Electric bus builder GreenPower Motor Company (TSX-V:GPV)(OTCQX:GPVRF) released results from its first quarter ended June 30, 2018, showing that the Vancouver-based company is gaining some traction with its emission-free buses.
GreenPower recorded revenue of $2.48 million from the sale of three of its EV350 forty-foot floor transit-style buses. Gross profit from the revenue was $868,135, or 35%.
Costs, excluding non-cash items, were $1.5 million, ultimately equating to a loss of $15,587 before interest, taxes, depreciation and amortization.
The highlight for the quarter was GreenPower entering an exclusive factory representative agreement with Creative Bus Sales, the largest U.S. dealer for bus sales, parts and service with 19 locations. To that end, GreenPower received an order from Creative Bus for 100 buses.
Also during the quarter, the Port of Oakland ordered an EV Star Mini-eBus for on-site transportation of its employees. The University of California San Francisco also ordered two of the buses during the quarter.
All told, GreenPower has over 120 buses in its order book representing more than $40 million in future revenue. The company ended the quarter with 22 of its buses in production and working capital of $1.9 million.
Toronto-listed shares are down two cents, or 3.1%, at 63 cents in Wednesday morning trading. U.S.-listed shares, however, are up 1% at 50 cents.
