Shareholder Call Scheduled for August 15, 2024 at 9:30
a.m. EDT/6:30 a.m. PDT
VANCOUVER, BC, Aug. 14,
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 reported its first quarter fiscal year 2025
results and provided an update on its sales pipeline.
"We have seen a significant uptick this summer in our sales
pipeline for GreenPower's all-electric commercial vehicles,
including 28 specialty vehicles for deployment in Canada which would utilize our current
inventory of EV Star Cab & Chassis. We've also received orders
for EV Star Passenger Vans in a variety of seating
configurations and EV Star Cargo Plus for more than 20 vehicles,"
said Fraser Atkinson, GreenPower
Chairman and CEO. "We anticipate delivering most of these vehicles
by the end of this calendar year."
"The pipeline of GreenPower all-electric, purpose-built,
zero-emission school bus orders has more than 30 vehicles slated
for delivery in California and
Oregon over the next 90 to 120
days," added Brendan Riley,
GreenPower President. "These orders complement the 88 school buses
previously announced for the East Coast. This East-West strategy of
manufacturing and delivering product nationwide is what the Company
envisioned when the West Virginia
plant was added to complement our California production capacity."
"While uncertainty over state regulations and federal incentives
combined with other global economic factors slowed some EV markets
earlier this year, the increase in orders and quotes GreenPower is
now experiencing shows that the demand for all-electric vehicles is
still there and that the market is rebounding with significant
growth potential as the industry addresses these hurdles and paves
the way for a more electrified and sustainable future," Atkinson
continued. "Consequently, we see a step up in our revenue through
the remaining quarters this fiscal year."
First Quarter 2025 Highlights:
- Generated revenues of $3.0
million for the three months ended June 30, 2024. Cost of sales of $2.8 million yielding a gross profit of more than
$0.2 million.
- Delivered three BEAST Type D all-electric school buses, four EV
Star Cargo and EV Star Cargo Plus
and five EV Star Passenger Vans.
- Delivered the first Type D BEAST all-electric, purpose-built,
zero-emission school bus manufactured in South Charleston, West Virginia and continued
ground-up production of additional BEAST Type D school buses for
the fulfillment of the 37 ordered by the state.
- Introduced the EV Star REEFERX. Built on
GreenPower's EV Star Cab & Chassis platform, the EV Star
REEFERX is purpose-built and fully customizable with a
lighter body to allow for increased payload. Designed to serve mid
to last-mile refrigerated delivery and catering applications, the
EV Star REEFERX moves goods that need to be temperature
controlled, such as fresh and frozen foods, flowers and
pharmaceuticals, among other applications. The vehicle body
features a one interior wall structure to allow for seamless
sanitation, consistent insulation throughout and a longer
life.
- At the end of the quarter had working capital of $13.9 million and inventory of $33.7 million, including $13.4 million of finished goods.
- During the quarter, the Company raised gross proceeds of
$2.3 million (before deducting
underwriting discounts and offering expenses) with an underwritten
Unit offering comprised of 1,500,000 common shares and warrants to
purchase 1,575,000 common shares.
For additional information on the results of operations for the
three months ended June 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: Thursday August 15, 2024
Time: 6:30 a.m. PDT / 9:30 a.m. EDT
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=Ld1j4FwO
Replay: (US) 1-877-344-7529; (Canada) 1-855-669-9658; (International)
1-412-317-0088
Replay access code: 5340511
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. Such forward-looking statements
include, among other things, that GreenPower plans to deliver 30
school buses slated for delivery in California and Oregon over the next 90 to 120 days, that
GreenPower plans to deliver 88 all-electric school buses previously
announced for the East Coast, that GreenPower anticipates
delivering by the end of the year most of the EV Star Passenger
vans and EV Star Cargo Plus for which it has received orders for
more than 20 vehicles, and that GreenPower will see an uptick in
its sales pipeline from 28 specialty vehicles for deployment in
Canada. 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