Heavy-duty electric automaker, GreenPower Motor Company Inc (NASDAQ:GP) announced Monday record revenues and deliveries for its first quarter of fiscal 2024.
In the first quarter, GreenPower made $17.6 million in revenue, which was more than four times the $3.9 million they made in the same quarter last year. They also set a new record by delivering 131 vehicles, mostly including EV Star Cab and Chassis, EV Star Cargoes, EV Stars, BEAST Type D school buses, and Nano BEAST Type A school buses.
"GreenPower continued with record-setting revenues and deliveries in the first quarter," said CEO, Fraser Atkinson.
Following the close of the quarter, GreenPower revealed an order for 15 GreenPower Type D all-electric BEAST school buses. This order was placed through GreenPower's dealer, RWC Group, and the buses are intended for the Clark County School District in Nevada. Notably, this school district holds the distinction of being the fifth-largest in the nation and boasts the largest owned-and-operated school bus fleet, consisting of 1,924 buses that transport a staggering 125,000 students on a daily basis.
"GreenPower significantly improved its financial position in the quarter, as we ended the quarter with only $163,000 drawn on the line of credit, down from $6.6 million, and a cash balance of $1.5 million, up from $600,000 at the start of the quarter, providing the business with $9.3 million of liquidity to support continued growth," Atkinson added.
Shares of GP are up 2.48% near end of day trading on Monday.