VANCOUVER, BC, Feb. 12,
2024 /CNW/ -- GreenPower Motor Company Inc. (Nasdaq:
GP) (TSXV: GPV) ("GreenPower" and the "Company"), 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 its financial results for the three and nine months
ended December 31, 2023.
GreenPower reported record revenues of $34.2 million for the nine months ended
December 31, 2023, an increase of 40%
over the revenue of $24.4 million for
the comparable period in the previous fiscal year. The Company
delivered 196 vehicles for the nine months ended December 31, 2023 consisting of EV Star Cab &
Chassis, EV Star Cargoes, EV Star Passenger Vans, speciality EV
Star products, Type D BEAST school buses and Type A Nano BEAST
school buses.
All-Electric School Buses
During the quarter
GreenPower continued to see growth in its school bus division. "We
achieved a significant milestone with the delivery of four Type A
Nano BEAST school buses that were the first all-electric,
purpose-built school buses manufactured in West Virginia. These Nano BEASTs are part of
the 41 all-electric GreenPower school buses ordered by the state of
West Virginia," said Fraser Atkinson, GreenPower Chairman and CEO.
"We also delivered nine Type D BEAST school buses to California schools, for a total of 13
all-electric, purpose-built, zero-emission school buses delivered
in the quarter."
Production started of the Type D all-electric, purpose-built
BEAST school bus at the Company's West
Virginia manufacturing plant during the quarter. "As demand
on the East Coast grows, we've commenced production of our BEAST
school bus at the West Virginia
plant," added GreenPower President Brendan
Riley. "In the immediate term, this production is designed
to fulfill the current orders for 38 BEASTs in West Virginia and prepare the production team
for the mixed manufacturing of BEASTs and Nano BEASTs at the
facility to meet the demand created from projected sales."
"Manufacturing capacity on the East Coast is important to the
school bus division," Atkinson noted. During the quarter the first
order for Nano BEAST school buses for the New York market was placed by GreenPower's
dealer Leonard Bus Sales. "New
York represents a significant opportunity with approximately
50,000 school buses and a mandate for all new school buses
purchased to be zero-emission by 2027 and all school buses in
operation to be electric by 2035," Atkinson stated.
The quarter also saw significant school bus activity on the West
Coast. GreenPower's dealer in California – Model 1 – ordered 25 Type D Mega
BEAST school buses for the Montebello school district and 10 Type D BEAST
school buses for the Garden Grove
school district. Additionally, the first order for a GreenPower
BEAST was placed by its dealer RWC for the Arizona market.
GreenPower Innovation
The Model 1 order of 25
Type D GreenPower Mega BEASTs for the Montebello school district came just two weeks
after the Company announced the new product as part of its school
bus line. "We launched the Type D Mega BEAST school bus to meet the
demand from school districts requiring a longer range," said Riley.
"The Mega BEAST is a 40-foot Type D all-electric, purpose-built,
zero-emission school bus that delivers a class-leading range of up
to 300 miles on a single charge via a 387 kWh battery pack. It
provides for the longest range, has the biggest battery pack in the
school bus market, provides for more uphill climbing power and has
the most desirable V2G capability for a more stable electric grid
and community sustainability in areas where it is deployed."
Third Quarter 2024 Highlights
- Generated revenues of $8.2
million in the third quarter. Revenue was generated from the
sale of vehicles, parts, finance and operating leases and Lion
Truck Body.
- Increased cash by $3.4 million to
$4.0 million from $0.6 million at the beginning of the fiscal
year.
- Held working capital of $19.4
million at the end of the quarter including inventory of
$32.9 million.
- Deferred revenue of $10.7 million
at the end of the quarter including the current portion of
$8.2 million.
- Delivered the first four Type A Nano BEAST school buses
manufactured in West Virginia to
four school districts in the state.
- Delivered 10 EV Star Cab & Chassis to the Canadian unit of
a global retailer who will upfit the vehicles for fulfillment of
orders to the end consumer in the greater Toronto market.
- Delivered the first EV Star Cargo Refrigerated Van to a
California University. With dual
batteries for increased range and continual eTRU cooling for the
cargo area, it has a diamond plated floor and an interior cargo
area that is a smooth surface concept allowing for easier cleaning
and sanitation.
- Launched the Mega BEAST with twice the battery capacity of the
BEAST, providing a range of up to 300 miles on a single
charge.
- Delivered 40 completed truck bodies to customers through
GreenPower's wholly-owned subsidiary Lion Truck Body
Dealer Network Expansion
During the third
quarter, GreenPower expanded the geographic reach of the Company
for its commercial vehicle EV Star line of products by
appointing McCandless Truck Center as its commercial
dealer serving the greater Denver
metropolitan and Las Vegas
metropolitan areas. The appointment also increases the service area
for GreenPower as McCandless has service and parts centers in
Colorado Springs, Grand Junction, Henderson and Pueblo, Colorado and Cheyenne, Wyoming.
Earnings Call
GreenPower will host a conference
call and webcast for all shareholders and interested parties at
6:30 a.m. PST/9:30 a.m. EST on
Tuesday, February 13, 2024 to discuss
its operations and financial results for the period ended
December 31, 2023. A replay of the
call will be available on the number below shortly after the
call.
- Participant dial-in: (US) 844-739-3982; (Canada) 866-605-3852; (International)
412-317-5718 – Ask to be joined into the GreenPower Motor Company
Inc. conference call.
- Webcast:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=hJl8t3kV
- Replay: (US) 877-344-7529; (Canada) 855-669-9658; (International)
412-317-0088.
- Replay access code: 1162207.
For additional information on the results of operations for the
three and nine months ended December 31,
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 vans 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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