GreenPower notched revenues of nearly $12.8 million in the third quarter of last year, a 140% increase from the previous year's third quarter.
The company also says it delivered 101 vehicles, the majority of them EV Star Cab and Chassis, but also EV Star Cargos, EV Stars and the first delivery of the Nano BEAST school bus.
"The quarter was record-setting in all aspects for GreenPower," says Chairman and CEO Fraser Atkinson. "In addition to realized revenue, GreenPower had more than $12 million of deferred revenue at the end of the third quarter, the majority of which we expect to recognize over the next 12 months, further accelerating our revenue growth."
At the end of the quarter, GreenPower held $46.2 million in inventory, including $34.6 million in finished goods that is expected to be used to fulfill existing customer orders.
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"GreenPower is on track for this quarter to exceed last quarter's record delivery of 101 vehicles," Atkinson says. "We are working on more than 30 deals in eight states for our BEAST and Nano BEAST school buses with deliveries for the first of these also utilizing current inventory."
The company also raised more than $3.5 million from its at-the-market equity program. That money will support continued growth and product development.
The third quarter also saw Claus Tritt appointed as the head of GreenPower's commercial vehicle group.
"Bringing Claus on board allows GreenPower to provide more focus on all-electric, purpose-built truck sales in the coming quarters," says President Brendan Filey. "GreenPower is geared up to be the full-service provider for its customers for both the goods and services necessary to successfully electrify their fleets."
