GreenPower Motor Company Inc. Reports 40% Surge in Revenues for Nine Months Ending December 31, 2023
GreenPower Motor Company Inc. (NASDAQ:GP) (TSXV:GPV), a leading manufacturer of all-electric medium and heavy-duty vehicles, has announced a remarkable 40% surge in revenues for the nine months ending December 31, 2023. The company’s revenues reached an impressive $34.2 million, marking a significant increase from the $24.4 million reported during the same period the previous year.
This remarkable growth can be attributed to the successful delivery of 196 vehicles, including a range of electric buses and specialty vehicles. GreenPower gained recognition for its role in providing West Virginia with its first-ever fleet of all-electric, purpose-built school buses. In this initiative, the company supplied the state with four Type A Nano BEASTs, a groundbreaking achievement. Furthermore, during the quarter, California schools received an astonishing nine Type D BEAST school buses, totaling 13 zero-emission buses delivered in total.
In response to the growing demand for its electric school buses, GreenPower has launched production of the Type D BEAST school bus at its West Virginia facility, ensuring it can effectively meet the increasing demand on the East Coast. The expansion of the company’s dealer network has also played a significant role in its impressive growth. By appointing McCandless Truck Center as its commercial dealer for the Denver and Las Vegas metropolitan areas, GreenPower has strengthened its service and parts outreach in these regions. This strategic expansion is aligned with the company’s objective to enhance its presence in the rapidly growing commercial electric vehicle market.
GreenPower’s commitment to innovation is underscored by the recent rollout of the Type D Mega BEAST school bus, which offers an impressive range of up to 300 miles on a single charge. This revolutionary model has already gained significant traction in the industry, with the Montebello school district in California placing an order for 25 units shortly after its announcement.
In terms of financial performance, GreenPower generated revenues of $8.2 million during the third quarter, further solidifying its market position. The company’s cash position also experienced substantial growth, reaching $4.0 million, a considerable increase from the $0.6 million reported at the beginning of the fiscal year. GreenPower’s strong financial standing is further bolstered by its $19.4 million in working capital, which includes $32.9 million in inventory. Additionally, the company reported deferred revenue of $10.7 million at the end of the quarter.
GreenPower Motor Company Inc. continues to make remarkable strides in the all-electric vehicle sector, fueled by its exceptional revenue growth and commitment to innovation. With its expanding dealer network, groundbreaking fleet of electric buses, and focus on meeting the evolving demands of the market, GreenPower is well-positioned to further capitalize on the immense potential of the commercial electric vehicle industry.
Analyst comment
Positive news. GreenPower Motor Company Inc. has seen a remarkable 40% surge in revenues, reaching a impressive $34.2 million. This growth is due to successful delivery of 196 vehicles, expansion of dealer network, and launch of Type D BEAST and Mega BEAST school buses. With strong financial standing and commitment to innovation, GreenPower is well-positioned to capitalize on the growing commercial electric vehicle market.
