Business
GreenPower Reports Fiscal Fourth Quarter 2021 Financial Results
VANCOUVER, BC, June 29, 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, June 29, 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 fiscal fourth quarter and year ended March 31, 2021.\nHighlights of the fiscal fourth quarter:\nRecorded revenues of $4,378,131 an increase of 76% over the revenue of $2,486,669 for the fourth quarter in the previous fiscal year Cost of revenues were $3,210,100 generating a gross profit of $1,168,031 or 26.7% of revenues compared to a gross profit of 30.1% for the full fiscal year Delivered five EV250 thirty-foot all-electric buses for shuttle operations at LAX airport Sold 30 EV Stars to Zeem Solutions that were previously on lease with another customer Inventory was $12.5 million at March 31, 2021 compared to $6.6 million the previous year Increased production of B.E.A.S.T. all-electric school buses from five units per month to 10 units per month in response to positive feedback from demonstrations and anticipated future demand Cash expenses for the current quarter amounted to $2,035,699 compared to $1,909,522 for the previous quarter Working capital was $30,808,375 at the end of the quarter compared to $31,310,393 at the end of the previous quarter\"With the consistent run rate production for our EV Star and School Buses that was increased in Q4, we are building to meet the high demand for GreenPower products across multiple sectors including: transit, delivery, student transportation, fleet operators, municipal and final stage manufacturers,\" said Brendan Riley President of GreenPower. \"GreenPower has the most compelling vehicles in the medium and heavy duty, commercial EV sector. We expect strong demand for the foreseeable future.\" \nFraser Atkinson, CEO of GreenPower added, \"We are excited that as the economy reopens from the Covid-19 pandemic our efforts with production have positioned us for increased deliveries, which commence this summer and accelerate thereafter. I'm proud of our team in that we've been able to accomplish this with a modest increase in our quarterly cash expenses and modest decrease in working capital compared to the previous quarter. We believe that we are on track to achieving our goal ...