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| Statement |
|---|
| Our School Bus group continued to make great strides in the third quarter |
| Collectively, these will create a robust commercial vehicle group, which combined with the School Bus Group, will uniquely position GreenPower in the medium and heavy-duty EV sector |
| So we should see a good shrinkage in our costs and an increase in our GP |
| We think this is a very efficient and well-priced facility for the company |
| And once we get this production run through and we're starting into the third, fourth runs, if you will, we'll have much better visibility on what that throughput would be but we continue to add people and grow the production crews |
| Subsequent to the quarter, we secured $5 million of production financing from EDC who have also guaranteed $5 million of standby letters of credit, which vastly improves our manufacturing capabilities |
| You guys have done a really good job managing working capital and generated a decent amount of cash there over the last few quarters |
| The utilities are trying to get ahead of the curve a lot better these days, and we do see improvements also including the availability of charging EVSE, which is electric vehicle support equipment and chargers and related equipment |
| So yes, hitting that -- building out on that and then expanding that would obviously be super positive for the company |
| We made significant progress while increasing our cash position by $3.3 million from the start of the fiscal year |
| Our Commercial Vehicle division has also produced a new innovative product during the quarter |
| First, I'd like to say congratulations on the strong backlog and the progress with BEAST and the Nano BEAST and the Mega BEAST |
| And you're going to see the margins continually improve |
| And as we get into a continuous production flow where the inventory is aligned with all of that, then that's going to help the margins as well |
| We achieved a significant milestone with the delivery of 4 Type A Nano BEAST school buses that were the first all-electric purpose-built school buses manufactured in West Virginia |
| So it's nice to see everything coming together |
| We expect to achieve similar growth with live orders, purchase orders and a qualified sales pipeline by leveraging new and existing incentive program as well as third-party relationships |
| Improvements in the company's cash and available liquidity since March 31, 2023, were largely due to higher sales and due to focus on collections, which led to lower levels of inventory and accounts receivable |
| Its V2G capabilities allow for more stable electric grid and community sustainability in areas which is deployed |
| And so it really has a lot of flexibility |
| And congratulations on the continued progress |
| So I think you're going to see kind of a fast uptake on charging capabilities, installation charging for the chargers |
| But for the time being, we feel this is a good size for the company and we'll definitely be put to use given the orders we have in place |
| As Fraser mentioned, the continued strides are being made by our School Bus division |
| For the nine months ended December 31, 2023, GreenPower generated revenue of $34.2 million, primarily from the sale of 196 vehicles in the current period which was an increase of 40.1% from revenue of $24.4 million in the first nine months of the prior year, which was from the sale of 176 vehicles |
| I'm pleased to say that the market responded immediately to the introduction of our products and our California dealer Model 1 just placed an order for 25 Mega BEASTs for the Montebello School District just two weeks after we made the announcement of this product |
| We are having more companies involved in that space, and I think they're becoming more efficient and better at installing the chargers |
| Is there any kind of way we should be thinking or any kind of guidance you can give us how you're thinking about inventory management and are we going to be -- maybe for the next couple of quarters, we're going to be able to kind of whittle down that -- some of that inventory with, I guess, improving our cash conversion |
| And now I understood it just seems like pretty good attractive financing |
| Great |
| Statement |
|---|
| This is a decline of 36.3% from the $12.8 million of revenue generated in the same quarter in the prior year from the sale of 101 all-electric vehicles, which included one Nano BEAST |
| The margin decline in the current quarter was primarily due to an inventory write-down of $408,000, which was included in cost of sales |
| We don't need to maintain these levels due to stocking orders from dealers who could provide demonstrations and Ride and Drives to their customers, along with a reduced competitive landscape |
| Inventory write-down of $408,000 included in the current year period reduced the gross profit margin by 1.2% from 16.9% to 15.7% |
| We've had delays from customers with deliveries of our EV Star Cab and Chassis, with inventory ready to go, we are now working on scheduling deliveries for these |
| The GreenPower generated a loss for the 9-month period of $11.7 million compared to a loss of $11.2 million in the same period of the prior year |
| GreenPower generated a loss of $4.6 million compared to a loss of $3.4 million in the same quarter of the prior year |
| So there's been a short-term pause, and we expect to have that resume in the not-too-distant future |
| Now the marketplace has changed more slowly than we hoped, but has changed in part, there are a lot more companies able to install chargers |
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