GreenPower Reports Revenue of $8.5 million and Net Income of $4.2 million for Third Quarter

GreenPower (Nasdaq: GP) reported Q3 FY2026 revenue of $8.5 million and net income of $4.2 million for the period ended December 31, 2025.

Rhea-AI Summary

GreenPower (Nasdaq: GP) reported Q3 FY2026 revenue of $8.5 million and net income of $4.2 million for the period ended December 31, 2025. Gross profit on vehicle sales was approximately 28% and SG&A fell to $2.4 million from $5.2 million a year earlier.

The company reported working capital of more than $5 million, raised $1.12 million from Series A convertible preferred shares, secured subsequent $5 million in term loans, and obtained a banking relationship with CIBC while executing related‑party loan exchanges for convertible instruments.

Positive

• Revenue $8.5M Q3 FY2026
• Net income $4.2M Q3 FY2026
• Gross profit ~28% on vehicle sales
• SG&A reduced to $2.4M (from $5.2M)
• New Mexico school bus contract >$5M
• Recapitalization: $5M term loans and $1.12M Series A

Negative

• Potential dilution from convertible Series A and Series B issuance
• Related‑party loan exchanges totaling $10M converted to securities
• Increased leverage from $5M in new term loans

Argus Feb 13 session

+31.61% close to close Open Argus

Details

News Market Reaction – GP

On Feb 13, the first trading day after this news, GP closed 31.61% above the previous close.

Data tracked by StockTitan Argus for the Feb 13 session.

Market Context

On Feb 13, the first trading day after this news, the stock closed 31.6% above the previous close. A...

Analysis

On Feb 13, the first trading day after this news, the stock closed 31.6% above the previous close. A strong positive reaction aligns with the company’s shift from speculative builds to order-driven production, reflected in Q3 revenue of $8.5 million and net income of $4.2 million. Historically, earnings events have produced an average move of about 2.47%, so a much larger gain would stand out. Investors have also seen frequent capital-structure changes, which could later temper enthusiasm if financing terms become a focus.

Key Figures

Quarterly revenue: $8.5 million Net income: $4.2 million Prior-year Q3 revenue: $7.2 million +5 more

Quarterly revenue

$8.5 million

Third quarter fiscal 2026 revenue

Net income

$4.2 million

Third quarter fiscal 2026 net income

Prior-year Q3 revenue

$7.2 million

Third quarter previous fiscal year revenue comparator

Gross margin

28%

Gross profit on sale of vehicles in the quarter

SG&A costs current

$2.4 million

Q3 fiscal 2026 sales, general and administrative costs

SG&A costs prior

$5.2 million

Sales, general and administrative costs in prior-year Q3

Working capital

more than $5 million

Working capital position at quarter end

NM pilot funding

more than $5 million

New Mexico all-electric school bus pilot program funding

Previous Earnings Reports

5 past events · Latest: Jul 30

Same Type 5 events

1. Jul 30

   Year-end results

   24h Move

   -2.6%

   Reported fiscal 2025 revenues of $19.8M and detailed deliveries and balance sheet.

2. Feb 14

   Quarterly earnings

   24h Move

   +2.9%

   Q3 2025 revenue of $7.2M with improved gross margin and higher deliveries.

3. Nov 14

   Quarterly earnings

   24h Move

   -4.3%

   Q2 2025 revenue of $5.3M, strong sequential growth and expanded production.

4. Aug 14

   Quarterly earnings

   24h Move

   +16.3%

   Q1 2025 results with $3.0M revenue and notable sales pipeline expansion.

5. Jun 28

   Year-end results

   24h Move

   +0.0%

   Fiscal 2024 revenue of $39.3M with modest decline and capacity expansion.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

series a convertible preferred shares, convertible debentures

2 terms

series a convertible preferred shares financial

"raised gross proceeds of $1,120,050 from the issuance of Series A convertible preferred shares"

Series A convertible preferred shares are an early round of investment stock that gives holders special rights, such as being paid before common shareholders if the company is sold or shuts down, and sometimes receiving fixed dividends. They can be exchanged for ordinary (common) shares under agreed conditions, so they act like a tradeable ticket that can become regular ownership later. For investors this matters because these shares reduce downside risk while preserving the upside and affect future ownership and dilution.

convertible debentures financial

"exchanged $7 million of related party loans for convertible debentures and exchanged $3 million"

Convertible debentures are loans a company issues that pay interest like a bond but can be swapped later for the company’s shares at a set price. For investors they act like a safety-net plus a shortcut: you get regular interest payments while retaining the option to join ownership if the share price rises, which offers upside potential but can dilute existing shareholders if conversion occurs.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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VANCOUVER, BC, Feb. 12, 2026 /PRNewswire/ -- GreenPower Motor Company Inc. (Nasdaq: GP) ("GreenPower" and the "Company"), a leading manufacturer and distributor of all-electric, purpose-built, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, today reported revenue of $8.5 million and net income of $4.2 million as a part of its financial results for the period ended December 31, 2025.

"Despite significant headwinds in the EV sector in general, GreenPower has made substantial strides with its transition from building EVs on spec., to a production strategy driven by building EVs to customer orders," said Fraser Atkinson, GreenPower Chairman and CEO. "This transition has required recapitalization of the Company, retooling our manufacturing, managing inventory, and obtaining sources of production funding."

"GreenPower is very excited about the excellent progress in the deployment of all-electric, purpose-built school buses during the last quarter in New Mexico; Continuing to perform on the state sponsored, two-year, zero emissions school bus pilot project," said Brendan Riley, President of GreenPower. "This project uses the compelling West Virginia pilot project as its model but is focussed on the specific needs of New Mexico school districts where there will be challenges on deploying in both city and rural settings, challenges with charging infrastructure and operating the school buses in extreme cold weather at high elevations."

Third Quarter 2026 Highlights

• Generated revenues of $8.5 million in the third quarter of the 2026 fiscal year compared to $7.2 million for the third quarter in the previous year. Revenue was generated from the sale of vehicles, parts, leases and deferred income. Gross profit on the sale of vehicles was approximately 28%.
• Total sales, general and administrative costs of $2.4 million in the third quarter compared to $5.2 million for the third quarter in the previous year representing a significant reduction in the Company's recurring expenses. Excluding non-cash items, the sales, general and administrative costs in the current quarter were less than $2 million.
• Working capital of more than $5 million and increased cash from the beginning of the fiscal year.
• During the quarter the Company undertook the management of the New Mexico All-Electric, Purpose-Built, Zero-Emission School Bus Pilot Program. The contract with the state of New Mexico provides funding of more than $5 million for the deployment of GreenPower's all-electric Type A Nano BEAST, Type A Nano BEAST Access, Type D BEAST and Type D Mega BEAST school buses, charging infrastructure and management of a pilot project in the state.
• During the quarter the Company raised gross proceeds of $1,120,050 from the issuance of Series A convertible preferred shares (the "Series A shares") with a stated value of $1,179,000. The initial tranche was comprised of 754 Series A shares issued pursuant to an effective shelf registration statement and 425 Series A Shares issued in a concurrent private placement. The Company and investor agreed that a follow-on tranche of 926 Series A Shares with a stated value of $926,000 and purchase price of $879,700 will be issued at a later date. The institutional investor has the right to acquire and the Company has the right to issue additional Series A Shares in tranches of up to $2 million, subject to certain terms and conditions, to a total of up to US$16 million

Subsequent to the end of the quarter GreenPower completed several transactions to recapitalize the Company. The Company closed on two term loans for a total of $5 million, closed on the new banking relationship with CIBC including a line of credit and Term Loan, paid out the existing bank line of credit, exchanged $7 million of related party loans for convertible debentures and exchanged $3 million of related party loans for Series B Convertible Preferred Shares.

For additional information on the results of operations for the period ended December 31, 2025 with the financial statements and related reports posted on GreenPower's website as well as on SEDAR Plus or on EDGAR.

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. For further information go to www.greenpowermotor.com 

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.

All amounts in U.S. dollars. ©2026 GreenPower Motor Company Inc. All rights reserved.

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SOURCE GreenPower Motor Company

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were GreenPower (GP) Q3 FY2026 revenue and net income figures?

GreenPower reported $8.5 million in revenue and $4.2 million net income for Q3 FY2026. According to the company, results reflect vehicle, parts and lease sales for the period ended December 31, 2025 and improved operating efficiency versus prior year.

How did GreenPower (GP) change its operating costs in Q3 2026?

SG&A decreased to $2.4 million in Q3 FY2026 from $5.2 million a year earlier. According to the company, excluding non‑cash items SG&A in the quarter was under $2 million, reflecting a notable reduction in recurring expenses.

What financing and recapitalization did GreenPower (GP) complete after Q3 2026?

GreenPower raised $1.12 million from Series A shares and closed $5 million of term loans post‑quarter. According to the company, it also established a CIBC banking relationship and executed related‑party loan exchanges into convertible securities.

What is the scope and value of GreenPower's New Mexico school bus contract (GP)?

The New Mexico pilot provides funding of more than $5 million for deployment of multiple GreenPower school bus models and charging infrastructure. According to the company, the contract funds a two‑year zero‑emission school bus pilot program across diverse district settings.

Does GreenPower (GP) face shareholder dilution from recent financings?

Yes, recent financings include Series A rights and exchanges into convertible debentures and Series B preferred shares that may dilute equity holders. According to the company, investor rights allow additional tranches up to a combined total capacity of up to US$16 million.