VANCOUVER, BC, June 29, 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
fiscal fourth quarter and year ended March
31, 2021.
Highlights of the fiscal fourth quarter:
- Recorded revenues of $4,378,131
an increase of 76% over the revenue of $2,486,669 for the fourth quarter in the previous
fiscal year
- Cost of revenues were $3,210,100
generating a gross profit of $1,168,031 or 26.7% of revenues compared to a
gross profit of 30.1% for the full fiscal year
- Delivered five EV250 thirty-foot all-electric buses for shuttle
operations at LAX airport
- Sold 30 EV Stars to Zeem Solutions that were previously on
lease with another customer
- Inventory was $12.5 million at
March 31, 2021 compared to
$6.6 million the previous year
- Increased production of B.E.A.S.T. all-electric school buses
from five units per month to 10 units per month in response to
positive feedback from demonstrations and anticipated future
demand
- Cash expenses for the current quarter amounted to $2,035,699 compared to $1,909,522 for the previous quarter
- Working capital was $30,808,375
at the end of the quarter compared to $31,310,393 at the end of the previous
quarter
"With the consistent run rate production for our EV Star and
School Buses that was increased in Q4, we are building to meet the
high demand for GreenPower products across multiple sectors
including: transit, delivery, student transportation, fleet
operators, municipal and final stage manufacturers," said
Brendan Riley President of
GreenPower. "GreenPower has the most compelling vehicles in the
medium and heavy duty, commercial EV sector. We expect strong
demand for the foreseeable future."
Fraser Atkinson, CEO of
GreenPower added, "We are excited that as the economy reopens from
the Covid-19 pandemic our efforts with production have positioned
us for increased deliveries, which commence this summer and
accelerate thereafter. I'm proud of our team in that we've
been able to accomplish this with a modest increase in our
quarterly cash expenses and modest decrease in working capital
compared to the previous quarter. We believe that we are on
track to achieving our goal of attaining positive quarterly cash
flow by the middle of the current fiscal year."
Results for the three months ended March 31, 2021
For the three-month period ended March
31, 2021 the Company generated revenues of $4,378,131, cost of revenues of $3,210,100 yielding a gross profit of
$1,168,031, related to the sale of 30
EV Stars that were previously on lease, the delivery of five EV
250s for which the Company provided lease financing and which were
accounted for as finance leases, and from the sale of spare parts.
Operating costs consist of administrative fees of $977,812 relating to salaries, project
management, accounting, and administrative services; transportation
costs of $41,558; insurance expense
of $266,380; travel, accommodation,
meals and entertainment costs of $38,308; product development costs of
$296,164; interest and accretion of
$175,450; professional fees of
$210,448; as well as non-cash
expenses including $1,278,194 of
share-based compensation expense, allowance for credit losses of
$338,818 and depreciation of
$82,150. Excluding a foreign exchange
loss of $69,256, the remaining
operating costs for the period amounted to $135,963 in general corporate expenses and a
write down of assets of $45,679,
resulting in a consolidated net loss of $2,788,149.
Results for the year ended March
31, 2021
For the year ended March 31, 2021
the Company generated revenue of $11,884,578 compared to $13,500,403 for the previous year, a decrease of
12.0%. Cost of revenues of $8,304,438
yielding a gross profit of $3,580,140
or 30.1% of revenue. Revenue for the year was generated from the
sale of 33 EV Stars, from the lease of 35 EV Stars, from the lease
of 5 EV 250s, from lease income, and from the sale of chargers, and
parts. Operating costs consist of administrative fees of
$3,747,76; transportation costs of
$161,017; insurance expense of
$596,932; travel, accommodation,
meals and entertainment costs of $217,023; product development costs of
$939,949; sales and marketing costs
of $234,445; interest and accretion
of $1,598,588; professional fees of
$486,425; as well as non-cash
expenses including $2,098,761
share-based compensation expense, depreciation of $437,263, and an allowance for credit losses of
$333,929. The remaining operating
costs for the period amounted to $325,324 in general corporate expenses, a foreign
exchange loss of $193,798 and a write
down of assets of $45,679 resulting
in a consolidated net loss of $7,836,754.
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