Executive Summary
GreenPower Motors’ QQ4 2024 results underscore a transitional phase from outputting to inventory toward a production-on-order paradigm anchored by the West Virginia (WV) and California facilities. The quarter delivered revenue of $5.07 million with a substantial gross loss of $0.52 million and an outsize operating loss of $6.36 million, driven by ramp costs as the company shifted to CKD (component knock-down) manufacturing in WV and investments to scale GP Truck Body. Management expects the transition to drive improved gross profit over time as throughput increases and overhead is allocated more efficiently across higher-volume production. The company also highlighted a robust longer-term opportunity in school buses and Class 4 commercial vehicles, supported by mandates, HVIP subsidies, and EPA awards, though near‑term contract timing remains a key risk.
Management communications during the earnings call stressed: (1) the shift to order-driven production to match deposits and customer commitments, (2) the ramp of the WV facility and the related financing needs, including EDC-backed facilities for production financing, and (3) a sizable long-term revenue opportunity from live orders and a large qualified-leads pipeline (over 100 live orders with >160 qualified leads representing up to roughly $100 million in revenue potential). While this sets a constructive long-term growth trajectory, investors should note the ongoing cash burn, sizable working-capital build (notably a $31.98M inventory position) and the dependence on timely EPA contracts and charging‑infrastructure readiness to unlock the school-bus opportunity.
Key Performance Indicators
QoQ: -39.52% | YoY:-71.16%
QoQ: -156.91% | YoY:-118.61%
QoQ: -58.72% | YoY:-151.65%
QoQ: -38.41% | YoY:-134.79%
QoQ: -36.84% | YoY:-136.36%
Key Insights
Revenue: $5.07M (Q4 2024) vs. prior-year period in QQ4 2023 of $15.35M; YoY change approximately -71% per reported metrics. QoQ change not available in the provided data.
Gross profit: -$0.52M; gross margin -10.24%
Operating income: -$6.36M; operating margin -12.54%
earnings per share (EPS): -$0.26 (diluted) for QQ4 2024
EBITDA: -$5.46M; EBITDA margin -10.77%
Net income: -$6.60M; net income margin -130.21%
Cash flow from operating activities: -$4.90M; free cash flow: -$4.97M
Cash and equivalents...
Financial Highlights
Revenue: $5.07M (Q4 2024) vs. prior-year period in QQ4 2023 of $15.35M; YoY change approximately -71% per reported metrics. QoQ change not available in the provided data.
Gross profit: -$0.52M; gross margin -10.24%
Operating income: -$6.36M; operating margin -12.54%
earnings per share (EPS): -$0.26 (diluted) for QQ4 2024
EBITDA: -$5.46M; EBITDA margin -10.77%
Net income: -$6.60M; net income margin -130.21%
Cash flow from operating activities: -$4.90M; free cash flow: -$4.97M
Cash and equivalents: $1.15M at period end; total current assets: $36.82M; total assets: $45.16M
Total debt: ~$16.78M (short-term $10.36M; long-term $6.44M); net debt: ~$15.63M
Inventory: $31.98M; accounts receivable: $2.94M; accounts payable: $2.87M
Current ratio: 1.73x; quick ratio: 0.23x; cash ratio: 0.054x
Capex: $69.5k in QQ4 2024; implied annual capex level modest in the quarter
Per-share metrics reflect a diluted share count of ~24.99M; no dividend yield.
Key messages from the earnings call include: (i) production-on-order transition and CKD ramp, (ii) WV facility ramp and use of EDC-backed financing, (iii) EPA contract delays affecting revenue visibility, (iv) charging-infrastructure headwinds impacting school-bus deployments, (v) live order book >100 units and a pipeline of 160+ leads with potential $100M in revenue, and (vi) a bet on MEGA BEAST and EV Star platform to unlock scalable growth through GP Truck Body.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
5.07M |
-71.16% |
-39.52% |
| Gross Profit |
-519.40K |
-118.61% |
-156.91% |
| Operating Income |
-6.36M |
-151.65% |
-58.72% |
| Net Income |
-6.60M |
-134.79% |
-38.41% |
| EPS |
-0.26 |
-136.36% |
-36.84% |
Key Financial Ratios
operatingProfitMargin
-125.4%
operatingCashFlowPerShare
$-0.2
freeCashFlowPerShare
$-0.2
Management Commentary
Theme: Strategy and production transition
- Quote: Fraser Atkinson described the shift to production on customer orders and CKD: “our production is what is known in the industry as CKD, so it's component knockdown...we must be able to produce pursuant to those customer orders.” This underscores the operational pivot away from “build-to-inventory” toward order-driven output.
Theme: Financing and capital structure
- Quote: Fraser On financing: “EDC is a great partner for us, and yet they have a facility that is very much geared towards the kind of production financing that we needed for this shift or this transition.” This highlights the reliance on specialized production financing to support ramping capacity.
Theme: Market drivers and timing
- Quote: Fraser on mandates and market opportunity: “Mandates exist for medium and heavy-duty vehicles... California has introduced legislation requiring roughly 10% of new purchases by fleet operators to be zero-emission vehicles, increasing to 75% over the next 10 years.” This frames the longer-term growth context and the need for policy support.
Theme: Deployment challenges and infrastructure
- Quote: Fraser on charging infrastructure: “Charging infrastructure is probably one of the biggest impediments... many school districts... don’t have enough power into their facility to accommodate their wish list.” This reflects a key near-term risk to revenue realization.
Theme: Pipeline and visibility
- Quote: Fraser on orders vs. leads: “The vast majority of the qualified leads are represented by orders where funding has been either specifically secured or identified.” This differentiates short-term revenue visibility from the broader demand funnel.
Quote 2: Fraser Atkinson on near-term execution: “It’s over 100” in live orders, with 37 of the 88 WV BEAST-related orders in flight, indicating tangible near-term deliveries and operational milestones.
“The vast majority of the qualified leads are represented by orders or customer orders where funding has been either specifically secured or identified.”
— Fraser Atkinson
“Charging infrastructure is probably one of the biggest impediments that we continue to encounter... a Level 2 charger is enough in many cases, and that’s easier to install than a DC fast charger.”
— Fraser Atkinson
Forward Guidance
Assessment of management guidance and industry dynamics:
- Near-term visibility remains anchored to EPA awards and charging-infrastructure readiness. The EPA contracts have been slow to deploy, delaying final delivery dates and associated revenue. Management indicated that no EPA revenue was realized in the past year despite substantial-dollar awards being announced.
- The company targets delivering the WV BEAST and other West Virginia-made buses within the current fiscal year (FY2025), with 37 BEAST-type orders in flight and an additional 100+ live orders in the pipeline. Management also referenced live orders of >100 units and a qualified lead pipeline of >160 buses, implying a potential revenue runway of up to roughly $100 million from the qualified leads, depending on funding and contracting timelines.
- Revenue visibility hinges on policy funding (HVIP, EPA, and state grants) and the ability of districts to secure charging and utility capacity. The HVIP “small fleets plus-up” and EPA school-bus initiatives offer meaningful tailwinds, but execution risk remains tied to contracting timelines and infrastructure deployment.
- Achievability assessment: Given the WV ramp, the BEAST product expansion (including Mega BEAST), and a growing EV Star platform with GP Truck Body, GreenPower has a credible path to incremental revenue as orders convert to deliveries. However, the necessary policy timing, aggressive capex for ramped production, and working-capital needs imply a continued cash burn until higher-volume production and favorable contract timing materialize. Investors should monitor EPA contracting cadence, HVIP voucher activity, and the pace of charging-infrastructure deployments at school-district facilities as key levers of future revenue realization.