GreenPower Motor Company Reports Strong Q3 Performance Ahead of Upcoming Shareholder Call

Shareholder Call Scheduled for February 18, 2025 at 9:30 a.m. EST/6:30 a.m. PST

VANCOUVER, BC, Feb. 14, 2025 /PRNewswire/ — GreenPower Motor Company Inc. GP GPV (“GreenPower” and the “Company”), a key manufacturer and distributor of all-electric, purpose-built, zero-emission medium and heavy-duty vehicles aimed at the cargo, delivery, shuttle, transit, and school bus markets, today shared its third quarter fiscal year 2025 results along with updates regarding its manufacturing efforts.

“GreenPower’s strong performance this third quarter, comprising $7.2 million in revenue — a 35% increase from the previous quarter — demonstrates the growing demand for our specialized electric vehicles. This growth also translated into an improved gross profit,” stated Fraser Atkinson, CEO of GreenPower. “As we expand our manufacturing capabilities, the Company is strategically positioned to harness the industry’s swift movement towards zero-emission fleets. By the end of the quarter, we had more than $5 million in available funding, which includes cash and access to loans to support our increasing order volume.”

During the quarter, GreenPower focused on ramping up production at its West Virginia facility. “Thanks to our productive efforts, we are on track to deliver one BEAST bus weekly from our South Charleston site, with plans to double production to two per week by April, in addition to producing Nano BEAST models,” explained Brendan Riley, GreenPower President. “To facilitate this growth, we brought on James Redd as the new production manager for our West Virginia facility. Collaborating with Vice President of Production, Wendell White, James has already made significant contributions towards establishing a second shift at the plant, ensuring we meet the rising demand while scaling effectively.”

On the West Coast, GreenPower finalized plans to enhance its manufacturing operations in California. “Merging our activities from three separate locations into one larger facility in the Inland Empire will yield significant cost savings and boost our efficiency,” added Riley.

Third Quarter 2025 Highlights:

• Generated revenues of $7.2 million for the three months ended December 31, 2024, a 35% increase over the preceding quarter. Gross profit improved from 8.6% to 14.6% of revenue.
• Delivered 13 BEAST Type D all-electric school buses, one Nano BEAST Type A, one EV Star Cargo Plus, and 13 EV Star Passenger Vans.
• At the end of the quarter, GreenPower had working capital of $12.8 million, an increase of $2.7 million from the previous quarter, and inventory valued at $28.2 million, which includes $10.8 million in finished goods, $13.1 million in work-in-progress, and $4.3 million in parts and components.
• Deferred revenue increased to $10.8 million at the quarter’s end.
• Executed an underwritten offering of 3,000,000 common shares, generating gross proceeds of $3 million.

For more detailed information about the company’s operations for the period ended December 31, 2024, please review the interim financial statements available on GreenPower’s website and on platforms like www.sedar.com or EDGAR.

Shareholder Call Information

Date: Tuesday February 18, 2025
Time: 6:30 a.m. PST / 9:30 a.m. EST

Participant dial-in: (US) 1-844-739-3982; (Canada) 1-866-605-3852; (International) 1-412-317-5718. Please request to join the GreenPower Motor Company Inc. conference call.

Webcast Link: Click here

Replay: (US) 1-877-344-7529; (Canada) 1-855-669-9658; (International) 1-412-317-0088
Replay access code: 5816828