GreenPower Motor Company Inc. Q2 FY2025 earnings call

• Strategy: Opportunistic with federal programs short term, longer-term focus on states like California, New York, and Southwest regions pushing EV school buses. Has over 300 live orders and qualified leads for all-electric school buses.
• Current quarter snapshot: Shipped 8 EV Stars to Wash U, with 2 more to come for a total of 10; also delivered 9 Type D BEAST, 1 Type A Nano BEAST, and 2 EV Star passenger vans in the first half of the quarter.
• Tradable credits: GreenPower, as a manufacturer of all-electric vehicles, has no internal deficits and can trade all generated credits. The medium-heavy-duty market is new, and GreenPower has generated hundreds of tradable credits.

For the three months ended September 30, 2024, GreenPower generated revenue of $5.3 million. Revenue was from the sale of 11 Type D all-electric school buses, 6 EV Star Cargo Plus, 5 EV Stars, parts leases, and Truck Body division. The Truck Body division had negative gross profit margin due to lower throughput compared to prior periods. The revenue contribution of each segment wasn't explicitly broken down by percentage, but the Truck Body division's performance impacted overall gross profit margin.

• Expecting a step-up in deliveries each quarter. Halfway through the current quarter, close to surpassing the total number of vehicles delivered during the September 30 quarter.

Q: And on the tradable credit effort – are there other companies besides Tesla that could monetize this effort?

A: Fraser Atkinson said to the best of knowledge, 24 manufacturers are listed by California for medium and heavy-duty sales that could have credits, but none have disclosed buying or selling tradable credits in the medium-heavy-duty space yet, unlike the light-duty space where others like Rivian have.