Fraser Atkinson: We are now set to deliver one BEAST per week from the South Charleston facility with the production increasing to two units per week by April plus the Nano BEAST production. This will allow us to better meet the timely demand for orders on the East Coast from places like New York and West Virginia. To support this growth, we strengthened the leadership of our production team with the addition of James Redd as our new West Virginia production manager. Working alongside Vice President of Production, Wendell White, James has been instrumental in laying the groundwork for an increase in production output by focusing on the first shift productivity and by adding a second shift to the plant, positioning GreenPower to meet rising demands and to scale efficiently.
— Fraser Atkinson
03Detailed Report
GP
Company GP
Period
Q3 2025
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 14, 2026
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Executive Summary
GreenPower Motor Company (GP) reported QQ3 2025 results characterized by a notable sequential revenue increase and a material gross profit expansion driven by early-stage benefits from higher West Virginia output and California/Nano BEAST sales, offset by continued elevated operating expenses and ramp costs. Revenue reached $7.22 million in the quarter, up 35% QoQ but down roughly 13.9% YoY to reflect ongoing ramp costs and an intensified product mix during the manufacturing consolidation period. Gross profit was approximately $1.05 million for a gross margin of 14.60%, reflecting improvements from BEAST/Nano BEAST deployments in California and Oregon and broader EV Star sales, yet offset by less favorable margins in the truck-body division and West Virginia ramp inefficiencies.
Management highlighted a clear path to margin restoration through throughput gains, consolidation of California operations into a single Riverside plant, and West Virginia throughput enhancements. The company also staged a modest liquidity strategy, including a $3 million equity offering completed in October, and continues to rely on the EDC revolving facility and letters of credit to fund production. Management remains confident in the accelerated production plan (one BEAST per week, rising to two per week by April, plus Nano BEAST production) to capture growing demand on the East Coast and within state incentive programs. The near-term cash flow remains negative, with operating cash flow of approximately -$1.06 million and a free cash flow of about -$1.06 million; however, the financing activity contributed positive cash of about $1.44 million, helping to support ongoing capex and working capital aligned with the consolidation strategy. Overall, the QQ3 2025 results underscore a transition phase aimed at manufacturing efficiency and revenue mix improvement, complemented by a favorable policy backdrop in several key markets that could unlock higher adoption of GreenPower’s EV Star and school-bus platforms over the next 12–24 months.
Key Performance Indicators
Revenue
Decreasing
7.22M
QoQ: 35.00% | YoY: -13.89%
Gross Profit
Increasing
1.05M
14.60% margin
QoQ: 129.32% | YoY: 15.48%
Operating Income
Decreasing
-4.18M
QoQ: -1.35% | YoY: -4.32%
Net Income
Increasing
-4.74M
QoQ: -0.79% | YoY: 0.65%
EPS
Increasing
-0.17
QoQ: 5.56% | YoY: 10.53%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue and profitability momentum
- Revenue: $7.2189 million in QQ3 2025, up 35.0% QoQ but down 13.89% YoY. The QoQ gain reflects stronger BEAST/Nano BEAST sales in California and Oregon and ongoing EV Star orders.
- Gross profit: $1.054 million with gross margin 14.60%, up from prior quarters as BEAST/Nano BEAST contributions offset by West Virginia ramp costs and truck body margins.
- EBITDA/operating loss: EBITDA negative at -$3.777 million; operating loss -$4.181 million. Margin indicators remain negative (EBITDA margin -52.32%, operating margin -57.91%).
- Net income: -$4.739 million; diluted EPS -$0.17.
Cost structure and cash flow
- R&D: $380k; SG&A (selling, general and administrative): $4.084 million; total operating expenses: $5.234 million.
- Operating cash flow: -$1.059 million; free cash flow: -$1.062 million.
- Working capital: change in working capital positive $2.987 million, driven by inventory build and receivables dynamics; cash balance at period end: $0.621 million.
Liquidity and balance sheet strength
- Total debt: $17.415 million; net debt: $16.794 million; long-term debt: $6.396 million; short-term debt: $11.019 million.
- Cash and equivalents: $0.621 million; current assets: $31.636 million; current liabilities: $18.800 million; current ratio: 1.68x; quick ratio: 0.185x; cash ratio: 0.033x.
- Shareholders’ equity: $2.139 million; total assets: $37.367 million.
- Leverage: debt-to-capitalization approximately 89.1%; debt-to-equity extremely elevated (~8.14x), underscoring significant balance-sheet risk amid ongoing ramp and consolidation costs.
Operational mix and back-half outlook
- Product mix in QQ3 2025: 13 BEAST Type D school buses, 1 Nano BEAST Type A school bus, 14 EV Star vehicles, plus parts/leasing revenue. Management cited improving BEAST/Nano BEAST contributions in California and Oregon as primary drivers of gross profit improvement.
- Production cadence: 1 BEAST per week currently, target 2 per week by April, with Nano BEAST production planned to support East Coast demand. A new West Virginia production manager (James Redd) was added to accelerate throughput and shift optimization.
- California footprint consolidation: planned to consolidate three to one facility in Riverside, enabling better collaboration and cost savings; expected to contribute to gross margin improvements over time via centralized manufacturing, sales, and engineering functions.
- Financing and capital deployment: October equity offering of 3 million shares (~$3 million gross proceeds) to support vehicle production and R&D; continued use of EDC revolving facility and letters of credit to fund manufacturing.
Policy and demand backdrop
- Federal incentives: EPA Clean School Bus program funding remains fluid; some dealers have drawn down funds, but full contract closures and disbursements depend on ongoing processes.
- State incentives: California and New York present meaningful, near-term demand catalysts with sizable committed program funds for electric school buses and related fleet upgrades; California’s approach emphasizes smaller fleets and commercial Class 4 EVs, which align with GreenPower’s EV Star lineup. New York’s incentive program adds to the growth runway over the next several years.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
7.22M
-13.89%
35.00%
Gross Profit
1.05M
15.48%
129.32%
Operating Income
-4.18M
-4.32%
-1.35%
Net Income
-4.74M
0.65%
-0.79%
EPS
-0.17
10.53%
5.56%
Key Financial Ratios
Gross Profit Margin
Weak
14.60%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-0.58%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.66%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.13%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-2.22%
Return on equity suggests inefficient capital allocation
Current Ratio
Healthy
1.68
Current ratio shows adequate liquidity to meet short-term obligations
Debt to Equity
High Risk
8.14
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Negative
-1.16x
Negative earnings make P/E ratio not meaningful
Price to Book
High Premium
10.25x
Very high premium suggests asset-light business model or lofty expectations
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