Shareholder Call Scheduled for February 18, 2025 at 9:30
a.m. EST/6:30 a.m. PST
VANCOUVER, BC, Feb. 14,
2025 /CNW/ -- GreenPower Motor Company Inc. (Nasdaq:
GP) (TSXV: GPV) ("GreenPower" and the "Company"), a leading
manufacturer and distributor of all-electric, purpose-built,
zero-emission medium and heavy-duty vehicles serving the cargo and
delivery market, shuttle and transit space and school bus sector,
today reported its third quarter fiscal year 2025 results and
provided an update on its manufacturing operations.
"GreenPower's improved third-quarter performance, with
$7.2 million in revenue — an increase
of 35% over the previous quarter — underscores the demand for our
purpose-built, all-electric vehicles. Importantly this growth also
resulted in an improvement in our gross profit," said Fraser Atkinson, CEO of GreenPower. "As we
continue scaling our manufacturing operations, GreenPower is
well-positioned to drive long-term growth and capitalize on the
industry's rapid shift toward zero-emission fleet solutions.
At the end of the quarter we had available funding of more than
$5 million consisting of cash,
availability on loan facilities and ability to issue letters of
credit to finance production of our growing order book."
GreenPower spent the quarter continuning to increase its output
from the West Virginia
manufacturing facility. "As a result of the work we did during the
quarter, we are now set to deliver one BEAST per week from the
South Charleston facility, with
the BEAST production increasing to two per week by April plus Nano
BEAST production," said Brendan
Riley, GreenPower President. "To support this growth, we've
strengthened our leadership team with the addition of James Redd as our new West Virginia production manager. Working
alongside Vice President of Production Wendell White, James has been instrumental in
laying the groundwork for a second shift at the plant, positioning
GreenPower to meet rising demand and scale efficiently."
On the West Coast, GreenPower finalized plans to expand its
California manufacturing footprint
in one facility located in the Inland Empire. "Consolidating our
operations from three separate locations and five different
facilities spread out through California to one larger facility will allow
for more cost savings and increased efficiency," Riley stated.
Third Quarter 2025 Highlights:
- Generated revenues of $7.2
million for the three months ended December 31, 2024, an increase of 35% over the
previous quarter. Gross profit improved to 14.6% of revenue up from
8.6% for the previous quarter.
- Delivered 13 BEAST Type D all-electric school buses, one Nano
BEAST Type A school bus, one EV Star Cargo Plus and 13 EV Star
Passenger Vans.
- At the end of the quarter GreenPower had working capital of
$12.8 million, an increase of
$2.7 million over the previous
quarter, and inventory of $28.2
million, consisting of $10.8
million of finished goods, $13.1
million of work-in-process and $4.3
million of parts and components.
- Deferred revenue at the end of the quarter increased to
$10.8 million.
- Completed an underwritten offering of 3,000,000 common shares
raising gross proceeds of $3
million.
For additional information on the results of operations for the
period ended December 31, 2024 review
the interim financial statements and related reports posted on
GreenPower's website as well as on www.sedar.com or filed on
EDGAR.
Shareholder Call Information
Date: Tuesday February 18,
2025
Time: 6:30 a.m. PST / 9:30 a.m. EST
Participant dial-in: (US) 1-844-739-3982 (Canada); 1-866-605-3852; (International)
1-412-317-5718. Ask to be joined into the GreenPower Motor Company
Inc. conference call.
Webcast
Link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=XkyzR1vx
Replay: (US) 1-877-344-7529; (Canada) 1-855-669-9658; (International)
1-412-317-0088
Replay access code: 5816828
For further information contact:
Fraser Atkinson, CEO
(604) 220-8048
Brendan Riley, President
(510) 910-3377
Michael Sieffert, CFO
(604) 563-4144
About GreenPower Motor Company Inc.
GreenPower
designs, builds and distributes a full suite of high-floor and
low-floor all-electric medium and heavy-duty vehicles, including
transit buses, school buses, shuttles, cargo van and a cab and
chassis. GreenPower employs a clean-sheet design to
manufacture all-electric vehicles that are purpose built to be
battery powered with zero emissions while integrating global
suppliers for key components. This OEM platform allows GreenPower
to meet the specifications of various operators while providing
standard parts for ease of maintenance and accessibility for
warranty requirements. GreenPower was founded in Vancouver, Canada with primary operational
facilities in southern California.
Listed on the Toronto exchange
since November 2015, GreenPower
completed its U.S. IPO and NASDAQ listing in August 2020. For further information go
to www.greenpowermotor.com
Forward-Looking Statements
This document
contains forward-looking statements relating to, among other
things, GreenPower's business and operations and the environment in
which it operates, which are based on GreenPower's operations,
estimates, forecasts and projections. Forward-looking
statements are not based on historical facts, but rather on current
expectations and projections about future events, and are therefore
subject to risks and uncertainties which could cause actual results
to differ materially from the future results expressed or implied
by the forward-looking statements. These statements generally can
be identified by the use of forward-looking words such as "upon",
"may", "should", "will", "could", "intend", "estimate", "plan",
"anticipate", "expect", "believe" or "continue", or the negative
thereof or similar variations. These statements are not guarantees
of future performance and involve risks and uncertainties that are
difficult to predict. A number of important factors including those
set forth in other public filings (filed under the Company's
profile on www.sedar.com) could cause actual outcomes and
results to differ materially from those expressed in these
forward-looking statements. Consequently, readers should not place
any undue reliance on such forward-looking statements. In addition,
these forward-looking statements relate to the date on which they
are made. GreenPower disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. All amounts in U.S. dollars. ©2025
GreenPower Motor Company Inc. All rights reserved.
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SOURCE GreenPower Motor Company
