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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of
February 2024
Commission File Number
001-39476
GreenPower Motor Company Inc.
(Translation of registrant's name into English)
#240 - 209 Carrall Street, Vancouver, British Columbia V6B 2J2
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F. Form 20-F [X] Form 40-F [
]
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1) [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): [ ]
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SUBMITTED HEREWITH
99.1 News Release dated February 12, 2024
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GreenPower Motors Inc.
/s/ Michael Sieffert
__________________________________________
Michael Sieffert, Chief Financial Officer
Date: February 12, 2024
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Press Release
GreenPower Announces Revenue of $34.2 million Year-To-Date for Fiscal 2024, a
40% Increase from Previous Year
Vancouver, Canada, February 12, 2024
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GreenPower Motor Company Inc.
(Nasdaq: GP) (TSXV: GPV) ("GreenPower" and the "Company"), a leading
manufacturer and distributor of purpose-built, all-electric, zero-emission
medium and heavy-duty vehicles serving the cargo and delivery market, shuttle
and transit space and school bus sector, today announced its financial results
for the three and nine months ended December 31, 2023.
GreenPower reported record revenues of $34.2 million for the nine months ended
December 31, 2023, an increase of 40% over the revenue of $24.4 million for
the comparable period in the previous fiscal year. The Company delivered 196
vehicles
for the nine months ended December 31, 2023 consisting of EV Star Cab &
Chassis, EV Star Cargoes, EV Star Passenger Vans, speciality EV Star products,
Type D BEAST school buses and Type A Nano BEAST school buses.
All-Electric School Buses
During the quarter GreenPower continued to see growth in its school bus
division. "We achieved a significant milestone with the delivery of four Type
A Nano BEAST school buses that were the first all-electric, purpose-built
school buses manufactured in West Virginia. These Nano BEASTs are part of the
41 all-electric GreenPower school buses ordered by the state of West
Virginia," said Fraser Atkinson, GreenPower Chairman and CEO. "We also
delivered nine Type D BEAST school buses to California schools, for a total of
13 all-electric, purpose-built, zero-emission school buses delivered in the
quarter."
During the third quarter, GreenPower rolled out the first four Type A Nano
BEAST school buses
manufactured at the Company's West Virginia plant.
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Production started of the Type D all-electric, purpose-built BEAST school bus
at the Company's West Virginia manufacturing plant during the quarter. "As
demand on the East Coast grows, we've commenced production of our BEAST school
bus at the West Virginia plant," added GreenPower President Brendan Riley. "In
the immediate term, this production is designed to fulfill the current orders
for 38 BEASTs in West Virginia and prepare the production team for the mixed
manufacturing of BEASTs and Nano BEASTs at the facility to meet the demand
created from projected sales."
"Manufacturing capacity on the East Coast is important to the school bus
division," Atkinson noted. During the quarter the first order for Nano BEAST
school buses for the New York market was placed by GreenPower's dealer Leonard
Bus Sales. "New York represents a significant opportunity with approximately
50,000 school buses and a mandate for all new school buses purchased to be
zero-emission by 2027 and all school buses in operation to be electric by
2035," Atkinson stated.
The quarter also saw significant school bus activity on the West Coast.
GreenPower's dealer in California - Model 1 - ordered 25 Type D Mega BEAST
school buses for the Montebello school district and 10 Type D BEAST school
buses for the Garden Grove school district. Additionally, the first order for
a GreenPower BEAST was placed by its dealer RWC for the Arizona market.
GreenPower Innovation
The Model 1 order of 25 Type D GreenPower Mega BEASTs for the Montebello
school district came just two weeks after the Company announced the new
product as part of its school bus line. "We launched the Type D Mega BEAST
school bus to meet the demand from school districts requiring a longer range,"
said Riley.
"The Mega BEAST is a 40-foot Type D all-electric, purpose-built, zero-emission
school bus that delivers a class-leading range of up to 300 miles on a single
charge via a 387 kWh battery pack. It provides for the longest range, has the
biggest battery pack in the school bus market, provides for more uphill
climbing power and has the most desirable V2G capability for a more stable
electric grid and community sustainability in areas where it is deployed."
Third Quarter 2024 Highlights
* Generated revenues of $8.2 million in the third quarter. Revenue was
generated from the sale of vehicles, parts, finance and operating leases and
Lion Truck Body.
* Increased cash by $3.4 million to $4.0 million from $0.6 million at the
beginning of the fiscal year.
* Held working capital of $19.4 million at the end of the quarter including
inventory of $32.9 million.
* Deferred revenue of $10.7 million at the end of the quarter including the
current portion of $8.2 million.
* Delivered the first four Type A Nano BEAST school buses manufactured in
West Virginia to four school districts in the state.
* Delivered 10 EV Star Cab & Chassis to the Canadian unit of a global
retailer who will upfit the vehicles for fulfillment of orders to the end
consumer in the greater Toronto market.
* Delivered the first EV Star Cargo Refrigerated Van to a California
University. With dual batteries for increased range and continual eTRU
cooling for the cargo area, it has a diamond plated floor and an interior
cargo area that is a smooth surface concept allowing for easier cleaning and
sanitation.
* Launched the Mega BEAST with twice the battery capacity of the BEAST,
providing a range of up to 300 miles on a single charge.
* Delivered 40 completed truck bodies to customers through GreenPower's
wholly-owned subsidiary Lion Truck Body
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Dealer Network Expansion
During the third quarter, GreenPower expanded the geographic reach of the
Company for its commercial vehicle EV Star line of products
by appointing
McCandless Truck Center
as its commercial dealer serving the greater Denver metropolitan and Las Vegas
metropolitan areas. The appointment also increases the service area for
GreenPower as McCandless has service and parts centers in Colorado Springs,
Grand Junction, Henderson and Pueblo, Colorado and Cheyenne, Wyoming.
Earnings Call
GreenPower will host a conference call and webcast for all shareholders and
interested parties at 6:30 a.m. PST/9:30 a.m. EST on Tuesday, February 13,
2024 to discuss its operations and financial results for the period ended
December 31, 2023. A replay of the call will be available on the number below
shortly after the call.
* Participant dial-in: (US) 844-739-3982; (Canada) 866-605-3852;
(International) 412-317-5718 - Ask to be joined into the GreenPower Motor
Company Inc. conference call.
* Webcast:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=hJl8t3kV
* Replay: (US) 877-344-7529; (Canada) 855-669-9658; (International)
412-317-0088.
* Replay access code: 1162207.
For additional information on the results of operations for the three and nine
months ended December 31, 2023 you can find the financial statements and
related reports posted on GreenPower's website as well as on
www.sedar.com
or filed on EDGAR.
For further information contact
Fraser Atkinson, CEO
(604) 220-8048
Brendan Riley, President
(510) 910-3377
Michael Sieffert, CFO
(604) 563-4144
Allie Potter
Media Relations/Press Inquiries
(218) 766-8856
About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and
low-floor all-electric medium and heavy-duty vehicles, including transit
buses, school buses, shuttles, cargo vans and a cab and chassis. GreenPower
employs a clean-sheet design to manufacture all-electric vehicles that are
purpose-built to be battery powered with zero emissions while integrating
global suppliers for key components. This OEM platform allows GreenPower to
meet the specifications of various operators while providing standard parts
for ease of maintenance and accessibility for warranty requirements.
GreenPower was founded in Vancouver, Canada with primary operational
facilities in southern California. Listed on the Toronto exchange since
November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August
2020. For further information go to
www.greenpowermotor.com
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Forward-Looking Statements
This document contains forward-looking statements relating to, among other
things, GreenPower's business and operations and the environment in which it
operates, which are based on GreenPower's operations, estimates, forecasts and
projections. Forward-looking statements are not based on historical facts, but
rather on current expectations and projections about future events, and are
therefore subject to risks and uncertainties which could cause actual results
to differ materially from the future results expressed or implied by the
forward-looking statements. These statements generally can be identified by
the use of forward-looking words such as "upon", "may", "should", "will",
"could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or
"continue", or the negative thereof or similar variations. These statements
are not guarantees of future performance and involve risks and uncertainties
that are difficult to predict. A number of important factors including those
set forth in other public filings (filed under the Company's profile on
www.sedar.com
) could cause actual outcomes and results to differ materially from those
expressed in these forward-looking statements. Consequently, readers should
not place any undue reliance on such forward-looking statements. In addition,
these forward-looking statements relate to the date on which they are made.
GreenPower disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future
events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. All amounts in
U.S. dollars. (c)2024 GreenPower Motor Company Inc. All rights reserved.
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