GreenPower Announces Record Deliveries and Record Revenue of $17.6 million for First Quarter Fiscal 2024
GreenPower reported record revenues of
"GreenPower continued with record-setting revenues and deliveries in the first quarter," said Fraser Atkinson, GreenPower Chairman and CEO. "We continue to achieve significant operational improvements, which are critical in attaining profitable operations. The Selling, General and Administrative (SGA) expenses have been reduced to
Quarters: | 30-Jun-23 | 31-Mar-23 | 31-Dec-22 | 30-Sep-22 | 30-Jun-22 |
Revenues | |||||
SGA as a percent of revenues | 30 % | 36 % | 41 % | 61 % | 133 % |
Inventory | |||||
Number of quarters in COGS | 2.3 | 3.2 | 4.4 | 7.2 | 14.5 |
"GreenPower significantly improved its financial position in the quarter, as we ended the quarter with only
"The commercial vehicle group presently has 47 active orders and 125 signed purchase orders for various EV Star models. The school bus group has 87 active orders for the BEAST and Nano BEAST school buses with deliveries for the first orders utilizing current inventory," Atkinson stated.
First Quarter 2024 Highlights:
- Generated record revenues of
in the first quarter, an increase of$17,581,008 over the revenue of$13,729,903 in the first quarter of the previous fiscal year. Gross profit was$3,851,105 in the first quarter compared to$2,790,776 in the first quarter of the previous fiscal year.$1,051,004 - Delivered 131 GreenPower vehicles compared to 21 vehicles in the first quarter of the previous year.
- Secured a
order with a$15 million deposit from the state of$3 million West Virginia for 37 Type D BEAST and four Type A Nano BEAST school buses. This is in addition to the BEAST school bus ordered byKanawha County (West Virginia ) School District in January. - Continued with deliveries of the EV Star Cab and Chassis vehicles to Workhorse.
- Delivered two Nano BEAST school buses to
Portland Public Schools, the largest school district in the Pacific Northwest, making them the first school district inOregon to receive a purpose-built, all-electric Type A school bus. GreenPower's Nano BEAST won the "Innovation Award for Best Green Bus Technology" from School Transportation News. - Completed the fifth and final round of the all-electric school bus pilot project in the state of
West Virginia . - Introduced the EV Star Utility Truck at ACT Expo.
- Continued growth of GreenPower's commercial dealer network with the appointment of H.K. Truck Center in
New Jersey . - Raised
gross proceeds in the quarter from the sale of the Company's shares using its ATM.$520,892
After the end of the quarter GreenPower announced an order for 15 GreenPower Type D all-electric, purpose-built BEAST school buses through GreenPower's dealer RWC Group for the
"
"During the quarter GreenPower also introduced the new EV Star Utility Truck which was a combined effort of the
First Quarter 2024 Financial Highlights:
- Recorded revenues of
in the first quarter, an increase of$17,581,008 over the revenue of$13,729,903 in the first quarter of the previous fiscal year. Revenue was generated from the sale of vehicles, parts, finance and operating leases and Lion Truck Body.$3,851,105 - Cost of revenues in the quarter were
generating a gross profit of$14,790,232 of revenues compared to a gross profit of$2,790,776 for the same quarter in the previous fiscal year. The Company expects that gross profit margins will vary due to the sales mix and higher volume sales to select customers.$1,051,004 - Inventory was
at the end of the quarter, a reduction of$34.4 million from the beginning of the quarter. Finished goods inventory consists of EV Star Transit Pluses, EV Star Cab and Chassis, EV Stars, EV Star Cargoes, and BEAST and Nano BEAST school buses.$7.2 million - Deferred revenue increased to
at the end of the current quarter including the current portion of$11.4 million .$10 million - Working capital of
at the end of the quarter$26.5 million
For additional information on the results of operations for the three months ended June 30, 2023 you can find the financial statements and related reports posted on GreenPower's website as well as on www.sedar.com or filed on EDGAR.
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
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
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SOURCE GreenPower Motor Company