GreenPower Motor Clocks 121% Revenue Growth In Q3

GreenPower Motor Company Inc GP reported third-quarter revenue growth of 121.5% year-over-year to $5.31 million.
The gross margin was 27.8% versus 21.5% in the last quarter.
EPS was $(0.13) compared to $(0.11) in the same quarter last year.
Adjusted EBITDA loss was $(1.55) million compared to an adjusted EBITDA loss of $(1.49) million in the previous quarter.
Related: GreenPower Motor Plans To Manufacture Electric School Buses In West Virginia
Fraser Atkinson, CEO of GreenPower, added, "Our goal is to be producing upward of 1,000 all-electric, purpose-built school buses in the state annually in three to four years. The state of West Virginia and the local South Charleston community have been extremely supportive, and we expect this will be a substantial growth driver for GreenPower in the near future."
As of December 31, 2021, the company had cash and a restricted cash balance of $0.319 million. It had working capital of $29.38 million at quarter-end and an unused line of credit of $3.89 million.
Inventory increased to $28.6 million at the end of the quarter compared to $12.5 million on March 31, 2021.
Price Action: GP shares are trading higher by 2.74% at $6.75 on the last check Friday.