GreenPower Motor Q1 Revenues Jump 356% On Strength In Vehicle Deliveries

GreenPower Motor Company Inc. GP reported Q1 FY24 revenue of $17.58 million, significantly increasing 356% Y/Y, beating the consensus of $16.33 million. 

Q1 adjusted EPS loss stands at $(0.11), missing the consensus of $(0.10) loss.

The company delivered 131 vehicles in Q1 (compared to 21 cars in the first quarter of the previous year), most of which were EV Star Cab and Chassis, EV Star Cargoes, EV Stars, BEAST Type D school buses, and Nano BEAST Type A school buses.

GP secured a $15 million order with a $3 million deposit from the state of West Virginia for 37 Type D BEAST and four Type A Nano BEAST school buses. 

GP generated a gross profit of $2.79 million in Q1 vs $1.05 million a year ago.

At the end of the quarter, GP held $34.4 million in inventory, a reduction of $7.2 million from the beginning of the quarter.

"The commercial vehicle group presently has 47 active orders and 125 signed purchase orders for various EV Star models. The school bus group has 87 active orders for the BEAST and Nano BEAST school buses with deliveries for the first orders utilizing current inventory," said Fraser Atkinson, GreenPower Chairman and CEO.

Price Action: GP shares are trading higher by 1.99% at $4.12 premarket on the last check Monday.