Business
GreenPower Reports Record Revenue of $15.3 million for the Fourth Quarter and $39.7 million for Fiscal 2023
VANCOUVER, BC, July 17, 2023 /PRNewswire/ -- GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) ("GreenPower" and the "Company"), a leading manufacturer
About this update from Greenpower Motor Company Inc.
[{"type":"text","content":"VANCOUVER, BC, July 17, 2023 /PRNewswire/ -- GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) (\"GreenPower\" and the \"Company\"), 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 fourth quarter and year ended March 31, 2023.\n\n \n \n \n \n \n \n\n \nGreenPower reported revenues of $15.3 million for the fourth quarter, three and half times the revenue from the previous year's fourth quarter. The company delivered 123 vehicles with a majority of the deliveries being EV Star Cab and Chassis, as well as EV Star Cargoes, EV Stars and Nano BEAST Type A school buses.\nRevenue for the year ended March 31, 2023, was $39.7 million generating a gross profit of $7.3 million compared to $17.2 million, with a gross profit of $3.9 million from the previous year. \n\"GreenPower continued with record-setting revenues and deliveries in the fourth quarter,\" said Fraser Atkinson, GreenPower Chairman and CEO. \"Of significant note is the operational improvements we've made, which are critical in attaining profitable operations. The Selling, General and Administrative costs (SGA) as a percent of revenue have been reduced to 36% in the fourth quarter and the inventory is now less than four quarters of the cost of goods sold (COGS).\"\nQuarters:\n31-Mar-23\n31-Dec-22\n30-Sep-22\n30-Jun-22\n(restated*)\n(restated*)\n(restated*)\nRevenues\n$ 15,304,288\n$ 12,803,038\n$ 7,737,459\n$ 3,851,105\nSGA as a percent of revenues\n36 %\n41 %\n61 %\n133 %\nAt the year-end, GreenPower held $41.6 million in inventory, including $31.9 million in finished goods inventory that is expected to be used to fulfill existing customer orders. \"The commercial vehicle group presently has 42 active orders and 141 signed purchase orders for various EV Star models. The school bus group has 63 active orders for the BEAST and Nano BEAST school buses with deliveries for the first orders utilizing current inventory,\" Atkinson stated. \"Importantly GreenPower is not presently having to utilize any of its $8 million line of credit and has approximately $1.5 million of cash in the bank providing the business with $9.5 million of funding to support continued growth.\"\nF...