GreenPower Motor Company Inc., 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, reported its results for the year ended March 31, 2024.
"Despite significant headwinds in the EV sector, GreenPower has made substantial strides with its plan to transition to a production plan driven by customer orders," said Fraser Atkinson, GreenPower Chairman and CEO. "This transition has required expanding our manufacturing capabilities both in California and West Virginia, as well as investments in GP Truck Body, and obtaining sources of production funding."
During the year, the Company completed the build-out of the West Virginia manufacturing facility and delivered the first all-electric school buses produced at the facility with the first deliveries of four Nano BEAST and Nano BEAST Access school buses in December 2023. "The Company enjoyed a four-fold increase in the number of GreenPower school buses sold in the year and is currently manufacturing Type D BEAST and Type A Nano BEAST school buses at the West Virginia facility pursuant to customer orders and anticipates that school bus deliveries will continue to grow in the current fiscal year based on existing backlog, demand and manufacturing activity," said Brendan Riley, GreenPower President.
GreenPower made significant investment with its in-house truck body division, GP Truck Body. The focus has been to improve the delivery time of upfitting EV Star Cab & Chassis with truck bodies for customers, providing a seamless one-stop-shop opportunity. Through GP Truck Body, GreenPower has continued to develop new truck body designs, including the EV Star Utility Truck and EV Star REEFERX. "These new designs open up exciting new markets for GreenPower and demonstrate the flexibility of the EV Star platform," said Riley.
Fiscal Year 2024 Highlights:
Generated revenues of $39.3 million in the 2024 fiscal year compared to $39.7 million in the prior year. Cost of sales of $33,914,237 yielding a gross profit of $5,357,602.
Delivered 222 GreenPower all-electric, purpose-built, zero-emission vehicles consisting of 122 EV Star Cab & Chassis, 18 EV Star Cargo, 6 EV Star Cargo Plus, 32 EV Star Passenger Vans, 31 Type D BEAST school buses, 10 Type A Nano BEAST school buses and 2 EV250s.
Manufactured and delivered the first four Type A Nano BEAST and Nano BEAST Access school buses manufactured in West Virginia and commenced production of the first Type D BEAST school buses in the facility in South Charleston.
Expanded its dealer network during the year and through the dealer channel was able to generate its first sales in new markets, including Arizona, Colorado, North Carolina and Oregon.
Entered into a revolving $5 million term loan facility with EDC to finance the production of GreenPower all-electric vehicles pursuant to existing customer orders. EDC is also providing a guarantee on Letters of Credit for up to $5 million.
Completed a nine-month school bus pilot program with the state of West Virginia covering 18 counties, representing more than one-third of the school districts in the state with more than 100 professional drivers.
Won the "2023 Green Car Product of Excellence" for the EV Star Cab & Chassis. Green Car Journal said the award honors commercial vehicles that feature greater environmental performance through higher efficiency, the integration of advanced technology and electronics and innovative powertrains that achieve decarbonization goals with low or no carbon emissions.
During the fiscal year GreenPower commenced monthly lease payments on a lease/purchase agreement with the state of West Virginia for a production facility located in South Charleston, West Virginia with more than six acres and an 80,000 square foot building. Lease payments totalled $600,000 for the year and will be applied in full to the purchase of the property. The state will also provide up to $3.5 million in employment incentive payments to GreenPower for jobs created in the state as production increases over time. Title to the property will be transferred to GreenPower once total lease and incentive payments reach $6.7 million.
For additional information on the results of operations for the year ended March 31, 2024 review the audited financial statements and related reports posted on GreenPower's website as well as on www.sedar.com or filed on EDGAR.
Conference Call Information
Date: Monday July 1, 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=QRlnUqlT
Replay: (US) 1-877-344-7529; (Canada) 1-855-669-9658; (International) 1-412-317-0088
Replay access code: 3507472
