GreenPower Motor (GP) ends quarter with $17K cash, breaches debt covenants

Q: How did GreenPower Motor (GP) perform financially in the quarter ended June 30, 2026?

GreenPower reported a net loss of $2,396,888 on revenue of $439,148 for the quarter. Revenue fell sharply versus $1,549,467 a year earlier, but the loss narrowed from $4,163,851 due to significant operating cost reductions.

Q: What is GreenPower Motor's liquidity position as of June 30, 2026?

At June 30, 2026, GreenPower had cash of $17,557 and working capital of $8,646,005 . Working capital is supported by $24,215,546 of inventory, but low cash and ongoing losses create pressure on near-term liquidity.

Q: Does GreenPower Motor (GP) face going concern risks?

Yes. Management states there is material uncertainty that casts substantial doubt on GreenPower’s ability to continue as a going concern . Continued operations depend on selling vehicles, generating positive cash flows, and securing additional financing.

Q: Is GreenPower Motor in compliance with its debt covenants?

GreenPower is not in compliance with the debt service coverage ratio covenants on both its CIBC facilities and the $3,588,467 EDC revolving term loan. It remains in compliance with current ratio covenants but faces heightened covenant and refinancing risk.

Q: How much debt does GreenPower Motor have outstanding?

Key borrowings include a CIBC line of credit of $2,056,535 , an EDC revolving term facility of $3,588,467 , a CIBC term loan of $1,662,100 , and convertible debentures totaling $4,349,076 , plus a $1,425,000 Series A preferred share liability.

Q: Why did GreenPower Motor’s revenue decline so sharply year over year?

Revenue declined 71.7% to $439,148 because GreenPower recorded no vehicle sales in the quarter, compared with deliveries of five vehicles a year earlier. Revenue mainly came from service, parts, and lease income rather than vehicle deliveries.

Q: What cost-saving measures has GreenPower Motor implemented?

Sales, general and administrative costs fell by $1,983,675 (50.3%) year over year to $1,962,984 . Reductions were broad-based, with salaries and administration alone decreasing 53.7% , reflecting substantial headcount and operating cost cuts.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

GreenPower Motor Company Inc., a manufacturer of all-electric medium and heavy-duty vehicles, reported results for the three months ended June 30, 2026. Revenue was $439,148, down from $1,549,467 a year earlier as no vehicles were sold in the quarter; revenue came mainly from service, parts, and lease income. Gross profit was broadly flat at $350,084 versus $361,682, with gross margin rising to 79.7% due to an $80,664 inventory recovery and higher-margin service revenue.

Sales, general and administrative costs fell to $1,962,984, a reduction of just over 50% from the prior year, reflecting significant headcount and cost cuts. The net loss narrowed to $2,396,888 (loss per share $0.42) from $4,163,851 (loss per share $1.40). Adjusted EBITDA improved to a loss of $1,479,286 from a loss of $3,009,501.

Liquidity remains tight with cash of only $17,557, though working capital was $8,646,005 and equity increased to $3,162,716 helped by converting related-party loans and convertible debentures into $2,192,000 of Series B preferred shares and converting 1,351 Series A preferred shares into common equity. Total assets were $31,170,088, including inventory of $24,215,546. The company has substantial debt, including a CIBC line of credit of $2,056,535, an EDC revolving term facility of $3,588,467, and convertible debentures of $4,349,076. Management discloses material uncertainty casting substantial doubt on the ability to continue as a going concern and notes non-compliance with debt service coverage ratio covenants on key credit facilities.

Positive

Operating cost cuts reduced sales, general and administrative expenses by 50.3% year over year to $1,962,984, materially narrowing the quarterly loss and Adjusted EBITDA deficit.
Capital structure improved as related-party loans and convertible debentures totaling about $2.08 million were converted into 2,192 Series B preferred shares, helping increase shareholders' equity to $3,162,716.

Negative

Quarterly revenue fell 71.7% to $439,148 with no vehicle sales, indicating a severe slowdown in core selling activity.
The company reports a material uncertainty that casts substantial doubt on its ability to continue as a going concern, given low cash and ongoing losses.
GreenPower is not in compliance with debt service coverage ratio covenants on its CIBC and EDC credit facilities, increasing refinancing and liquidity risk.
Cash declined to just $17,557 at June 30, 2026, while the company still incurred a quarterly net loss of $2,396,888.
Total debt remains significant, including $3,588,467 outstanding under the EDC revolving term facility and $4,349,076 of convertible debentures, creating ongoing interest and refinancing burdens.

Filing Explained

Subsequent share issuances through August 6 increased common-share supply, while preferred-share conversions settled obligations without new cash proceeds.

This Form 6-K is an interim report furnishing material information from a foreign private issuer. Approved on August 14, 2026, it reports unaudited results for the quarter ended June 30, 2026.

The subsequent-events note extends the share-capital disclosure beyond June 30: it reports completed common-share issuances on July 31, 2026 and August 6, 2026, while other warrant exercises and preferred-share conversions remain potential future issuances.

At June 30, the company reported 7,037,762 common shares, 1,500 Series A preferred shares, and 6,392 Series B preferred shares outstanding. After quarter-end, 320,513 common shares were issued on warrant exercise for US$250,000 of gross proceeds, and 244,201 common shares were issued when 324 Series B shares converted. Separately, 1,200 Series A shares converted into 966,313 common shares between July 1 and August 13, 2026, with 80% of the Series A liability transferred to share capital.

These completed common-share issuances increase the share count and, absent offsetting changes, reduce existing holders' percentage ownership; the preferred-share conversions settled obligations rather than providing new cash proceeds. The filing lists 5,393,757 warrants outstanding at June 30, so the named watch items are further warrant exercises and conversions reported in subsequent filings.

Key Figures

Revenue: $439,148 Net loss: $2,396,888 Adjusted EBITDA: $(1,479,286) +5 more

8 metrics

Revenue $439,148 For the three months ended June 30, 2026; down 71.7% from prior-year quarter

Net loss $2,396,888 For the three months ended June 30, 2026; improved from $4,163,851 a year earlier

Adjusted EBITDA $(1,479,286) Non-IFRS measure for the quarter ended June 30, 2026; better than $(3,009,501) prior year

Cash balance $17,557 Cash on deposit at major financial institutions as of June 30, 2026

Working capital $8,646,005 Current assets minus current liabilities as of June 30, 2026

Inventory $24,215,546 Inventory balance at June 30, 2026, primarily EV Stars and BEAST/Nano BEAST school buses

Convertible debentures $4,349,076 Liability balance of related-party convertible debentures as of June 30, 2026

Series A preferred share liability $1,425,000 Carrying amount of Series A convertible preferred shares as a liability at June 30, 2026

Key Terms

going concern, Adjusted EBITDA, Total Cash Expenses, Series A convertible preferred shares, +2 more

6 terms

going concern financial

"The Company's ability to achieve its business objectives is subject to material uncertainty which casts substantial doubt upon the Company's ability to continue as a going concern"

Going concern is the accounting assumption that a company will keep operating and meeting its obligations for the foreseeable future. The phrase matters most when a company or its auditors disclose substantial doubt about it, a formal warning that the business may not have enough resources to continue without raising money, restructuring, or selling assets. That language in a filing or press release signals elevated financial risk.

Adjusted EBITDA financial

"This MD&A refers to Adjusted EBITDA "Adjusted EBITDA", a non-IFRS measure, which is defined as loss for the year"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Total Cash Expenses financial

"This MD&A also makes reference to "Total Cash Expenses", a non-IFRS measure, which is defined as sales, general and administrative costs plus interest and accretion"

Series A convertible preferred shares financial

"an unlimited number of Series A convertible preferred shares, which have a dividend rate of 9%, have a stated value of $1,000 per share"

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.

debt service coverage ratio financial

"Commencing in the quarter ended March 31, 2026, the line of credit is subject to two financial covenants... and to maintain a debt service coverage ratio of greater than 1.10x"

Debt service coverage ratio measures how many times a company's available cash flow can pay its scheduled debt payments (interest plus principal). Think of it like checking how many months of take-home pay it would take to cover your mortgage and loan bills; a higher number means a bigger cushion against missed payments. Investors use it to gauge credit risk, the likelihood of default, and whether a company can afford dividends or new borrowing.

Right of Use Assets financial

"The Company has recorded Right of Use Assets ("RoU Assets") and Lease Liabilities in its consolidated statement of financial position"

A right-of-use asset is the value recorded on a company’s balance sheet that represents its contracted right to use a rented item—like office space, equipment, or vehicles—for a set period. Investors care because recognizing these assets (and the matching lease obligations) changes reported assets, debt levels, profitability metrics and cash-flow presentation, similar to how switching from short-term renting to showing a long-term commitment would alter a household’s financial snapshot.

FAQ

How did GreenPower Motor (GP) perform financially in the quarter ended June 30, 2026?

GreenPower reported a net loss of $2,396,888 on revenue of $439,148 for the quarter. Revenue fell sharply versus $1,549,467 a year earlier, but the loss narrowed from $4,163,851 due to significant operating cost reductions.

What is GreenPower Motor's liquidity position as of June 30, 2026?

At June 30, 2026, GreenPower had cash of $17,557 and working capital of $8,646,005. Working capital is supported by $24,215,546 of inventory, but low cash and ongoing losses create pressure on near-term liquidity.

Does GreenPower Motor (GP) face going concern risks?

Yes. Management states there is material uncertainty that casts substantial doubt on GreenPower’s ability to continue as a going concern. Continued operations depend on selling vehicles, generating positive cash flows, and securing additional financing.

Is GreenPower Motor in compliance with its debt covenants?

GreenPower is not in compliance with the debt service coverage ratio covenants on both its CIBC facilities and the $3,588,467 EDC revolving term loan. It remains in compliance with current ratio covenants but faces heightened covenant and refinancing risk.

How much debt does GreenPower Motor have outstanding?

Key borrowings include a CIBC line of credit of $2,056,535, an EDC revolving term facility of $3,588,467, a CIBC term loan of $1,662,100, and convertible debentures totaling $4,349,076, plus a $1,425,000 Series A preferred share liability.

Why did GreenPower Motor’s revenue decline so sharply year over year?

Revenue declined 71.7% to $439,148 because GreenPower recorded no vehicle sales in the quarter, compared with deliveries of five vehicles a year earlier. Revenue mainly came from service, parts, and lease income rather than vehicle deliveries.

What cost-saving measures has GreenPower Motor implemented?

Sales, general and administrative costs fell by $1,983,675 (50.3%) year over year to $1,962,984. Reductions were broad-based, with salaries and administration alone decreasing 53.7%, reflecting substantial headcount and operating cost cuts.

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

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Form 6-K: How Foreign Companies Report to the SEC →

Available on EDGAR 08/17/2026 - 06:06 AM Accepted by SEC EDGAR 08/14/2026 - 07:49 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2026

Commission File Number 001-39476

GreenPower Motor Company Inc.

(Translation of registrant's name into English)

#240 - 209 Carrall Street, Vancouver, British Columbia V6B 2J2

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]

SUBMITTED HEREWITH

EXHIBITS 99.1 THROUGH 99.4 INCLUDED WITH THIS REPORT ARE HEREBY INCORPORATED BY REFERENCE TO THE REGISTRANT'S REGISTRATION STATEMENTS ON FORM F-3, AS AMENDED (NO. 333-276209) AND FORM S-8 (NO. 333-261422), TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED.

99.1	Financial Statements for period ended June 30, 2026

99.2	Management's Discussion and Analysis for period ended June 30, 2026

99.3	CEO Certification for period ended June 30, 2026

99.4	CFO Certification for period ended June 30, 2026

- 2 -

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GreenPower Motors Inc.

/s/ Michael Sieffert
___________________________________
Michael Sieffert, Chief Financial Officer

Date: August 14, 2026

GREENPOWER MOTOR COMPANY INC.

CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

For the Three Months Ended June 30, 2026 and June 30, 2025

(Expressed in US dollars)

(Unaudited)

GREENPOWER MOTOR COMPANY INC.
Consolidated Condensed Interim Financial Statements
(Expressed in US Dollars)
(Unaudited)

June 30, 2026

Unaudited Consolidated Condensed Interim Statements of Financial Position	3

Unaudited Consolidated Condensed Interim Statements of Operations and Comprehensive Loss	4

Unaudited Consolidated Condensed Interim Statements of Changes in Equity / (Deficit)	5

Unaudited Consolidated Condensed Interim Statements of Cash Flows	6

Notes to the Unaudited Consolidated Condensed Interim Financial Statements	7 - 26

GREENPOWER MOTOR COMPANY INC.

Consolidated Condensed Interim Statements of Financial Position

As at June 30, 2026 and March 31, 2026

(Expressed in US Dollars)

(Unaudited)

			June 30, 2026			March 31, 2026
Assets
Current
	Cash (Note 3)	$	17,557		$	328,086
	Accounts receivable, net of allowances (Note 4)		117,220			331,822
	Other receivable (Note 14)		1,318,750			-
	Current portion of finance lease receivables (Note 5)		27,298			57,982
	Inventory (Note 6)		24,215,546			23,825,379
	Restricted deposit (Note 9)		-			407,726
	Prepaids and deposits		444,798			362,064
			26,141,169			25,313,059
Non-current
	Finance lease receivables (Note 5)		37,298			33,945
	Right of use assets (Note 7)		4,360,961			4,569,336
	Property and equipment (Note 8)		577,339			718,557
	Prepaids and deposit		53,321			53,322
			5,028,919			5,375,160
Total Assets		$	31,170,088		$	30,688,219

Liabilities
Current
	Line of credit (Note 10)	$	2,056,535		$	1,452,615
	Revolving term loan facility (Note 11)		3,588,467			3,591,924
	Term loan facility (Note 12)		1,662,100			1,628,858
	Accounts payable and accrued liabilities (Note 19)		4,361,420			3,891,760
	Deferred revenue (Note 17)		2,767,297			2,576,050
	Current portion of lease liabilities (Note 7)		834,041			811,034
	Current portion of loans payable to related parties		-			100,000
	Series A convertible preferred share liability (Note 14)		1,425,000			1,643,214
	Current portion of warranty liability (Note 21)		800,304			817,482
	Other liabilities		-			8,567
			17,495,164			16,521,504
Non-current
	Convertible debentures (Note 13, Note 19)		4,349,076			5,654,279
	Lease liabilities (Note 7)		4,503,572			4,741,229
	Loans payable to related parties (Note 19)		-			519,436
	Warranty liability (Note 21)		1,659,560			1,702,977
			10,512,208			12,617,921
Total Liabilities			28,007,372			29,139,425

Equity / (deficit)
	Share capital (Note 14)		90,906,715			86,544,102
	Reserves		16,836,561			16,831,295
	Equity portion of convertible debentures (Note 13)		853,079			1,097,308
	Accumulated other comprehensive income (loss)		95,709			112,999
	Accumulated deficit		(105,529,348	)		(103,036,910	)
			3,162,716			1,548,794
Total Liabilities and Equity		$	31,170,088		$	30,688,219

Nature and Continuance of Operations and Going Concern - Note 1

Approved on behalf of the Board on August 14, 2026

/s/ Fraser Atkinson		/s/ Mark Achtemichuk
Director		Director

(The accompanying notes are an integral part of these consolidated condensed interim financial statements)

Page 3 of 26

GREENPOWER MOTOR COMPANY INC.

Consolidated Condensed Interim Statements of Operations and Comprehensive Loss

For the Three Months Ended June 30, 2026 and 2025

(Expressed in US Dollars)

(Unaudited)

		June 30,			June 30,
		2026			2025

Revenue	$	439,148		$	1,549,467
Cost of Sales (Note 6)		89,064			1,187,785
Gross Profit		350,084			361,682

Sales, general and administrative costs
Salaries and administration (Note 19)		822,394			1,776,269
Depreciation (Notes 7 and 8)		205,489			412,166
Product development costs		71,356			165,951
Office expense		(15,814	)		148,869
Insurance		221,457			408,495
Professional fees		585,267			710,301
Sales and marketing		810			60,261
Share-based payments (Notes 15 and 19)		5,266			184,144
Transportation costs		56,911			64,989
Travel, accomodation, meals and entertainment		12,000			7,747
Allowance (recovery) for credit losses (Note 4)		(2,152	)		7,467
Total sales, general and administrative costs		1,962,984			3,946,659

Loss from operations before undernoted		(1,612,900	)		(3,584,977	)

Interest and accretion		(769,594	)		(571,898	)
Foreign exchange (loss) / gain		3,075			(6,976	)
(Loss) on sale of equipment		(17,469	)		-

Loss for the period		(2,396,888	)		(4,163,851	)

Other comprehensive income / (loss)
Cumulative translation reserve		(17,290	)		44,669

Total comprehensive loss for the period	$	(2,414,178	)	$	(4,119,182	)

Loss per common share, basic and diluted	$	(0.42	)	$	(1.40	)
Weighted average number of common shares outstanding, basic and diluted		5,662,230			2,964,226

(The accompanying notes are an integral part of these consolidated condensed interim financial statements)

Page 4 of 26

GREENPOWER MOTOR COMPANY INC.

Consolidated Condensed Interim Statements of Changes in Equity / (Deficit)

For the Three Months ended June 30, 2026 and 2025

	Share Capital
					Series B Convertible										Accumulated other
(Expressed in US Dollars)	Common shares				Preferred Shares				Equity Portion						comprehensive			Accumulated
(Unaudited)	Number		Amount		Number		Amount		of Debentures			Reserves			income (loss)			Deficit			Total

Balance, March 31, 2025	2,949,116	$	80,538,262		-	$	-	$	-		$	15,239,622		$	39,657		$	(97,423,507	)	$	(1,605,966	)

Shares issued	45,045		197,964		-		-		-			-			-			-			197,964

Share issuance costs	-		(34,194	)	-		-		-			-			-			-			(34,194	)

Warrants issued	-		-		-		-		-			200,000			-			-			200,000

Fair value of stock options forfeited	-		-		-		-		-			(35,862	)		-			35,862			-

Share based payments	-		-		-		-		-			184,144			-			-			184,144

Cumulative translation reserve	-		-		-		-		-			-			44,669			-			44,669

Net loss for the period	-		-		-		-		-			-			-			(4,163,851	)		(4,163,851	)

Balance, June 30, 2025	2,994,161	$	80,702,032		-	$	-	$	-		$	15,587,904		$	84,326		$	(101,551,496	)	$	(5,177,234	)

Balance, March 31, 2026	5,029,291	$	82,628,972		4,200	$	3,915,130	$	1,097,308		$	16,831,295		$	112,999		$	(103,036,910	)	$	1,548,794

Shares issued for convertible debenture interest	257,638		371,000		-		-		-			-			-			-			371,000

Series A preferred shares converted to common shares	1,494,423		1,682,021		-		-		-			-			-			-			1,682,021

Related party loans converted into series B preferred shares	-		-		552		524,400		-			-			-			-			524,400

Convertible debentures converted into series B preferred shares	-		-		1,640		1,489,642		(244,229	)		-			-			-			1,245,413

Dividends on series B preferred shares	-		-		-		95,550		-			-			-			(95,550	)		-

Shares issued from conversion of warrants	256,410		200,000		-		-		-			-			-			-			200,000

Share based payments	-		-		-		-		-			5,266			-			-			5,266

Cumulative translation reserve	-		-		-		-		-			-			(17,290	)		-			(17,290	)

Net loss for the period	-		-		-		-		-			-			-			(2,396,888	)		(2,396,888	)

Balance, June 30, 2026	7,037,762	$	84,881,993		6,392	$	6,024,722	$	853,079		$	16,836,561		$	95,709		$	(105,529,348	)	$	3,162,716

Page 5 of 26

GREENPOWER MOTOR COMPANY INC.
Consolidated Condensed Interim Statements of Cash Flows
For the Three Months Ended June 30, 2026 and 2025
(Unaudited)

		June 30			June 30
		2026			2025

Cash flows from (used in) operating activities
Loss for the period	$	(2,396,888	)	$	(4,163,851	)
Items not affecting cash
Allowance (recovery) for credit losses		(2,152	)		7,467
Depreciation		205,489			412,166
Share-based payments		5,266			184,144
Loss on disposal of equipment		17,469			-
Accretion and accrued interest		578,517			180,870
Foreign exchange loss / (gain)		(3,075	)		6,976
Cash flow used in operating activities before changes in non-cash items		(1,595,374	)		(3,372,228	)

Changes in working capital items:
Accounts receivable		216,754			378,419
Other receivable, net of financing liability		106,250			-
Inventory		(277,459	)		621,084
Prepaids and deposits		(82,733	)		166,531
Finance lease receivables		27,331			9,981
Accounts payable and accrued liabilities		181,377			471,014
Deferred revenue		191,247			339,882
Warranty liability		(60,595	)		(21,325	)
		(1,293,202	)		(1,406,642	)

Cash flows from (used in) investing activities
Purchase of property and equipment		(1,714	)		-
Proceeds from disposal of property and equipment		14,764			-
Restricted deposits		407,726			-
		420,776			-

Cash flows from (used in) financing activities
Repayment of loans from related parties		-			(186,543	)
Proceeds from loans from related parties		-			1,200,000
Proceeds from (repayment of) line of credit		554,057			(34,992	)
Repayment of revolving term loan facility		(3,457	)		(12,105	)
Payments on lease liabilities		(159,408	)		(49,937	)
Repayment of other liabilities		(8,567	)		(2,142	)
Proceeds from issuance of common shares		-			197,964
Proceeds from issuance of warrants		200,000			200,000
Equity offering costs		-			(34,194	)
		582,625			1,278,051

Foreign exchange on cash		(20,728	)		32,531

Net (decrease) increase in cash		(310,529	)		(96,060	)
Cash, beginning of period		328,086			344,244
Cash, end of period	$	17,557		$	248,184

(The accompanying notes are an integral part of these consolidated condensed interim financial statements)

Page 6 of 26

GREENPOWER MOTOR COMPANY INC.
Notes to the Unaudited Consolidated Condensed Interim Financial
Statements for the Three Months Ended June 30, 2026 and 2025
(Expressed in US Dollars)
(Unaudited – Prepared by Management)

1. Nature and Continuance of Operations and Going Concern

GreenPower Motor Company Inc. ("GreenPower" or the "Company") was incorporated in the Province of British Columbia on September 18, 2007. The Company is a manufacturer and distributor of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector.

The corporate office is located at Suite 240 - 209 Carrall St., Vancouver, Canada.

These consolidated condensed interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the IASB. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with our audited financial statements for the year ended March 31, 2026.

The Company's continuing operations are dependent upon its ability to raise capital and generate cash flows. As at June 30, 2026, the Company had a cash balance of $17,557, working capital, defined as current assets less current liabilities, of $8,646,005 accumulated deficit of $(105,529,348) and shareholder's equity of $3,162,716. These consolidated condensed interim financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. The continuation of the Company as a going concern is dependent on future cash flows from operations including the successful sale and manufacture of electric vehicles to achieve a profitable level of operations and obtaining necessary financing to fund ongoing operations. The Company's ability to achieve its business objectives is subject to material uncertainty which casts substantial doubt upon the Company's ability to continue as a going concern. Management plans to address this material uncertainty by selling vehicles in inventory, collecting accounts receivable, utilizing the Company's operating line of credit and revolving term loan facility and by seeking potential new sources of financing.

These consolidated condensed interim financial statements were approved by the Company's Audit Committee, as delegated by the Board of Directors, on August 14, 2026.

2. Material Accounting Policies

Basis of presentation

GreenPower has applied the same accounting policies and methods of computation in its Consolidated Condensed Interim Financial Statements as in the annual audited financial statements for the year ended March 31, 2026.

Page 7 of 26

2. Material Accounting Policies (continued)

Future accounting pronouncements

Certain new accounting standards and interpretations have been published by the IASB that are mandatory for the annual period beginning April 1, 2027. The Company has reviewed new and revised accounting pronouncements that have been issued but are not yet effective. The Company has not early adopted any of these standards and is currently evaluating the impact, if any, that these standards might have on its consolidated condensed interim financial statements.

3. Cash

As at June 30, 2026 the Company has a cash balance of $17,557 (March 31, 2026 - $328,086) which is on deposit at major financial institutions in North America. The Company has no cash equivalents as at June 30, 2026 or at March 31, 2026.

4. Accounts Receivable

The Company has evaluated the carrying value of accounts receivable as at June 30, 2026 in accordance with IFRS 9 and a recovery of credit losses of $2,152 was recorded (March 31, 2026 - $10,528). As at June 30, 2026 the Company had an accounts receivable net of allowances balance of $117,220 (March 31, 2026 - $331,822).

5. Finance Lease Receivable

GreenPower's wholly owned subsidiaries San Joaquin Valley Equipment Leasing Inc. and 0939181 BC Ltd. lease vehicles to several customers, and as at June 30, 2026, the Company had a total of 3 (March 31, 2026 - 3) vehicles on lease that were determined to be finance leases and the Company had nil (March 31, 2026 - nil) vehicles on lease that were determined to be operating leases.

As at June 30, 2026, the remaining payments to be received on Finance Lease Receivables are as follows:

		30-Jun-26
Year 1	$	37,200
Year 2		37,200
Year 3		18,602
less: amount representing interest income		(28,406	)
Finance Lease Receivable	$	64,596
Current Portion of Finance Lease Receivable	$	27,298
Long Term Portion of Finance Lease Receivable	$	37,298

Page 8 of 26

6. Inventory

The following is a listing of inventory as at June 30, 2026 and March 31, 2026:

		June 30, 2026		March 31, 2026

Parts	$	4,006,717	$	3,951,819
Work in Process		11,323,677		11,195,408
Finished Goods		8,885,152		8,678,152

Total	$	24,215,546	$	23,825,379

The Company's finished goods inventory is primarily comprised of EV Stars, EV Star Cab and Chassis, BEAST Type D school buses, and Nano BEAST Type A school buses. During the three months ended June 30, 2026, the Company booked a recovery of inventory of $80,664, which was included in cost of sales. Excluding this recovery, $133,994 of inventory was included in cost of sales during the period (June 30, 2025 - $1,180,135).

7. Right of Use Assets and Lease Liabilities

The Company has recorded Right of Use Assets ("RoU Assets") and Lease Liabilities in its consolidated statement of financial position related to properties for which the Company has entered into lease agreements that expire in more than one year at the inception of the leases. Rental payments on the Right of Use Assets are discounted using 8% and 12% rates of interest and capitalized on the Consolidated Statement of Financial Position as Lease Liabilities. The value of the Right of Use Assets is determined at lease inception and includes the capitalized lease liabilities, incorporate upfront costs incurred and incentives received, and the value is depreciated over the term of the lease. The right of use assets have a carrying value at June 30, 2026 of $4,360,961 (March 31, 2026 - $4,569,336). For the three months ended June 30, 2026 the Company incurred interest expense of $133,086 (2025 - $149,769) on the Lease Liabilities, recognized depreciation expense of $208,375 (2025 - $208,375) on the Right of Use Assets and incurred total rental payments of $159,408 (2025 - $254,690).

GreenPower entered into a contract of lease-purchase with the South Charleston Development Authority (the "lessor") for a property located in South Charleston, West Virginia during the year ended March 31, 2023 which are included in the Company's right of use assets and lease liabilities as at June 30, 2026 and March 31, 2026. Under the terms of the lease the Company is eligible for, and the Lessor has agreed to, a reduction in lease payments of $578,500 based on the Company's employees as at December 31, 2024. GreenPower had suspended monthly lease payments to account for the $578,500 reduction, however, on May 22, 2025 GreenPower received a default notice from the lessor. The lessor's interpretation of the lease is that the $578,500 reduction in lease payments is applied at the end of the lease, and GreenPower is in negotiations with the lessor in regards to this interpretation. The reduction in lease payments has been recognized, and resulted in a reduction of the lease liability of $229,012, and is considered a government grant under IAS 20 and has been presented as a net reduction in RoU assets. Title to the property will be transferred to GreenPower once the sum of total lease payments plus the amount of the forgiveness reaches $6.7 million.

Page 9 of 26

7. Right of Use Assets and Lease Liabilities (continued)

The following table summarizes changes in Right of Use Assets between March 31, 2026 and June 30, 2026:

Right of Use Assets, March 31, 2026	$	4,569,336
Depreciation¹		(208,375	)
Change from lease adjustment		-

Right of Use Assets, June 30, 2026	$	4,360,961

The following table summarizes changes in Right of Use Assets between March 31, 2025 and March 31, 2026:

Right of Use Assets, March 31, 2025	$	5,479,555
Depreciation		(874,660	)
Change from lease adjustment		(35,559	)

Right of Use Assets, March 31, 2026	$	4,569,336

The following table shows the remaining undiscounted payments on lease liabilities, interest on lease liabilities and the carrying value of lease liabilities as at June 30, 2026.

		30-Jun-26
1 year	$	1,323,021
thereafter		5,780,149
less amount representing interest expense		(1,765,557	)
Lease liability	$	5,337,613
Current Portion of Lease Liabilities	$	834,041
Long Term Portion of Lease Liabilities	$	4,503,572

8. Property and Equipment

The following is a summary of changes in Property and Equipment for the three months ended June 30, 2026:

Property and Equipment, March 31, 2026	$	718,557
plus: purchases		1,714
less: disposals		(32,232	)
less: depreciation		(109,565	)
less: foreign exchange translation		(1,135	)
Property and Equipment, June 30, 2026	$	577,339

Page 10 of 26

8. Property and Equipment (continued)

The following is a summary of changes in Property and Equipment for the twelve months ended March 31, 2026:

Property and Equipment, March 31, 2025	$	1,310,581
less: disposals		(24,962	)
less: depreciation		(570,468	)
plus: foreign exchange translation		3,406
Property and Equipment, March 31, 2026	$	718,557

9. Restricted deposit

As at March 31, 2026, the Company had pledged a $400,000 term deposit, which was classified as a restricted deposit, and the lender on the Company's line of credit had reserved $50,000 from the line of credit as collateral for a $450,000 irrevocable standby letter of credit issued by a commercial bank to an insurance company that is providing the Company with a surety bond to support the Company's importation of goods to the United States.

During the quarter ended June 30, 2026 the term deposit held by the Company matured and was redeemed, including accrued interest. As at June 30, 2026 the Company has reserved $450,000 from the line of credit as collateral for the $450,000 irrevocable standby letter of credit.

10. Line of credit

On January 8, 2026, the Company repaid a line of credit at the BMO Bank of Montreal, which had a credit limit of up to $6 million, and on January 12, 2026, the Company entered into a revolving demand line of credit facility for up to $3 million, as well as a $2 million term loan, both with CIBC (Note 12). The revolving demand line of credit facility with CIBC bears interest at CIBC's US base rate (March 31, 2026 - 7.25%, June 30, 2026 - 7.25%) plus 1.35%, and the line of credit with the BMO Bank of Montreal was bearing interest at BMO's US Base Rate (March 31, 2025 - 8.0%) plus a margin of 5.25% prior to closing the line of credit in January 2026, which increased from a margin of 2.25% as at March 31, 2025.

As a condition to closing the $3 million line of credit, as well as the $2 million term loan, both with CIBC, GreenPower repaid the Bank of Montreal line of credit with proceeds from $5 million term loans from two family offices and the remainder from a portion of the $2 million term loan with CIBC (Note 12). Two directors of the Company provided joint and several guarantees of up to $5 million in support of the CIBC credit facilities (the "Guarantees"). As a bonus for providing the Guarantees one of the directors received 2,016,129 share purchase warrants which entitle the holder to purchase one common share of the Company at an exercise price of $1.24 per share. The second director received, as a bonus for providing the Guarantees, 403,225 common shares of the Company (Note 12, Note 19). The value of the common shares and warrants granted to the directors for providing the Guarantees was determined to be $1 million, and this value has been allocated to the outstanding line of credit and term loan on a pro-rata basis, and this value will be accreted to earnings over a 3-year term. The CIBC line of credit balance, net of the warrant value applied to the line of credit as at June 30, 2026 was determined to be $2,056,535 and as at March 31, 2026 was determined to be $1,452,615.

Page 11 of 26

10. Line of credit (continued)

The Line of Credit and the term loan facility with CIBC (Note 12) are secured by a first and second ranking security interest over property of the Company and certain subsidiaries, and three of the Company's subsidiaries have also provided corporate guarantees. The Line of Credit and the term loan with CIBC contain customary business covenants such as maintenance of security, maintenance of corporate existence, and other covenants typical for corporate lending facilities.

The CIBC line of credit and term loan have a financial covenant to maintain a current ratio, defined as current assets over current liabilities, of greater than 1.25:1, for which the Company was in compliance as at March 31, 2026. Commencing in the quarter ended March 31, 2026, the line of credit is subject to two financial covenants: to maintain a current ratio of greater than 1.25:1, and to maintain a debt service coverage ratio of greater than 1.10x (Note 12). The Company is in compliance with the current ratio but is not in compliance with the quarterly debt service ratio as at June 30, 2026. The CIBC line of credit balance, net of the bonus warrants and bonus shares value applied to the line of credit, as at June 30, 2026, is determined to be $2,056,535 (March 31, 2026 - $1,452,615).

11. Revolving term loan facility

During February 2024, the Company entered into a $5,000,000 revolving loan facility (the "Loan") with Export Development Canada ("EDC"). The Loan is used to finance working capital investments to deliver all-electric vehicles to customers under purchase orders approved by EDC. The Loan allows advances over a 24-month period, has a term of 36 months, and bears interest at a floating rate of US Prime + 5% per annum. The Company has granted EDC a first and second ranking security interest over property of the Company and certain subsidiaries, and the Company and certain subsidiaries have provided Guarantees to EDC. The Company and Countryman Investments Ltd., a company beneficially owned by a director, as well as FWP Holdings LLC, Koko Financial Services Ltd., 0851433 B.C. Ltd., and FWP Acquisition Corp., companies beneficially owned by the Chairman and CEO of the Company, entered into postponement and subordination agreements with EDC under which the parties agreed that the loans from these companies would be subordinate to the lender's security interests and that no payment will be made on these loans before the full repayment of the term loan facility (Note 19).

The EDC term loan facility has two financial covenants. The first covenant is reported quarterly, and is to maintain a current ratio, defined as current assets over current liabilities, of greater than 1.25 to 1.0. The Company is in compliance with this covenant as at June 30, 2026 and March 31, 2026. The second covenant commenced at the 2026 fiscal year end, will be reported quarterly, and is to maintain a debt service coverage ratio of 1.25 to 1.0. The debt service coverage ratio is defined as earnings before interest, taxes, depreciation and amortization ("EBITDA") for the trailing four quarters, divided by the sum of debt payments, capital lease payments, and interest expense, each for the trailing four quarters. As at June 30, 2026 the balance outstanding on the term loan facility, including fees and accrued interest, was $3,588,467 (March 31, 2026 - $3,591,924). The Company is not in compliance with the minimum debt service coverage ratio as at June 30, 2026 or as at March 31, 2026 as the Company has not generated sufficient positive EBITDA in the trailing four quarters ended June 30, 2026 and ended March 31, 2026 to meet the minimum DSCR coverage ratio.

Page 12 of 26

12. Term loan facility

On January 12, 2026 the Company entered into a $2 million term loan facility as well as a revolving demand line of credit facility for up to $3 million, both with CIBC (Note 10). The term loan facility bears interest at CIBC's US Base rate (June 30, 2026 and March 31, 2026 - 7.25%) plus 1.35% and has a term of 36 months. Monthly payments on the term loan facility are interest only for the first 12 months, after which the Company will make monthly payments of principal and interest until the loan maturity. The $2 million term loan facility as well as the revolving demand line of credit facility for up to $3 million, both with CIBC, are secured with personal guarantees from two directors of the Company, as well as corporate guarantees, and are secured by a first and second ranking security interest over property of the Company and certain subsidiaries, and three of the Company's subsidiaries. On January 12, 2026, as a bonus for providing the Guarantees one of the directors received share purchase warrants with a fair value of $500,000, and the second director received common shares of the Company with a fair value of $500,000 (Note 10, Note 19). The fair value of the common shares and warrants granted to the directors for providing the Guarantees has been allocated to the outstanding term loan and line of credit on a pro-rata basis, and this value will be accreted to earnings over a 3-year term. The CIBC term loan and line of credit are subject to two financial covenants: to maintain a current ratio of greater than 1.25:1, and to maintain a debt service coverage ratio of greater than 1.10x (Note 10). The Company is in compliance with the current ratio but is not in compliance with the quarterly debt service coverage ratio as at June 30, 2026. The CIBC term loan balance, net of the bonus warrants and bonus shares value applied to the term loan, as at June 30, 2026, was determined to be $1,662,100 (March 31, 2026 - $1,628,858).

13. Convertible debentures

On January 22, 2026 the Company approved the conversion of accrued interest and principal from existing related party loans, totaling $7 million, into convertible debentures. The convertible debentures have a maturity date of January 22, 2029, bear interest at 12% per annum, and are convertible into common shares of the Company at the option of the investor at $0.99 per share, which was the closing price of the common shares on January 22, 2026. As at June 30, 2026 $3,459,000 (March 31, 2026 - $3,459,000) of principal of the convertible debentures are with Countryman Investments Ltd. ("Countryman"), a company beneficially owned by a director, $1,874,945 (March 31, 2026 - $3,432,945) are with FWP Acquisition Corp. ("FWP Acquisition"), and $108,045 (March 31, 2026 - $108,045) are with Koko Financial Services Inc. ("Koko). Both FWP Acquisition and Koko are beneficially owned by the Chairman and CEO of the Company. The accrued interest on convertible debentures up to June 30, 2026 was granted to the lenders in common shares of the Company, at $1.44 per share which was the closing price of the shares on the Nasdaq stock exchange on June 29, 2026. Countryman received 127,310 common shares, FWP Acquisition received 126,351 common shares, and Koko received 3,977 common shares (Note 14). Also, on June 30, 2026, FWP Acquisition converted $1,558,000 of principal of the convertible debentures into 1,640 Series B convertible preferred shares (Note 14). The Company recognized $312,587 of debt extinguishment costs related to the conversion of convertible debentures into Series B convertible preferred shares. The convertible debenture liability balance, as at June 30, 2026 was $4,349,076 (March 31, 2026 - $5,654,279). The difference between the principal and accrued interest of the convertible debentures and the liability balance of the convertible debentures is recognized as equity and is being accreted to earnings over the term of the convertible debentures.

Page 13 of 26

14. Share capital

Authorized

The authorized share capital of GreenPower Motor Company Inc. consists of:

an unlimited number of voting common shares;
an unlimited number of Series A convertible preferred shares, which have a dividend rate of 9%, have a stated value of $1,000 per share, are non-voting and are convertible into common shares of the Company;
an unlimited number of Series B convertible preferred shares, which have a dividend rate of 9%, have a stated value of $1,000 per share, are non-voting and are convertible into common shares of the Company.

Issued Share Capital

The Company had the following issued common shares and preferred shares outstanding as at June 30, 2026 and March 31, 2026:

	Balance				Balance
	March 31, 2026	Converted		Issued	June 30, 2026

Common shares	5,029,291	-		2,008,471	7,037,762

Series A convertible preferred shares	1,351	(1,351	)	1,500	1,500

Series B convertible preferred shares	4,200	-		2,192	6,392

As at June 30, 2026, the Company had the following issued common shares and preferred shares outstanding:

7,037,762 common shares
1,500 Series A convertible preferred shares, with a stated value of $1,500,000, and recorded as a preferred share liability of $1,425,000;
6,392 Series B convertible preferred shares, with a stated value of $6,392,000, and recorded as $6,093,080 in share capital, including accrued dividends of $145,048.

As at March 31, 2026, the Company had the following issued common shares and preferred shares outstanding:

5,029,291 common shares
1,351 Series A convertible preferred shares, with a stated value of $1,351,000, and recorded as a preferred share liability of $1,643,214, including accrued dividends of $21,270;
4,200 Series B convertible preferred shares, with a stated value of $4,200,000, and recorded as $3,915,130 in share capital, including accrued dividends of $49,498.

Page 14 of 26

14. Share capital (continued)

Common Shares

On September 8, 2025 the Company completed a consolidation of its common shares on the basis of ten pre-consolidation common shares for one post-consolidation common share. All references to share and per share amounts in these condensed interim financial statements have been retroactively restated to give effect to this share consolidation, unless otherwise stated.

During the three months ended June 30, 2026, the Company issued a total of 2,008,471 common shares, comprised of the following:

Between April 1, 2026 and June 17, 2026, a total of 1,494,423 common shares were issued pursuant to the conversion of 1,351 Series A convertible preferred shares;
On June 15, 2026, 256,410 common shares were issued to Countryman, a company controlled by a director of the Company, pursuant to the exercise of 256,410 warrants at US$0.78 per share for gross proceeds of $200,000;
On June 30, 2026, the Company issued 257,638 common shares at $1.44 per share to pay for $371,000 of accrued interest to June 30, 2026 on convertible debentures to the convertible debenture investors. Countryman, a Company controlled by a director of the Company, received 127,310 common shares, FWP Acquisition, a Company controlled by the Chairman and CEO of the Company, received 126,351 common shares, and Koko, a Company controlled by the Chairman and CEO of the Company, received 3,977 common shares (Note 13).

During the year ended March 31, 2026, the Company issued a total of 2,080,153 common shares, comprised of the following:

A total of 907,558 common shares were issued pursuant to the conversion of 754 Series A convertible preferred shares;
1,073,792 common shares were issued to companies controlled by the CEO and director of the Company in exchange for providing loans to the Company totaling $4.25 million and for providing a personal guarantee to support the Company's operating line of credit and term loan with CIBC (Note 10, 12, 19);
98,803 common shares were issued through the 2025 ATM for gross proceeds of $455,095.

At the Market Offering

On March 7, 2025 the Company filed a prospectus supplement to its short form base shelf prospectus, pursuant to which the Company may, at its discretion and from time to time, sell common shares of the Company on the NASDAQ stock exchange for aggregate gross proceeds of up to US$850,000 (the "2025 ATM"). The Company did not sell any shares under the 2025 ATM during the year ended March 31, 2025. During the year ended March 31, 2026 the Company sold a total of 98,803 common shares under the 2025 ATM for gross proceeds of $455,095. The ATM program with Roth Capital Partners, LLC was cancelled on November 13, 2025.

Page 15 of 26

14. Share capital (continued)

Series A Convertible Preferred Shares

On November 14, 2025 the Company filed a prospectus supplement to its short form base shelf prospectus under which it offered 754 Series A convertible preferred shares (the "Series A shares") for gross proceeds of $716,300. Concurrent with this public offering, the Company completed a private placement of 425 Series A shares for gross proceeds of $403,750. Net proceeds from the public offering preferred shares and the private placement preferred shares, after taking into account commissions and other direct costs of the offering, was $951,409. The Series A shares have a dividend rate of 9.0%, a stated value of $1,000 per share and are convertible into common shares of the Company at 105% of the sum of the stated value plus accrued dividends divided by the lower of a) $1.975 or b) 95% of the lowest daily VWAP from the previous 5 trading days. On February 27, 2026 the Company completed a private placement of 926 Series A shares for gross proceeds of $879,700. Net proceeds from the private placement of Series A shares, after taking into account commissions and other direct costs of the offering, was $800,715. The net proceeds of the Series A shares are recorded as a liability when issued, and the fair value of the liability is calculated at each reporting period with changes in the fair value recorded to the statement of operations and comprehensive loss. The Company recorded a loss of $497,149 for the year ended March 31, 2026 related to changes in the fair value of the Series A shares, and recorded $21,270 in accrued dividends on the Series A shares in Other Income. A total of 754 Series A shares were converted into 907,558 common shares of the Company during the year ended March 31, 2026. During the three months ended June 30, 2026 1,351 Series A shares were converted into 1,494,423 common shares of the Company and on June 30, 2026 the Company completed a private placement of 1,500 Series A shares for gross proceeds of $1,425,000 or $1,318,750 net of commissions and other direct costs. The net proceeds were recorded as other receivables as of June 30, 2026 and were subsequently collected.

Series B Convertible Preferred Shares

During the year ended March 31, 2026, the Company created a new series of Series B convertible preferred shares (the "Series B shares"). A total of 4,200 Series B shares were issued to companies owned by the Chairman and CEO of the Company pursuant to the conversion of $3,990,000 in related party loans issued by these same companies. The Series B shares have a stated value of $1,000 per share and are convertible into common shares of the Company at 105% of the sum of the stated value plus accrued dividends divided by the lower of a) $1.975 or b) 95% of the lowest closing share price from the previous 5 trading days. The Series B shares are recorded as equity on the consolidated statements of financial position of the Company as at March 31, 2026, and accrued dividends on Series B preferred shares to March 31, 2026 were $49,498. During the three months ended June 30, 2026 an additional 2,192 Series B shares were issued to companies owned by the Chairman and CEO of the Company pursuant to the conversion of $524,400 in related party loans and the conversion of $1,558,000 of convertible debentures issued by these same companies (Note 19).

Page 16 of 26

15. Stock Options

The Company has two incentive stock option plans whereby it grants options to directors, officers, employees, and consultants of the Company, the 2023 Equity Incentive Plan (the "2023 Plan") which was adopted in order to grant awards to people in the United States, and the 2022 Equity Incentive Plan (the "2022 Plan").

2023 Plan

Effective February 21, 2023, GreenPower adopted the 2023 Plan which was approved by shareholders at our AGM on March 28, 2023 in order to grant stock options or non-stock option awards to people in the United States. Under the 2023 Plan GreenPower can issue stock options that are considered incentive stock options, which are stock options that qualify for certain favorable tax treatment under U.S. tax laws. Nonqualified stock options are stock options that are not incentive stock options. The aggregate fair market value on the date of grant of Shares with respect to which incentive stock options are exercisable for the first time by an optionee subject to tax in the United States during any calendar year must not exceed US$100,000, or such other limit as may be prescribed by the Internal Revenue Code. Non-stock option awards mean a right granted to an award recipient under the 2023 Plan, which may include the grant of stock appreciation rights, restricted awards or other equity-based awards. The aggregate number of Shares issuable under the 2023 Plan (and all of the Company's other Security-Based Compensation Arrangements) will not exceed 246,760. The 2023 plan received final approval on April 18, 2024.

2022 Plan

Effective April 19, 2022 GreenPower adopted the 2022 Equity Incentive Plan (the "2022 Plan"), which was further ratified and re-approved by shareholders at our AGM on March 27, 2026, and which replaced the 2019 Plan. Under the 2022 Plan the Company can grant equity-based incentive awards in the form of stock options ("Options"), restricted share units ("RSUs"), performance share units ("PSUs") and deferred share units ("DSUs"). RSU's, DSU's and PSU's are collectively referred to as "Performance Based Awards". The 2022 Plan is a Rolling Plan for Options and a fixed-plan for Performance-Based Awards such that the aggregate number of Shares that: (i) may be issued upon the exercise or settlement of Options granted under the 2022 Plan (and all of the Company's other Security-Based Compensation Arrangements), shall not exceed 10% of the Company's issued and outstanding Shares from time to time, and (ii) may be issued in respect of Performance-Based Awards granted under the 2022 Plan (and all of the Company's other Security-Based Compensation Arrangements) shall not exceed 294,912. No performance-based awards have been issued as at June 30, 2026 and March 31, 2026. The 2022 Plan is considered an "evergreen" plan, since Options which have been exercised, cancelled, terminated, surrendered, forfeited or expired without being exercised shall be available for subsequent grants under the 2022 Plan and the number of awards available to grant increases as the number of issued and outstanding Shares increases.

Page 17 of 26

15. Stock options (continued)

The Company had the following incentive stock options granted under the 2023 Plan and the 2022 Plan that are issued and outstanding as at June 30, 2026:

			Exercise		Balance						Forfeited			Balance
Expiry Date			Price		March 31, 2026		Granted		Exercised		or Expired			June 30, 2026
May 18, 2026	CDN	$	196.20		2,875		-		-		(2,875	)		-
December 10, 2026	CDN	$	164.50		41,000		-		-		(700	)		40,300
February 14, 2028	CDN	$	38.00		43,375		-		-		(375	)		43,000
March 27, 2029	CDN	$	27.20		45,250		-		-		(250	)		45,000
June 28, 2029	CDN	$	14.00		2,000		-		-		-			2,000
March 14, 2030	CDN	$	7.80		69,625		-		-		(625	)		69,000
Total outstanding					204,125		-		-		(4,825	)		199,300
Total exercisable					194,675									189,800
Weighted Average
Exercise Price (CDN$)				$	52.71	$	-	$	-	$	146.15		$	50.44
Weighted Average Remaining Life					2.6 years									2.4 years

As at June 30, 2026, there were 504,476 stock options available for issuance under the 2023 Plan and 2022 Plan, and 703,776 performance-based awards available for issuance under the 2023 Plan and the 2022 Plan.

During the three months ended June 30, 2026:

4,825 stock options exercisable at a weighted average share price of CDN$146.15 were forfeited or expired.

During the three months ended June 30, 2026, the Company incurred share-based compensation expense with a measured fair value of $5,266 (June 30, 2025 - $184,144). The fair value of the options granted and vested were recorded as share-based payments on the Consolidated Condensed Interim Statements of Operations and Comprehensive Profit and Loss.

Subsequent to the end of the quarter, between July 1, 2026 and August 13, 2026, 9,750 stock options exercisable at a weighted average exercise price of CAD$8.12 per share were forfeited (Note 23).

Page 18 of 26

16. Warrants

The Company had the following warrants outstanding as at June 30, 2026:

		Exercise	Balance				Forfeited	Balance
Issue date	Expiry date	price (US$)	31-Mar-26	Issued	Exercised		or expired	30-Jun-26

May 9, 2024	May 9, 2027	18.20	157,500	-	-		-	157,500
Oct 30, 2024	Oct 30, 2027	12.50	15,000	-	-		-	15,000
Wednesday, May 14, 2025	Friday, May 14, 2027	4.60	108,696	-	-		-	108,696
Wednesday, May 28, 2025	Friday, May 28, 2027	4.40	56,819	-	-		-	56,819
Friday, June 6, 2025	Sunday, June 6, 2027	4.40	34,091	-	-		-	34,091
Friday, June 27, 2025	Sunday, June 27, 2027	3.80	26,316	-	-		-	26,316
Friday, July 4, 2025	Sunday, July 4, 2027	4.10	30,488	-	-		-	30,488
Tuesday, January 6, 2026	Saturday, January 6, 2029	0.78	3,205,128	-	(256,410	)	-	2,948,718
Monday, January 12, 2026	Friday, January 12, 2029	1.24	2,016,129	-	-		-	2,016,129

Total			5,650,167	-	(256,410	)	-	5,393,757

On June 15, 2026, 256,410 common shares were issued to Countryman, a company controlled by a director of the Company, pursuant to the exercise of 256,410 warrants at US$0.78 per share for gross proceeds of $200,000. Subsequent to the end of the quarter, on July 31, 2026, 320,513 common shares were issued to Countryman, a company controlled by a director of the Company, pursuant to the exercise of 320,513 warrants at US$0.78 per share for gross proceeds of $250,000 (Note 23).

17. Deferred Revenue

The Company recorded deferred revenue of $2,767,297 for deposits received from customers for the sale of all-electric vehicles and parts which were not delivered as at June 30, 2026 (March 31, 2026 - $2,576,050).

		Three months ended,			Twelve months ended,
		June 30, 2026			March 31, 2026
Deferred Revenue, beginning of period	$	2,576,050		$	10,138,356
Additions to deferred revenue during the period		551,414			5,634,600
Deposits returned		-			(3,947	)
Revenue recognized from deferred revenue during the period		(360,167	)		(13,192,959	)
Deferred Revenue, end of period	$	2,767,297		$	2,576,050

Current portion	$	2,767,297		$	2,576,050
Long term portion		-			-
	$	2,767,297		$	2,576,050

Page 19 of 26

18. Financial Instruments

The Company's financial instruments consist of cash, accounts receivable, finance lease receivables, line of credit, loans payable to related parties, term loan, accounts payable and accrued liabilities, Series A convertible preferred share liability, other liabilities, and lease liabilities. All of these financial instruments are classified as amortized costs, except for Series A convertible preferred share liability, which is classified as FVPTL.

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities;

Level 2: Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and

Level 3: Inputs that are not based on observable market data

The fair value of the Company's financial instruments approximates their carrying value, other than the Series A convertible preferred share liability which is measured using level 3 inputs.

The Company has exposure to the following financial instrument-related risks.

Credit risk

The Company's exposure to credit risk is on its cash, accounts receivable, and on its finance lease receivable. The maximum exposure to credit risk is their carrying amounts in the consolidated statement of Financial Position.

Cash consists of cash bank balances held in major financial institutions in Canada and the United States with a high credit quality and therefore the Company is exposed to minimal risk. The Company assesses the credit risk of its account receivable and finance lease receivables at each reporting period end and on an annual basis. As at June 30, 2026, the Company recorded an allowance for doubtful accounts of $241,968 against its accounts receivable (March 31, 2026 - $256,788).

Liquidity risk

The Company tries to ensure that there is sufficient capital in order to meet short-term business requirements, after taking into account the Company's cash balances and available liquidity on the Company's $3 million operating line of credit. The Company's cash is invested in bank accounts at major financial institutions in Canada and the United States and is available on demand. The continuation of the Company as a going concern is dependent on future cash flows from operations including the successful sale and manufacture of electric vehicles to achieve a profitable level of operations and obtaining necessary financing to fund ongoing operations. The Company's ability to achieve its business objectives is subject to material uncertainty which casts substantial doubt upon the Company's ability to continue as a going concern (Note 1). The Company will continue to rely on additional financings to further its operations and meet its capital requirements.

Page 20 of 26

18. Financial Instruments (continued)

Market risks

Market risk is the risk of loss that may arise from changes in market factors such as interest rates and foreign exchange. The Company is exposed to interest rate risk with respect to its line of credit (Note 10), its revolving term loan facility (Note 11), and its term loan facility with the Canadian Imperial Bank of Commerce ("CIBC)" (Note 12). Assuming the drawn amounts on the line of credit, revolving term loan, and term loan facility are unchanged, a 1% change in the base rate or prime rate applicable to these two liabilities would result in a change of approximately $51,000 to comprehensive income/loss.

The Company is exposed to foreign exchange risk as it conducts business in both the United States and Canada. Management monitors its foreign currency balances, but the Company does not engage in any hedging activities to reduce its foreign currency risk.

As at June 30, 2026, the Company was exposed to currency risk through the following financial assets and liabilities in CDN Dollars.

		CAD

Cash	$	7,343
Prepaids and deposits	$	10,988
Accounts Payable and Accrued Liabilities	$	(744,350	)

The CDN/USD exchange rate as at June 30, 2026 was $0.7037 (March 31, 2026 - $0.7174). Based on the net exposure and assuming all other variables remain constant, a 10% change in the appreciation or depreciation of the Canadian dollar relative to the US dollar would result in a change of approximately $51,100 to net income/(loss).

Page 21 of 26

19. Related Party Transactions

A summary of compensation and other amounts paid to or accrued for directors, officers and key management personnel is as follows:

		For the Three Months Ended
		30-Jun-26		30-Jun-25

Salaries and Benefits (1)	$	148,735	$	135,280
Consulting fees (2)		137,083		126,250
Non-cash Options Vested (3)		-		109,517
Total	$	285,818	$	371,047

1) Salaries and benefits incurred with directors and officers are included in Salaries and administration on the Consolidated Condensed Interim Statements of Operations and Comprehensive Loss.

2) Consulting fees included in Salaries and administration on the Consolidated Condensed Interim Statements of Operations and Comprehensive Loss are paid to the Chairman and CEO for management consulting services, as well as Director's Fees paid to GreenPower's independent directors.

3) Amounts recognized for related party stock-based compensation are included in Share-based payments on the Consolidated Condensed Interim Statements of Operations and Comprehensive Loss.

Accounts payable and accrued liabilities at June 30, 2026 includes $365,839 (March 31, 2026 - $36,695) owed to officers, directors, and companies controlled by officers and directors, and shareholders, which is non-interest bearing, unsecured and has no fixed terms of repayment.

On June 15, 2026, 256,410 common shares were issued to Countryman Investments Ltd. ("Countryman"), a company controlled by a director of the Company, pursuant to the exercise of 256,410 warrants at US$0.78 per share for gross proceeds of $200,000.

On June 30, 2026, the following shares were issued to convertible debenture investors, all of whom are related parties, for settlement of accrued interest on convertible debentures. The common shares were issued at US$1.44 per share, the closing price of the Company's shares on the Nasdaq stock exchange on June 29, 2026:

127,310 common shares issued to Countryman, settled by way of US$183,327 in accrued interest;
126,351 common shares issued to FWP Acquisition Corp. ("FWP Acquisition"), a company controlled by the CEO and chairman of the Company, settled by way of US$181,946 in accrued interest;
3,977 common shares issued to Koko Financial Services Ltd. "Koko"), a company controlled by the CEO and chairman of the Company, settled by way of US$5,727 in accrued interest;

Page 22 of 26

19. Related Party Transactions (continued)

On June 30, 2026, a total of 2,192 series B convertible preferred shares were issued to companies controlled by the CEO and chairman of the Company, settled by way of conversion of loans and convertible debentures made by these companies to the Company:

324 series B convertible preferred shares issued to Koko for US$307,800, settled by principal and accrued interest on a loan from Koko;
228 series B convertible preferred shares issued to 0851433 BC Ltd. ("0851433") for US$216,600, settled by principal and accrued interest on a loan from 0851433;
1,640 Series B convertible preferred shares issued to FWP Acquisition settled in the amount of $1,558,000 of Convertible Debentures owing to FWP Acquisition.

During the year ended March 31, 2026 the Company received the following loans from related parties. Principal and interest on these loans were converted into convertible debentures during the year (Note 13).

On May 13, 2025, the Company announced a term loan offering of up to $2,000,000 from several related party lenders. During the year ended March 31, 2026, the Company entered into five tranches under the term loan offering for gross proceeds of $1.75 million.

On January 6, 2026 the Company received two term loans of $2.5 million each, for $5 million in total, from two family offices that are Related Parties.

As at March 31, 2026 the loans from related parties recorded in long term liabilities totaled $519,436 and was comprised of principal and accrued interest on loans from Koko and 0851433.

During the year ended March 31, 2026, the Company granted 5,477,667 warrants to companies that are beneficially owned by directors and an officer of the Company as a bonus for providing loans to the Company and for providing personal guarantees on the Company's line of credit and term loan facility (Notes 10, 12, 14, 16):

On May 14, 2025 the Company granted 54,348 warrants with an exercise price of $4.60 per share to FWP Acquisition;
Between May 14, 2025 and January 12, 2026, the Company granted 5,423,319 warrants with exercise prices ranging from $0.78 per share to $4.60 per share to Countryman.

During the year ended March 31, 2026 a total of 1,073,792 common shares were issued to companies controlled by the CEO and director of the Company in exchange for providing loans to the Company totaling $4.25 million and for providing a personal guarantee to support the Company's operating line of credit and term loan with CIBC (Note 10, 12, 14).

On January 22, 2026, the Company converted $7 million of principal and accrued interest from loans from related parties into convertible debentures (Note 13). $3,459,000 of principal of the convertible debentures are with Countryman, $3,432,945 were with FWP Acquisition, and $108,045 are with Koko.

Page 23 of 26

19. Related Party Transactions (continued)

During the year ended March 31, 2026 the Company issued 4,200 Series B convertible preferred shares to 0851433 FWP Holdings LLC, and FWP Acquisition, all of which are companies beneficially owned by the CEO and chairman of the Company pursuant to the conversion of $3,990,000 in principal and accrued interest on related party loans issued by these same companies (Note 14).

Subsequent to the end of the quarter:

on July 31, 2026, 320,513 common shares were issued to Countryman pursuant to the exercise of 320,513 warrants at US$0.78 per share for gross proceeds of $250,000 (Note 23);
on August 6, 2026, 244,201 common shares were issued to Koko, a company controlled by the CEO and director of the Company, pursuant to the conversion of 324 Series B convertible preferred shares (Note 23).

20. Segmented information and supplemental cash flow disclosure

The Company operates in one reportable operating segment, being the manufacture and distribution of all-electric medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector.

The Company's revenues allocated by geography for the three months ended June 30, 2026 and 2025 are as follows:

		For the Three Months Ended
		June 30, 2026		June 30, 2025
United States of America	$	437,560	$	1,227,600
Canada		1,588		321,867

Total	$	439,148	$	1,549,467

As at June 30, 2026 and March 31, 2026, over 90% of the Company's property and equipment are located in the United States.

		As at
		June 30, 2026		March 31, 2026
United States of America	$	526,140	$	657,826
Canada		51,199		60,731

Total	$	577,339	$	718,557

Page 24 of 26

20. Segmented information and supplemental cash flow disclosure (continued)

The Company's cash payments of interest and taxes during the three months ended June 30, 2026 and 2025 are as follows:

		For the Three Months Ended
		June 30, 2026		June 30, 2025
Interest paid	$	233,177	$	391,028
Taxes paid	$	-	$	-

21. Warranty Liability

The Company generally provides its customers with a base warranty on its vehicles including those covering brake systems, lower-level components, fleet defect provisions and battery-related components. The majority of warranties cover periods of five years, with some variation depending on the contract. Management estimates the related provision for future warranty claims based on historical warranty claim information as well as recent trends that might suggest past cost information may differ from future claims. This assessment relies on estimates and assumptions about expenditures on future warranty claims.

Actual warranty disbursements are inherently uncertain, and differences may impact cash expenditures on these claims. It is expected that the Company will incur approximately $800,304 in warranty costs within the next twelve months, with disbursements for the remaining warranty liability incurred after this date. An accrual for expected future warranty expenditures is recognized in the period when the revenue is recognized from the associated vehicle sale and is expensed in Product Development Costs in the Company's Sales, general and administrative costs.

The following table summarizes changes in the warranty liability over the three months ended June 30, 2026 and the year ended March 31, 2026:

		3 months ended			Year ended
		June 30, 2026			March 31, 2026

Opening balance	$	2,520,459		$	2,565,429
Warranty additions		-			364,710
Warranty disbursements		(60,489	)		(409,847	)
Foreign exchange translation		(106	)		167
Total	$	2,459,864		$	2,520,459

Current portion	$	800,304		$	817,482
Long term portion		1,659,560			1,702,977
Total	$	2,459,864		$	2,520,459

Page 25 of 26

22. Litigation and Legal Proceedings

During April 2023, the Company repossessed 28 EV Stars and 10 EV Star CC's after a lease termination due to non-payment. During May 2023 this customer filed a claim in the state of California against the Company and a subsidiary. As of March 31, 2026 GreenPower entered into a settlement agreement under which GreenPower agreed to transfer four used vehicles to the customer to resolve this dispute. The vehicles were transferred to the customer during the quarter ended June 30, 2026.

23. Subsequent Events

Subsequent to the end of the reporting period:

Between July 1, 2026 and August 13, 2026, 9,750 stock options exercisable at a weighted average exercise price of CAD$8.12 per share were forfeited;
On July 31, 2026, 320,513 common shares were issued to Countryman, a company controlled by a director of the Company, pursuant to the exercise of 320,513 warrants at US$0.78 per share for gross proceeds of $250,000;
On August 6, 2026, 244,201 common shares were issued to Koko, a company controlled by the CEO and director of the Company, pursuant to the conversion of 324 Series B convertible preferred shares;
Between July 1, 2026 and August 13, 2026, 1,200 Series A convertible preferred shares were converted into 966,313 common shares of the Company, and 80% of the Series A convertible share liability of $1,425,000 as at June 30, 2026 was transferred into share capital.

Page 26 of 26

GreenPower Motor Company Inc.
Management’s Discussion and Analysis
For the period ended June 30, 2026
Discussion dated: as of August 13, 2026

Introduction

This Management's Discussion and Analysis ("MD&A") is dated as of August 13, 2026 unless otherwise indicated and should be read in conjunction with the unaudited consolidated condensed interim financial statements of GreenPower Motor Company Inc. ("GreenPower", "the Company", "we", "our" or "us") for the three months ended June 30, 2026 and the related notes. This MD&A was written to comply with the requirements of National Instrument 51-102 - Continuous Disclosure Obligations. Results are reported in US dollars, unless otherwise noted. In the opinion of management, all adjustments (which consist only of normal recurring adjustments) considered necessary for a fair presentation have been included. The results presented for the three months ended June 30, 2026 are not necessarily indicative of the results that may be expected for any future period. The consolidated condensed interim financial statements are prepared in compliance with IAS 34 Interim Financial Reporting as issued by the IASB.

For the purposes of preparing this MD&A, management, in conjunction with the Board of Directors, considers the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of the Company's common shares; or (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) if it would significantly alter the total mix of information available to investors. Management, in conjunction with the Board of Directors, evaluates materiality with reference to all relevant circumstances, including potential market sensitivity.

Further information about the Company and its operations can be obtained from the offices of the Company or from www.sedar.com.

Cautionary Note Regarding Forward-Looking Information

Certain statements contained in the following MD&A may contain forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements in this MD&A may include, but are not limited to statements involving estimates, assumptions or judgements, and these statements may be identified by words such as "believe", "expect", "expectation", "aim", "achieve", "intend", "commit", "goal", "plan", "strive" and "objective", and similar expressions of future or conditional verbs such as "will", "may", "might", "should", "could" or "would". By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our expectations or conclusions will not prove to be accurate, that our assumptions may not be correct, and that our plans, goals, expectations and objectives will not be achieved. We caution readers not to place undue reliance on these statements as a number of risk factors could cause our actual results to differ materially from the expectations expressed in such forward-looking statements.

Non-IFRS Measures and Other Supplementary Performance Metrics

This MD&A includes certain non-IFRS measures and other supplementary performance metrics, which are defined below. These measures do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and are therefore unlikely to be comparable to similar measures presented by other companies. Investors are cautioned that non-IFRS financial measures should not be construed as an alternative to IFRS measures. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. Readers should not rely on any single financial measure to evaluate GreenPower's business.

Page 1 of 21

GreenPower Motor Company Inc.
Management’s Discussion and Analysis
For the period ended June 30, 2026
Discussion dated: as of August 13, 2026

This MD&A refers to Adjusted EBITDA "Adjusted EBITDA", a non-IFRS measure, which is defined as loss for the year (for annual periods) or loss for the period (for quarterly periods), plus depreciation, plus interest and accretion, plus share-based payments, plus / (less) the allowance / (recovery) for credit losses, plus / (less) the increase / (decrease) in the warranty liability, plus taxes, plus impairment of assets. Adjusted EBITDA is a measure used by management as an indicator of profitability since it excludes the impact of movements in working capital items, certain non-cash charges, and financing costs. Therefore, Adjusted EBITDA gives the investor information as to the profitability of the business. However, Adjusted EBITDA is not a measure of financial performance under IFRS and should not be considered a substitute for other financial measures of performance. Adjusted EBITDA as calculated by GreenPower may not be comparable to Adjusted EBITDA as calculated and reported by other companies. The most comparable IFRS measure to Adjusted EBITDA is net income.

This MD&A also makes reference to "Total Cash Expenses", a non-IFRS measure, which is defined as sales, general and administrative costs plus interest and accretion, plus/(less) foreign exchange loss/(gain), less depreciation, less share-based payments, less amortization of deferred financing fees, plus/(less) the decrease/(increase) in warranty liability, plus / (less) the (allowance) / recovery for credit losses, less impairment of assets. Total Cash Expenses is a measure used by management as an indicator of sales, general and administrative, interest and accretion, and foreign exchange costs that excludes the impact of certain non-cash charges. Management believes that Total Cash Expenses provides a measure of cash expenses from the operations of the business. However, Total Cash Expenses is not a measure of financial performance under IFRS and should not be considered a substitute for other financial measures of performance. Total Cash Expenses as calculated by GreenPower may not be comparable to Total Cash Expenses as calculated and reported by other companies.

This MD&A also makes reference to "Vehicle Deliveries", a supplementary performance metric, that management believes provides useful information regarding the business activity of the Company during a quarter or year. Vehicle Deliveries is vehicles that have been sold or leased to a customer during a quarter or a year, as determined by management. The models of vehicles included in Vehicle Deliveries will vary over time, such that Vehicle Deliveries in one period may not be comparable to Vehicle Deliveries in another period. Vehicle Deliveries is not a financial metric, and vehicle deliveries is not an indication of the Company's financial performance in a given period. While management considers Vehicle Deliveries to be a useful supplementary performance metric, users are cautioned to consider other factors to evaluate GreenPower's business.

Description of Business

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 vans and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric buses that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This Original Equipment Manufacturer ("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 Vancouver, British Columbia, Canada with primary operational facilities in southern California and a manufacturing facility in West Virginia. Listed on the TSX Venture Exchange between November 2015 and November 2025, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020. For further information go to www.greenpowermotor.com.

Operations

The following is a description of GreenPower's business activities during the three months ended June 30, 2026. During the quarter ended June 30, 2026, GreenPower generated $439,148 in revenue from service revenue earned under the pilot project with the state of New Mexico, from the sales of parts and services, and from lease revenue earned during the quarter. Due to the challenging market conditions for medium and heavy-duty electric vehicles, GreenPower continued the focus on managing costs, as evidenced by reductions in selling, general and administrative costs by approximately $2 million, or over 50%, since the first quarter of the prior fiscal year. In addition, GreenPower continued to increase shareholder's equity during the quarter, which was improved by: the conversion of 1,351 Series A convertible preferred shares into common equity, resulting in the transfer of the $1,643,214 Series A convertible preferred share liability outstanding at March 31, 2026 to share capital; the conversion of $524,400 of related party loans and $1,558,000 of convertible debentures into 2,192 Series B convertible preferred shares with a stated value of $2,192,000; the issuance of 256,410 common shares for gross proceeds of $200,000 from the exercise of warrants, and from the issuance of 257,638 common shares for $371,000 of accrued interest.

Page 2 of 21

GreenPower Motor Company Inc.
Management’s Discussion and Analysis
For the period ended June 30, 2026
Discussion dated: as of August 13, 2026

During the quarter the Company continued to prepare Nano BEAST, BEAST and EV Star vehicles for anticipated future deliveries.

Inventory, Property and Equipment

As at June 30, 2026 the Company had:

Property and equipment on the statement of financial position totaling $0.6 million, comprised of several models of GreenPower vehicles used for demonstration and other purposes, company vehicles used for sales, service and operations, tools and equipment, and other business property and equipment;
Work in process and parts inventory totaling approximately $15.3 million representing EV Star's, BEAST Type D school buses, Nano BEAST Type A school buses and parts inventory, and;
Finished goods inventory totaling approximately $8.9 million, comprised of EV Star cab and chassis and other EV Star models, BEAST Type D and Nano BEAST Type A models.

Trends

The Company does not know of any trends, commitments, events, or uncertainty that are expected to have a material effect on the Company's business, financial condition, or results of operations other than as disclosed herein under "Risk Factors".

Results of Operations

For the three-month period ended June 30, 2026

For the three-month period ended June 30, 2026 the Company recorded revenues of $439,148 and cost of sales of $89,064 generating a gross profit of $350,084 or 79.7% of revenues. The increase in gross profit margin was primarily caused by booking a recovery of inventory of $80,664, which was included in cost of sales, and the primary source of revenue was service revenue, which generates a higher gross profit margin than vehicles or parts sales. Excluding the inventory recovery, the cost of sales was $169,728, and gross profit was $269,420 or 61.5% of revenues. Management expects gross profit margins will be lower than current levels for the remainder of the year as vehicle sales are expected to make up majority of the revenues.

Operating costs consisted of salaries and administration of $822,394 relating to salaries, project management, accounting, and administrative services; transportation costs of $56,911 which relate to the use of trucks, trailers, contractors as well as other operational costs needed to transport Company products around North America; travel, accommodation, travel, accommodation, meals and entertainment costs of $12,000 related to travel for project management, demonstration of Company products, and trade shows; product development costs of $71,356; sales and marketing costs of $810; insurance expense of $221,457; professional fees of $585,267 consisting of legal and audit fees; and office expense of ($15,814) consisting of rent and other office expenses, offset by a recovery of property tax expense during the quarter, as well as non-cash expenses including $5,266 of share-based payments expense, recovery for credit loss of $2,152 and depreciation of $205,489, generating a loss from operations before interest, accretion, loss on sale of equipment, and foreign exchange of $1,612,900. Interest and accretion expense of $769,594, loss on sale of equipment of $17,469 and a foreign exchange gain of $3,075 resulted in a loss for the three-month period of $2,396,888. The consolidated total comprehensive loss for the three-month period was impacted by $17,290 of other comprehensive loss as a result of the translation of the entities with a different functional currency than presentation currency.

Page 3 of 21

GreenPower Motor Company Inc.
Management’s Discussion and Analysis
For the period ended June 30, 2026
Discussion dated: as of August 13, 2026

For the three-month period ended June 30, 2025

For the three-month period ended June 30, 2025 the Company recorded revenues of $1,549,467 and cost of sales of $1,187,785 generating a gross profit of $361,682 or 23.3% of revenues. The increase in gross profit and gross profit margin was primarily due to improved margins related to sales of BEASTs in West Virginia and from a higher percentage of overall sales being comprised of parts sales, which generate a higher gross profit margin than vehicle sales. Management expects gross profit margins will be lower than current levels for the remainder of the year as vehicle sales are expected to increase for the remainder of the year. Revenue was generated from the sale of 3 BEAST Type D all-electric school buses, and 2 EV Stars, and from the sale of parts, and from rental and interest income from leases. Operating costs consisted of salaries and administration of $1,776,269 relating to salaries, project management, accounting, and administrative services; transportation costs of $64,989 which relate to the use of trucks, trailers, contractors as well as other operational costs needed to transport Company products around North America; travel, accommodation, travel, accommodation, meals and entertainment costs of $7,747 related to travel for project management, demonstration of Company products, and trade shows; product development costs of $165,951; sales and marketing costs of $60,261; insurance expense of $408,495; professional fees of $710,301 consisting of legal and audit fees; and office expense of $148,869 consisting of rent and other office expenses, as well as non-cash expenses including $184,144 of share-based payments expense and depreciation of $412,166, generating a loss from operations before interest, accretion and foreign exchange of $3,584,977. Interest and accretion of $571,898 and a foreign exchange loss of $6,976 resulted in a loss for the three-month period of $4,163,851.

The consolidated total comprehensive loss for the three-month period was impacted by $44,669 of other comprehensive income as a result of the translation of the entities with a different functional currency than presentation currency.

Page 4 of 21

GreenPower Motor Company Inc.
Management’s Discussion and Analysis
For the period ended June 30, 2026
Discussion dated: as of August 13, 2026

Comparison of Quarterly Results

The following table compares the results of the quarter ended June 30, 2026 with the quarter ended June 30, 2025:

		For the quarters ended					Quarter over quarter change
		June 30,			June 30,		2026 to		2026 to
		2026			2025		2025		2025

Revenue	$	439,148		$	1,549,467		-71.7%	$	(1,110,319	)
Cost of sales		89,064			1,187,785		-92.5%		(1,098,721	)
Gross Profit		350,084			361,682		-3.2%		(11,598	)
Gross profit margin¹		79.7%			23.3%		56.4%

Sales, general and administrative costs
Salaries and administration		822,394			1,776,269		-53.7%		(953,875	)
Depreciation		205,489			412,166		-50.1%		(206,677	)
Product development costs		71,356			165,951		-57.0%		(94,595	)
Office expense		(15,814	)		148,869		-110.6%		(164,683	)
Insurance		221,457			408,495		-45.8%		(187,038	)
Professional fees		585,267			710,301		-17.6%		(125,034	)
Sales and marketing		810			60,261		-98.7%		(59,451	)
Share-based payments		5,266			184,144		-97.1%		(178,878	)
Transportation costs		56,911			64,989		-12.4%		(8,078	)
Travel, accomodation, meals and entertainment		12,000			7,747		54.9%		4,253
Allowance for credit losses		(2,152	)		7,467		-128.8%		(9,619	)
Total sales, general and administrative costs		1,962,984			3,946,659		-50.3%		(1,983,675	)

Loss from operations before undernoted		(1,612,900	)		(3,584,977	)	55.0%		1,972,077

Interest and accretion		(769,594	)		(571,898	)	34.6%		(197,696	)
Foreign exchange (loss) / gain		3,075			(6,976	)	NM		10,051
(Loss) on sale of equipment		(17,469	)		-		NM		(17,469	)

Loss for the period		(2,396,888	)		(4,163,851	)	-42.4%		1,766,963

Other comprehensive income / (loss)
Cumulative translation reserve		(17,290	)		44,669		NM		(61,959	)
Total comprehensive loss for the year	$	(2,414,178	)	$	(4,119,182	)	-41.4%	$	1,705,004
Loss per common share, basic and diluted	$	(0.42	)	$	(1.40	)	-69.9%	$	0.98

Weighted average number of common shares outstanding, basic and diluted		5,662,230			2,964,226		91.0%		2,698,004

Adjusted EBITDA (Note 2)	$	(1,479,286	)	$	(3,009,501	)	-50.8%	$	1,530,215

(1) - Gross profit margin, a supplementary financial metric, is calculated as gross profit divided by revenue. Gross profit margin is not a defined term under IFRS.

Page 5 of 21

GreenPower Motor Company Inc.
Management’s Discussion and Analysis
For the period ended June 30, 2026
Discussion dated: as of August 13, 2026

(2) - "Adjusted EBITDA", as reflected above, is a non-IFRS measure, which is defined as loss for the period (for quarterly periods), or loss for the year (for annual periods) plus depreciation, plus interest and accretion, plus share-based payments, plus / (less) the allowance / (recovery) for credit losses, plus / (less) the increase / (decrease) in the warranty liability, plus taxes, plus impairment of assets. Adjusted EBITDA is a measure used by management as an indicator of profitability since it excludes the impact of movements in working capital items, certain non-cash charges, and financing costs. Therefore, Adjusted EBITDA gives the investor information as to the cash generated from the operations of a business. However, Adjusted EBITDA is not a measure of financial performance under IFRS and should not be considered a substitute for other financial measures of performance. Adjusted EBITDA as calculated by GreenPower may not be comparable to Adjusted EBITDA as calculated and reported by other companies. The most comparable IFRS measure to Adjusted EBITDA is net income. See page 10 for the calculation of Adjusted EBITDA for the quarters ended June 30, 2026, and June 30, 2025.

Change in Revenue, Gross Profit, and Gross Profit Margin

The decrease in revenue for the quarter ended June 30, 2026 compared to the quarter ended June 30, 2025 was $1,110,319, or 71.7%, and was caused by the Company not selling any vehicles during the quarter compared to sales of 5 vehicles in the same quarter in the prior year.

Gross profit for the quarter ended June 30, 2026 compared to the quarter ended June 30, 2025 decreased by $11,598, or 3.2%. The Company generated a gross profit margin of 79.7% for the quarter ended June 30, 2026 compared to a gross profit margin of 23.3% for the quarter ended June 30, 2025. The decrease in gross profit was primarily caused by a decrease in sales, and the increase in gross profit margin was caused by the booking a recovery of inventory of $80,664 to Cost of Sales during the quarter ended March 31, 2026, and from the higher gross profit margin earned on service revenue, which was the primary source of revenue during the quarter, compared to gross profit margins earned on vehicle or parts sales, which are sold at a lower gross margin.

Change in sales, general and administrative costs

For the quarter ended June 30, 2026 compared to the quarter ended June 30, 2025, sales, general and administrative costs declined by $1,983,675 or 50.3%. The decline in sales general and administrative costs was the result of reductions in all categories of sales general and administrative costs, with approximately 50% of the reduction due to a $953,875 reduction in salaries and administrative costs due to the lower number of employees compared to the prior year.

Change in loss for the period, loss per common share, and Adjusted EBITDA

The loss for the quarter ended June 30, 2026 decreased by $1,766,983 or 42.4% compared to the same quarter in the prior year, which was primarily due to a reduction in sales, general and administrative expenses of $1,983,675, which was partially offset by increases in interest and accretion expense and other costs.

Loss per common share for the quarter ended June 30, 2026 decreased by $0.98 per share, or 69.9%, due to the reduction in loss for the period.

The Adjusted EBITDA loss for the quarter ended June 30, 2026 decreased by $1,530,215 or 50.8% compared to the same quarter in the prior year. The decrease was primarily due to the decrease in loss for the current quarter compared to the same quarter in the prior year, as well as the increase in accretion and interest expense compared to the prior year.

Page 6 of 21

GreenPower Motor Company Inc.
Management’s Discussion and Analysis
For the period ended June 30, 2026
Discussion dated: as of August 13, 2026

Summary of Quarterly Results

A summary of selected information for each of the last eight quarters is presented below:

		Three Months Ended
		June 30,			March 31,			December 31,			September 30,
		2026			2026			2025			2025
Financial results
Revenues	$	439,148		$	3,853,969		$	8,495,323		$	2,489,820
Loss for the period		(2,396,888	)		(1,933,253	)		4,213,685			(3,593,359	)
Basic and diluted earnings/(loss) per share	$	(0.42	)	$	(0.40	)	$	1.32		$	(1.18	)
Balance sheet data
Working capital (Note 1)		8,646,005			8,791,555			5,762,176			6,352,309
Total assets		31,170,088			30,688,219			30,764,000			32,010,466
Shareholders' equity / deficiency		3,162,716			1,548,794			(3,158,207	)		(8,334,120	)

		Three Months Ended
		June 30,			March 31,			December 31,			September 30,
		2025			2025			2024			2024
Financial results
Revenues	$	1,549,467		$	4,284,134		$	7,218,897		$	5,347,190
Loss for the period		(4,163,851	)		(3,833,914	)		(4,739,022	)		(4,701,864	)
Basic and diluted earnings/(loss) per share	$	(1.40	)	$	(1.30	)	$	(1.66	)	$	(1.77	)
Balance sheet data
Working capital (Note 1)		5,955,259			8,106,809			12,835,583			10,090,572
Total assets		33,334,460			35,071,725			37,367,033			39,374,461
Shareholders' equity / deficiency		(5,177,234	)		(1,605,966	)		2,138,161			4,153,826

1) - Working capital defined as Total Current Assets minus Total Current Liabilities

Changes in Quarterly Results

GreenPower's revenue of $0.4 million in the quarter ended June 30, 2026 was the lowest revenue in the last eight quarters due to no vehicle deliveries in the quarter, compared to quarterly deliveries of between 3 and 28 vehicles in the other 7 quarters. The highest revenue in the last eight quarters was in the quarter ended December 31, 2025, which was primarily driven by the $6,858,820 of revenues recognized during the quarter for deposits related to Workhorse.

During the eight quarters ended June 30, 2026 GreenPower’s income/(loss) ranged from ($3,833,914) and $4,213,685. The income for the quarter ended December 31, 2025 of $4,213,685 was due to the recognition of deferred revenue from Workhorse into income during the quarter. Basic and diluted income/(loss) per share over the same eight-quarter period ranged from ($1.77) to $1.32 in the quarter ended December 31, 2025. Improvements in income/(loss) per share were largely driven by reduction in sales, general, and administrative expenses over this period, as well as revenues recognized due to cancelled contracts, including $6,858,820 in revenue recognized during the quarter ended December 31, 2025 and $2,773,645 of revenue recognized in the quarter ended March 31, 2026. Management undertook a series of cost saving initiatives in the prior year, including reducing the number of leased properties from 6 to 4, and reducing the number of employees from 113 at March 31, 2025, to 30 as at March 31, 2026. These cost saving initiatives combined with revenue during the year ended March 31, 2026 from deposits that were previously recognized as deferred revenue resulted in quarter over quarter improvements in quarterly loss per share.

Page 7 of 21

GreenPower Motor Company Inc.
Management’s Discussion and Analysis
For the period ended June 30, 2026
Discussion dated: as of August 13, 2026

GreenPower's total assets reached a peak of $39.4 million in the quarter ended September 30, 2024, and has subsequently declined in each quarter to reach a low of $30.7 million in the quarter ended March 31, 2026. The reduction in total assets has been due to the Company's focus on selling inventory on hand and limiting investments in work in process inventory.

GreenPower's working capital declined to a low of $5.8 million in the quarter ended December 31, 2025, as the Company has focused on selling inventory on hand and limiting investments in work in process inventory pursuant to customer orders. Since then, the Company's working capital has increased to about $8.6 million in the current quarter, which was primarily due to a reduction in short term liabilities. The Company has reduced its liabilities over the past 8 quarters as it has converted related party loans into Series B convertible preferred shares or convertible debentures.

The following table summarizes vehicle deliveries pursuant to vehicle sales for the last eight quarters:

	For the three months ended
	June 30,	March 31,	December 31,	September 30,
	2026	2026	2025	2025
Vehicle Sales
EV Star (Note 1)	0	3	2	5
Nano BEAST and BEAST school bus	0	0	4	6

Vehicle Deliveries (Note 3)	0	3	6	11

	For the three months ended
	June 30,	March 31,	December 31,	September 30,
	2025	2025	2024	2024
Vehicle Sales
EV Star (Note 1)	2	14	14	11
Nano BEAST and BEAST school bus	3	8	14	11

Vehicle Deliveries (Note 3)	5	22	28	22

1) Includes various models of EV Stars

2) EV Stars delivered in the quarter ended December 31, 2023 include 2 EV Stars accounted for as finance leases, and 3 EV Stars accounted for as operating leases.

3) "Vehicle Deliveries", as reflected above, is a supplementary performance metric, that management believes provides useful information regarding the business activity of the Company during a quarter or year. Vehicle Deliveries is vehicles that have been sold or leased to a customer during a quarter or a year, as determined by management. The models of vehicles included in Vehicle Deliveries will vary over time, such that Vehicle Deliveries in one period may not be comparable to Vehicle Deliveries in another period. Vehicle Deliveries is not a financial metric, and vehicle deliveries is not an indication of the Company's financial performance in a given period. While management considers Vehicle Deliveries to be a useful supplementary performance metric, users are cautioned to consider other factors to evaluate GreenPower's business.

Page 8 of 21

GreenPower Motor Company Inc.
Management’s Discussion and Analysis
For the period ended June 30, 2026
Discussion dated: as of August 13, 2026

The following table summarizes cash expenses for the last eight quarters:

		For the three months ended
		June 30,			March 31,			December 31,			September 30,
		2026			2026			2025			2025

Total sales, general and administrative costs	$	1,962,984		$	1,196,692		$	2,393,601		$	3,201,298
Plus:
Interest and accretion		769,594			693,932			710,483			612,360
Foreign exchange loss/(gain)		(3,075	)		(177,755	)		982			28,458
Loss on disposal of equipment		17,469			-			-			24,961
Less:
Depreciation		(205,489	)		(343,664	)		(339,219	)		(350,080	)
Share-based (payments)/recovery		(5,266	)		41,174			(50,875	)		(85,701	)
(Increase)/decrease in warranty liability		60,595			68,811			(30,845	)		(14,321	)
(Allowance) / recovery for credit losses		2,152			(15,004	)		37,004			(25,061	)

Total Cash Expenses (Note 1)	$	2,559,694		$	1,464,186		$	2,721,131		$	3,391,914

		For the three months ended
		June 30,			March 31,			December 31,			September 30,
		2025			2025			2024			2024

Total sales, general and administrative costs	$	3,946,659		$	5,169,826		$	5,234,644		$	4,584,730
Plus:
Interest and accretion		571,898			518,752			562,360			572,472
Foreign exchange loss/(gain)		6,976			(1,836	)		(3,945	)		4,297
Less:
Depreciation		(412,166	)		(376,937	)		(399,440	)		(427,978	)
Share-based (payments)		(184,144	)		(63,893	)		(135,677	)		(289,893	)
(Increase)/decrease in warranty liability		21,325			(28,507	)		(172,996	)		(84,307	)
(Allowance) / recovery for credit losses		(7,467	)		134,295			(240,396	)		126,348

Total Cash Expenses (Note 1)	$	3,943,081		$	5,351,700		$	4,844,550		$	4,485,669

1) "Total Cash Expenses", as reflected above, is a non-IFRS measure which is defined as sales, general and administrative costs plus interest and accretion, plus/(less) foreign exchange loss/(gain), less depreciation, less share-based payments less amortization of deferred financing fees, plus/(less) the decrease/(increase) in warranty liability, plus / (less) the (allowance) / recovery for credit losses, less impairment of assets. Total Cash Expenses is a measure used by management as an indicator of sales, general and administrative, interest and accretion, and foreign exchange costs that excludes the impact of certain non-cash charges. Management believes that Total Cash Expenses provides a measure of cash expenses from the operations of the business. However, Total Cash Expenses is not a measure of financial performance under IFRS and should not be considered a substitute for other financial measures of performance. Total Cash Expenses as calculated by GreenPower may not be comparable to Total Cash Expenses as calculated and reported by other companies.

Page 9 of 21

GreenPower Motor Company Inc.
Management’s Discussion and Analysis
For the period ended June 30, 2026
Discussion dated: as of August 13, 2026

The following table summarizes Adjusted EBITDA for the last eight quarters:

		For the three months ended
		June 30,			March 31,			December 31,			September 30,
		2026			2026			2025			2025

Loss for the period	$	(2,396,888	)	$	(1,933,253	)	$	4,213,685		$	(3,593,359	)
Plus:
Depreciation		205,489			343,664			339,219			350,080
Interest and accretion		769,594			693,932			710,483			612,360
Share-based payments (recovery)		5,266			(41,174	)		50,875			85,701
Allowance / (recovery) for credit losses		(2,152	)		15,004			(37,004	)		25,061
Increase/(decrease) in warranty liability		(60,595	)		(68,811	)		(30,845	)		14,321
Debt extinguishment costs		-			1,390,187			-			-
Series A convertible preferred shares FV change		-			497,149			-			-

Adjusted EBITDA (Note 1)	$	(1,479,286	)	$	896,698		$	5,246,413		$	(2,505,836	)

		For the three months ended
		June 30,			March 31,			December 31,			September 30,
		2025			2025			2024			2024

Loss for the period	$	(4,163,851	)	$	(3,833,914	)	$	(4,739,022	)	$	(4,701,864	)
Plus:
Depreciation		412,166			376,937			399,440			427,978
Interest and accretion		571,898			518,752			562,360			572,472
Share-based payments		184,144			63,893			135,677			289,893
Allowance / (recovery) for credit losses		7,467			(134,295	)		240,396			(126,348	)
Increase/(decrease) in warranty liability		(21,325	)		28,507			172,996			84,307

Adjusted EBITDA (Note 1)	$	(3,009,501	)	$	(2,980,120	)	$	(3,228,153	)	$	(3,453,562	)

1) "Adjusted EBITDA", as reflected above, is a non-IFRS measure, which is defined as loss for the period (for quarterly periods), or loss for the year (for annual periods) plus depreciation, plus interest and accretion, plus share-based payments, plus / (less) the allowance / (recovery) for credit losses, plus / (less) the increase / (decrease) in the warranty liability, plus taxes, plus impairment of assets. Adjusted EBITDA is a measure used by management as an indicator of profitability since it excludes the impact of movements in working capital items, certain non-cash charges, and financing costs. Therefore, Adjusted EBITDA gives the investor information as to the cash generated from the operations of a business. However, Adjusted EBITDA is not a measure of financial performance under IFRS and should not be considered a substitute for other financial measures of performance. Adjusted EBITDA as calculated by GreenPower may not be comparable to Adjusted EBITDA as calculated and reported by other companies. The most comparable IFRS measure to Adjusted EBITDA is net income.

Page 10 of 21

GreenPower Motor Company Inc.
Management’s Discussion and Analysis
For the period ended June 30, 2026
Discussion dated: as of August 13, 2026

Liquidity and Capital Resources

As at June 30, 2026, the Company had a cash balance of $17,557 and working capital, defined as current assets minus current liabilities, of $8,646,005. The Company's line of credit has a maximum credit limit of up to $3,000,000. As at March 31, 2026, the line of credit had a drawn balance of approximately $2.6 million.

During the quarter ended June 30, 2026, the Company completed the following transactions:

1,351 Series A convertible preferred shares were converted into 1,494,423 common shares of the company, and the Series A convertible preferred share liability of $1,643,214 as at March 31, 2026 was transferred to share capital;
On June 30, 2026 the Company issued the third tranche of 1,500 Series A convertible preferred shares for gross proceeds of $1,425,000. In addition, the Company and the Series A convertible preferred share investor amended the Securities Purchase Agreement dated November 14, 2025 to increase the Series A convertible preferred shares issuable under the Agreement by $2,000,000;
256,410 common shares were issued to a director of the Company pursuant to the exercise of 256,410 warrants at US$0.78 per share for gross proceeds of $200,000;
The Company issued 257,638 common shares at $1.44 per share to pay for $371,000 of accrued interest to June 30, 2026 on convertible debentures to the convertible debenture investors. The convertible debenture investors are related parties and include a company controlled by a director of the Company, and companies controlled by the CEO and director of the Company;
The Company issued 552 Series B convertible preferred shares to companies controlled by the CEO and director of the Company for the conversion of $524,400 of loans from the same companies;
The Company issued 1,640 Series B convertible preferred shares to a company controlled by the CEO and director of the Company for the conversion of $1,558,000 of convertible debentures from the same company.

The Company manages its capital structure and makes adjustments to it based on available funds. The Company may continue to rely on additional financings and the sale of its inventory to further its operations and meet its capital requirements to manufacture EV vehicles, expand its production capacity, and further develop its sales, marketing, engineering, and technical resources. The Company's ability to achieve its business objectives is subject to material uncertainty which casts substantial doubt upon its ability to continue as a going concern. The Company will continue to rely on additional financings to support its operations and fulfill its capital requirements.

Off-Balance Sheet Arrangements

As of the date of this filing, the Company does not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on the results of operations or financial condition of the Company including, without limitation, such considerations as liquidity and capital resources that have not previously been discussed.

Page 11 of 21

GreenPower Motor Company Inc.
Management’s Discussion and Analysis
For the period ended June 30, 2026
Discussion dated: as of August 13, 2026

Related Party Transactions

A summary of compensation and other amounts paid to or accrued for directors, officers and key management personnel is as follows:

		For the Three Months Ended
		30-Jun-26		30-Jun-25

Salaries and Benefits (1)	$	148,735	$	135,280
Consulting fees (2)		137,083		126,250
Non-cash Options Vested (3)		-		109,517
Total	$	285,818	$	371,047

1) Salaries and benefits incurred with directors and officers are included in Salaries and administration on the Consolidated Condensed Interim Statements of Operations and Comprehensive Loss.

3) Amounts recognized for related party stock-based compensation are included in Share-based payments on the Consolidated Condensed Interim Statements of Operations and Comprehensive Loss.

127,310 common shares issued to Countryman, settled by way of US$183,327 in accrued interest;
126,351 common shares issued to FWP Acquisition Corp. ("FWP Acquisition"), a company controlled by the CEO and chairman of the Company, settled by way of US$181,946 in accrued interest;
3,977 common shares issued to Koko Financial Services Ltd. "Koko"), a company controlled by the CEO and chairman of the Company, settled by way of US$5,727 in accrued interest;

Page 12 of 21

GreenPower Motor Company Inc.
Management’s Discussion and Analysis
For the period ended June 30, 2026
Discussion dated: as of August 13, 2026

324 series B convertible preferred shares issued to Koko for US$307,800, settled by principal and accrued interest on a loan from Koko;
228 series B convertible preferred shares issued to 0851433 BC Ltd. ("0851433") for US$216,600, settled by principal and accrued interest on a loan from 0851433;
1,640 Series B convertible preferred shares issued to FWP Acquisition settled in the amount of $1,558,000 of Convertible Debentures owing to FWP Acquisition.

During the year ended March 31, 2026 the Company received the following loans from related parties. Principal and interest on these loans were converted into convertible debentures during the year.

On May 13, 2025, the Company announced a term loan offering of up to $2,000,000 from several related party lenders. During the year ended March 31, 2026, the Company entered into five tranches under the term loan offering for gross proceeds of $1.75 million.
On January 6, 2026 the Company received two term loans of $2.5 million each, for $5 million in total, from two family offices that are Related Parties.

As at March 31, 2026 the loans from related parties recorded in long term liabilities totaled $519,436 and was comprised of principal and accrued interest on loans from Koko and 0851433.

On May 14, 2025 the Company granted 54,348 warrants with an exercise price of $4.60 per share to FWP Acquisition;
Between May 14, 2025 and January 12, 2026, the Company granted 5,423,319 warrants with exercise prices ranging from $0.78 per share to $4.60 per share to Countryman.

On January 22, 2026, the Company converted $7 million of principal and accrued interest from loans from related parties into convertible debentures. $3,459,000 of principal of the convertible debentures are with Countryman, $3,432,945 were with FWP Acquisition, and $108,045 are with Koko.

Subsequent to the end of the quarter:

On July 31, 2026, 320,513 common shares were issued to Countryman, a company controlled by a director of the Company, pursuant to the exercise of 320,513 warrants at US$0.78 per share for gross proceeds of $250,000;
On August 6, 2026, 244,201 common shares were issued to Koko, a company controlled by the CEO and director of the Company, pursuant to the conversion of 324 Series B convertible preferred shares.

Page 13 of 21

GreenPower Motor Company Inc.
Management’s Discussion and Analysis
For the period ended June 30, 2026
Discussion dated: as of August 13, 2026

New and Amended Standards

Adoption of accounting standards

Certain new accounting standards have been published by the IASB or the IFRS Interpretations Committee that are effective for annual reporting periods beginning on or after January 1, 2025. These changes were reviewed by management and did not cause a change to the Company's financial statements.

Future accounting pronouncements

Certain new accounting standards and interpretations have been published by the IASB that are not mandatory for the annual period beginning April 1, 2026 as summarized in the following table:

Mandatorily effective for periods beginning on or after January 1, 2026	Mandatorily effective for periods beginning on or after January 1, 2027
IFRS 7 and IFRS 9 - Amendments to the Classification and measurement of Financial Instruments (effective Jan 1, 2026)	IFRS 18 - Presentation and Disclosure in Financial Statements (effective Jan 1, 2027)
IFRS 1, IFRS 7, IFRS 9, IFRS 10, IAS 7 - Annual improvements to IFRS accounting standards (effective Jan 1, 2026)	IFRS 19 - Subsidiaries without Public Disclosures (effective Jan 1, 2027)
IFRS 7 and IFRS 9 - Contracts referencing nature-dependent electricity (effective Jan 1, 2026)	IAS 21 The Effects of Changes in Foreign Exchange Rates (Future developments in chapter 2.10) (effective Jan 1, 2027)

Critical Accounting Estimates

Management has made certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Actual outcomes could differ from these estimates. The impacts of such estimates may require accounting adjustments based on future occurrences. Revisions to critical accounting estimates are recognized in the period in which the estimate is revised and future periods if the revision affects both current and future periods. These estimates are based on historical experience, current and future economic conditions, and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting judgements

i. The determination of the functional currency of the Company and of each entity within the consolidated Company.

ii. The Company's ability to achieve its business objectives is subject to material uncertainty which casts substantial doubt upon the Company's ability to continue as a going concern.

iii. The determination that a portion of loans payable to related parties outstanding as at March 31, 2026 is a non-current liability.

iv. The determination of the fair value of related party loans and the allocation of residual values to bonus shares and bonus warrants.

Critical accounting estimates and assumptions

i. The determination of the discount rates used to discount finance lease receivables and lease liabilities.

ii. The estimated accrual rate for the warranty provision on the sale of all-electric vehicles.

iii. The classification of leases as either financial leases or operating leases.

Page 14 of 21

GreenPower Motor Company Inc.
Management’s Discussion and Analysis
For the period ended June 30, 2026
Discussion dated: as of August 13, 2026

iv. The determination of an allowance for doubtful accounts on the Company's trade receivables.

v. The estimate of the useful life of equipment.

vi. The estimate of the net realizable value of inventory.

vii. Estimates underlying the recognition of proceeds from government vouchers and grants.

viii. Estimates underlying the determination of the carrying value of the West Virginia lease liability and right of use asset.

ix. Estimates underlying the calculation of deferred income tax assets and deferred income tax recovery.

x. The determination of overheads to be allocated to inventory and charged to cost of sales.

Financial Instruments

The Company's financial instruments consist of cash, accounts receivable, promissory note receivable, finance lease receivables, line of credit, loans payable to related parties, term loan, accounts payable and accrued liabilities, other liabilities, and lease liabilities.

Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities;

Level 2: Inputs other than quoted prices that are observable for the asset or liabilities either directly or indirectly; and
Level 3: Inputs that are not based on observable market data

The fair value of the Company's financial instruments approximates their carrying value, other than the Series A convertible preferred share liability which is measured using level 2 inputs.

The Company has exposure to the following financial instrument related risks.

Credit risk

The Company's exposure to credit risk is on its cash, accounts receivable, finance lease receivable and restricted deposit. The maximum exposure to credit risk is their carrying amounts in the consolidated statement of Financial Position.

The Company's cash is comprised of cash bank balances, and the Company's restricted deposit is an

interest-bearing term deposit. Both cash and the restricted deposit are held in major financial institutions in Canada and the United States with a high credit quality and therefore the Company is exposed to minimal credit risk on these assets. The Company assesses the credit risk of its account receivable and finance lease receivables at each reporting period end and on an annual basis. As at June 30, 2026 the Company recorded an allowance for doubtful accounts of $241,968 against its accounts receivable (March 31, 2026 - $10,528).

Liquidity risk

The Company tries to ensure that there is sufficient capital in order to meet short-term business requirements, after taking into account the Company's cash balances and available liquidity on the Company's operating line of credit. The Company's cash is invested in bank accounts at major financial institutions in Canada and the United States and is available on demand. The continuation of the Company as a going concern is dependent on future cash flows from operations including the successful sale and manufacture of electric vehicles to achieve a profitable level of operations and obtaining necessary financing to fund ongoing operations. The Company's ability to achieve its business objectives is subject to material uncertainty which casts substantial doubt upon the Company's ability to continue as a going concern. The Company will continue to rely on additional financings to further its operations and meet its capital requirements.

Page 15 of 21

GreenPower Motor Company Inc.
Management’s Discussion and Analysis
For the period ended June 30, 2026
Discussion dated: as of August 13, 2026

Market risks

Market risk is the risk of loss that may arise from changes in market factors such as interest rates and foreign exchange. The Company is exposed to interest rate risk with respect to its line of credit, its revolving term loan facility, and its term loan facility with the Canadian Imperial Bank of Commerce ("CIBC)". Assuming the drawn amounts on the line of credit, revolving term loan, and term loan facility are unchanged, a 1% change in the base rate or prime rate applicable to these two liabilities would result in a change of approximately $51,000 to comprehensive income/loss.

As at June 30, 2026, the Company was exposed to currency risk through the following financial assets and liabilities in CDN Dollars.

		CAD

Cash	$	7,343
Prepaids	$	10,988
Accounts Payable and Accrues Liabilities	$	(744,350	)

Outlook

For the immediate future, the Company plans to:

Continue to deliver on the various components of the Pilot Program with the state of New Mexico
Continue to focus its sales efforts on states and regions with mandates to support the adoption of all-electric medium and heavy duty vehicles;
Complete production and delivery of several models of EV Stars and BEAST school buses currently in various stages of production;
Deliver the remaining vehicles in finished goods inventory;
Evaluate and consider entering into new sources of financing to fund the business;
Search for ways to reduce costs in the Company's operations;
Evaluate the impact of tariffs on the Company's business and product lines and develop a strategy to mitigate these impacts, wherever possible.

Page 16 of 21

GreenPower Motor Company Inc.
Management’s Discussion and Analysis
For the period ended June 30, 2026
Discussion dated: as of August 13, 2026

Capitalization and Outstanding Security Data

The following table summarizes the Company's outstanding common shares, warrants and stock options as at June 30, 2026 and as of the date of this report:

	June 30, 2026	August 13, 2026
Common shares	7,037,762	8,568,789
Stock options convertible into common shares	199,300	189,550
Warrants convertible into common shares	5,393,757	5,073,604

	12,630,819	13,831,943

The following table summarizes the Company's outstanding Series A convertible preferred shares and Series B convertible preferred shares as at June 30, 2026 and as of the date of this report:

	June 30, 2026	August 13, 2026		Stated Value per share	Dividend Rate
Series A	1,500	400	$	1,000	9.0%
Series B	6,392	6,068	$	1,000	9.0%

	7,892	6,468	$	1,000	9.0%

Page 17 of 21

GreenPower Motor Company Inc.
Management’s Discussion and Analysis
For the period ended June 30, 2026
Discussion dated: as of August 13, 2026

Disclosure of Internal Controls

Evaluation of Disclosure Controls and Procedures

Management, with the participation of our Chief Executive Officer and Chief Financial Officer, are responsible for establishing and maintaining disclosure controls and procedures (DC&P) (as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f) under the U.S. Securities and Exchange Act of 1934 and under National Instrument 52-109). Management evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2026.

Based on the evaluation performed as of March 31, 2026, management has concluded that the Company maintained effective internal control over financial reporting.

During the quarter ended June 30, 2026, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Risk Factors

Investing in the common shares of the Company involves risk. Prospective investors should carefully consider the risks described below, together with all of the other information included in this MD&A before making an investment decision. If any of the following risks actually occurs, the business, financial condition or results of operations of the Company could be harmed. In such an event, the trading price of the common shares could decline and prospective investors may lose part or all of their investment.

Operational Risk

The Company is exposed to many types of operational risks that affect all companies. Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and/or systems. Operational risk is present in all of the Company's business activities, and incorporates exposure relating to fiduciary breaches,

product liability claims, product recalls, regulatory compliance failures, legal disputes, business disruption, technology failures, business integration, damage to physical assets, employee safety, dependence on suppliers, foreign exchange fluctuations, insurance coverage and rising insurance costs. Such risks also include the risk of misconduct, theft or fraud by employees or others, unauthorized transactions by employees, operational or human error or not having sufficient levels or quality of staffing resources to successfully achieve the Company's strategic or operational objectives. The occurrence of an event caused by an operational risk that is material could have a material adverse effect on the Company's business, financial condition, liquidity and operating results.

Reliance on Management

The Company is relying solely on the past business success of its directors and officers. The success of the Company is dependent upon the efforts and abilities of its directors, officers and employees. The loss of any of its directors, officers or employees could have a material adverse effect upon the business and prospects of the Company.

Competition in the Industry

The Company faces competition from a number of existing manufacturers of all-electric medium and heavy-duty vehicles and buses, as well as manufacturers of traditional medium and heavy-duty vehicles. The Company competes in the zero-emission, or alternative fuel segment of this market. Several of the company's competitors, both publicly listed and privately owned, have raised or have access to a significant amount of capital to invest in the growth and development of their businesses which has increased the competitive threat from several well-capitalized competitors. In addition to existing competitors in various market segments, there is the potential for future competitors to enter the market.

Page 18 of 21

GreenPower Motor Company Inc.
Management’s Discussion and Analysis
For the period ended June 30, 2026
Discussion dated: as of August 13, 2026

Related Party Ownership of our Common Shares and Securities Convertible into Common Shares

As at August 13, 2026 the Company had 8,568,789 common shares outstanding. Of these shares, 1,739,134, or 20.3% of the total shares outstanding were owned directly or through companies under the control of the CEO and director of the Company, and an additional 991,543 or 11.6% of the total shares outstanding were owned directly or through companies under the control of a director of the Company. In addition, as at August 13, 2026 companies controlled by the CEO and director owned 6,068 Series B convertible preferred shares with a stated value of $6.068 million, as well as 54,348 warrants and 24,500 stock options, all of which are convertible into common shares of the Company. As at August 13, 2026 companies controlled by a director of the Company owned 4,846,396 warrants and 24,500 stock options that are convertible into common shares of the Company. In addition, companies controlled by the director own convertible debentures with principal outstanding of $3,459,000 that are convertible into common shares of the Company at $0.99 per share, and the CEO and director owns convertible debentures with principal outstanding of $1,983,003 that are convertible into common shares of the Company at $0.99 per share. On an undiluted basis, the common share ownership of these related parties is significant, and if all of the securities convertible into common shares of the Company were exercised by these related parties, these related parties would control the majority of the common shares of the Company.

Reliance on Key Suppliers

Our products contain numerous purchased parts which we source globally directly from suppliers, some of which are single-source suppliers, although we attempt to qualify and obtain components from multiple sources whenever feasible. Any significant increases in our production may require us to procure additional components in a short amount of time, and in the past we have also replaced certain suppliers because of their failure to provide components that met our quality control standards or our timing requirements. There is no assurance that we will be able to secure additional or alternate sources of supply for our components or develop our own replacements in a timely manner, if at all. If we encounter unexpected difficulties with key suppliers, and if we are unable to fill these needs from other suppliers, we could experience production delays and potential loss of access to important technology and parts for producing, servicing and supporting our products.

No Dividend Payment History

The Company has not paid any dividends and may not produce earnings or pay dividends in the immediate or foreseeable future.

Tariffs on Imported Goods

GreenPower sources components and parts to build its all-electric vehicles from suppliers globally, utilizes contract manufacturers located outside of North America for a portion of its all-electric vehicle production, and the importation of these parts, components and vehicles to North America are subject to tariffs which have recently increased and may increase further. The current US administration has significantly increased tariffs on US imports from virtually every country in the world. These tariffs have been in many cases amended, postponed, or changed in other ways since their initial announcements, and this has resulted in uncertainty over the quantum and duration of tariffs, and this lack of clarity has made it difficult to manage and mitigate the impacts of tariffs. The increase in and lack of clarity regarding tariffs on electric vehicles and certain parts and components used in the manufacture of electric vehicles that are imported to the United States from suppliers globally has increased costs for GreenPower, and led to delays on the processing and inspection of imported goods to the United States. The increased tariffs and importation delays has increased GreenPower's costs and has negatively impacted the financial results of the Company. While GreenPower's management is taking steps to mitigate the impact of planned tariff increases, including sourcing new manufacturers and contract manufacturers for certain products, this transition will take time, is subject to a number of risks, and GreenPower may not be able to mitigate the impact of any change in tariffs due to these risks.

Page 19 of 21

GreenPower Motor Company Inc.
Management’s Discussion and Analysis
For the period ended June 30, 2026
Discussion dated: as of August 13, 2026

Litigation and Legal Proceedings

The Company filed a civil claim against the prior CEO and Director of the Company in the Province of British Columbia in 2019, and the prior CEO and Director of the Company has filed a response with a counterclaim for wrongful dismissal in the Province of British Columbia. The prior CEO and Director of the Company also filed a similar claim in the state of California in regards to this matter, and this claim has been stayed pending the outcome of the claim in British Columbia. There has not been a resolution on the British Columbia claim or counterclaim, or the California claim as at June 30, 2026. During April 2023, the Company repossessed 28 EV Stars and 10 EV Star CC's after a lease termination due to non-payment. During May 2023 this customer filed a claim in the state of California against the Company and a subsidiary. During the quarter ended March 31, 2026, GreenPower entered into a settlement agreement under which GreenPower agreed to transfer four used vehicles to the customer to resolve this dispute. The vehicles were transferred to the customer during the quarter ended June 30, 2026 and the Company has recorded an accrual for the value of these vehicles. During the quarter ended June 30, 2026, the Company recorded the transfer of these vehicles, against this accrual as a settlement of this lawsuit. GreenPower is currently defending itself against claims brought against the Company by former employees in West Virginia. Certain of these claims have resulted in default judgements against GreenPower, and a court order preventing the company from delivering vehicles outside of the state. The court order has had a negative impact on the Company's cash flow and ability to continue operations in the state. The Company has filed a motion to set aside the default judgements and court order, however there is no guarantee that the company will be successful. GreenPower has not booked a contingency for these claims or judgements as at June 30, 2026.

Sales, Marketing, Government Grants and Subsidies

Presently, the initial price of the Company's products are higher than a traditional diesel bus and certain grants and subsidies are available to offset these higher prices. These grants and subsidies include but are not limited to the New Jersey Zero Emission Incentive Program ("NJZIP") operated by the New Jersey Economic Development Authority ("NJEDA") the CleanBC Program funded by the Province of British Columbia, Canada, the Incentives for Medium and Heavy-Duty Zero Emission Vehicles ("iMHZEV") program operated by the Canadian federal government which closes on September 30, 2026, the clean trucks NYSERDA program, the New York School Bus Incentive Program for the state of New York, the EPA Clean School Bus Program, the South Coast AQMD funding in California, Federal Transit Authority funding for eligible transit properties across the US, and VW Mitigation Trust Funds allocated to programs throughout the US. GreenPower is currently responding to requests for information from CARB and from the California Attorney General, and while the state is undertaking this investigation it has suspended HVIP incentives to GreenPower. GreenPower has been responding to the requests for information, and GreenPower's vehicles continue to be listed as eligible vehicles under the HVIP program, however the suspension of HVIP incentives to GreenPower has negatively impacted the Company, and the timing of when the Company will be eligible to receive HVIP incentives, if at all, is uncertain. The ability for potential purchasers to receive funding from these programs is subject to the risk of government changes to the program, including changing or removing GreenPower's eligibility for the program, the risk of the delay in the timing of advancing funds to the specific programs, or the risk of program funding being cut or otherwise not available. To the extent that program funding is not approved, or if the funding is approved but timing of advancing of funds is delayed, subject to cancellation, or is otherwise uncertain, this could have a material adverse effect on our business, financial condition, operating results and prospects

Current requirements and regulations may change or become more onerous

The Company's products must comply with local regulatory and safety requirements in order to be allowed to operate within the relevant jurisdiction or to qualify for funding. These requirements are subject to change and one regulatory environment is not indicative of another. GreenPower's ability to maintain its compliance with local regulatory and safety requirements is subject to change, and non-compliance with these regulations and requirements may have a material negative impact on the Company's business, financial results and financial position.

Page 20 of 21

GreenPower Motor Company Inc.
Management’s Discussion and Analysis
For the period ended June 30, 2026
Discussion dated: as of August 13, 2026

Cybersecurity risks

Significant disruptions of our information technology systems or breaches of our data security could adversely affect our business. The Company has not experienced a cybersecurity incident and has therefore not been affected by its exposure to cybersecurity risks. However, our business and operations may be materially adversely affected in the event of computer system failures or security or breaches due to cyber-attacks or cyber intrusions, including ransomware, phishing attacks and other malicious intrusions.

Provision for Warranty Costs

The Company offers warranties on the medium and heavy-duty vehicles and buses it sells. Management estimates the related provision for future warranty claims based on historical warranty claim information as well as recent trends that might suggest past cost information may differ from future claims. Factors that could

impact future warranty claims include the success of the Company's productivity and quality initiatives as well as parts and labour costs. Actual warranty expense could differ from the provisions which are estimated by management, and these differences could be material and may negatively impact the company's financial results and financial position.

Reliance on Shipping

We rely on global shipping for vehicles that we produce at contract manufacturers, and for certain parts and components sourced from our global network of suppliers. We have experienced an increase in shipping costs and have experienced delays of deliveries of parts and components from our global suppliers, and on vehicles arriving from our contract manufacturers. While these delays and cost increases are not currently at a level that they have caused a material disruption or negative impact to our profitability, these delays and costs may increase to a point that they may negatively impact our financial results and ability to grow our business.

Events after the reporting period

Subsequent to the end of the reporting period:

Between July 1, 2026 and August 13, 2026, 9,750 stock options exercisable at a weighted average exercise price of CAD$8.12 per share were forfeited;
On July 31, 2026, 320,513 common shares were issued to Countryman, a company controlled by a director of the Company, pursuant to the exercise of 320,513 warrants at US$0.78 per share for gross proceeds of $250,000;
On August 6, 2026, 244,201 common shares were issued to Koko, a company controlled by the CEO and director of the Company, pursuant to the conversion of 324 Series B convertible preferred shares;
Between July 1, 2026 and August 13, 2026, 1,200 Series A convertible preferred shares were converted into 966,313 common shares of the Company, and 80% of the Series A convertible share liability of $1,425,000 as at June 30, 2026 was transferred into share capital.

Page 21 of 21

Form 52-109F2 - Certification of interim filings (full interim certificate)

I, Fraser Atkinson, Chief Executive Officer of GreenPower Motor Company Inc. certify that:

1. Review: I have reviewed the issuer's interim financial statements and interim MD&A (together the interim filings) of GreenPower Motor Company Inc. (the issuer) for the interim period ended June 30, 2026.

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR) for the issuer.

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings:

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 Control framework: The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is Internal Control - Integrated Framework Issued by the Committee of Sponsoring Organization of the Treadway Commission in 2013.

5.2 ICFR - reportable deficiency relating to design: N/A

5.3 Limitation on scope of design: N/A

6. Reporting of changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on April 1, 2026 and ended on June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: August 14, 2026

/s/ Fraser Atkinson
Fraser Atkinson
Chief Executive Officer

Form 52-109F2 - Certification of interim filings (full interim certificate)

I, Michael Sieffert, Chief Financial Officer of GreenPower Motor Company Inc. certify that:

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

5.2 ICFR - reportable deficiency relating to design: N/A

5.3 Limitation on scope of design: N/A

Date: August 14, 2026

/s/ Michael Sieffert
Michael Sieffert
Chief Financial Officer

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

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GreenPower Motor (GP) ends quarter with $17K cash, breaches debt covenants

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