VANCOUVER, BC, Feb. 14,
2023 /CNW/ -- GreenPower Motor Company Inc. (Nasdaq:
GP) (TSXV: GPV) ("GreenPower"), 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
record revenues and deliveries for its third quarter ended
December 31, 2022.
GreenPower reported revenues of nearly $12.8 million, a 140% increase from the previous
year's third quarter, and delivered 101 vehicles with a
majority of the deliveries being EV Star Cab and Chassis, as well
as EV Star Cargos, EV Stars and the first delivery of the
award-winning Nano BEAST Type A school bus.
"The quarter was record setting in all aspects for GreenPower,"
said Fraser Atkinson, GreenPower
Chairman and CEO. "In addition to realized revenue, GreenPower had
more than $12 million of deferred
revenue at the end of the third quarter, the majority of which we
expect to recognize over the next 12 months, further accelerating
our revenue growth."
At quarter's end, GreenPower held $46.2
million in inventory, including $34.6
million in finished goods inventory that is expected to be
used to fulfill existing customer orders. "Utilizing our current
inventory and with continued increase in production, GreenPower is
on track for this quarter to exceed last quarter's record delivery
of 101 vehicles. We are working on more than 30 deals in eight
states for our BEAST and Nano BEAST school buses with deliveries
for the first of these also utilizing current inventory," Atkinson
stated.
Subsequent to the end of the third quarter GreenPower raised
more than $3.5 million from its
at-the-market equity program (ATM). The funds raised through the
ATM are supporting GreenPower's continued growth and the net
proceeds benefit the production of GreenPower's purpose-built,
all-electric vehicles as well as for product development with the
remainder for general corporate purposes.
Third Quarter Highlights:
- Generated record revenues of $12,771,180 in the third quarter, an increase of
140% over the revenue of $5,313,352
for the third quarter in the previous year.
- Delivered 101 GreenPower vehicles in the quarter.
- Reported deferred revenue of $12,528,950 at the end of the third quarter, an
increase of more than 92% from the beginning of the fiscal
year.
- Increased deliveries of the EV Star Cab and Chassis vehicles to
Workhorse.
- Delivered the first Nano BEAST Type A all-electric,
purpose-built school bus with rear curbside lift and wheelchair
securement.
- Delivered the first right-hand drive EV Star Cab and Chassis to
Gemilang and agreed to collaborate with them to pursue fleet
customers across Asia, the
Middle East and Europe.
- Sold 10 EV Star 22' Cargos to a diverse group of customers in
New Jersey.
- Expanded the scope of the school bus pilot project in the state
of West Virginia.
- Added to the nationwide network of dealers for both school
buses and commercial truck sales.
"GreenPower delivered 84 EV Star Cab and Chassis to Workhorse
during the third quarter," said Brendan
Riley, President of GreenPower. "We continue to work on
timing and quality issues with our supply chain and shipping in
order to optimize the run-rate of deliveries to Workhorse."
GreenPower also concentrated on its dealer network during the
quarter for both commercial truck and school bus sales. In
addition, the company announced the appointment of Claus Tritt to head GreenPower's commercial
vehicle group, develop the sales team and expand the dealer network
nationwide.
"Bringing Claus on board allows GreenPower to provide more focus
on all-electric, purpose-built truck sales in the coming quarters,"
Riley noted, adding that Tritt will develop plans for the full
integration of Lion Truck Body components into GreenPower
commercial vehicles. "GreenPower is geared up to be the
full-service provider for its customers for both the goods and
services necessary to successfully electrify their fleets," Riley
concluded.
Third Quarter 2023 Financial Summary:
- Recorded revenues in the third quarter of $12,771,180, an increase of 140% over the revenue
of $5,313,352 for the third quarter
in the previous fiscal year. Revenue was generated from the sale of
vehicles and recognized revenue from finance and operating leases
and Lion Truck Body.
- Cost of sales in the quarter were $9,891,401 generating a gross profit of
$2,879,779 or 22.5% of revenues
compared to a gross profit of $1,476,049 or 27.8% for the third quarter in the
previous fiscal year. The Company expects that gross profit margins
will be at similar levels in the near term due to its anticipated
sales mix.
- Revenue for the nine months ended December 31, 2022 was $24,348,746 an increase of 88% over the revenue
of $12,922,809 for the same period in
the previous year.
- Working capital of $25,639,694 at
the end of the third quarter.
- Inventory of $46.2 million on
December 31, 2022 compared to
$44 million on September 30, 2022. Inventory on December 31, 2022 includes $34.6 million of finished goods inventory
primarily representing EV Star Transit Pluses, EV Star Cab and
Chassis, EV Stars, EV Star Cargos, and BEAST and Nano BEAST school
buses.
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 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. ©2023
GreenPower Motor Company Inc. All rights reserved.
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