GreenPower Motor Company (GPV.V) Q2 2025 Earnings Report

GreenPower Motor Company (GPV.V) posted QQ2 2025 results characterized by a meaningful QoQ revenue rebound but sustained negative profitability and pronounced cash burn. Revenue reached $5.347 million in Q2 2025, up 78.4% QoQ from Q1 2025, yet down 36.6% YoY versus the same quarter a year earlier. Gross profit was $0.460 million, producing a gross margin of 8.60%, well below typical margin profiles for mature auto OEMs and indicating ongoing cost absorption challenges as volumes scale. The operating loss widened the near-term cash burn, with operating income at -$4.125 million and EBITDA at -$3.701 million. Net income was -$4.701 million, translating to an EPS of -$0.18. Management commentary (where available) and the cadence of quarterly results imply a company still in the early stages of a production and commercial ramp, relying on external financing to sustain operations. The balance sheet shows a tight liquidity position despite a modest uptick in cash at period-end, with cash and equivalents of $0.117 million and total debt of $18.507 million (short-term $12.182 million and long-term $6.325 million). The company carries a sizable working capital burden, evidenced by a current ratio of 1.44 and a days inventory outstanding of approximately 584 days, contributing to a cash conversion cycle of about 601 days. Free cash flow remained negative at -$1.360 million, driven by a negative operating cash flow of -$1.329 million and modest capital spending. The combination of ongoing cash burn, high leverage (debt to equity ~4.46), and limited liquidity underscores the critical need for capital partnerships or financing to fund operations and the growth ramp. Looking ahead, there was no explicit numeric guidance provided in QQ2 2025 results. Investors should monitor: (1) progress on the commercial vehicle ramp and any fleet deals that could lift utilization and gross margin, (2) management’s ability to secure incremental financing or strategic partnerships to sustain operations, and (3) any material changes to inventory management and supplier costs that could improve gross margins and cash flow dynamics. Overall, GreenPower remains a high-risk, high-variance story with potential upside tied to market adoption of its EV commercial platform and successful capital strategy to fund ongoing losses during a ramp period.