GreenPower Motor Company (GP) Q1 2026 Earnings Report

GreenPower Motor Company’s QQ1 2026 results present a bifurcated picture. On the top line, revenue reached 1.55 million, down -69.44% year-over-year and -78.54% quarter-over-quarter, reflecting the company’s small scale in a highly capital-intensive, early-stage ramp in the electric commercial vehicle market. The quarter delivered a positive gross profit of 0.362 million, yielding a gross margin of 23.3%, indicating some unit economics improvement or favorable product mix despite lower volumes. However, operating losses remained substantial as the company absorbed high fixed operating costs and ramp-related expenses, with operating income of -3.585 million and EBITDA of -3.178 million, resulting in a net income of -4.163 million and an EPS of -0.14 for QQ1 2026. Cash burn remained meaningful: net cash from operating activities was -1.406 million, while financing activity provided 1.278 million, producing a net cash decrease of ~0.096 million and leaving cash on hand of 0.248 million at period end.

From the balance sheet, GreenPower exhibits a fragile liquidity position and a heavily indebted structure. Total assets stand at 33.33 million against total liabilities of 38.51 million, yielding negative shareholders’ equity of -5.18 million. Cash and cash equivalents are just 0.248 million, and inventories are elevated at 24.98 million, suggesting a substantial working capital commitment tied to the production ramp and potential obsolescence risk if demand delays persist. Short-term debt of 11.64 million and long-term debt of 9.34 million contribute to a total debt burden of ~21.0 million, with a net debt position of ~20.7 million.

In the near term, the company faces a classic startup/EV ramp risk: (i) sales growth must materialize to achieve incremental gross profit contribution, (ii) operating expenses must decelerate or be offset by revenue growth, and (iii) refinancing or capital raising may be required to sustain liquidity. The QQ1 2026 results imply that execution of the production ramp and market acceptance will be critical catalysts for a sustainable turn toward profitability. Management commentary (where available) and industry dynamics point to a heightened emphasis on cash preservation and unit economics optimization as prerequisites for a durable turnaround.