GreenPower Reports First Quarter Results With a Record of 88 All-Electric Buses in Production
2019年8月27日 - 9:59AM
GreenPower Motor Company Inc. (TSXV: GPV) (OTCQX: GPVRF)
(“GreenPower” or the “Company”), a leading designer, manufacturer,
and distributer of a range of all-electric buses, today announced
results for its first quarter ended June 30, 2019.
Quarterly and Recent Highlights:
- Reported revenue of $2.4 million for the quarter and a gross
profit of $0.7 million – representing a gross margin of 30%
- During the quarter the Company delivered three EV Stars to
Sacramento Regional Transit and received a follow-on order for
three EV Star Plus buses with wheelchair lifts and other ADA
features. The Company also delivered one EV350 to Porterville and
two EV Stars to San Diego Airport Parking Company
- Finished the first quarter with $7.9 million of inventory due
to a record level of production with 88 all-electric buses in
various stages of production or in finished goods
- Improved working capital to $2.8 million at the end of the
quarter
- In April filed the initial application to uplist to the NASDAQ
stock exchange
- In May closed an equity financing for gross proceeds of $4
million
- In July delivered the first ten EV Stars to Creative Bus Sales,
the largest bus distributor in the US, delivered the first three EV
Stars to Green Commuter, and delivered an EV Star to Sacramento
Regional Transit
- In August GreenPower delivered another five all-electric
buses
“I am pleased to report that GreenPower had a
record number of 88 all-electric buses in production at the end of
the quarter,” said Fraser Atkinson, Chairman and CEO of GreenPower
Motor Company. “The Company continued to execute on its previously
stated goals during the quarter as we increased the utilization of
our manufacturing facilities in California, raised $4 million in an
equity financing to fuel top line growth, and significantly
increased production. Moving forward, we remain optimistic about
the company’s prospects as we are focused on ramping up vehicle
deliveries, rapidly scaling the business, improving our financial
position and continue to work towards uplisting to the NASDAQ stock
exchange later this year.”
Results for the Quarter Ended June 30, 2019
The Company reported quarterly revenue of over
$2.4 million versus $2.5 million for the prior-year period. Revenue
from vehicle sales and vehicle leases was generated from the sale
of one EV 350 and five EV Stars, two of which were accounted for as
finance leases, as well as revenue from the sale of vehicle
chargers and other sources. Gross profit for the quarter was $0.7
million or 30% of revenues. The Company reported a consolidated net
loss for the quarter of $1.3 million or $0.01 per share.
For further information
contact:
Fraser AtkinsonChairman and CEO(604) 220-8048
Michael SieffertCFO(604) 563-4144
GreenPower Investor RelationsChris Witty(646) 438-9385
About GreenPower Motor Company
Inc.
GreenPower designs, builds and distributes a
full suite of high-floor and low-floor vehicles, including transit
buses, school buses, shuttles, a cargo van and a double
decker. GreenPower employs a clean-sheet design to
manufacture all-electric buses that are purpose built to be battery
powered with zero emissions. GreenPower integrates global suppliers
for key components, such as Siemens or TM4 for the drive motors,
Knorr for the brakes, ZF for the axles and Parker for the dash and
control systems. This OEM platform allows GreenPower to meet the
specifications of various operators while providing standard parts
for ease of maintenance and accessibility for warranty
requirements. For further information go to
www.greenpowerbus.com
Forward-Looking Statements
This Press release contains “forward- looking
statements.” Statements in this news release that are not purely
historical are forward-looking statements and include any
statements regarding beliefs, plans, expectations or intentions
regarding the future. Such forward looking statements include,
among other things, the following: that the Company will ramp up
vehicle deliveries, rapidly scale our business, improve our
financial prospects and continue to work towards uplisting to the
NASDAQ stock exchange. The material assumptions supporting
these forward-looking statements include, among others, that the
demand for the Company’s products will continue to significantly
grow; that the production capacity of the Company can be increased
as planned; that the suppliers of materials will be able to satisfy
the increased demand; that there will not be interruptions on
production of the Company’s products; that there will not be a
significant increase in the direct production costs for the
Company’s products; that the Company will not be faced with
significant increases in its overhead, general and administrative
costs; that there will not be a recall of products due to adverse
events relating to the Company’s products; and that the Company
will be able to obtain additional capital to meet the Company’s
growing demand and satisfy the financial requirements needed to
list on NASDAQ. Actual results could differ from those projected in
any forward-looking statements due to numerous factors. Such
factors include, among others: the risk that government policies or
laws may change and that additional governmental regulations may be
implemented regarding the production and sale of electric vehicles;
the risk that purchasers may not purchase the Company’s EV
products; the risk that there may be additional competitors selling
EV products; the risk that the Company will not be able to deliver
completed buses on time; the risk that the Company’s clients will
not default on their purchase terms; the risk that governmental
regulations and taxation will change to adversely affect the
Company’s business and financial results; the risk that government
grants that reduce the cost of purchasing electric vehicles will be
reduced, cancelled, or delayed; the risk that the Company has a
limited number of suppliers; the potential for supply-chain
interruption due to factors beyond the Company’s control; the risk
that there may be a recall of products; the inherent uncertainties
associated with operating as an early-stage company; the Company’s
ability to raise the additional funding that it will need to
continue to pursue its business, planned capital expansion and
sales activity; general economic conditions in Canada, the United
States, China and globally; transportation industry conditions;
potential delays or changes in plans with respect to deployment of
services or capital expenditures; availability of sufficient
financial resources to pay for the development and costs of the
Company’s products; competition for, among other things, capital
and skilled personnel; changes in economic and market conditions
that could lead to reduced spending on green energy initiatives;
competition in our target markets; management of future growth and
expansion; the development, implementation and execution of the
Company’s strategic vision; risk of third-party claims of
infringement; legal and/or regulatory risks relating to the
Company’s business and strategic acquisitions; protection of
proprietary information; the success of the Company’s brand
development efforts; risks associated with strategic alliances;
reliance on distribution channels; product concentration; the
Company’s ability to hire and retain qualified employees and key
management personnel. These forward-looking statements are made as
of the date of this news release, and the Company assumes no
obligation to update the forward-looking statements, or to update
the reasons why actual results could differ from those projected in
the forward-looking statements, except as required by applicable
law, including the securities laws of the United States and Canada.
Although the Company believes that any beliefs, plans, expectations
and intentions contained in this news release are reasonable, there
can be no assurance that any such beliefs, plans, expectations or
intentions will prove to be accurate. Readers should consult all of
the information set forth herein and should also refer to the risk
factors disclosure outlined in the reports and other documents the
Company files with on the SEDAR, available at www.sedar.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. All amounts in U.S.
dollars. © 2019 GreenPower Motor Company Inc. All rights
reserved.
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