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Company Cites Electric Vehicle Ecosystem, Foreign Trade Zone & Financial Incentives as Reasons for New Mexico Facility SANTA TERESA, N.M., Jan. 9, 2026 /PRNewswire/ -- GreenPower Motor Company Inc. (NASDAQ: GP) ("GreenPower" or the "Company") a leading manufacturer and distributor of all-electric, purpose-built, zero- emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, today cited New Mexico's electric vehicle ecosystem, the Santa T ...

Core Viewpoint - GreenPower Motor Company has secured $5 million in financing from CIBC, which includes a $3 million revolving line of credit and a $2 million term loan, aimed at accelerating the production of all-electric vehicles to meet existing customer orders [1] Financing Details - The financing facilities consist of a $3 million revolving line of credit and a $2 million term loan with a three-year term [1] - GreenPower has also received approval for a letter of credit of $450,000 and a facility of up to $2.5 million, pending approval from another financial institution [1] - The company has closed an additional $5 million in term loans from two family offices, which provided personal guarantees for these credit facilities [1] Use of Proceeds - A portion of the net proceeds from the financing will be allocated to repay the existing operating line of credit, while the remainder will be used for general corporate purposes [1] Related Party Transactions - The company will issue 3,205,128 non-transferable share purchase warrants to one family office, allowing the purchase of common shares at an exercise price of $0.78 for 36 months [2] - Additionally, 641,025 shares will be issued to one of the family offices as part of the financing arrangement [2] - These transactions are classified as related party transactions but are exempt from formal valuation and minority approval requirements [2] Securities Regulation - All securities issued in connection with the loans will be subject to a statutory hold period of four months plus a day from the closing date [3]

Core Insights - GreenPower offers a comprehensive range of Class 4 all-electric, purpose-built, zero-emission commercial vehicles eligible for various incentives [1][4] - The new round of Standard HVIP funding provides over $140 million for fleets, with base vouchers of $60,000 available for each Class 4 zero-emission vehicle [2] - Small business fleets can access vouchers up to $130,000 per vehicle under the Innovative Small E-Fleet (ISEF) program, which allocates $20 million for flexible adoption pathways [3] Funding Opportunities - Medium and large fleets with 20 or more medium and heavy-duty vehicles can hold up to 20 unredeemed vouchers at a time, with funding available on a first-come, first-served basis [2] - Past funding rounds have been depleted quickly, emphasizing the need for fleets to prepare documentation and submit requests promptly [2][4] - The ISEF program supports innovative solutions like short-term leases and bundled offerings, helping smaller operators overcome initial cost and infrastructure challenges [3] Product Offerings - GreenPower's lineup includes various models such as the EV Star Passenger Van, EV Star Mobility Plus, and commercial cargo vehicles, all available for immediate delivery [4] - The company emphasizes collaboration with customers and upfitters to customize vehicles according to specific requirements [4] - GreenPower's vehicles are designed with a clean-sheet approach, ensuring they are purpose-built for battery power and zero emissions [6]

Core Points - GreenPower Motor Company has entered an agreement to retain over $6 million in deposits for the manufacture of EV Star Cab & Chassis, with no further obligation to deliver vehicles [1] - The company will recognize a total of $6.8 million of deferred revenue in the current quarter ending December 31, 2025, improving its balance sheet [2] - The elimination of deferred revenue will reduce total liabilities and increase shareholders' equity by $6.8 million, strengthening the company's financial position [3] Financial Impact - The advance payments received for the EV Star Cab & Chassis were recorded as deferred revenue until vehicle delivery was accepted [2] - The recognition of this deferred revenue will positively impact the company's revenue and cash flow [3] Production and Future Plans - The EV Star Cab & Chassis manufactured with these payments will be utilized to produce the all-electric Type A Nano BEAST school bus, which is expected to reduce production lead times [3] - This strategic move is anticipated to create a clear path toward accelerated revenue recognition, margin expansion, and improved operating cash flow for the company [3]

Core Insights - GreenPower Motor Company is accelerating production of its all-electric school bus lineup, supported by a financing facility of up to $18 million, which will be deployed in tranches of up to $2 million [1][3] - The company has over $50 million in contracted orders for its Nano BEAST and BEAST school buses, allowing for efficient conversion of backlog into deliveries [3][6] - GreenPower is the only fully electric OEM manufacturing both Class 4 Type A and Class 8 Type D school buses, positioning itself to capture market share as the school transportation sector transitions to zero-emission fleets [3] Financing and Production - The financing facility is designed to optimize cash conversion cycles, enabling the company to align capital deployment with production timing as it scales output [1][6] - More than 130 chassis have already been produced, which positions GreenPower for improved gross margins and a pathway to positive operating cash flow [6] Market Position and Strategy - The company employs a vertically integrated, purpose-built platform strategy, integrating global suppliers for key components to meet various operator specifications [4] - Federal and state incentives are expected to support the transition to zero-emission fleets, benefiting GreenPower's market position [3]

Core Viewpoint - GreenPower Motor Company Inc. has entered into a Securities Purchase Agreement to issue up to US$18 million of Series A Convertible Preferred Shares, aimed at enhancing its capital structure and supporting its operations in the all-electric vehicle market [1][2]. Financing Details - The initial tranche includes 754 Series A Convertible Preferred Shares issued through a public offering and 425 shares through a private placement, totaling a stated value of $1,179,000 and a purchase price of $1,120,050 [2]. - A follow-on tranche of 926 Series A Convertible Preferred Shares is planned, with a stated value of $926,000 and a purchase price of $879,700, to be filed under a registration statement at a later date [2]. - The institutional investor has the right to acquire additional shares in tranches of up to $2 million, potentially totaling up to US$16 million [2]. Dividend and Conversion Terms - The Series A Convertible Preferred Shares carry a dividend rate of 9% per annum [2]. - Each share is convertible into common shares at 105% of the stated amount or at 125% of the closing price of GreenPower's common shares on NASDAQ prior to issuance, subject to adjustments [2]. Regulatory Compliance - The public offering is conducted under a shelf registration statement filed with the U.S. Securities and Exchange Commission, which was declared effective earlier in 2024 [3]. Company Overview - GreenPower designs, builds, and distributes a range of all-electric medium and heavy-duty vehicles, including transit buses, school buses, and cargo vans, focusing on zero-emission solutions [5].

Revenue and Profitability - Revenue for the three months ended September 30, 2025, was $2,489,820, a decrease of 53.4% compared to $5,347,190 for the same period in 2024[5] - Gross profit for the six months ended September 30, 2025, was $635,400, down from $681,499 in 2024, reflecting a decline of 6.8%[5] - For the six months ended September 30, 2025, total revenue was $4,454,135, down 46.6% from $8,344,248 in the prior year[70] - For the three months ended September 30, 2025, total revenue was $2,904,668, a decrease of 45.7% compared to $5,347,190 for the same period in 2024[70] Losses and Financial Performance - The company reported a net loss of $3,593,359 for the three months ended September 30, 2025, compared to a net loss of $4,701,864 in 2024, indicating an improvement of 23.6%[5] - For the six months ended September 30, 2025, the company reported a loss of $7,757,210, an improvement from a loss of $10,090,512 in the same period of 2024, representing a 23.3% reduction in losses[7] - The company has not generated positive EBITDA in the trailing four quarters ended September 30, 2025, impacting its compliance with financial covenants[38] Cash and Working Capital - Cash increased to $511,094 as of September 30, 2025, from $344,244 as of March 31, 2025, representing a growth of 48.4%[3] - Working capital as of September 30, 2025, was $6,352,309, while the accumulated deficit stood at $(105,123,190)[10] - The company's cash balance increased to $511,094 as of September 30, 2025, compared to $344,244 at the end of March 31, 2025, indicating a net increase of $166,850[10] Inventory and Accounts Receivable - Inventory decreased to $23,758,913 as of September 30, 2025, down 7.2% from $25,601,888 as of March 31, 2025[3] - Total inventory decreased to $23,758,913 as of September 30, 2025, from $25,601,888 at March 31, 2025, with a write-down of inventory amounting to $210,000 during the period[25] - The company recorded a provision of $595,681 against accounts receivable as of September 30, 2025, reflecting an increase from $563,152 at March 31, 2025[22] - The company’s total accounts receivable included $670,374 that was past due over 120 days as of September 30, 2025[22] Deferred Revenue and Liabilities - Deferred revenue increased to $12,629,065 as of September 30, 2025, up from $10,138,356 as of March 31, 2025, reflecting deposits received for undelivered all-electric vehicles and parts[51][52] - The company recognized $1,721,554 in revenue from deferred revenue during the six months ended September 30, 2025[52] - The warranty liability as of September 30, 2025, was $2,558,425, with an expected $810,112 in warranty costs to be incurred within the next twelve months[75][74] - The company recorded a contingent liability of $110,000 as of September 30, 2025, for potential judgments related to legal matters[79] Financing and Capital Structure - The Company issued a total of 128,345 common shares during the six months ended September 30, 2025, raising gross proceeds of $455,095 through the 2025 ATM[40] - The outstanding balance on the term loan facility was $3,591,507 as of September 30, 2025, with the Company anticipating non-compliance with the debt service coverage ratio at the 2026 fiscal year end[38] - The Line of Credit has a credit limit of $6,000,000, with a drawn balance of $5,940,276 as of September 30, 2025, and bears interest at 8.0% plus a margin of 5.25%[34][35] - The Company entered into a term loan offering of up to $2,000,000, with gross proceeds of $1.75 million received as of September 30, 2025[66] Shareholder and Management Compensation - Total compensation for directors, officers, and key management personnel for the six months ended September 30, 2025, was $689,867, a decrease from $1,265,550 for the same period in 2024[61] - The company recorded share-based compensation expense of $269,845 for the six months ended September 30, 2025, a decrease from $697,898 for the same period in 2024[49] Risks and Uncertainties - The company plans to address material uncertainties regarding its ability to continue as a going concern by selling vehicles in inventory and seeking new financing sources[10] - The company has exposure to currency risk, with a net exposure of approximately $450,967 to net income/loss based on a 10% change in the CAD/USD exchange rate[60] - As of September 30, 2025, the company had loans from related parties totaling CAD $3,670,000 that matured on March 31, 2023, but the principal balance remains outstanding[63] Assets and Depreciation - Right of Use Assets increased from $4,124,563 on March 31, 2024, to $5,479,555 on March 31, 2025, reflecting a net addition of $1,354,992[30] - Property and Equipment decreased from $1,310,581 on March 31, 2025, to $984,631 on September 30, 2025, primarily due to depreciation of $304,326 and disposals of $24,961[32] - The company recognized depreciation expense of $416,750 on Right of Use Assets for the six months ended September 30, 2025, compared to $384,648 in the same period of 2024[27] Legal and Compliance Matters - Personal guarantees totaling $5,020,000 were provided by the company's CEO and Chairman to support the operating line of credit[69] - The company issued 29,542 bonus shares and 256,410 bonus warrants to related party lenders, with the loans recorded at a fair value of $1.4 million, resulting in an effective interest rate of approximately 24%[67]

Core Viewpoint - GreenPower Motor Company Inc. has announced its decision to voluntarily delist its common shares from the TSX Venture Exchange, effective November 14, 2025, to focus on strategic priorities and operational efficiencies [1][2]. Delisting Reasons - The delisting is influenced by consistently low trading volumes on the TSX Venture Exchange, with less than 2% of the trading volumes compared to NASDAQ for the nine months ended September 30, 2025 [6]. - The company aims to reduce regulatory and compliance costs, allowing for better allocation of resources towards growth initiatives [6]. - This decision aligns with the company's strategy to streamline operations and focus on markets that provide greater shareholder value [6]. Impact on Shareholders - Shareholders' ownership will not be affected by the delisting, as the company will maintain its NASDAQ listing, ensuring continued trading opportunities [2]. - The company will remain a reporting issuer under Canadian securities laws, ensuring transparency and compliance with regulatory requirements [2]. Commitment to Shareholders - GreenPower is dedicated to delivering long-term value to its shareholders, and the delisting reflects its commitment to optimizing operations and focusing on sustainable growth initiatives [4]. Next Steps - The company is collaborating with the Exchange to ensure a smooth transition, and shareholders are encouraged to consult their brokers or financial advisors regarding trading options and account adjustments [3]. Company Overview - GreenPower designs, builds, and distributes a range of all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, and cargo vans, with a focus on zero-emission solutions [5]. - The company was founded in Vancouver, Canada, and has primary operational facilities in southern California, having completed its U.S. IPO and NASDAQ listing in August 2020 [5].

Core Insights - GreenPower Motor Company Inc. has announced that its EV Star product line is eligible for up to $130,000 in incentives under the Innovative Small E-Fleet (ISEF) program, which reopens on October 21 with $30.5 million in available incentives [1][2]. Group 1: Product Offerings - GreenPower offers a comprehensive lineup of Class 4 all-electric, purpose-built, zero-emission vehicles, including the EV Star Passenger Van, EV Star Mobility Plus, EV Star Reefer, EV Star Cab & Chassis, EV Star Stakebed Truck, and EV Star Utility Truck [2][3]. - The ISEF program provides small fleet operators (20 or fewer vehicles and under $15 million annual revenue) with vouchers covering up to 90% of new vehicle costs (excluding taxes) for GreenPower's Class 4 EV Star models [2]. Group 2: Funding and Incentives - The ISEF program is designed to support small fleet operators with enhanced vouchers for zero-emission vehicle rentals, leases, and truck-sharing agreements [2]. - Customers interested in accessing up to 90% funding for up to five new commercial zero-emission vehicles must be prepared to act quickly when the ISEF reopens, as funds will be allocated on a first-come, first-served basis [3]. Group 3: Financial Update - GreenPower provided a quarterly update indicating that for the three months ended September 30, 2025, the company issued 77,202 common shares at an average price of $4.63 per share, resulting in gross proceeds of $357,132 [4]. - After paying a cash commission of $10,714 to Roth Capital Partners, the net proceeds from the share issuance amounted to $346,418 [4].