VANCOUVER, BC, Nov. 13,
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 its financial results for the second quarter and
first half of the 2024 fiscal year.
GreenPower reported record revenues of $26.0 million for the first half of the 2024
fiscal year, an increase of 125% over the revenue of $11.6 million for the first half of the previous
fiscal year. The Company delivered 162 vehicles in the first
half of the fiscal year consisting of EV Star Cab and Chassis, EV
Star Cargoes, EV Star Passenger Vans, speciality EV Star products,
BEAST Type D school buses and Nano BEAST Type A school buses.
All-Electric School Buses
"Much of the second
quarter was focused on GreenPower's school bus operations as demand
for the product continues to increase. We delivered a record number
of school buses, grew our order book and expanded our geographic
reach for our all-electric, purpose-built school buses," said
Fraser Atkinson, GreenPower Chairman
and CEO. "We delivered 13 BEAST Type D school buses and three Nano
BEAST Type A school buses for a total of 16 all-electric,
purpose-built school buses in the quarter."
School bus manufacturing has been a focal point of the fiscal
year to date. "West Virginia
manufacturing of GreenPower's all-electric school buses began in
earnest during the first half of the fiscal year as a result of the
order from the state of West
Virginia and school districts in the east. The Nano BEAST is
in production mode at the plant and provisions have been made for
the BEAST production processes, which will begin in the third
quarter," added 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."
In addition to production and deliveries, GreenPower
concentrated on preparation for future school bus sales across the
country. "The school bus team has been working with our dealers to
ensure compliance with differing state school bus specifications
and helping them to understand the funding sources available,"
Atkinson continued. "We helped school districts nationwide apply
for the second round of the EPA Clean School Bus Program. And we
have secured listings on additional state contracts, like
New York, to ensure our product is
available to meet the demands being created by increased state
funding opportunities and regulatory mandates."
Second Quarter 2024 Highlights
- Generated revenues of $8.4
million in the second quarter, an increase over the revenue
of $7.7 million in the same quarter
of the previous fiscal year. Revenue was generated from the sale of
vehicles, parts, finance and operating leases and Lion Truck
Body.
- Cash increased by $1.4 million to
$2 million from $0.6 million at the beginning of the fiscal
year.
- Working capital of $24.2 million
at the end of the quarter including inventory of $35.3 million.
- Deferred revenue of $10.8 million
at the end of the current quarter including the current portion of
$7.9 million.
- Delivered 10 EV Star Passenger Vans for use in the Boston market to provide last mile passenger
transportation services.
- Secured 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.
GreenPower Innovation
The quarter marked yet
more innovation by GreenPower when the Company delivered its first
airport ground support vehicle the EV Star Hydrant Truck, a
purpose-built, all-electric, large aircraft refueling vehicle. The
vehicle, operating at Vancouver International airport (YVR) in
Vancouver, Canada, is an example
of how GreenPower can apply its all-electric, purpose-built
technology in a variety of settings.
"GreenPower's goal to meet general market demands and specific
customer needs, in a timely manner, is what we do best. This is
just another example of how we are leveraging our own, proven EV
Star platform." Riley said. "Providing compelling general
transportation products, and in this case a unique application, is
what sets us apart from the rest of the field. GreenPower's
zero-emission solutions continue to show that we are the leader in
this sector." Riley stated that the EV Star Hydrant Truck is being
evaluated for follow-on orders.
Dealer Network Expansion
During the second
quarter, GreenPower appointed four new dealers to expand the
geographic reach for the Company for its school buses and
commercial vehicle EV Star line of products:
- Piedmont Truck Center as commercial dealer in the Triangle of
North Carolina
- Kingmor Supply as school bus dealer in Virginia
- Industrial Power Truck & Equipment as commercial dealer in
North Texas
- Matheny Commercial EV as commercial dealer in West Virginia
Earnings Call
GreenPower will host a conference
call and webcast for all shareholders and interested parties at
6:30 a.m. PST/9:30 a.m. EST on
Tuesday, November 14, 2023 to discuss
its operations and financial results for the period ended
September 30, 2023. A replay of the
call will be available on the number below shortly after the
call.
- Participant dial-in: (US) 844-739-3982 (Canada); 866-605-3852; (International)
412-317-5718 – Ask to be joined into the GreenPower Motor Company
Inc. conference call.
- Webcast:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=0qvzPAGT
- Replay: (US) 877-344-7529; (Canada) 855-669-9658; (International)
412-317-0088
- Replay access code: 6562614
For additional information on the results of operations for the
period ended September 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 vans 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/greenpower-announces-revenue-of-26-million-for-first-half-of-fiscal-2024-a-125-increase-from-previous-year-301986728.html
SOURCE GreenPower Motor Company