GreenPower Motor Company (GPV) Status Update summary

Business update and market positioning

• Focused on purpose-built, all-electric, zero-emission medium and heavy-duty vehicles, especially school buses, with over 700 Class 4 EV Star models delivered and a growing order book for school buses.

• Only OEM offering both Class 4 Type A (Nano BEAST) and Class 8 Type D (BEAST) all-electric school buses, with strong demand in the school bus sector compared to commercial vehicles.

• School bus electrification is in early stages, with just over 12,000 electric buses deployed out of 490,000 nationwide, and significant opportunities in New York and California.

• Health benefits and state mandates are key drivers for electric school bus adoption, with predictable routes and lower emissions improving student health and learning outcomes.

• Vehicle-to-grid (V2G) technology positions school buses as grid assets, enabling energy arbitrage and grid stabilization, especially with large battery capacities like the Mega BEAST.

Financial performance and operational changes

• Fiscal year ended March 31, 2025, reported revenues just under $20 million, with gross profit at 9.7% for the year and 11-12% in Q4 after adjustments.

• Excluding prior year Workhorse sales, core business revenue increased, and ongoing focus is on school buses for future growth.

• Order book stands at approximately $60 million, with production resuming after tariff-related delays and a plan to scale Nano BEAST output to 100 units per year.

• Cost structure improvements include consolidation of California operations and leveraging contract manufacturing in Malaysia for scalable production.

• Capital structure includes 30 million shares issued, $6 million BMO demand loan, $5 million EDC revolving loan, and over $5 million in director funding.

Regulatory and legislative environment

• Tariffs caused significant production delays and increased costs, but most issues have been resolved, and a new production plan is in place.

• State-level funding and mandates in New York and California drive demand, with New York targeting 100% zero-emission school buses by 2035 and significant incentives for V2G-enabled buses.

• Federal tariffs on school buses are viewed as counterproductive, with ongoing lobbying efforts but limited traction at the federal level.

• Participation in industry groups and legislative advocacy continues, with some progress expected in federal support for electrification.