Free cash flow remains consistently negative with margins frequently dipping below -90%, leaving the company with a critical cash balance of only $676,000 to fund ongoing operations.
| Metric | TTM | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Feb'13 | Feb'12 | Feb'11 |
|---|
| Cash from Operations | -2.82M | -5.99M | -1.13M | -14.76M | -20.34M | -16.39M | -5.11M | -5.91M | -3.89M | -3.11M | -2.21M | -1.51M | -801.43K | -19.89K | -69.98K | -10.2K |
| Operating CF Margin % | - | -30.17% | -2.88% | -37.18% | -118.03% | -123.38% | -35.52% | -97.23% | -110.56% | - | -20637.96% | -13678.73% | -6327.88% | -16.65% | - | - |
| Operating CF Growth % | 248.59% | -428.87% | 92.33% | 27.46% | -24.11% | -220.56% | 13.53% | -52.14% | -25.03% | -40.85% | -46.15% | -88.46% | -3929.17% | 71.58% | -586.41% | - |
| Net Income | -7.38M | -18.66M | -18.34M | -15.04M | -15.01M | -7.84M | -5.15M | -4.54M | -2.77M | -2.81M | -1.74M | -2.76M | -1.26M | -58.78K | -105.02K | -10.2K |
| Depreciation & Amortization | 1.47M | 1.66M | 1.85M | 1.22M | 661.96K | 1.07M | 578.55K | 516.21K | 525.23K | 177.5K | 101.48K | 46.83K | 7.99K | 2.79K | 0 | 0 |
| Stock-Based Compensation | 248.04K | 897.47K | 1.5M | 3.65M | 5.77M | 2.1M | 308.11K | 332.74K | 744.8K | 391.77K | 317.48K | 654.87K | 0 | 0 | 37.75K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 376.88K | 0 | 0 | -168.84K | 25.79K | -610K | 6.55K | 0 | 550.91K | -41.85K | 0 | 0 | 0 |
| Other Non-Cash Items | 692.79K | -720.53K | 3.24M | 753.72K | 879.86K | 712.6K | 1.23M | 717.7K | 280.68K | 95.63K | 24.91K | 769.36K | 563.64K | 25.28K | -4 | 0 |
| Working Capital Changes | 2.11M | 10.84M | 10.62M | -5.71M | -12.65M | -12.43M | -1.91M | -2.96M | -2.05M | -967.31K | -911.43K | -770.7K | -120.07K | 13.6K | -2.71K | 0 |
| Change in Receivables | 1.9M | 2.35M | 6.39M | -7.33M | 1.77M | -3.49M | 404.43K | -1.23M | -246.68K | -5.24K | 1.16K | -1.16K | -5.96K | -2.33K | 0 | 0 |
| Change in Inventory | 4.5M | 7.88M | 8.75M | -8.94M | -21.02M | -8.76M | -2.68M | -1.98M | -2.24M | -998.71K | -1.7M | -817.83K | -333.6K | -43.8K | 0 | 0 |
| Change in Payables | -596.89K | 0 | 0 | 7.41M | 0 | 0 | 777.31K | 30.84K | 505.24K | 0 | 553.25K | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 11.76K | -83.17K | -761.53K | 303.19K | -536.09K | -352.68K | -161.86K | 179.59K | -365.66K | -86.22K | -54.65K | 9.67K | 65.23K | -46.93K | -26.03K | 0 |
| Capital Expenditures | -3.04K | -83.17K | -361.53K | -355.99K | -536.09K | -352.68K | -161.86K | -140.05K | -365.66K | -86.22K | -54.65K | -4.45K | -8.3K | -5.17K | 0 | 0 |
| CapEx % of Revenue | 0.02% | 0.42% | 0.92% | 0.9% | 3.11% | 2.65% | 1.12% | 2.3% | 10.4% | - | 510.95% | 40.27% | 65.54% | 4.32% | - | - |
| Acquisitions | 0 | 0 | 0 | -215K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.12K | 73.53K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -400K | 874.18K | 0 | 0 | 0 | 319.63K | 365.66K | 0 | 0 | 0 | 0 | -46.93K | -26.03K | 0 |
| Cash from Financing | 2.89M | 5.1M | 2.32M | 8.19M | 12.66M | 31.52M | 5.5M | 4.96M | 5.17M | 2.21M | 2.11M | 2.64M | 462.12K | 353.84K | 342.27K | 105.85K |
| Debt Issued (Net) | 1.63M | 667.2K | 1.62M | 3.51M | 5.15M | -8.21M | 1.76M | 4.83M | 4.97M | -275.49K | 543.07K | 314.84K | 217.12K | 0 | 0 | 0 |
| Equity Issued (Net) | 348.54K | 5.33M | 520.89K | 4.9M | 0 | 39.64M | 4M | 0 | 0 | 624K | 1.58M | 2.88M | 265.09K | 0 | 342.27K | 143.15K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 910.37K | -892.77K | 186.49K | -216.61K | 7.51M | 89.43K | -254.31K | 127.65K | 197.45K | 1.91M | -8.63K | -380.19K | -197.38K | 353.84K | 0 | -37.3K |
| Net Change in Cash | 53.81K | -806.65K | 550.49K | -6.29M | -8.32M | 14.76M | 252.69K | -808.41K | 950.33K | -989.61K | -120.27K | 1.11M | -268.79K | -66.82K | 246.26K | 95.66K |
| Free Cash Flow | -2.82M | -6.07M | -1.49M | -15.11M | -20.88M | -16.74M | -5.28M | -6.05M | -4.25M | -3.2M | -2.26M | -1.51M | -809.73K | -25.06K | -69.98K | -10.2K |
| FCF Margin % | -16.76% | -30.59% | -3.8% | -38.07% | -121.14% | -126.03% | -36.64% | -99.53% | -120.96% | - | -21148.91% | -13719% | -6393.42% | -20.98% | - | - |
| FCF Growth % | 73.57% | -306.44% | 90.12% | 27.61% | -24.69% | -217.41% | 12.86% | -42.35% | -33.1% | -41.25% | -49.33% | -87.08% | -3131.67% | 64.2% | -586.41% | - |
| FCF per Share | -0.10 | -0.22 | -0.06 | -0.64 | -0.95 | -0.92 | -0.35 | -0.45 | -0.32 | -0.26 | -0.20 | -0.17 | -0.11 | -0.05 | -0.17 | -0.07 |
| FCF Conversion (FCF/Net Income) | 0.38x | 0.32x | 0.06x | 0.98x | 1.36x | 2.09x | 0.99x | 1.30x | 1.40x | 1.11x | 1.27x | 0.55x | 0.64x | 0.34x | 0.67x | 1.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 194 | 0 | 0 | 0 | 0 | 0 |
Acute liquidity and solvency
According to the provided quarterly data, GreenPower's operating cash flow frequently diverges from net income, with the OCF/NI ratio fluctuating wildly between 1.26 and -0.30, suggesting that reported earnings provide little insight into the actual cash-generating capacity of the company's core manufacturing operations.
The persistent gap between net income and operating cash flow indicates that accruals and non-cash adjustments are masking the underlying cash burn. Investors should monitor this divergence, as it suggests that the company's accounting earnings are not translating into the liquidity required to sustain its capital-intensive business model.
As reported in financial statements, GreenPower's free cash flow has remained consistently negative or negligible over the last ten quarters, with FCF margins frequently dipping below -90%, underscoring the company's inability to fund its operations through internal cash generation rather than external financing.
The inability to achieve positive free cash flow suggests that the current business model is structurally incapable of self-funding at existing production volumes. This trajectory warrants further investigation into whether the company can ever reach a scale where cash inflows from vehicle deliveries exceed the cash outflows required for production.
Based on the quarterly cash flow statements, working capital changes have been highly erratic, swinging from a $6.4 million outflow in 2026Q3 to a $4.9 million inflow in 2024Q3, which indicates significant instability in the company's ability to manage inventory and collect payments from municipal customers.
These sharp fluctuations in working capital suggest that the company is struggling to align its production cycles with the timing of government grant-funded sales. Such volatility may indicate that inventory is building up during periods of low demand, potentially leading to future write-downs or liquidity constraints.
Analysis of the cash flow statement reveals that stock-based compensation and depreciation are the primary non-cash adjustments, yet even with these add-backs, the company's cash position has dwindled to a critical $344,244, suggesting that the reported cash flow figures may be masking deeper operational distress.
The reliance on non-cash adjustments to bolster the appearance of operating cash flow appears to be a stop-gap measure that does not address the fundamental cash drain. Investors should be wary that the cash flow statement may be obscuring the true extent of the company's reliance on external capital to survive.
Quick answers to the most common questions about buying GP stock.
GreenPower Motor Company Inc. (GP) generated $-6.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
GreenPower Motor Company Inc. (GP) reported negative free cash flow of $6.1M in 2025, indicating capital requirements exceeded cash from operations.
GreenPower Motor Company Inc. (GP) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.