GreenPower Posts $4.2 Million Profit as It Refocuses on Built-to-Order EV Production

GreenPower Motor ( (GP) ) has issued an announcement.

GreenPower reported third-quarter revenue of $8.5 million and net income of $4.2 million, as it advances a strategy shift from building electric vehicles on speculation to producing against customer orders. Management said this transition has involved recapitalizing the business, retooling manufacturing, tightening inventory and securing new production funding, actions aimed at improving efficiency and aligning output with demand.

The company grew quarterly revenue from $7.2 million a year earlier, lifted vehicle gross margins to about 28% and cut sales, general and administrative expenses to $2.4 million, less than $2 million excluding non-cash items. It also strengthened its balance sheet with preferred share financing and new term loans, while expanding its footprint in the electric school bus market by managing New Mexico’s state-funded pilot program, positioning GreenPower to benefit from ongoing zero-emission school bus adoption.

The most recent analyst rating on (GP) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on GreenPower Motor stock, see the GP Stock Forecast page.

More about GreenPower Motor

GreenPower Motor Company Inc. is a Vancouver-based manufacturer and distributor of all-electric, purpose-built, zero-emission medium and heavy-duty vehicles. Its portfolio includes transit and shuttle buses, school buses, cargo vans and cab-and-chassis platforms, targeting cargo and delivery operators, public transit agencies and school districts seeking to decarbonize fleets.

Average Trading Volume: 1,493,637

Technical Sentiment Signal: Sell

Current Market Cap: $3.04M

Learn more about GP stock on TipRanks’ Stock Analysis page.