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GreenPower reports several milestones in Q1 earnings, including first EV deliveries to Workhorse

Commercial EV maker, GreenPower Motor Company, released its fiscal Q1 earnings this morning, highlighting several key milestones achieved in the quarter. The first quarter shows GreenPower’s commercial EV platform is in high demand, with a large market awaiting.

GreenPower caters to many transportation customers through its flagship model, the EV Star Platform. For example, the EV Star Platform can be used for transit, shuttles, paratransit, hospitals, cargo, and delivery.

In addition, GreenPower makes electric school buses and low-floor transit bus models. The company’s all-electric school bus, the BEAST, is powered by the largest standard battery pack available in student transportation, supporting a driving range capability of 150 miles.

Since 2010, GreenPower has grown into a leading commercial EV maker. With an entire pipeline of US-built medium and heavy-duty EVs, GreenPower offers zero emission options for transportation.

GreenPower’s Q1 earnings show the company is leveraging its EV Star platform to grow into high-demand sectors. The transportation sector contributes about 27% of toxic greenhouse gases, the most of any US sector.

Moreover, greenhouse gas emissions have accelerated quicker in transportation than in any other market. Yet there’s a real opportunity for GreenPower and its products to help fix this.

GreenPower’s Q1 earnings show the EV maker is aggressively expanding its market. The company is already seeing strong demand for its EV models. Take a look at Greenpower’s most significant highlights from the first quarter below.

GreenPower’s All-Electric Type D Beast and Type A Nano Beast school buses Source: GreenPower

Highlights from GreenPower’s Q1 2022 earnings report

Although GreenPower missed Q1 earnings estimates, it was a productive quarter for the commercial EV maker. The company’s revenue hit $3.85 million, up 29% from Q1 2021.

The revenue breakdown is as follows:

  • 3 BEAST Type D EV school buses
  • 2 EV Star Plus
  • 1 EV Star Cargo+
  • 5 EV Star 22-ft cargo
  • 6 EV Stars
  • 4 EV Star Cab and Chassis

The cost of sales totaled $2.74 million in the first quarter for a gross profit of $1.1 million. With this in mind, GreenPower’s gross profit is 28.8% of revenue.

GreenPower’s CEO, Fraser Atkinson, had a few critical updates on the Q1 earnings report.

We’ve achieved a number of milestones across various segments of our business including the first deliveries of our EV Star Crab and Chassis (EV STAR CC) to Workhorse in July, expansion of the dealer network for our all-electric school buses, the acquisition of Lion Truck Body and entering into a contract of Lease-Purchase for the facility in West Virginia.

GreenPower partnered with Workhorse in March to supply 1,500 EV Star cab and chassis, a heavy-duty transport EV. In Q1, Green started production of the first 100, with the first deliveries made at the end of the quarter.

Also, during the quarter, GreenPower acquired Lion Truck Body, a California-based truck body manufacturer. With Lion Truck Body’s manufacturing ability, GreenPower can now send EV Star CCs for body installation to bring in additional revenue.

GreenPower’s EV cargo van is an important market to look out for. The company delivered its first five 2022 EV model’s in Q1. Ford’s E-transit is currently dominating the EV cargo van market with a 95% share of the market.

Altogether GreenPower posted a net loss of $4.3 million in its Q1 earnings, down from over $7 million in the quarter ending March 31, 2022.

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Avatar for Peter Johnson Peter Johnson

Peter Johnson is covering the auto industry’s step-by-step transformation to electric vehicles. He is an experienced investor, financial writer, and EV enthusiast. His enthusiasm for electric vehicles, primarily Tesla, is a significant reason he pursued a career in investments. If he isn’t telling you about his latest 10K findings, you can find him enjoying the outdoors or exercising