VANCOUVER, BC, Aug. 14,
2023 /CNW/ -- GreenPower Motor Company Inc. (NASDAQ:
GP) (TSXV: GPV) ("GreenPower" and the "Company"), a leading
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,
today announced record revenues and deliveries for its first
quarter of fiscal 2024.
GreenPower reported record revenues of $17.6 million for the first quarter, more than
four times the revenue of $3.9
million from the previous year's first quarter. The company
delivered a record of 131 vehicles with a majority of the
deliveries being EV Star Cab and Chassis, as well as EV Star
Cargoes, EV Stars, BEAST Type D school buses and Nano BEAST Type A
school buses.
"GreenPower continued with record-setting revenues and
deliveries in the first quarter," said Fraser Atkinson, GreenPower Chairman and CEO.
"We continue to achieve significant operational improvements, which
are critical in attaining profitable operations. The Selling,
General and Administrative (SGA) expenses have been reduced to 30%
of revenue in the first quarter and the inventory is now at 2.3
times the cost of goods sold (COGS) for the quarter."
Quarters:
|
30-Jun-23
|
31-Mar-23
|
31-Dec-22
|
30-Sep-22
|
30-Jun-22
|
|
|
|
|
|
|
Revenues
|
$17,581,008
|
$15,304,288
|
$12,803,038
|
$ 7,737,459
|
$ 3,851,105
|
SGA as a percent of
revenues
|
30 %
|
36 %
|
41 %
|
61 %
|
133 %
|
|
|
|
|
|
|
Inventory
|
$34,440,849
|
$41,609,234
|
$46,199,995
|
$43,979,517
|
$39,741,667
|
Number of quarters in
COGS
|
2.3
|
3.2
|
4.4
|
7.2
|
14.5
|
"GreenPower significantly improved its financial position in the
quarter, as we ended the quarter with only $163,000 drawn on the line of credit, down from
$6.6 million, and a cash balance of
$1.5 million, up from $600,000 at the start of the quarter, providing
the business with $9.3 million of
liquidity to support continued growth," Atkinson stated.
"The commercial vehicle group presently has 47 active orders and
125 signed purchase orders for various EV Star models. The school
bus group has 87 active orders for the BEAST and Nano BEAST school
buses with deliveries for the first orders utilizing current
inventory," Atkinson stated.
First Quarter 2024 Highlights:
- Generated record revenues of $17,581,008 in the first quarter, an increase of
$13,729,903 over the revenue of
$3,851,105 in the first quarter of
the previous fiscal year. Gross profit was $2,790,776 in the first quarter compared to
$1,051,004 in the first quarter of
the previous fiscal year.
- Delivered 131 GreenPower vehicles compared to 21 vehicles
in the first quarter of the previous year.
- Secured a $15 million order with
a $3 million deposit from the state
of West Virginia for 37 Type D
BEAST and four Type A Nano BEAST school buses. This is in addition
to the BEAST school bus ordered by Kanawha County (West
Virginia) School District in January.
- Continued with deliveries of the EV Star Cab and Chassis
vehicles to Workhorse.
- Delivered two Nano BEAST school buses to Portland Public Schools, the largest school
district in the Pacific Northwest, making them the first school
district in Oregon to receive a
purpose-built, all-electric Type A school bus. GreenPower's Nano
BEAST won the "Innovation Award for Best Green Bus Technology" from
School Transportation News.
- Completed the fifth and final round of the all-electric school
bus pilot project in the state of West
Virginia.
- Introduced the EV Star Utility Truck at ACT Expo.
- Continued growth of GreenPower's commercial dealer network with
the appointment of H.K. Truck Center in New Jersey.
- Raised $520,892 gross proceeds in
the quarter from the sale of the Company's shares using its
ATM.
After the end of the quarter GreenPower announced an order for
15 GreenPower Type D all-electric, purpose-built BEAST school buses
through GreenPower's dealer RWC Group for the Clark County School District in Nevada, which is the fifth-largest school
district in the country and operates the country's largest
owned-and-operated school bus fleet with 1,924 buses transporting
125,000 students daily.
"West Virginia manufacturing of
GreenPower's all-electric school buses has begun in earnest as a
result of the order from the state. The Nano BEAST is in full
production mode at the plant and provisions have been made for the
BEAST production processes, which will begin in the third quarter,"
said GreenPower President Brendan
Riley. "We have expanded our manufacturing workforce at the
South Charleston facility and
those new employees are going through our training and education
program at BridgeValley Community & Technical College."
"During the quarter GreenPower also introduced the new EV Star
Utility Truck which was a combined effort of the Porterville, California manufacturing plant
and Lion Truck Body," Riley continued. "The joint effort highlights
the customer centric approach where we are able to provide a
compelling vehicle via a one-stop-shop manufacturing process."
First Quarter 2024 Financial Highlights:
- Recorded revenues of $17,581,008
in the first quarter, an increase of $13,729,903 over the revenue of $3,851,105 in the first quarter of the previous
fiscal year. Revenue was generated from the sale of vehicles,
parts, finance and operating leases and Lion Truck Body.
- Cost of revenues in the quarter were $14,790,232 generating a gross profit of
$2,790,776 of revenues compared to a
gross profit of $1,051,004 for the
same quarter in the previous fiscal year. The Company expects that
gross profit margins will vary due to the sales mix and higher
volume sales to select customers.
- Inventory was $34.4 million at
the end of the quarter, a reduction of $7.2
million from the beginning of the quarter. Finished goods
inventory consists of EV Star Transit Pluses, EV Star Cab and
Chassis, EV Stars, EV Star Cargoes, and BEAST and Nano BEAST school
buses.
- Deferred revenue increased to $11.4
million at the end of the current quarter including the
current portion of $10 million.
- Working capital of $26.5 million
at the end of the quarter
For additional information on the results of operations for the
three months ended June 30, 2023 you
can find the financial statements and related reports posted on
GreenPower's website as well as on www.sedar.com or filed on
EDGAR.
For further information contact
Fraser Atkinson, CEO
(604) 220-8048
Brendan Riley, President
(510) 910-3377
Michael Sieffert, CFO
(604) 563-4144
Allie Potter
Media Relations/Press Inquiries
(218) 766-8856
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. ©2023
GreenPower Motor Company Inc. All rights reserved.
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