GreenPower Motor Company (GPV) Q3 2025 earnings summary

Executive summary

• Revenue for the quarter ended December 31, 2024, was $7.2 million, up 35% sequentially and from $6.2 million in the prior year quarter, driven by increased sales of BEAST and Nano BEAST school buses and EV Star vehicles.

• Net loss for the quarter was $4.7 million, similar to $4.6 million in the prior year; nine-month net loss widened to $14.8 million from $11.7 million.

• Gross profit improved to $1.05 million (14.6% of revenue), with gains from school bus and EV Star sales in California and Oregon.

• The company is consolidating California operations into a single facility in Riverside to improve efficiency and reduce costs.

• Production at the West Virginia facility is ramping up, with output set to increase to two BEAST buses per week by April.

Financial highlights

• Cost of sales for the quarter was $6.2 million.

• Gross profit for the quarter was $1.05 million, down from $1.35 million year-over-year; nine-month gross profit was $1.74 million, down from $5.38 million.

• SG&A expenses declined by $443,000 (7.8%) year-over-year, mainly due to lower professional fees, share-based payments, and administrative salaries.

• Cash balance at December 31, 2024 was $621,000, down from $1.15 million at March 31, 2024.

• The company completed underwritten offerings of 4.5 million shares and warrants, raising $5.3 million gross during the nine months.

Outlook and guidance

• Management expects gross profit margins to improve as West Virginia and consolidated California operations increase throughput and efficiency.

• Demand for all-electric school buses remains strong, supported by state and federal incentive programs.

• Management plans to address going concern risk by selling inventory, collecting receivables, utilizing credit facilities, and seeking new financing.

• Continuation of operations depends on achieving profitable sales and securing additional funding.