VANCOUVER, BC, Aug. 12, 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
quarter ended June 30, 2021.
"As expected, we experienced a substantial uptick in sales
pipeline activity this summer which has culminated in new orders.
We've tripled our inventory and now have over 300 vehicles in
finished goods or various stages of production including EV Star
cargo vans and passenger buses as well as our BEAST all-electric
school bus," said Fraser Atkinson CEO of GreenPower. "We are
excited that we have commenced deliveries of these to our
customers, which will accelerate through the fall. We are on
track to achieving our goal of attaining positive quarterly
cash flow by the end of this calendar year."
Highlights of the fiscal first quarter:
- Recorded revenues of $2,659,002
an increase of 17% over the revenue of $2,272,255 for the first quarter in the previous
fiscal year
- Cost of revenues of $1,808,370
generating a gross profit of $850,632
or 32.0% of revenues compared to a gross profit of 30.1% for the
previous fiscal year
- Delivered five EV Star Cab and Chassis to Forest River, which they expect to complete the
installation of their body by the end of September.
Concurrent with the completion of these first vehicles with Forest
River GreenPower has scheduled an Altoona test for the EV Star
Plus.
- Delivered 14 EV Stars to Green Commuter, which is a
Los Angeles based shared mobility
company that provides zero emissions solutions for vanpools,
employee transportation, and delivery vehicles who continue to
expand their fleet with EV Stars
- Delivered one EV Star to Harbour Air and one EV Star to the
Learning Disabilities Society of Greater Vancouver. These
customers received vouchers under the B.C. SUVI voucher program to
facilitate these purchases, which are up to CDN $100,000 for GreenPower's eligible vehicles
- Inventory increased to $18.8
million at June 30, 2021
compared to $12.5 million at
March 31, 2021 and $6.6 million the previous year
- Cash expenses for the current quarter decreased 3% to
$1,973,261 compared to $2,035,699 for the previous quarter
- Working capital increased to $31,391,694 compared to $30,808,375 at the end of the previous
quarter
Brendan Riley, President of
GreenPower commented, "With the growing sense of urgency associated
with the topic of climate change, we anticipate that incentives and
mandates will further accelerate the EV transition across both the
public and private sector. We have built substantial inventory
and continue expanding our production aggressively, placing
GreenPower in an ideal position to have an immediate positive
impact on the goal of our customers to reduce their carbon
footprint."
Results for the three months ended June 30, 2021
For the three-month period ended June 30,
2021 the Company recorded revenues of $2,659,002 and cost of revenues of $1,808,370 generating a gross profit of
$850,632 or 32.0% of revenues.
Operating costs consisted of administrative fees of $1,067,612; transportation costs of $41,367; travel, accommodation, meals and
entertainment costs of $81,607;
product development costs of $333,493; sales and marketing costs of
$90,312; insurance expense of
$193,971; professional fees of
$190,109; and office expense of
$66,434, as well as non-cash expenses
including $743,513 of share-based
compensation expense and depreciation of $132,363. Interest and accretion amounted to
$184,271 and with a foreign exchange
loss of $1,874 resulting in a loss
for the period of $2,261,623.
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. ©2021
GreenPower Motor Company Inc. All rights reserved.
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SOURCE GreenPower Motor Company