GreenPower Motor Company reported record revenues of $17.6 million for the first fiscal quarter of 2024, along with a record delivery total of 131 vehicles.
The revenue reported was more than four times the revenue of $3.9 million from the previous year's first quarter, GreenPower Chairman and CEO Fraser Atkinson says. Atkinson says the company also delivered a record 131 vehicles with the majority of deliveries being EV Star Cab and chassis, plus EV Star Cargoes, EV Stars, BEAST Type D school buses and Nano BEAST Type A school buses.
"GreenPower continued with record-setting revenues and deliveries in the first quarter," Atkinson says. "We continue to achieve significant operational improvements, which are critical in attaining profitable operations. The selling, general and administrative (SGA) expenses have been reduced to 30% of revenue in the first quarter and the inventory is now at 2.3 times the cost of goods sold (COGS) for the quarter."
He continued that the company ended the quarter with $163,000 drawn on its line of credit, down from $6.6 million and a cash balance of $1.5 million, up from $600,000 at the start of the quarter. Atkinson says GreenPower has $9.3 million of liquidity to support its continued growth.
"The commercial vehicle group presently has 47 active orders and 125 signed purchase orders for various EV Star models," Atkinson says. "The school bus group has 87 active orders for the Beast and Nano Beast school buses with deliveries for the first orders utilizing current inventory."
Atkinson also provided an update on the company's West Virginia manufacturing facility and GreenPower's partnership Lion Truck Body.
"During the quarter GreenPower also introduced the new EV Star Utility Truck, which was a combined effort of the Porterville, California, manufacturing plant and Lion Truck Body," Riley says. The joint effort highlights the customer centric approach where we are able to provide a compelling vehicle a one-stop-shop manufacturing process."