GreenPower Motor Co. (GP) Reports Q1 Revenues of $2.27M

GreenPower Motor Co. (NASDAQ: GP) reported Q1 revenue for the quarter came in at $2.27 million.

Highlights of the first quarter:

• Reported revenue of $2.27 million generating a gross profit of 27.2% of revenue
• Delivered 18 EV Stars to Green Commuter for which GreenPower provided lease financing
• Antelope Valley Transit deployed 8 EV Stars for their new micro transit service
• Greenpower's distributor Creative Bus Sales received an order for two EV Stars from UCLA
• Received final Altoona test report for the EV Star, achieving the highest score ever in its weight class of 92.2
• Announced the launch of EV Star CC "Cab and Chassis" for cargo and delivery market

Highlights subsequent to the first fiscal quarter ended June 30th, 2020 include:

• Commenced trading on Nasdaq Capital Market under the symbol "GP"
• Received order for an additional 100 EV Stars from Green Commuter
• Received order for 10 all-electric B.E.A.S.T. school buses
• Announced first fully autonomous GreenPower EV Star developed with Perrone Robotics for Jacksonville Transit Authority
• Completed the first EV Star Cargo+ for the cargo and delivery market
• Commenced production of 10 B.E.A.S.T. school buses and 40 EV Stars

"We commenced trading on Nasdaq on August 28th, 2020. We're excited that this provides us access to a broader market and will increase the exposure to GreenPower and its suite of products," said Fraser Atkinson, CEO of GreenPower. "We continue to make great progress on our strategic objectives and have reached numerous key milestones identified over the past year. GreenPower will continue to focus on the six models within our proven EV Star platform that we can leverage to address a variety of lucrative markets that demonstrate high demand. We now have an even greater ability to pursue these markets aggressively and put additional vehicles on the road."

"I am proud of our team and our ability to continue delivering units during the first fiscal quarter while the economy regains its footing," stated Brendan Riley, President of GreenPower. "As the world continues to adapt to the current environment, we expect momentum to further accelerate into the back end of the calendar year and well beyond. The reality is that we are in the early stages of a global transition to EV. Greenpower's proven, tested products with real world customer testimonials validate the value proposition GreenPower offers, and puts us in an ideal position to take full advantage of the opportunity in front of us."

For earnings history and earnings-related data on GreenPower Motor Co. (GP) click here.

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