GreenPower Motor ( GP Quick Quote GP - Free Report) reported fiscal fourth-quarter 2021 (ended Mar 31) loss of 13 cents a share, wider than the Zacks Consensus Estimate of 3 cents. The loss also widened from 2 cents a share incurred in the prior-year quarter. The electric vehicle maker registered revenues of $4.3 million, missing the consensus mark of $7 million but surging 76% year over year. Fiscal Q4 Takeaways
Gross profit for the quarter under review was $1.17 million (or 26.7% of revenues). Inventory totaled $12.5 million as of Mar 31 compared with the year-ago level of $6.6 million. Total cash expenses incurred during the quarter totaled around $2 million compared with $1.9 million in the prior-year period. During the quarter, the company sold 30 EV Stars that were previously on lease and delivered five EV 250s for which it provided lease financing. It also ramped up production of BEAST (zero-emissions school bus) from 5 units per month to 10 units in anticipation of solid future demand.
Fiscal 2021 Tidbits
In fiscal 2021, the company generated revenues of $11.8 million, down 12% year over year. During the year, GreenPower delivered 74 buses. Revenues were primarily generated from the sale of 33 EV Stars, and lease of 35 and 5 EV Stars and EV 250s, respectively. As of Mar 31, the firm had cash and restricted cash balance of $15.2 million, and working capital of $30.8 million.
Currently, the production run rate of various models of EV Stars per month is 20 units, and that of BEAST school buses is 10 units. The first batch of the ramped-up EV Star production is being shipped. The first batch of BEAST is set to be delivered in a couple of months.
Encouragingly, the company is on track to achieve positive quarterly cash flow by the middle of the current fiscal year.
GreenPower is a leading manufacturer and distributor of zero-emission electric-powered medium- and heavy-duty vehicles. The Canadian manufacturer uses a ‘clean sheet’ design to build battery-powered and zero-emission electric buses as well as vehicles, with a vision of advancing the adoption of EVs. It currently carries a Zacks Rank #3 (Hold).
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