Finance

GreenPower Stories Fiscal Fourth Quarter 2021 Monetary Outcomes

VANCOUVER, BC, June 29, 2021 /PRNewswire/ — GreenPower Motor Firm Inc. (Nasdaq: GP) (TSXV: GPV) (“GreenPower”), a number one producer and distributor of zero emission electrical powered autos serving the cargo and supply, shuttle, transit and faculty bus markets, as we speak introduced monetary outcomes for its fiscal fourth quarter and 12 months ended March 31, 2021.

Highlights of the fiscal fourth quarter:

  • Recorded revenues of $4,378,131 a rise of 76% over the income of $2,486,669 for the fourth quarter within the earlier fiscal 12 months

  • Value of revenues have been $3,210,100 producing a gross revenue of $1,168,031 or 26.7% of revenues in comparison with a gross revenue of 30.1% for the complete fiscal 12 months

  • Delivered 5 EV250 thirty-foot all-electric buses for shuttle operations at LAX airport

  • Bought 30 EV Stars to Zeem Options that have been beforehand on lease with one other buyer

  • Stock was $12.5 million at March 31, 2021 in comparison with $6.6 million the earlier 12 months

  • Elevated manufacturing of B.E.A.S.T. all-electric faculty buses from 5 models per thirty days to 10 models per thirty days in response to optimistic suggestions from demonstrations and anticipated future demand

  • Money bills for the present quarter amounted to $2,035,699 in comparison with $1,909,522 for the earlier quarter

  • Working capital was $30,808,375 on the finish of the quarter in comparison with $31,310,393 on the finish of the earlier quarter

“With the constant run fee manufacturing for our EV Star and Faculty Buses that was elevated in This autumn, we’re constructing to satisfy the excessive demand for GreenPower merchandise throughout a number of sectors together with: transit, supply, pupil transportation, fleet operators, municipal and ultimate stage producers,” stated Brendan Riley President of GreenPower. “GreenPower has probably the most compelling autos within the medium and heavy responsibility, business EV sector. We anticipate sturdy demand for the foreseeable future.”

Fraser Atkinson, CEO of GreenPower added, “We’re excited that because the financial system reopens from the Covid-19 pandemic our efforts with manufacturing have positioned us for elevated deliveries, which start this summer season and speed up thereafter. I am happy with our staff in that we have been capable of accomplish this with a modest improve in our quarterly money bills and modest lower in working capital in comparison with the earlier quarter. We consider that we’re on monitor to reaching our aim of accomplishing optimistic quarterly money circulate by the center of the present fiscal 12 months.”

Outcomes for the three months ended March 31, 2021

For the three-month interval ended March 31, 2021 the Firm generated revenues of $4,378,131, value of revenues of $3,210,100 yielding a gross revenue of $1,168,031, associated to the sale of 30 EV Stars that have been beforehand on lease, the supply of 5 EV 250s for which the Firm offered lease financing and which have been accounted for as finance leases, and from the sale of spare components. Working prices include administrative charges of $977,812 referring to salaries, mission administration, accounting, and administrative companies; transportation prices of $41,558; insurance coverage expense of $266,380; journey, lodging, meals and leisure prices of $38,308; product growth prices of $296,164; curiosity and accretion of $175,450; skilled charges of $210,448; in addition to non-cash bills together with $1,278,194 of share-based compensation expense, allowance for credit score losses of $338,818 and depreciation of $82,150. Excluding a overseas alternate lack of $69,256, the remaining working prices for the interval amounted to $135,963 typically company bills and a write down of belongings of $45,679, leading to a consolidated web lack of $2,788,149.

Outcomes for the 12 months ended March 31, 2021

For the 12 months ended March 31, 2021 the Firm generated income of $11,884,578 in comparison with $13,500,403 for the earlier 12 months, a lower of 12.0%. Value of revenues of $8,304,438 yielding a gross revenue of $3,580,140 or 30.1% of income. Income for the 12 months was generated from the sale of 33 EV Stars, from the lease of 35 EV Stars, from the lease of 5 EV 250s, from lease earnings, and from the sale of chargers, and components. Working prices include administrative charges of $3,747,76; transportation prices of $161,017; insurance coverage expense of $596,932; journey, lodging, meals and leisure prices of $217,023; product growth prices of $939,949; gross sales and advertising and marketing prices of $234,445; curiosity and accretion of $1,598,588; skilled charges of $486,425; in addition to non-cash bills together with $2,098,761 share-based compensation expense, depreciation of $437,263, and an allowance for credit score losses of $333,929. The remaining working prices for the interval amounted to $325,324 typically company bills, a overseas alternate lack of $193,798 and a write down of belongings of $45,679 leading to a consolidated web lack of $7,836,754.

About GreenPower Motor Firm Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty autos, together with transit buses, faculty buses, shuttles, cargo van and a cab and chassis. GreenPower employs a clean-sheet design to fabricate all-electric autos which can be objective constructed to be battery powered with zero emissions whereas integrating international suppliers for key elements. This OEM platform permits GreenPower to satisfy the specs of varied operators whereas offering commonplace components for ease of upkeep and accessibility for guarantee necessities. GreenPower was based in Vancouver, Canada with main operational amenities in southern California. Listed on the Toronto alternate since November 2015, GreenPower accomplished its U.S. IPO and NASDAQ itemizing in August 2020. For additional data go to www.greenpowermotor.com

Ahead-Wanting Statements
This doc incorporates forward-looking statements referring to, amongst different issues, GreenPower’s enterprise and operations and the setting through which it operates, that are based mostly on GreenPower’s operations, estimates, forecasts and projections. Ahead-looking statements should not based mostly on historic details, however somewhat on present expectations and projections about future occasions, and are due to this fact topic to dangers and uncertainties which may trigger precise outcomes to vary materially from the long run outcomes expressed or implied by the forward-looking statements. These statements typically may be recognized by way of forward-looking phrases comparable to “upon”, “might”, “ought to”, “will”, “may”, “intend”, “estimate”, “plan”, “anticipate”, “anticipate”, “consider” or “proceed”, or the adverse thereof or related variations. These statements should not ensures of future efficiency and contain dangers and uncertainties which can be troublesome to foretell. Plenty of vital elements together with these set forth in different public filings (filed below the Firm’s profile on www.sedar.com) may trigger precise outcomes and outcomes to vary materially from these expressed in these forward-looking statements. Consequently, readers shouldn’t place any undue reliance on such forward-looking statements. As well as, these forward-looking statements relate to the date on which they’re made. GreenPower disclaims any intention or obligation to replace or revise any forward-looking statements whether or not on account of new data, future occasions or in any other case.

Neither the TSX Enterprise Change nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch. All quantities in U.S. {dollars}. ©2021 GreenPower Motor Firm Inc. All rights reserved.

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SOURCE GreenPower Motor Firm

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