Why GreenPower Motor Shares Are Trading Higher Today

GreenPower Motor Company Inc GP reported Q4 FY23 revenue of $15.3 million, significantly increasing 255% Y/Y, beating the consensus of $13.98 million. 

The company delivered 123 vehicles in Q4, with most of the deliveries being EV Star Cargoes, EV Stars, EV Star Cab, Chassis, and Nano BEAST Type A school buses.

GP generated a gross profit of $2.3 million in Q4 vs $0.6 million a year ago.

At the end of FY23, GP held $41.6 million in inventory, including $31.9 million in finished goods inventory, representing EV Star Transit Pluses, EV Star Cab and Chassis, EV Stars, EV Star Cargos, and BEAST and Nano BEAST school buses. 

"The commercial vehicle group presently has 42 active orders and 141 signed purchase orders for various EV Star models. The school bus group has 63 active orders for the BEAST and Nano BEAST school buses with deliveries for the first orders utilizing current inventory. Importantly GreenPower is not presently having to utilize any of its $8 million line of credit and has approximately $1.5 million of cash in the bank providing the business with $9.5 million of funding to support continued growth," said Fraser Atkinson, Chairman, and CEO.

As of March 31, 2023, cash and restricted cash stood at $0.6 million. 

Price Action: GP shares are trading higher by 21.5% at $4.24 premarket on the last check Monday.