GreenPower Reports Revenue of $8.5 million and Net Income of $4.2 million for Third Quarter

Core Viewpoint - GreenPower Motor Company reported a revenue of $8.5 million and a net income of $4.2 million for the third quarter of fiscal year 2026, highlighting a successful transition to a production strategy driven by customer orders despite challenges in the EV sector [1]. Financial Performance - Revenue for the third quarter was $8.5 million, an increase from $7.2 million in the same quarter of the previous year, generated from vehicle sales, parts, leases, and deferred income [1]. - Gross profit on vehicle sales was approximately 28% [1]. - Total sales, general, and administrative costs were reduced to $2.4 million from $5.2 million year-over-year, with recurring expenses excluding non-cash items being less than $2 million [1]. Capitalization and Funding - The company raised gross proceeds of $1,120,050 from the issuance of Series A convertible preferred shares, with a stated value of $1,179,000 [1]. - GreenPower has the right to issue additional Series A Shares in tranches of up to $2 million, totaling up to $16 million under certain conditions [1]. - The company completed several transactions to recapitalize, including closing two term loans totaling $5 million and establishing a new banking relationship with CIBC [1]. Project Developments - GreenPower is managing the New Mexico All-Electric, Purpose-Built, Zero-Emission School Bus Pilot Program, with over $5 million in funding for deploying various types of all-electric school buses and charging infrastructure [1]. - The company is focused on addressing specific challenges in New Mexico, including deployment in urban and rural settings and operating in extreme cold weather [1].