or joint ventures, and states the platform is in testing and validation. Drone products are intended to be U.S.-manufactured subject to development, regulatory approvals and manufacturing readiness, with commercial sales not yet started. The company cautions that it has a history of losses, cannot assure profitability and faces a long, unpredictable sales cycle.