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GreenPower Reports Fiscal Second Quarter 2021 Financial Results
VANCOUVER, B.C., Nov. 12, 2020 /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, B.C., Nov. 12, 2020 /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 second quarter ended September 30, 2020.\n\"With cash in the bank from our equity raise and uplisting to Nasdaq we've launched a multi-faceted effort to increase production and pursue relationships that can drive repeat orders,\" said Fraser Atkinson, CEO of GreenPower. \"Historically we've produced vehicles for sales from specific customer orders. Now we can accelerate production, shorten timelines for deliveries, improve cost and terms from suppliers to support larger purchase orders which will be the drivers for GreenPower to attain profitability.\"\nHighlights of the second quarter:\nCompleted the Company's uplisting to the Nasdaq stock exchange under the symbol \"GP\" and raised gross proceeds of $37.7 million before underwriting fees and expenses; Reported revenue of $2.8 million generating a gross profit of 31.2% of revenue; Cash expenditures of $1.7 million before sales in line with prior four quarters; Completed and delivered a total of 21 buses, including 20 EV Stars to Green Commuter, and one all-electric school bus to Creative Bus Sales; Received orders for 100 EV Stars and 10 all-electric BEAST school buses; Increased production of EV Stars to 20 per month, expected to start delivering in two quarters, representing potential quarterly revenue of over $8million; Initiated production of 5 B.E.A.S.T school buses per month, expected to start delivering in mid-2021, represents potential quarterly sales of over $5 million; The EV Star was selected as an eligible vehicle for the MBTA and Calact purchasing co-operative contract, which covers the purchase of up to 150 zero-emission vehicles per year; Entered into a dealership agreement with ABC Bus, Inc. covering the state of New York providing for the purchase of up to 100 vehicles over three years; Announced the launch of the EV Star CC \"Cab and Chassis\" for cargo and delivery market; Completed the first EV Star Cargo+ vehicle to serve the cargo and delivery market; Progressed production of various models, including EV Stars, EV Star cab and chassis, EV S...