GreenPower Provides Business Update and Reports Third Quarter Fiscal 2025 Results
Rhea-AI Summary
GreenPower Motor Company (Nasdaq: GP) reported its Q3 fiscal 2025 results, achieving $7.2 million in revenue, marking a 35% increase from the previous quarter. The company's gross profit improved to 14.6% of revenue, up from 8.6% in Q2.
During the quarter, GreenPower delivered 13 BEAST Type D electric school buses, one Nano BEAST Type A school bus, one EV Star Cargo Plus, and 13 EV Star Passenger Vans. The company reported working capital of $12.8 million, a $2.7 million increase over the previous quarter, and inventory of $28.2 million.
The company is expanding its West Virginia manufacturing facility to produce one BEAST per week, increasing to two per week by April. GreenPower also plans to consolidate its California operations into one facility in the Inland Empire for improved efficiency. The company completed an underwritten offering of 3,000,000 common shares, raising $3 million in gross proceeds.
Positive
- Revenue increased 35% quarter-over-quarter to $7.2 million
- Gross profit margin improved from 8.6% to 14.6%
- Working capital increased by $2.7 million to $12.8 million
- Production capacity expanding to two BEAST units per week by April
- Successfully raised $3 million through share offering
Negative
- Operational costs spread across multiple facilities requiring consolidation
- Dilution of shareholder value through 3 million share offering
News Market Reaction – GP
On the day this news was published, GP gained 2.92%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Shareholder Call Scheduled for February 18, 2025 at 9:30 a.m. EST/6:30 a.m. PST
"GreenPower's improved third-quarter performance, with
GreenPower spent the quarter continuning to increase its output from the
On the West Coast, GreenPower finalized plans to expand its
Third Quarter 2025 Highlights:
- Generated revenues of
$7.2 million 35% over the previous quarter. Gross profit improved to14.6% of revenue up from8.6% for the previous quarter. - Delivered 13 BEAST Type D all-electric school buses, one Nano BEAST Type A school bus, one EV Star Cargo Plus and 13 EV Star Passenger Vans.
- At the end of the quarter GreenPower had working capital of
$12.8 million $2.7 million $28.2 million $10.8 million $13.1 million $4.3 million - Deferred revenue at the end of the quarter increased to
$10.8 million - Completed an underwritten offering of 3,000,000 common shares raising gross proceeds of
$3 million
For additional information on the results of operations for the period ended December 31, 2024 review the interim financial statements and related reports posted on GreenPower's website as well as on www.sedar.com or filed on EDGAR.
Shareholder Call Information
Date: Tuesday February 18, 2025
Time: 6:30 a.m. PST / 9:30 a.m. EST
Participant dial-in: (US) 1-844-739-3982 (
Webcast Link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=XkyzR1vx
Replay: (US) 1-877-344-7529; (
Replay access code: 5816828
For further information contact:
Fraser Atkinson, CEO
(604) 220-8048
Brendan Riley, President
(510) 910-3377
Michael Sieffert, CFO
(604) 563-4144
About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in
Forward-Looking Statements
This document contains forward-looking statements relating to, among other things, GreenPower's business and operations and the environment in which it operates, which are based on GreenPower's operations, estimates, forecasts and projections. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "upon", "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. A number of important factors including those set forth in other public filings (filed under the Company's profile on www.sedar.com) could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. GreenPower disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. All amounts in
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SOURCE GreenPower Motor Company