GreenPower Reports Revenue of $39.3 Million for Fiscal 2024
GreenPower Motor Company Inc., a prominent manufacturer and distributor of all-electric, zero-emission medium and heavy-duty vehicles, has announced its financial results for the fiscal year ending March 31, 2024. Despite challenges in the EV sector, the company achieved significant progress, recording revenues of $39.3 million, closely matching the previous year’s $39.7 million. GreenPower’s Chairman and CEO, Fraser Atkinson, emphasized the company’s strategic shift towards a customer order-driven production model, necessitating enhancements in manufacturing capabilities in both California and West Virginia. Additionally, investments in GP Truck Body and securing production funding sources were key focuses.
During the fiscal year, GreenPower completed the build-out of its West Virginia manufacturing facility, producing and delivering the first all-electric school buses from this location, including four Nano BEAST and Nano BEAST Access school buses. President Brendan Riley highlighted a four-fold increase in school bus sales and ongoing production of Type D BEAST and Type A Nano BEAST school buses, anticipating continued growth based on current demand and backlog.
GP Truck Body division’s significant investments have streamlined the upfitting process for the EV Star Cab & Chassis, expanding GreenPower’s market reach with new designs like the EV Star Utility Truck and EV Star REEFERX. Riley noted that these innovations exemplify the versatility of the EV Star platform.
The company’s financial highlights for the fiscal year include generating revenues of $39.3 million, with a cost of sales amounting to $33.91 million, resulting in a gross profit of $5.36 million. GreenPower delivered 222 all-electric, zero-emission vehicles, including 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. The company also expanded its dealer network, achieving its first sales in new markets such as Arizona, Colorado, North Carolina, and Oregon.
GreenPower entered into a revolving $5 million term loan facility with EDC to finance the production of all-electric vehicles and received a guarantee on Letters of Credit for up to $5 million. The company completed a nine-month school bus pilot program in West Virginia, covering 18 counties and involving more than 100 professional drivers. GreenPower also received the “2023 Green Car Product of Excellence” award for the EV Star Cab & Chassis from Green Car Journal.