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GreenPower Reports Record Revenue of $12.8 million and 101 Vehicle Deliveries for Fiscal Third Quarter 2023
VANCOUVER, BC, Feb. 14, 2023 /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, Feb. 14, 2023 /PRNewswire/ -- GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) (\"GreenPower\"), 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 third quarter ended December 31, 2022.\n\n \n \n \n \n \n \n\n \nGreenPower reported revenues of nearly $12.8 million, a 140% increase from the previous year's third quarter, and delivered 101 vehicles with a majority of the deliveries being EV Star Cab and Chassis, as well as EV Star Cargos, EV Stars and the first delivery of the award-winning Nano BEAST Type A school bus.\n\"The quarter was record setting in all aspects for GreenPower,\" said Fraser Atkinson, GreenPower Chairman and CEO. \"In addition to realized revenue, GreenPower had more than $12 million of deferred revenue at the end of the third quarter, the majority of which we expect to recognize over the next 12 months, further accelerating our revenue growth.\"\nAt quarter's end, GreenPower held $46.2 million in inventory, including $34.6 million in finished goods inventory that is expected to be used to fulfill existing customer orders. \"Utilizing our current inventory and with continued increase in production, GreenPower is on track for this quarter to exceed last quarter's record delivery of 101 vehicles. We are working on more than 30 deals in eight states for our BEAST and Nano BEAST school buses with deliveries for the first of these also utilizing current inventory,\" Atkinson stated.\nSubsequent to the end of the third quarter GreenPower raised more than $3.5 million from its at-the-market equity program (ATM). The funds raised through the ATM are supporting GreenPower's continued growth and the net proceeds benefit the production of GreenPower's purpose-built, all-electric vehicles as well as for product development with the remainder for general corporate purposes.\nThird Quarter Highlights:\nGenerated record revenues of $12,771,180 in the third quarter, an increase of 140% over the revenue of $5,313,352 for the third quarter in the previous year.Delivered 101 GreenPower vehicles in the quarter.Reported deferred revenue of $12,528,950 at the end of the third quarter, an increase of more...