GreenPower Motor Company Inc. announces financial results for its fourth quarter and year ended March 31, 2018. All amounts are in U.S. dollars.
For the fourth quarter, GreenPower had revenues of $3,435,990, cost of sales of $2,267,765 generating a gross profit of $1,168,225 or 34% of revenues. Expenses amounted to $1,113,166 including non-cash items totaling $411,648, which after a tax recovery and other items resulted in net income of $655,059. The adjusted EBITDA* for the fourth quarter amounted to $466,707.
"We are delighted to have achieved so many milestones in the fourth quarter. Generating positive earnings shows that GreenPower’s business is uniquely positioned to take advantage of the significant growth that we expect across the heavy-duty EV space," says Fraser Atkinson, Chairman of GreenPower. "As we move to monthly deliveries of product our objective by the end of the current fiscal year is to achieve sustained quarterly profitability and positive cash flow from operations."
Highlights of the Year
- Delivered two EV350 40-ft. low-floor transit buses and two EV550 45-ft. double decker buses in the fourth quarter,
- Demonstrated the Synapse 72 all-electric school bus and obtained orders with a number of school districts, including LA Unified, the largest school district in the State of California,
- Opened a sales office in Los Angeles and hired a seasoned industry veteran, Ryne Shetterly, to head sales and marketing,
- Launched the EV Star Min-eBus,
- As of March 31, 2018, the company was at various stages of production with eight EV350 40-ft. low-floor transit buses, six Synapse 72 school buses and 10 EV Star Min-eBuses,
- At year-end, the company had over $1 million of cash and positive working capital of $2.2 million.
Subsequent to the year-end, GreenPower entered into a 3-year exclusive factory representative agreement with Creative Bus Sales, the U.S.’s largest bus dealer for sales, parts and service, including an initial order of 15 buses from GreenPower for their inventory: five EV-STARS and 10 Synapse School Buses. With 19 physical locations, a 75-person sales team and 200+ service and support staff, Creative Bus Sales sold thousands of buses in the U.S. last year alone.
The company also secured orders for the EV Stars from the Port of Oakland and UC San Francisco, the second largest employer in the City of San Francisco, and arranged a line of credit for $2 million from BMO Bank of Montreal.