GreenPower Motor Company Inc., a prominent producer and distributor of all-electric, specially designed, zero-emission medium- and heavy-duty vehicles for the school bus, shuttle, and transit industries, as well as the freight and delivery industry, released its fiscal year 2025 year-end statistics.
“Fiscal year 2025 was a transformative year for GreenPower as the political winds shifted and federal EV incentives and policies began to change,” stated GreenPower CEO Fraser Atkinson. “While GreenPower continued to manufacture and deliver class-leading all-electric, purpose-built, zero-emission school buses and commercial vehicles, the Company was focused on adapting to these changes by streamlining production and retooling operations to be successful in the space.”
During the year GreenPower consolidated its California operations from multiple locations in the state to one facility in Riverside. “Consolidating our operations from five different facilities spread throughout California to one larger facility has reduced our costs and increased efficiency,” stated GreenPower President Brendan Riley. “Having our U.S. corporate headquarters, engineers, project managers, upfitting operations and west coast manufacturing in one location better positions the company for managed growth and success.”
The first BEAST Type D school buses for in-state orders came off the assembly line during the fiscal year, and several school districts in the state received a Round 2 EPA Clean School Bus Program (CSBP) grant in fiscal 2025, demonstrating the continued manufacturing at the West Virginia facility. Under a number of initiatives, including the CSBP, school bus production and delivery continued throughout the fiscal year in the western half of the nation. Through its dealers, Arizona, California, and Oregon schools received Type D BEASTs and Type A Nano BEASTs from GreenPower’s California facility. “As the only all-electric, purpose-built school bus OEM manufacturing both a Type A and a Type D school bus in facilities on both sides of the country, GreenPower is perfectly positioned to meet the market demand nationwide,” Atkinson continued.
“GreenPower innovation remained at the forefront of activities in fiscal year 2025, as two new Class 4 all-electric, purpose-built, zero-emission commercial vehicles were introduced into the marketplace,” Riley stated. The first new car was the EV Star Utility Truck, which was designed to handle daily demands and workloads. It has built-in outlets that allow for quick tool charging on a working site and optional power sources. The vehicle’s front box can accommodate larger tools and supplies thanks to its optional complete pass-through capability. With a typical bed capacity of 16 feet and the ability to adjust the length to suit the demands of the customer, the EV Star Utility Truck enables customized contractor body combinations that provide more space and uses.
The EV Star REEFERX, a brand-new, contemporary, all-electric refrigerated medium-duty delivery truck, was the second new vehicle to be presented during the fiscal year. The purpose-built, completely customisable EV Star REEFERX is based on GreenPower’s EV Star Cab & Chassis platform and features a lighter body to accommodate a larger payload. The EV Star REEFERX is made for mid- to last-mile chilled delivery and catering applications. It transports items that require temperature control, including fresh and frozen meals, flowers, and medications, among other things. To provide smooth cleaning, uniform insulation throughout, and a longer lifespan, the vehicle body has a single inside wall construction.
2025 Year-End Highlights:
- Generated revenues of $19.8 million for the year ended March 31, 2025.
- GreenPower delivered a total of 84 vehicles, which were comprised of 34 BEAST Type D school buses, two Nano BEAST Type A school buses, 23 EV Star Cargo and EV Star Cargo Plus commercial vehicles and 25 EV Star Passenger Vans.
- GreenPower had working capital of $8.1 million at year-end.
- At the end of the year GreenPower had inventory of $25.6 million, consisting of $10.1 million of finished goods, $11.3 million of work-in-process and $4.2 million of parts and components.
- The Company had Deferred revenue of $10.1 million at year-end.
- Completed an underwritten offering of 3,000,000 common shares raising gross proceeds of $3 million in October 2024 and a unit offering in which it issued 1,500,000 common shares and warrants to purchase 1,575,000 common shares for gross proceeds of $2,325,750.
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