Revenue Growth
GreenPower generated revenue of $7.2 million for the three months ended December 31, 2024, marking a 35% increase over the previous quarter.
Gross Profit Improvement
The company reported a gross profit of $1.05 million, or 14.6% of revenues, an improvement from prior quarters.
Increased Production Capacity
GreenPower increased its output from the West Virginia manufacturing facility and is set to deliver one BEAST per week, with production increasing to two units per week by April.
California Operations Consolidation
GreenPower plans to consolidate its California manufacturing operations into one larger facility in Riverside, expected to result in cost savings and increased efficiency.
Supportive Market Trends
Growing demand for electric school buses driven by health concerns, driver preferences, and grid resiliency, with supportive incentives at federal and state levels.
Cost Management
Sales, general, and administrative expenses declined by $443,000 or 7.8% compared to the same quarter last year.