VANCOUVER, B.C., Feb. 11, 2021 /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 third quarter ended December 31,
2020.
Highlights of the third quarter:
- delivered 17 vehicles in the quarter, including the first EV
Star Cargo Plus to the City of
Vancouver, one EV Star and one EV Star Plus to ABC Bus Inc.,
Greenpower's dealer in the state of New
York, and 14 EV Stars to Green Commuter;
- the Company recorded revenues of $2,398,781 with cost of revenues of $1,488,974 generating a gross profit of
$909,807 or 37.9% of revenues;
- working capital of $31,310,393 at
the end of the quarter including over $21
million of cash;
- Conversion of $3,243,702 of
Debentures and repayment of $1,973,400 of Loans from proceeds from exercised
warrants reducing interest costs going forward;
- increased production of B.E.A.S.T. all-electric school buses
from five units per month to ten units per month in response to
positive feedback from demonstrations and anticipated future
demand;
- continued to move forward with increased production of various
EV Star models, including EV Star cab and chassis, EV Star+ as well
as five EV 250 thirty-foot low floor transit
buses;
- delivered an autonomous AV Star to Jacksonville Transit
Authority, and began development of a second vehicle in partnership
with Perrone Robotics and First Transit to be used in a nationwide
demonstration tour scheduled to begin in March 2021;
- completed demonstrations of a range of Greenpower vehicles to
potential customers across several US states, laying the groundwork
for potential future sales; and
- continued to effectively manage its business operations to
navigate impacts from the COVID-19 pandemic.
Brendan Riley, President of
GreenPower stated, "This is a transformative time for GreenPower as
we leverage our purpose built EV platform to develop and launch new
products like the EV Star Cargo, while also further developing
relationships with major high-volume OEMs that recognize the
tremendous potential of our EV Star cab and chassis to act as the
foundation from which they can upfit a finished all electric
vehicle specific to their needs. A wave of demand for EV
solutions is being thrust upon these OEMs, and our cab and chassis
provides the flexibility and functionality needed to meet this
demand over both the immediate and long term."
Fraser Atkinson, CEO of
GreenPower added, "GreenPower is in the lucrative position of being
an early mover in the transition to EV and our team has done a
fantastic job preparing for the significant ramp in production,
orders and deliveries expected as we move into the late spring and
summer of 2021. Since completing our Nasdaq IPO we've further
strengthened our financial position with the conversion of all of
the outstanding Debentures and repayment of Promissory Notes from
proceeds from exercised Warrants. GreenPower is well
positioned for significant growth as the economy improves."
Results for the three months ended December 31, 2020
For the three-month period ended December
31, 2020 the Company recorded revenues of $2,398,781 and cost of revenues of $1,488,974 generating a gross profit of
$909,807 or 37.9% of revenues.
Revenue was generated from the delivery of 17 buses including 14 EV
Stars for which the Company provided lease financing, from the sale
of three different models of EV Stars, as well as revenue from
finance and operating leases and other sources. Operating costs
consisted of administrative fees of $1,051,776; transportation costs of $65,963; travel, accommodation, meals and
entertainment costs of $73,854;
product development costs of $186,977; sales and marketing costs of
$182,790; professional fees of
$117,901; insurance of $233,415 and office expense of $84,561, as well as non-cash expenses including
$570,798 of share-based compensation
expense and depreciation of $122,881.
Interest and accretion on the line of credit, convertible
debentures and promissory notes totalled $362,230, and a foreign exchange gain of
$18,511 resulting in a loss for the
period of $2,133,106. Non-cash
expenses consisting of depreciation, accretion and accrued
interest, share-based compensation, warranty accrual, amortization
of deferred financing fees, and allowance for credit losses totaled
$1,056,014 resulting in total cash
expenses of $1,986,899 in the
three-month period.
Results for the nine months ended December 31, 2020
For the nine-month period ended December
31, 2020 the Company recorded revenues of $7,506,447 with cost of revenues of $5,094,338 generating a gross profit of
$2,412,109 or 32.1% of revenues.
Revenue was generated from the sale of 56 vehicles including 52 EV
Stars for which the Company provided lease financing and which were
accounted for as finance leases, and from the sale of parts, as
well as revenue from finance and operating leases and other
sources. Operating costs consisted of administrative fees of
$2,769,949; transportation costs of
$119,459; travel, accommodation,
meals and entertainment costs of $178,715; product development costs of
$643,785; sales and marketing costs
of $235,834; professional fees of
$275,977; insurance of $330,552 and office expense of $187,972, as well as non-cash expenses including
$820,567 of share-based compensation
expense and depreciation of $355,113. Interest and accretion on the
line of credit, convertible debentures and promissory notes
totalled $1,423,138, and a foreign
exchange loss of $124,542 resulted in
a loss for the period of $5,048,605.
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 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. ©2021
GreenPower Motor Company Inc. All rights reserved.
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SOURCE GreenPower Motor Company