GreenPower Motor Company (GPV) Q4 2024 earnings summary

Executive summary

• Expanded to two fully operational production facilities in California and West Virginia, establishing a national presence in EV manufacturing and sales.

• Transitioned production strategy from inventory-based to customer order-driven, aiming for greater efficiency and improved gross profit.

• Delivered 222 all-electric, zero-emission vehicles across multiple product lines, including significant growth in school bus and commercial EV sales.

• Expanded dealer network and entered new markets including Arizona, Colorado, North Carolina, and Oregon.

• Introduced innovative products like the Mega BEAST, a 40-foot, all-electric school bus with a 300-mile range.

Financial highlights

• Fiscal year 2024 revenue reached $39.3 million, with cost of sales at $33.9 million and gross profit of $5.4 million.

• Delivered 222 purpose-built zero-emission vehicles, including 117 upfitted commercial EV Star units, a 50% increase from the prior year (excluding cab and chassis to other OEMs).

• Gross profit margin declined due to inventory write-downs related to the West Virginia facility ramp-up.

• Delivered 122 EV Star Cab & Chassis, 18 EV Star Cargo, 6 EV Star Cargo Plus, 32 EV Star Passenger Vans, 31 Type D BEAST school buses, 10 Type A Nano BEAST school buses, and 2 EV250s.

Outlook and guidance

• Anticipates continued growth in school bus deliveries, with more than 100 live orders and a qualified lead pipeline exceeding 160 units, representing a potential $100 million in revenue.

• Expects to deliver 88 school buses in West Virginia in fiscal year 2025, pending EPA contract finalization.

• Plans to secure additional contracts and expand into new commercial vehicle markets over the coming year.

• School bus deliveries are expected to rise based on strong backlog, demand, and manufacturing activity.