GreenPower delivers 35 electric buses, reports revenue growth

GreenPower Motor Company, a Canadian manufacturer of electric buses for the transit, shuttle, tourist and school sectors, has announced results for the quarter ended in December. The company sold or leased a record 35 electric buses during the period: 33 of its EV Star Class 4 shuttles and two Synapse Type D school buses.

Thirty of the EV Stars went to Green Commuter, an all-electric vanpool provider in California – part of an order for 100 EV Stars that was placed earlier in the year. Three more went to Sacramento Regional Transit. GreenPower currently has 50 more EV Stars in production and another 50 in pre-production.

GreenPower also reported encouraging revenue gains. Quarterly revenue was $5 million, compared to $1.1 million for the same quarter in 2018, a 350% increase. Gross profit margin during the quarter was 29.4%, up from 25.6% in Q2. Quarterly Adjusted EBITDA loss was $115,741, compared to $330,192 in the previous year.

“In the last two quarters the company has delivered 62 all-electric buses, substantially more than we had delivered up to that point,” said CEO Fraser Atkinson. “Given our current strong order book and nationwide sales reach, we are well positioned to continue to deliver robust growth going forward. In addition, we continue to work towards uplisting to the NASDAQ stock exchange.”

Source: GreenPower Motor Company