GreenPower Motor Co. (GP) Reports Q3 Revenues of $2.4M
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GreenPower Motor Co. (NASDAQ: GP) reported Q3 revenue for the quarter came in at $2.4 million.
Highlights of the third quarter:
- delivered 17 vehicles in the quarter, including the first EV Star Cargo Plus to the City of Vancouver, one EV Star and one EV Star Plus to ABC Bus Inc., Greenpower's dealer in the state of New York, and 14 EV Stars to Green Commuter;
- the Company recorded revenues of $2,398,781 with cost of revenues of $1,488,974 generating a gross profit of $909,807 or 37.9% of revenues;
- working capital of $31,310,393 at the end of the quarter including over $21 million of cash;
- Conversion of $3,243,702 of Debentures and repayment of $1,973,400 of Loans from proceeds from exercised warrants reducing interest costs going forward;
- increased production of B.E.A.S.T. all-electric school buses from five units per month to ten units per month in response to positive feedback from demonstrations and anticipated future demand;
- continued to move forward with increased production of various EV Star models, including EV Star cab and chassis, EV Star+ as well as five EV 250 thirty-foot low floor transit buses;
- delivered an autonomous AV Star to Jacksonville Transit Authority, and began development of a second vehicle in partnership with Perrone Robotics and First Transit to be used in a nationwide demonstration tour scheduled to begin in March 2021;
- completed demonstrations of a range of Greenpower vehicles to potential customers across several US states, laying the groundwork for potential future sales; and
- continued to effectively manage its business operations to navigate impacts from the COVID-19 pandemic.
Brendan Riley, President of GreenPower stated, "This is a transformative time for GreenPower as we leverage our purpose built EV platform to develop and launch new products like the EV Star Cargo, while also further developing relationships with major high-volume OEMs that recognize the tremendous potential of our EV Star cab and chassis to act as the foundation from which they can upfit a finished all electric vehicle specific to their needs. A wave of demand for EV solutions is being thrust upon these OEMs, and our cab and chassis provides the flexibility and functionality needed to meet this demand over both the immediate and long term."
Fraser Atkinson, CEO of GreenPower added, "GreenPower is in the lucrative position of being an early mover in the transition to EV and our team has done a fantastic job preparing for the significant ramp in production, orders and deliveries expected as we move into the late spring and summer of 2021. Since completing our Nasdaq IPO we've further strengthened our financial position with the conversion of all of the outstanding Debentures and repayment of Promissory Notes from proceeds from exercised Warrants. GreenPower is well positioned for significant growth as the economy improves."
For earnings history and earnings-related data on GreenPower Motor Co. (GP) click here.
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