GreenPower designs Inc. (NASDAQ: GP) stock declined by 2.18% at last close whereas the GP stock price gains by 6.16% during the pre-market trading session. GreenPower develops, manufactures, and sells an all-electric medium and heavy-duty vehicle lineup that includes transit buses, school buses, shuttles, cargo vans, and cab and chassis.
GP stock, Financial Highlights
GreenPower designs released its financial results for fiscal first-quarter 2022. The summary is given below:
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- Revenue was recorded as $2,659,002, an increase of 17 percent over the previous fiscal year’s first quarter sales of $2,272,255
- A gross profit of $850,632 or 32.0 percent of revenues was generated this fiscal year, relative to a gross profit of 30.1 percent the previous fiscal year.
- Inventory grew to $18.8 million on June 30, 2021, up from $12.5 million on March 31, 2021 and $6.6 million the year before
- Cash costs fell by 3% to $1,973,261 in the current quarter, relative to $2,035,699 in the previous quarter.
- Working capital was $31,391,694 in fiscal first-quarter 2022, up from $30,808,375 at the end of the previous quarter.
GP Stock Business Updates
- Forest River expects to finish installing its body by the end of September after receiving five EV Star Cab and Chassis. Forest River GreenPower has arranged an EV Star Plus test in Altoona to coincide with the completion of these initial vehicles.
- Green Commuter, a Los Angeles-based shared mobility firm that offers zero-emission services for vanpools, employee mobility, and delivery vehicles, received 14 EV Stars, and they are continuing to increase their fleet with EV Stars.
- Harbour Air received one EV Star, while the Learning Disabilities Society of Greater Vancouver received one EV Star. These clients were given vouchers under the B.C. SUVI program to help them make these purchases, which may cost up to $100,000 for GreenPower’s qualifying cars.
Brendan Riley, President of GreenPower stated,
With the rising feeling of urgency around climate change, they expect incentives and regulations to hasten the transition to electric vehicles in both the public and private sectors. They’ve built up a large inventory and are rapidly growing their manufacturing, putting GreenPower in a great position to help their clients achieve their objective of reducing their carbon footprint right now.