GreenPower Motor reports Q1 revenue $17.6M, consensus $16.3M

“GreenPower continued with record-setting revenues and deliveries in the first quarter,” said Fraser Atkinson, CEO. “We continue to achieve significant operational improvements, which are critical in attaining profitable operations. The Selling, General and Administrative expenses have been reduced to 30% of revenue in the first quarter and the inventory is now at 2.3 times the cost of goods sold for the quarter. GreenPower significantly improved its financial position in the quarter, as we ended the quarter with only $163K drawn on the line of credit, down from $6.6M, and a cash balance of $1.5K, up from $600K at the start of the quarter, providing the business with $9.3M of liquidity to support continued growth,” Atkinson stated. “The commercial vehicle group presently has 47 active orders and 125 signed purchase orders for various EV Star models. 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,” Atkinson stated.