GreenPower Motor Co(GP)2024-11-15 20:23Financial Data and Key Metrics Changes - For the three months ended September 30, 2024, the company generated revenue of 4.9 million, resulting in a gross profit of approximately 630,000, or 12.1%, primarily due to reductions in professional fees and salaries [20] Business Line Data and Key Metrics Changes - Revenue was generated from the sale of 11 Type D all-electric school buses, 6 EV Star Cargo Plus, and 5 EV Stars, along with revenue from leases and parts sales [18] - The Truck Body division experienced negative gross profit margins due to lower throughput compared to prior periods, but management expects margins to improve as throughput increases [19] Market Data and Key Metrics Changes - The company has over 300 live orders and qualified leads for all-electric school buses, indicating strong demand in states like California and New York [9] - The medium heavy-duty market is new, with only 2 trades completed to date, contrasting with the light-duty sector where companies like Tesla have been trading credits for years [12] Company Strategy and Development Direction - The company aims to be opportunistic with federal programs while focusing on states with established policies for electric school buses [8] - The strategy includes increasing production capacity and improving manufacturing processes to enhance gross profit margins and reduce costs [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledges potential changes in federal programs but remains optimistic about opportunities in the medium and heavy-duty EV sector [7][31] - The company expects to see a step-up in deliveries each quarter, with advancements in manufacturing processes already underway [30] Other Important Information - The company completed an underwritten offering of 3 million common shares, raising gross proceeds of $3 million for production purposes [22] - The company continues to receive financial support from its directors and officers [22] Q&A Session Summary Question: What are the logistics of getting EPA funding for electric school buses? - The EPA contract is with the dealer, and the company is one step removed from the contract, indicating that the funding process is still a work in progress [24] Question: Can you update on the cab and chassis units in inventory? - The company is utilizing cab and chassis for production of both Nano BEAST and EV Star Plus, with plans to increase production to fulfill qualified leads [25][26] Question: Are there other companies recognizing tradable credits besides Tesla? - There are 24 manufacturers listed by California for medium and heavy-duty sales, but the company has not encountered any that have disclosed trading of credits [27][28]