Business
GreenPower Provides Business Update and Reports Third Quarter Fiscal 2025 Results
Shareholder Call Scheduled for February 18, 2025 at 9:30 a.m. EST/6:30 a.m. PST VANCOUVER, BC, Feb. 14, 2025 /PRNewswire/ -- GreenPower Motor Company Inc.
About this update from Greenpower Motor Company Inc.
[{"type":"text","content":"Shareholder Call Scheduled for February 18, 2025 at 9:30 a.m. EST/6:30 a.m. PST\nVANCOUVER, BC, Feb. 14, 2025 /PRNewswire/ -- GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) (\"GreenPower\" and the \"Company\"), a leading manufacturer and distributor of all-electric, purpose-built, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, today reported its third quarter fiscal year 2025 results and provided an update on its manufacturing operations.\n\n \n \n \n \n \n \n\n \n\"GreenPower's improved third-quarter performance, with $7.2 million in revenue — an increase of 35% over the previous quarter — underscores the demand for our purpose-built, all-electric vehicles. Importantly this growth also resulted in an improvement in our gross profit,\" said Fraser Atkinson, CEO of GreenPower. \"As we continue scaling our manufacturing operations, GreenPower is well-positioned to drive long-term growth and capitalize on the industry's rapid shift toward zero-emission fleet solutions. At the end of the quarter we had available funding of more than $5 million consisting of cash, availability on loan facilities and ability to issue letters of credit to finance production of our growing order book.\"\nGreenPower spent the quarter continuning to increase its output from the West Virginia manufacturing facility. \"As a result of the work we did during the quarter, we are now set to deliver one BEAST per week from the South Charleston facility, with the BEAST production increasing to two per week by April plus Nano BEAST production,\" said Brendan Riley, GreenPower President. \"To support this growth, we've strengthened our leadership team with the addition of James Redd as our new West Virginia production manager. Working alongside Vice President of Production Wendell White, James has been instrumental in laying the groundwork for a second shift at the plant, positioning GreenPower to meet rising demand and scale efficiently.\"\nOn the West Coast, GreenPower finalized plans to expand its California manufacturing footprint in one facility located in the Inland Empire. \"Consolidating our operations from three separate locations and five different facilities spread out through California to one larger facility will allow for more cost savings and increased effic...