GreenPower Motor Company (NASDAQ:GP) reported on Monday that it delivered 131 vehicles in FQ1, with a majority of the deliveries being EV Star Cab and Chassis, as well as EV Star Cargoes, EV Stars, BEAST Type D school buses and Nano BEAST Type A school buses.
The company generated record revenue of $17.58M in the fiscal first quarter, an increase of 357% from the tally a year ago. Gross profit was $2.79M in the first quarter compared to $1.05M in the first quarter of the previous fiscal year.
“We continue to achieve significant operational improvements, which are critical in attaining profitable operations,” stated CEO Fraser Atkinson on the quarter. He also noted that SG&A expenses have been reduced to 30% of revenue in the first quarter and the inventory is now at 2.3X the cost of goods sold for the quarter.
In terms of orders, GP said the commercial vehicle group presently has 47 active orders and 125 signed purchase orders for various EV Star models. The school bus group was noted to have 87 active orders for the BEAST and Nano BEAST school buses with deliveries for the first orders utilizing current inventory.
Shares of GreenPower (GP) gained 3.95% in early trading on Monday.