GreenPower Reports Revenue of $39.3 Million for Fiscal 2024
GreenPower Reports Revenue of $39.3 Million for Fiscal 2024 |
[28-June-2024] |
Conference Call Scheduled for July 1, 2024 at 9:30 a.m. EDT/6:30 a.m. PDT VANCOUVER, BC, June 28, 2024 /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 reported its results for the year ended March 31, 2024. "Despite significant headwinds in the EV sector, GreenPower has made substantial strides with its plan to transition to a production plan driven by customer orders," said Fraser Atkinson, GreenPower Chairman and CEO. "This transition has required expanding our manufacturing capabilities both in California and West Virginia, as well as investments in GP Truck Body, and obtaining sources of production funding." During the year, the Company completed the build-out of the West Virginia manufacturing facility and delivered the first all-electric school buses produced at the facility with the first deliveries of four Nano BEAST and Nano BEAST Access school buses in December 2023. "The Company enjoyed a four-fold increase in the number of GreenPower school buses sold in the year and is currently manufacturing Type D BEAST and Type A Nano BEAST school buses at the West Virginia facility pursuant to customer orders and anticipates that school bus deliveries will continue to grow in the current fiscal year based on existing backlog, demand and manufacturing activity," said Brendan Riley, GreenPower President. GreenPower made significant investment with its in-house truck body division, GP Truck Body. The focus has been to improve the delivery time of upfitting EV Star Cab & Chassis with truck bodies for customers, providing a seamless one-stop-shop opportunity. Through GP Truck Body, GreenPower has continued to develop new truck body designs, including the EV Star Utility Truck and EV Star REEFERX. "These new designs open up exciting new markets for GreenPower and demonstrate the flexibility of the EV Star platform," said Riley. Fiscal Year 2024 Highlights:
During the fiscal year GreenPower commenced monthly lease payments on a lease/purchase agreement with the state of West Virginia for a production facility located in South Charleston, West Virginia with more than six acres and an 80,000 square foot building. Lease payments totalled $600,000 for the year and will be applied in full to the purchase of the property. The state will also provide up to $3.5 million in employment incentive payments to GreenPower for jobs created in the state as production increases over time. Title to the property will be transferred to GreenPower once total lease and incentive payments reach $6.7 million. For additional information on the results of operations for the year ended March 31, 2024 review the audited financial statements and related reports posted on GreenPower's website as well as on www.sedar.com or filed on EDGAR. Conference Call Information Date: Monday July 1, 2024 Participant dial-in: (US) 1-844-739-3982 (Canada); 1-866-605-3852; (International) 1-412-317-5718. Ask to be joined into the GreenPower Motor Company Inc. conference call. Webcast Link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=QRlnUqlT Replay: (US) 1-877-344-7529; (Canada) 1-855-669-9658; (International) 1-412-317-0088 Replay access code: 3507472 For further information contact Fraser Atkinson, CEO Brendan Riley, President Michael Sieffert, CFO About GreenPower Motor Company Inc. Forward-Looking Statements Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. All amounts in U.S. dollars. ©2024 GreenPower Motor Company Inc. All rights reserved. View original content to download multimedia:https://www.prnewswire.com/news-releases/greenpower-reports-revenue-of-39-3-million-for-fiscal-2024--302186254.html SOURCE GreenPower Motor Company | ||
Company Codes: NASDAQ-NMS:GP, TorontoVE:GPV |