VANCOUVER, BC, July 1, 2022
/PRNewswire/ -- GreenPower Motor Company Inc. (NASDAQ: GP)
(TSXV: GPV) ("GreenPower" or the "Company"), a leading manufacturer
and distributor of zero-emission, electric-powered, medium and
heavy-duty vehicles, today announced fourth quarter and full year
fiscal financial results for the period ended March 31,
2022.
The Company will host an update call next week on GreenPower's
school bus initiatives which will include a discussion on the
fourth quarter and 2022 fiscal year-end.
Financial Highlights for the
year:
- Recorded revenues of $17,236,773
for the year ended March 31, 2022 an
increase of 30% over the restated revenue of $13,286,184 for the previous fiscal year
- Cash including restricted cash of $6.9
million at year-end
- Inventory of $32.3 Million at
year-end compared to $12.5 million at
the previous year-end
- Working capital at year-end was $31,581,470 an increase of $773,095 over the working capital of $30,808,375 at the previous year-end
"Customers for all-electric school buses put on hold purchase
decisions as they waited for the recently announced $500 million of funding federally with online
applications opening on May 20, 2022
for ninety days and awards to be announced thereafter. We are well
positioned to commence deliveries as we have inventory of our Type
D Beast and Type A Nano Beast all-electric school buses," stated
Fraser Atkinson, CEO of GreenPower.
"In the meantime, we have over 1,600 customer orders scheduled to
be delivered over the next two fiscal years. The second quarter
will see an uptick in deliveries to customers with a significant
increase over the ensuing quarters."
Operational Highlights for the
year:
There were a number of notable firsts for GreenPower. The
company was recognized by the NJ ZIP program as the first OEM
dealer to apply for a voucher redemption in the state. GreenPower
has been actively pursuing sales in New
Jersey and has seen significant demand in the state for its
22-foot cargo van, which was its first sale of this new product. In
addition, GreenPower launched the new Nano-BEAST 's all-electric
Type A school bus, and has seen significant interest in the product
from a number of recent events.
GreenPower continued to expand its dealer network across
the United States. During the year
GreenPower signed dealership agreements that will expand
GreenPower's sales footprint into new territories including the
states of Arizona, Nevada, and Washington State, New Jersey, New
York, and several specialized dealership relationships in
the state of California. This
expansion continues with dealer agreements in process covering
BEAST, Nano BEAST and EV Stars in over 10 additional states with
multiple dealer relationships in larger markets.
GreenPower completed a significant partnership with the state of
West Virginia, entering into a
lease-purchase agreement with the state for an 80,000 square foot
facility on six acres of land to manufacture all-electric school
buses for the U.S. market. As part of this partnership the state
will provide worker training and hiring support, up to $3.5 million in employment incentive payments in
exchange for meeting hiring targets and has agreed to purchase up
to $15 million of GreenPower vehicles
produced at the facility.
GreenPower signed a contract to sell 1,500 EV Star Cab and
Chassis to Workhorse which they will use to produce Workhorse
branded panel vans for the North American market.
The Company has corrected and restated the presentation of
revenue and cost of sales in its consolidated statements of income
for the years ended March 31, 2021
and 2020. After discussion with experts and further consideration
of interpretations of IFRS 16, the Company has changed its
determination of revenue and cost of sales at lease inception for
finance leases to include the present value of the purchase option
on finance leases. In addition, the Company identified an error in
the calculation of revenue and cost of sales associated with
cancelled leases and subsequent vehicle sales that took place in
the year ended March 31, 2020.
The restatement resulted in an increase in revenue and a
corresponding increase in cost of sales of $1,401,606 for the year ended March 31, 2021 and an increase in revenue and an
increase in cost of sales of $896,755
for the year ended March 31, 2020.
There was no impact on operating income, net income, working
capital, assets, liabilities or cash flow from these changes.
Results for the year ended
March 31, 2022
For the year ended March 31, 2022
the Company generated revenue of $17,236,773 compared to restated revenue of
$13,286,184 for the previous year, an
increase of 29.7%. Cost of sales of $13,360,068 including additional one-time costs
in the fourth quarter yielded a gross profit of $3,876,705 or 22.5% of revenue. Revenue for the
year was generated from the sale of 18 BEAST school buses, 11 EV
Stars, 4 EV Star + and 21 EV Star cab and chassis, as well as 1 EV
Star and 10 EV Star CC's for which the Company provided lease
financing, and 28 EV Stars that had previously been on lease and
whose leases were cancelled and the vehicles were subsequently
sold. Operating costs consist of administrative fees of
$5,807,744 relating to salaries,
project management, finance, and administrative services;
transportation costs of $231,472
which relate to the use of trucks, trailers, tractors as well as
other operational costs needed to transport company products around
North America; insurance expense
of $1,244,505; travel, accommodation,
meals and entertainment costs of $641,500 related to travel for project
management, demonstration of company products, and trade shows;
product development costs of $1,381,101; sales and marketing costs of
$686,544; interest and accretion of
$515,618; professional fees of
$1,207,920 consisting of legal and
audit fees; as well as non-cash expenses including $5,771,475 of share-based compensation expense,
depreciation of $661,958, and an
allowance for credit losses of $8,940. The remaining operating costs for the
period amounted to $419,398 in
officeexpenses, other income of $364,296 primarily related to the forgiveness of
a PPP loan, a foreign exchange loss of $65,117 and a write down of assets of
$607,579 resulting in
a consolidated net loss of $15,009,920.
Results for the three months
ended March 31, 2022
For the three-month period ended March
31, 2022 the Company generated revenues of $4,313,964, cost of revenues of $3,716,931 including additional one-time costs in
the quarter yielded a gross profit of $597,033, related to the sale of 8 BEAST school
buses, 9 EV Star CC's and 2 EV Stars. Operating costs consist of
administrative fees of $1,784,985
relating to salaries, project management, accounting, and
administrative services; transportation costs of $45,098 which related to the use of trucks,
trailers, contractors as well as other operational costs needed to
transport company products around North
America; insurance expense of $439,765; travel, accommodation, meals and
entertainment costs of $222,419
related to travel for project management, demonstration of company
products, and trade shows; product development costs of
$454,426; interest and accretion of
$150,083; professional fees of
$415,988 consisting of legal and
audit fees; as well as non-cash expenses including $2,983,653 of share-based compensation expense,
allowance for credit losses of $91,176 and depreciation of $269,273. Excluding a foreign exchange loss of
$571, the remaining operating costs
for the period amounted to $126,964
in general corporate expenses and a write down of assets of
$607,579, resulting in a consolidated
net loss of $7,076,553.
Media and Investor Contacts:
Fraser Atkinson, CEO
(604) 220-8048
Michael Sieffert, CFO
(604) 563-4144
Brendan Riley, President
(510) 910-3377
Mike Cole, IR
(949) 444-1341
Allie Potter
Skyya PR for GreenPower
(218) 766-8856
allie@skyya.com
About GreenPower Motor
Company
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 or are beyond GreenPower's control. 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 expressed in U.S. dollars ©
2022 GreenPower Motor Company Inc. All rights reserved.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/greenpower-reports-revenue-of-17-2-million-for-fiscal-year-ended-march-31--2022--an-increase-of-30-over-last-year-301579430.html
SOURCE GreenPower Motor Company