GreenPower Motor Company delivered a modest QQ1 2025 revenue print of approximately $3.0 million with an accompanying gross profit of about $0.22 million and a 7.4% gross margin. The company posted a negative EBITDA of roughly $4.41 million and a net loss of about $5.39 million, reflecting ongoing fixed-cost absorption challenges as the West Virginia production facility scales. Management, however, framed the quarter as a turning point with a tangible rebound in orders and quotes, supported by a robust sales pipeline for school buses and EV Star cargo/passenger vans, plus a growing BEAST product line. Importantly, GreenPower highlighted an improving liquidity profile driven by finished goods inventory on hand and state/federal incentives, including West Virginia subsidies and California HVIP opportunities that could materially bolster demand over the coming quarters.
Looking ahead, management signaled that revenue should step up through each remaining quarter of the fiscal year as throughput improves at the WV plant and as the company continues to monetize its inventory and fulfill a large, multi-market pipeline (Canada, East Coast, California/Oregon). The company also emphasized the strategic logic of its East-West manufacturing footprint to capture state mandates and incentive programs, with California’s HVIP program providing meaningful upside for Class 4 assets. While the near-term profitability remains pressured by overhead absorption and product mix, the path to improved gross margins exists as volume accelerates and overhead is more efficiently allocated. Investors should monitor (i) progress in WV throughput and materialized gross margins, (ii) the evolution of the HVIP-driven demand environment, and (iii) the sustainability of subsidies and financing facilities that support working capital and capex needs.