GreenPower Motor Stock Slides After Q1 Results

GreenPower Motor Company Inc GP reported first-quarter FY23 revenue growth of 29% year-over-year to $3.85 million. The gross margin was 28.8% versus 28.5% in 1Q22.
EPS loss was $(0.19) compared to $(0.11) in the same quarter last year. Adjusted EBITDA loss was $(2.19) million for the quarter.
Cash flow used in operating activities before changes in non-cash items for the quarter was $(2.39) million, compared to $(1.21) million a year ago.
Inventory was $39.7 million. Finished goods inventory representing 29 BEAST Type D school buses, 2 EV 250's, 2 EV 550's, 2 Nano BEAST, 79 EV Star, 35 EV Star Cargo, 39 EV Star CC, and 1 EV Star Plus, totaling approximately $24.6 million.
"The combination of GreenPower's EV expertise and the advanced body building experience of Lion Truck Body gives GreenPower a competitive advantage with shortened lead time as well as truck bodies that are optimized for EV Trucks. We've collaborated with Lion Truck Body to develop our new EV Star Cargo+ refrigerated truck, which is slated for delivery to our first customer this quarter with more payload, longer range and lower cost factor than any competitive EV refrigerated truck in its class on the market" stated Brendan Riley, President of GreenPower.
Price Action: GP shares are trading lower by 5.87% at $3.53 on the last check Monday.