Executive Summary
GreenPower Motor Company continues to operate with a pronounced top-line decline in QQ1 2025, reporting revenue of $2.997 million, down 80.5% year over year and 40.9% quarter over quarter. The gross margin remained thin at 7.40%, generating a gross profit of $0.222 million, but the company booked an overall operating loss of $4.906 million and a net loss of $5.389 million, driven by elevated SG&A and operating expenses that far outpaced revenue. Cash burn persisted, with operating cash flow at $(3.212) million and free cash flow of $(3.258) million for the quarter, contributing to a total cash position of $0.528 million at period end and a net debt position of roughly $(17.06) million, underscoring material liquidity and leverage risks.
Despite a QoQ improvement in EBITDA/operating metrics relative to the prior quarter, the business remains in a high- burn phase as it scales its product lineup and expands commercial reach. Management commentary is not captured in the available transcript data for QQ1 2025, limiting the ability to quote management viewpoints directly in this summary. The lack of formal forward guidance in the QQ1 release adds to the uncertainty around near-term liquidity and revenue trajectory.
Looking ahead, the company faces a fragile near-term liquidity profile, but potential upside exists if production ramp, contract wins, and fleet modernization cycles accelerate in the U.S. and Canada, supported by favorable incentives for electric commercial fleets. Investors should monitor cash burn, ability to finance ongoing operations, and any new orders or partnerships that could translate into meaningful topline improvement.
Key Performance Indicators
QoQ: -40.89% | YoY:-80.47%
QoQ: 142.72% | YoY:-85.28%
QoQ: 22.88% | YoY:-73.53%
QoQ: 18.38% | YoY:-29.12%
QoQ: 19.23% | YoY:-23.53%
Key Insights
Revenue: $2,997,058 (-YoY: -80.47%, QoQ: -40.89%)
Gross Profit: $221,864 (Gross margin: 7.40%)
Operating Income: $(4,905,068) (Operating margin: -163.66%)
Net Income: $(5,388,648) (Net margin: -179.80%)
Earnings per Share (basic/diluted): $(0.21) for the quarter
EBITDA: $(4,407,227) (EBITDA margin: -147.05%)
Weighted Average Shares Outstanding: 25,848,305
Cash from Operations: $(3,211,888)
Free Cash Flow: $(3,257,780)
Cash at End of Period: $528,281
Total Debt: $17,585,144
Net Debt: $(17,056,863...
Financial Highlights
Revenue: $2,997,058 (-YoY: -80.47%, QoQ: -40.89%)
Gross Profit: $221,864 (Gross margin: 7.40%)
Operating Income: $(4,905,068) (Operating margin: -163.66%)
Net Income: $(5,388,648) (Net margin: -179.80%)
Earnings per Share (basic/diluted): $(0.21) for the quarter
EBITDA: $(4,407,227) (EBITDA margin: -147.05%)
Weighted Average Shares Outstanding: 25,848,305
Cash from Operations: $(3,211,888)
Free Cash Flow: $(3,257,780)
Cash at End of Period: $528,281
Total Debt: $17,585,144
Net Debt: $(17,056,863)
Current Ratio: 1.61; Quick Ratio: 0.13; Cash Ratio: 0.023
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
3.00M |
-80.47% |
-40.89% |
| Gross Profit |
221.86K |
-85.28% |
142.72% |
| Operating Income |
-4.91M |
-73.53% |
22.88% |
| Net Income |
-5.39M |
-29.12% |
18.38% |
| EPS |
-0.21 |
-23.53% |
19.23% |
Key Financial Ratios
operatingProfitMargin
-163.7%
operatingCashFlowPerShare
$-0.12
freeCashFlowPerShare
$-0.13
Management Commentary
Notes: No earnings call transcript or management quotes were provided for QQ1 2025 in the supplied data. Therefore, no transcript-based themes or quotes can be authored from management remarks at this time. Suggested follow-up: update with the QQ1 2025 earnings call transcript to capture management emphasis on production ramp, cost controls, and strategic initiatives.
Forward Guidance
Guidance unavailable in the QQ1 2025 filing. Management did not publish explicit forward targets within the provided data. Given the quarterly revenue collapse and ongoing cash burn, a cautious outlook is warranted until a clear path to revenue stabilization or growth emerges. Key factors that could influence the trajectory include: (1) successful scale-up of production and reductions in unit cost of goods; (2) expansion of commercial vehicle orders in the U.S. and Canada, aided by government incentives and fleets modernization programs; (3) improved working capital management and potential refinancings or capital raises to manage liquidity; (4) continued SG&A optimization without sacrificing strategic investments in R&D. Investors should monitor quarterly revenue progression, backlog conversion, gross margin trajectory as volumes increase, any new contract wins, and the company’s ability to secure additional financing to support operations.