Zero-emission school bus manufacturer GreenPower Motor Company (NASDAQ: GP/TSXV: GPV) has announced fourth quarter and full-year financial results for the period ending March 31, 2022.
The company expects to hold an update call next week to discuss GreenPower's school bus initiatives.
Financial highlights for the year include:
- Recorded revenues of $17,236,773 for the year, up 30% over the restated revenue of $13,286,184 for the previous fiscal year.
- Cash including restricted cash of $6.9 million at year-end.
- Inventory of $32.3 million at year-end compared to $12.5 million at the previous year-end.
- Working capital at year-end was $31,581,470, an increase of $773,095 over the working capital of $30,808,375 at the previous year-end.
"Customers for all-electric school buses put on hold purchase decisions as they waited for the recently announced $500 million of funding federally with online applications opening on May 20, 2022, for 90 days and awards to be announced thereafter. We are well positioned to commence deliveries as we have inventory of our Type D Beast and Type A Nano Beast all-electric school buses," said Fraser Atkinson, CEO of GreenPower. "In the meantime, we have over 1,600 customer orders scheduled to be delivered over the next two fiscal years. The second quarter will see an uptick in deliveries to customers with a significant increase over the ensuing quarters."
GreenPower reported some notable firsts during the year. The company was recognized by the NJ ZIP program as the first OEM dealer to apply for a voucher redemption in the state. GreenPower has been actively pursuing sales in New Jersey and reports significant demand in the state for its 22-foot cargo van, which was its first sale of this new product. In addition, GreenPower launched the new Nano-BEAST 's all-electric Type A school bus, and has seen significant interest in the product from a number of recent events.
GreenPower continued to expand its dealer network across the United States. During the year, GreenPower signed dealership agreements that will expand the company's sales footprint into new territories, including the states of Arizona, Nevada, and Washington state, New Jersey, New York, and several specialized dealership relationships in the state of California. This expansion continues with dealer agreements in process covering BEAST, Nano BEAST and EV Stars in more than 10 additional states with multiple dealer relationships in larger markets.
GreenPower completed a significant partnership with the state of West Virginia, entering into a lease-purchase agreement with the state for an 80,000-square-foot facility on six acres of land to manufacture all-electric school buses for the U.S. market. As part of this partnership, the state will provide worker training and hiring support, up to $3.5 million in employment incentive payments in exchange for meeting hiring targets, and has agreed to purchase up to $15 million of GreenPower vehicles produced at the facility.
GreenPower signed a contract to sell 1,500 EV Star Cab and Chassis to Workhorse, which they will use to produce Workhorse-branded panel vans for the North American market.
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