GreenPower Motor Clocks reports 121% revenue growth in third quarter

  • GreenPower Motor Company Inc. generalist reported 121.5% year-over-year revenue growth in the third quarter to $5.31 million.
  • The gross margin was 27.8% against 21.5% in the last quarter.
  • EPS was $(0.13) compared to $(0.11) in the same quarter last year.
  • The Adjusted EBITDA loss was ($1.55) million, compared to an Adjusted EBITDA loss of ($1.49) million in the prior quarter.
  • Related: GreenPower Motor plans to make electric school buses in West Virginia
  • Fraser Atkinson, CEO of GreenPower, added, “Our goal is to produce more than 1,000 purpose-built all-electric school buses annually in the state within three to four years. The state of West Virginia and the local community of South Charleston have been extremely supportive, and we anticipate this to be a substantial growth engine for GreenPower in the near future.”
  • As of December 31, 2021, the company had liquid assets and a restricted cash balance of $0.319 million. It had working capital of $29.38 million at the end of the quarter and an unused line of credit of $3.89 million.
  • Inventory increased to $28.6 million at the end of the quarter from $12.5 million at March 31, 2021.
  • Price Action: Shares of GP are trading up 2.74% at $6.75 when last checked on Friday.

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