“since our most recent quarter, GreenPower has turned an important corner. The increase in orders and quotes GreenPower is now experiencing shows that the demand for all electric vehicles is still there and that the market is rebounding with significant growth potential.”
— Fraser Atkinson
03Detailed Report
GP
Company GP
Period
Q1 2025
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 14, 2026
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Executive Summary
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.
Cash flow and liquidity:
- Net cash from operating activities: -$3.212 million; free cash flow: -$3.258 million.
- Balance sheet resilience: cash and cash equivalents of $0.528 million; inventory of $33.735 million; total current assets $36.729 million; total assets $43.458 million.
- Working capital: approximately $14.0 million; finished goods inventory around $13.4 million within the total $33.7 million inventory.
- Financing and liquidity facilities: EDC revolving facility with approximately $2.0 million available at period-end (drawn balance slightly over $3.0 million); total debt about $17.585 million; net debt about $17.057 million.
Capital structure and asset mix:
- Current ratio: 1.61; quick ratio: 0.132; cash ratio: 0.023.
- Long-term and total debt remain elevated relative to equity (debt-to-capitalization ~0.672; debt-to-equity ~2.05).
- Equity base: total stockholders’ equity around $8.60 million; tangible equity provided through working capital and inventory on hand.
Product/inventory and pipeline:
- Finished goods and pipeline: substantial finished goods on EV Star Cab & Chassis, BEAST variants, and 40+ EV Stars in inventory (including repossessed/leased units); management notes a high probability of converting inventory into near-term revenue as throughput improves and orders convert to deliveries.
Management commentary and Q&A takeaways:
- Management emphasized a rebound in demand and an improving sales pipeline, including 28 EV Star Cab & Chassis in Canada, 20 EV Star Cargo Plus and passenger vans, and 30 school buses for California and Oregon, with additional East Coast deployments. The company also highlighted significant follow-on orders that boost visibility into future quarters.
- Gross margin normalization is expected as WV throughput improves and plant overhead is allocated over a larger throughput base; historically, gross margins have trended in the high teens (roughly 16–18%) when throughput is stable.
- The California HVIP program and state subsidies in West Virginia are cited as meaningful tailwinds, with management noting California’s 10% zero-emission mandate for Class 4 purchases rising to 75% over 10 years, creating a multibillion-dollar market opportunity.
Overall, QQ1 2025 reflects a transitioning business: negative near-term profitability amid a ramp in production and an expanding, albeit lumpy, pipeline. The key to a sustainable recovery lies in converting the pipeline into volume, driving better overhead absorption, and preserving liquidity through subsidies and financing facilities.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
3.00M
-80.47%
-40.89%
Gross Profit
221.86K
-85.28%
142.72%
Operating Income
-4.91M
-73.53%
22.88%
Net Income
-5.39M
-29.12%
18.38%
EPS
-0.21
-23.53%
19.23%
Key Financial Ratios
Gross Profit Margin
Weak
7.40%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-1.64%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-1.80%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.12%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.63%
Return on equity suggests inefficient capital allocation
Current Ratio
Healthy
1.61
Current ratio shows adequate liquidity to meet short-term obligations
Debt to Equity
High Risk
2.05
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Negative
-1.25x
Negative earnings make P/E ratio not meaningful
Price to Book
Premium
3.13x
Trading at premium to book value, reflects strong intangibles or growth
Management Insights Available for Members
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