GreenPower Posts $4.2M Net Income on $8.5M Q3 Revenue, 28% Gross Margin
GreenPower reported third-quarter revenue of $8.5 million, up from $7.2 million year-over-year, delivering net income of $4.2 million and a 28% gross profit margin. SG&A expenses fell to $2.4 million, working capital exceeded $5 million, and the company raised $1.12 million in Series A funding plus $5 million in term loans.
1. Third-Quarter Financial Performance
GreenPower generated $8.5 million in revenue for the quarter ended December 31, 2025, up from $7.2 million a year earlier, achieving net income of $4.2 million. Vehicle sales, parts, leases and deferred income contributed to a 28% gross profit margin.
2. Expense Reduction and Liquidity
Sales, general and administrative expenses dropped to $2.4 million from $5.2 million year-over-year, excluding non-cash items below $2 million. The company ended the quarter with working capital exceeding $5 million and increased cash balances.
3. New Mexico Pilot Deployment
GreenPower is managing a state-sponsored zero-emission school bus pilot in New Mexico, securing over $5 million for deployment of Nano BEAST, BEAST and Mega BEAST buses, charging infrastructure and operations under high-elevation cold-weather conditions.
4. Recapitalization and Funding Initiatives
During the quarter GreenPower raised $1.12 million from Series A convertible preferred shares and secured two term loans totaling $5 million. After quarter end it exchanged $7 million of related party loans into convertible debentures and $3 million into Series B convertible preferred shares.