GreenPower’s QQ2 2025 results show a meaningful quarterly revenue increase as production ramps up, but the company remains EBITDA-negative with sizable cash burn and leveraged balance sheet. Revenue for the three months ended September 30, 2024 stood at 5.35 million USD, up 78% QoQ from the prior quarter, and up 78% in deliveries in the first half of the quarter, driven by higher volumes across EV Star cargo vans, BEAST school buses, and shuttle-type vehicles. However, gross margin remained modest at 8.6% due largely to negative margins in the Truck Body division, and overall operating income and net income were deeply negative (EBITDA of -3.70 million; net income of -4.70 million; EPS -0.18). Management emphasizes a strategic ramp, leveraging manufacturing enhancements, and monetization of regulatory credits as key levers for profitability and liquidity improvement. The company completed a 3 million share offering in October 2024 to fund vehicle production and product development, underscoring the ongoing need for external capital to sustain cash burn as volumes scale. Management guidance centers on a targeted production cadence (approximately 20 units per month) and a step-up in deliveries each quarter, supported by West Virginia production enhancements and efforts to monetize tradable credits. Investors should monitor (i) the pace of production and margin recovery as throughput improves, (ii) the success of credit monetization activities, (iii) access to liquidity facilities, and (iv) the trajectory of cash burn as the company moves toward positive free cash flow.