Business
GreenPower Reports Fiscal First Quarter 2022 Financial Results
VANCOUVER, BC, Aug. 12, 2021 /PRNewswire/ -- GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) ("GreenPower"), a leading manufacturer and distributor of
About this update from Greenpower Motor Company Inc.
[{"type":"text","content":"VANCOUVER, BC, Aug. 12, 2021 /PRNewswire/ -- GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) (\"GreenPower\"), a leading manufacturer and distributor of zero emission electric powered vehicles serving the cargo and delivery, shuttle, transit and school bus markets, today announced financial results for its quarter ended June 30, 2021.\n\n \n \n \n \n \n \n\n \n\"As expected, we experienced a substantial uptick in sales pipeline activity this summer which has culminated in new orders. We've tripled our inventory and now have over 300 vehicles in finished goods or various stages of production including EV Star cargo vans and passenger buses as well as our BEAST all-electric school bus,\" said Fraser Atkinson CEO of GreenPower. \"We are excited that we have commenced deliveries of these to our customers, which will accelerate through the fall. We are on track to achieving our goal of attaining positive quarterly cash flow by the end of this calendar year.\"\nHighlights of the fiscal first quarter:\nRecorded revenues of $2,659,002 an increase of 17% over the revenue of $2,272,255 for the first quarter in the previous fiscal year Cost of revenues of $1,808,370 generating a gross profit of $850,632 or 32.0% of revenues compared to a gross profit of 30.1% for the previous fiscal year Delivered five EV Star Cab and Chassis to Forest River, which they expect to complete the installation of their body by the end of September. Concurrent with the completion of these first vehicles with Forest River GreenPower has scheduled an Altoona test for the EV Star Plus. Delivered 14 EV Stars to Green Commuter, which is a Los Angeles based shared mobility company that provides zero emissions solutions for vanpools, employee transportation, and delivery vehicles who continue to expand their fleet with EV Stars Delivered one EV Star to Harbour Air and one EV Star to the Learning Disabilities Society of Greater Vancouver. These customers received vouchers under the B.C. SUVI voucher program to facilitate these purchases, which are up to CDN $100,000 for GreenPower's eligible vehicles Inventory increased to $18.8 million at June 30, 2021 compared to $12.5 million at March 31, 2021 and $6.6 million the previous year Cash expenses for the current quarter decreased 3% to $1,973,261 compared to $2,035,699 for the previous quarter Working capital incre...