GreenPower Motor Company (NASDAQ: GP) kicked off its 2024 fiscal year with a first-quarter report that proclaimed record revenues and deliveries compared to the same period the previous year.
The electric vehicle manufacturer reported $17.6 million in revenues for the first quarter, more than four times the $3.9 million during last year's first quarter. The company reported delivery of 131 vehicles, including EV Star can and chassis, EV Star Cargoes, EV Stars, and BEAST and Nano BEAST school buses. That's up from 21 vehicles during the first quarter of 2023.
Said Fraser Atkinson, GreenPower's chairman and CEO: "GreenPower significantly improved its financial position in the quarter, as we ended the quarter with only $163,000 drawn on the line of credit, down from $6.6 million, and a cash balance of $1.5 million, up from $600,000 at the start of the quarter, providing the business with $9.3 million of liquidity to support continued growth."
"The commercial vehicle group presently has 47 active orders and 125 signed purchase orders for various EV Star models," he said. "The school bus group has 87 active orders for the BEAST and Nano BEAST school buses with deliveries for the first orders utilizing current inventory."
Other highlights from the quarter included:
- Secured a $15 million order with a $3 million deposit from the state of West Virginia for 37 Type D BEAST and four Type A Nano BEAST school buses.
- Delivered two Nano BEAST school buses to Portland Public Schools, the largest school district in the Pacific Northwest, making them the first Oregon school district to receive an all-electric Type A school bus.
- Finished the fifth and final round of the all-electric school bus pilot project in West Virginia.
After the end of the quarter GreenPower announced an order for 15 GreenPower Type D all-electric, purpose-built BEAST school buses through GreenPower's dealer RWC Group for the Clark County School District in Nevada, which is the fifth-largest school district in the country and operates the country's largest owned-and-operated school bus fleet with 1,924 buses transporting 125,000 students daily.
"West Virginia manufacturing of GreenPower's all-electric school buses has begun in earnest as a result of the order from the state. The Nano BEAST is in full production mode at the plant and provisions have been made for the BEAST production processes, which will begin in the third quarter," said GreenPower President Brendan Riley. "We have expanded our manufacturing workforce at the South Charleston facility and those new employees are going through our training and education program at BridgeValley Community & Technical College."
Originally posted on School Bus Fleet