Business
GreenPower Announces Record Deliveries and Record Revenue of $17.6 million for First Quarter Fiscal 2024
VANCOUVER, BC, Aug. 14, 2023 /PRNewswire/ -- GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) ("GreenPower" and the "Company"), a leading manufacturer
About this update from Greenpower Motor Company Inc.
[{"type":"text","content":"VANCOUVER, BC, Aug. 14, 2023 /PRNewswire/ -- 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 announced record revenues and deliveries for its first quarter of fiscal 2024.\n\n \n \n \n \n \n \n\n \nGreenPower reported record revenues of $17.6 million for the first quarter, more than four times the revenue of $3.9 million from the previous year's first quarter. The company delivered a record of 131 vehicles with a majority of the deliveries being EV Star Cab and Chassis, as well as EV Star Cargoes, EV Stars, BEAST Type D school buses and Nano BEAST Type A school buses.\n\"GreenPower continued with record-setting revenues and deliveries in the first quarter,\" said Fraser Atkinson, GreenPower Chairman and CEO. \"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.\"\nQuarters:\n30-Jun-23\n31-Mar-23\n31-Dec-22\n30-Sep-22\n30-Jun-22\nRevenues\n$17,581,008\n$15,304,288\n$12,803,038\n$ 7,737,459\n$ 3,851,105\nSGA as a percent of revenues\n30 %\n36 %\n41 %\n61 %\n133 %\nInventory\n$34,440,849\n$41,609,234\n$46,199,995\n$43,979,517\n$39,741,667\nNumber of quarters in COGS\n2.3\n3.2\n4.4\n7.2\n14.5\n\"GreenPower significantly improved its financial position in the quarter, as we ended the quarter with only $163,000 drawn on the 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, providing the business with $9.3 million of liquidity to support continued growth,\" Atkinson stated.\n\"The commercial vehicle group presently has 47 active orders and 125 signed purchase orders for various EV Star models. 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 stated.\nFirst Quarter 2024 Highlights:\nGenerated record revenues of $17,581,008 in the first quarter, an in...