VANCOUVER, BC, Nov. 12, 2021 /PRNewswire/ -- 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 September 30, 2021.
Fraser Atkinson, CEO of
GreenPower, commented, "As we expected, vehicle deliveries
accelerated near the end of our fiscal second quarter and that
trend has continued into the current period. Presently, we have
over 100 approved vouchers for eligible vehicles listed on the
California HVIP, New Jersey ZIP and B.C. SUVI rebate program, which
will continue to support increased deliveries in coming quarters."
Atkinson continued, "Sales pipeline activity continues to grow with
a variety of large volume opportunities across the GreenPower
product line. We have significantly expanded our sales
infrastructure and network and we expect to see the benefits of
that investment materialize over the next several quarters."
Recent Highlights:
- Delivered 44 vehicles including 34 sales and 10 leases
generating revenues of $4,441,963 in
the second quarter an increase of 57% over the revenue of
$2,835,411 for the second quarter in
the previous fiscal year
- Launched the BEAST Type D all-electric school bus with an
industry leading capacity of 90 seats and features at ACT Expo in
Long Beach on August 31, 2021
- Delivered the first two BEAST school buses, which have passed
the required California Highway
Patrol inspection
- GreenPower completed a follow-on sale of 24 EV Stars to Zeem
Solutions during the quarter, which were previously on lease with
another customer
- GreenPower delivered the first ten EV Star Cab and Chassis to
an end user in Southern
California
- GreenPower sold 7 EV Stars to a diverse group of customers in
California, to be used for
employee transportation at Fortune 500 companies, public
transportation in the City of
Temecula, and to a vehicle upfitter.
- Announced OEM agreement with autonomous vehicle technology
provider, Perrone Robotics, to accelerate autonomous shuttle
offerings for transit properties.
- Honoured by Metro Magazine with the "Innovative Solutions"
Award in Recognition of Work with Perrone Robotics &
Jacksonville Transportation Authority
Brendan Riley, President of
GreenPower commented, "To keep pace with anticipated demand, we
continue to build significant inventory with nearly 260 units in
various stages of production and over 70 units in finished goods at
the end of the quarter. The receipt of our 292 Card from the
California Highway Patrol allows
us to accelerate deliveries of our all-electric BEAST school bus
which we expect to have a significant impact on revenues in the
second half of this fiscal year. Most importantly, we continue to
see substantial repeat demand from existing customers, which is a
testament to the performance of GreenPower vehicles in the real
world environment."
Second Quarter 2022 Financial Summary:
- Recorded revenues on the delivery of 44 vehicles of
$4,441,963 an increase of 57% over
revenue of $2,835,411 on the delivery
of 15 vehicles for the second quarter in the previous fiscal
year
- Cost of revenues were $3,488,972
generating a gross profit of $952,991
or 21.5% of revenues compared to a gross profit of 30.1% for the
previous fiscal year. Gross profit for the quarter was compressed
due to the deliveries of several new models and the sale of
vehicles formerly on lease and our gross margin expectation remains
at 30%.
- The adjusted EBITDA loss was $1,373,088 compared to an adjusted EBITDA loss of
$1,122,248 for the previous
quarter
- Working capital increased to $31,327,058 compared to $30,808,375 at March 31,
2021
- Inventory increased to $22.8
million compared to $12.5
million at March 31, 2021 and
$5.7 million at September 30, 2020. Inventory at September 30, 2021 consisted of over 70 vehicles
in finished goods inventory representing EV Star Transit +, EV Star
Cab and Chassis, BEAST school buses, EV Stars, EV Star Cargo and an
EV 350 as well as almost an additional 260 various models under
production.
For further information contact
Fraser Atkinson, CEO and
Chairman
(604) 220-8048
Brendan Riley, President
(510) 910-3377
Michael Sieffert, CFO
(604) 563-4144
Mike Cole
Investor Relations
(949) 444-1341
Allie Potter
Media Relations
(218) 766-8856
allie@skyya.com
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
Non IFRS Financial Measures
"Adjusted EBITDA"
as reflected above reflects net income or loss before interest,
taxes, share-based payments, depreciation and amortization,
allowance/(recovery) for credit losses and warranty accrual.
Adjusted EBITDA is a measure used by analysts and investors as an
indicator of operating cash flow since it excludes the impact of
movements in working capital items, non-cash charges and financing
costs. Therefore, Adjusted EBITDA gives the investor information as
to the cash generated from the operations of a business.
However, Adjusted EBITDA is not a measure of financial performance
under IFRS and should not be considered a substitute for other
financial measures of performance. Adjusted EBITDA as calculated by
GreenPower may not be comparable to Adjusted EBITDA as calculated
and reported by other companies. The most comparable IFRS measure
to Adjusted EBITDA is net income.
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