GreenPower Motor Company (GPV.V) Q3 2025 Earnings Report

GreenPower Motor Company (GPV.V) reported QQ3 2025 results showing a modest sequential revenue uptick but continued substantial operating losses and a fragile liquidity position. Revenue of $7.22 million declined 13.9% year-over-year, but rose 35.0% quarter-over-quarter, signaling a potential stabilization in order flow or mix, albeit from a low absolute base. Gross profit of $1.05 million yielded a gross margin of 14.6%, representing a year-over-year improvement of ~15.5% and a sharp quarter-on-quarter improvement of ~129.3%, suggesting some leverage from cost control or favorable product mix as volumes grow. Despite this, operating expenses remained elevated (R&D $0.38m; G&A $4.08m; SG&A $4.21m total) driving negative EBITDA of $-3.78 million and an operating loss of $-4.18 million. Net income fell to $-4.74 million with basic EPS of $-0.17 for the period. Free cash flow remained negative at roughly $-1.06 million, and net cash provided by financing activities was modestly positive while operating cash flow stayed negative, culminating in cash on hand of only ~$0.62 million at period end. The balance sheet shows total assets of ~$37.37 million against total liabilities of ~$35.23 million and negative retained earnings of ~$-93.60 million, with cash and equivalents of $0.62 million against total debt of ~$17.41 million and a high inventory balance of ~$28.15 million. Liquidity metrics remained tight (current ratio 1.68; quick ratio 0.19; cash ratio 0.03), underscoring the ongoing need for external funding to sustain operations and support near-term growth initiatives. Management commentary for QQ3 2025 is not included in the provided data; thus, forward-looking statements rely on the quantitative backdrop and typical industry dynamics for automakers in the electric commercial vehicle space.