Shareholder Call Scheduled for November 15, 2024 at 10
a.m. EST/7 a.m. PST
VANCOUVER, BC, Nov. 14,
2024 /CNW/ -- GreenPower Motor Company Inc.
(Nasdaq: GP) (TSXV: GPV) ("GreenPower" and the "Company"), a
leading manufacturer and distributor of all-electric,
purpose-built, zero-emission medium and heavy-duty vehicles serving
the cargo and delivery market, shuttle and transit space and school
bus sector, today reported its second quarter fiscal year 2025
results and provided an update on its manufacturing operations.
"GreenPower spent the quarter advancing the school bus
production process at its West
Virginia facility by setting up an oversized paint booth and
establishing production stations to increase throughput in order to
meet customer orders and demands," said GreenPower President
Brendan Riley. "The increase in
production coupled with manufacturing process improvements is
expected to result in higher gross profit margins and cost
reductions on a per unit basis as throughput improves."
Riley said that the Company has been systematically increasing
its production workforce to provide for its growing production.
"Putting the workforce in place and validating the manufacturing
process is key to our efficiency, and production growth which is
expected to drive cost savings on a per unit basis. With these in
place, GreenPower will be able to attain its longer-term
manufacturing goal of producing 20 school buses per month," he
said, noting that steady, measured growth, a foundation of
GreenPower's model, is critical for maintaining quality throughout
the production process.
"The growth in production complements GreenPower's sales
strategy of focusing on states where there are money and mandates
for electric school buses," added Fraser
Atkinson, CEO of GreenPower. "While we continue to
manufacture and sell EV school buses for current orders and
contracts under both state and federal programs, the future is more
focused on states that have put policies and plans in place to
provide a cleaner, healthier ride for students through the
deployment of electric school buses. States like California and New
York, and regions like the Southwest."
During the second quarter of GreenPower's fiscal year 2025, the
manufacturing process was exhibited when the Company produced the
first Type D BEAST all-electric, purpose-built, zero-emission
school bus for the 37 BEAST order from the state of West Virginia from its South Charleston plant, which was delivered at
the beginning of our current quarter. That was the second
BEAST produced in the facility following the production of the
Kanawha County bus purchased
directly by the school district outside of the state order.
Additional deliveries to fulfill the state order are planned to
take place in the third and fourth quarters.
Second Quarter 2025 Highlights:
- Generated revenues of $5.3
million for the three months ended September 30, 2024, an increase of 78% over the
previous quarter.
- Delivered 11 BEAST Type D all-electric school buses, six EV
Star Cargo and EV Star Cargo Plus
and five EV Star Passenger Vans.
- Deferred revenue increased to $10.4
million, including the current portion of $7.5 million, which is expected to be realized
over the next year.
- At the end of the quarter GreenPower had working capital of
$10.1 million including inventory of
$31.7 million consisting of
$9.3 million of finished goods,
$18.6 million of work-in-process and
$3.8 million of parts and
components.
- Received order for school buses under EPA's Clean School Bus
Program from the RWC Group for Arizona.
In October the Company completed an underwritten offering of
3,000,000 common shares raising gross proceeds of $3 million. The net proceeds from this offering
are intended for the production of all-electric vehicles, including
BEAST school buses and EV Star commercial vehicles, product
development, with the remainder, if any, for general corporate
purposes.
For additional information on the results of operations for the
periods ended September 30, 2024
review the interim financial statements and related reports posted
on GreenPower's website as well as on www.sedar.com or filed on
EDGAR.
Shareholder Call Information
Date: Friday November 15,
2024
Time: 7 a.m. PST/10 a.m. EST
Participant dial-in: (US) 1-844-739-3982 (Canada); 1-866-605-3852; (International)
1-412-317-5718. Ask to be joined into the GreenPower Motor
Company Inc. conference call.
Webcast Link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=pVZ0NwpL
Replay: (US) 1-877-344-7529; (Canada) 1-855-669-9658; (International)
1-412-317-0088
Replay access code: 4413647
For further information contact:
Fraser Atkinson, CEO
(604) 220-8048
Brendan Riley, President
(510) 910-3377
Michael Sieffert, CFO
(604) 563-4144
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. ©2024
GreenPower Motor Company Inc. All rights reserved.
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SOURCE GreenPower Motor Company