GreenPower Motor Company (GPV) Q3 2025 earnings summary

Executive summary

• Revenue for the quarter ended December 31, 2024, was $7.2 million, up 35% sequentially from the prior quarter, driven by increased sales of BEAST and Nano BEAST school buses and EV Star vehicles.

• Gross profit margin improved to 14.6% from 8.6% in the prior quarter, with gains from school bus and EV Star sales in California and Oregon.

• The company is consolidating California operations into a single facility in Riverside/Inland Empire to improve efficiency and reduce costs.

• Production at the West Virginia facility is ramping up, with BEAST school bus output set to increase to two units per week by April.

• Working capital at quarter-end was $12.8 million, up $2.7 million sequentially.

Financial highlights

• Cost of sales for the quarter was $6.2 million.

• SG&A expenses declined by $443,000 (7.8%) year-over-year, mainly due to lower professional fees, share-based payments, and administrative salaries.

• The company completed an underwritten offering of 3 million shares, raising $3 million in gross proceeds.

• Inventory totaled $28.2 million, including $10.8 million finished goods.

• Deferred revenue increased to $10.8 million at quarter-end.

Outlook and guidance

• Management expects gross profit margins to improve as West Virginia and consolidated California operations increase throughput and efficiency.

• BEAST production at the West Virginia facility to increase to two units per week by April, with additional Nano BEAST output.

• Demand for all-electric school buses remains strong, supported by state and federal incentive programs.

• Anticipates continued growth in EV Star sales, especially in vocational and municipal fleet applications.