VANCOUVER, Canada, Aug. 31, 2020 /CNW/ -- GreenPower Motor Company
Inc. (Nasdaq:GP) (TSXV:GPV) ("GreenPower"), a leading manufacturer
and distributor of zero emission electric powered vehicles serving
the cargo and delivery, shuttle, transit and school bus markets,
today announced financial results for its fiscal first quarter
ended June 30, 2020.
"We commenced trading on Nasdaq on August
28th, 2020. We're excited that this provides us
access to a broader market and will increase the exposure to
GreenPower and its suite of products," said Fraser Atkinson, CEO of GreenPower. "We continue
to make great progress on our strategic objectives and have reached
numerous key milestones identified over the past year. GreenPower
will continue to focus on the six models within our proven EV Star
platform that we can leverage to address a variety of lucrative
markets that demonstrate high demand. We now have an even greater
ability to pursue these markets aggressively and put additional
vehicles on the road."
Highlights of the first quarter:
- Reported revenue of $2.27 million
generating a gross profit of 27.2% of revenue
- Delivered 18 EV Stars to Green Commuter for which GreenPower
provided lease financing
- Antelope Valley Transit deployed 8 EV Stars for their new micro
transit service
- Greenpower's distributor Creative Bus Sales received an order
for two EV Stars from UCLA
- Received final Altoona test report for the EV Star, achieving
the highest score ever in its weight class of 92.2
- Announced the launch of EV Star CC "Cab and Chassis" for cargo
and delivery market
Highlights subsequent to the first fiscal quarter ended
June 30th, 2020
include:
- Commenced trading on Nasdaq Capital Market under the symbol
"GP"
- Received order for an additional 100 EV Stars from Green
Commuter
- Received order for 10 all-electric B.E.A.S.T. school buses
- Announced first fully autonomous GreenPower EV Star developed
with Perrone Robotics for Jacksonville Transit Authority
- Completed the first EV Star Cargo+ for the cargo and delivery
market
- Commenced production of 10
B.E.A.S.T. school buses and 40 EV Stars
"I am proud of our team and our ability to continue delivering
units during the first fiscal quarter while the economy regains its
footing," stated Brendan Riley,
President of GreenPower. "As the world continues to adapt to
the current environment, we expect momentum to further accelerate
into the back end of the calendar year and well beyond. The
reality is that we are in the early stages of a global transition
to EV. Greenpower's proven, tested products with real world
customer testimonials validate the value proposition GreenPower
offers, and puts us in an ideal position to take full advantage of
the opportunity in front of us."
Results for the three months ended June 30, 2020
For the three-month
period ended June 30, 2020 GreenPower
recorded revenues of $2,272,255 and
cost of revenues of $1,653,672
generating a gross profit of $618,583
or 27.2% of revenues. Revenue was generated from the sale of 18 EV
Stars for which the Company provided lease financing and which were
accounted for as finance leases, as well as revenue from finance
and operating leases and other sources. Operating costs
consisted of administrative fees of $857,930 relating to salaries, project
management, accounting, and administrative services; transportation
costs of $26,741 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, meals
and entertainment costs of $36,853
related to travel for project management, demonstration of company
products, and trade shows; product development costs of
$221,109; sales and marketing costs
of $(9,530); professional fees of
$96,426 consisting of legal and audit
fees; and office expense of $50,959
consisting of rent and other office expenses, as well as non-cash
expenses including $132,032 of
share-based compensation expense and depreciation of $114,761, generating a loss from operations
before interest, accretion and foreign exchange of $875,145. Interest and accretion on the line of
credit, convertible debentures and promissory notes totalled
$555,319, and a foreign exchange gain
of $1,126 resulted in a loss for the
period of $1,429,337.
Non-cash expenses consisting of depreciation, accretion and
accrued interest, share-based compensation, warranty accrual and
amortization of deferred financing fees totaled $627,683 in the three-month period resulting in
total cash expenses of $1,453,789
About GreenPower Motor Company Inc.
GreenPower
designs, builds and distributes a full suite of high-floor and
low-floor vehicles, including transit buses, school buses,
shuttles, a cargo van and a double decker. GreenPower employs
a clean-sheet design to manufacture all-electric buses that are
purpose built to be battery powered with zero
emissions. GreenPower integrates global suppliers for key
components, such as Siemens or TM4 for the drive motors, Knorr for
the brakes, ZF for the axles and Parker for the dash and control
systems. This OEM platform allows GreenPower to meet the
specifications of various operators while providing standard parts
for ease of maintenance and accessibility for warranty
requirements. For further information go to
www.greenpowerbus.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 such as whether the TONY solution can be
easily integrated into GreenPower's EV Star at assembly, or are
beyond GreenPower's control, such as the ease with which new
technologies will be able to integrate with PRI's solution. 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.© 2020
GreenPower Motor Company Inc. All rights reserved.
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SOURCE GreenPower Motor Company