The company's revenue experienced a sharp 49.46% year-over-year decline in the most recent period, while thin gross margins of 11.07% reflect a persistent lack of manufacturing scale.
| 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 |
|---|
| Sales/Revenue | 16.82M | 19.85M | 39.27M | 39.7M | 17.24M | 13.29M | 14.4M | 6.08M | 3.52M | 0 | 10.7K | 11.04K | 12.66K | 119.45K | 0 | 0 |
| Revenue Growth % | -18.58% | -49.46% | -1.07% | 130.3% | 29.73% | -7.72% | 136.7% | 72.99% | - | -100% | -3.13% | -12.81% | -89.4% | - | - | - |
| Cost of Goods Sold | 8.4M | 17.65M | 33.91M | 32.45M | 13.36M | 9.71M | 10.34M | 4.22M | 2.27M | 174.71K | 102.93K | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 88.93% | 86.36% | 81.74% | 77.51% | 73.05% | 71.85% | 69.45% | 64.5% | - | 962.29% | - | - | - | - | - |
| Gross Profit | 8.42M | 2.2M | 5.36M | 7.25M | 3.88M | 3.58M | 4.05M | 1.86M | 1.25M | -174.71K | -92.23K | 11.04K | 12.66K | 119.45K | 0 | 0 |
| Gross Margin % | 50.03% | 11.07% | 13.64% | 18.26% | 22.49% | 26.95% | 28.15% | 30.55% | 35.5% | - | -862.29% | 100% | 100% | 100% | - | - |
| Gross Profit Growth % | - | -59% | -26.1% | 87.02% | 8.28% | -11.66% | 118.11% | 48.84% | 814.57% | -89.42% | -935.27% | -12.81% | -89.4% | - | - | - |
| Operating Expenses | 15.46M | 20.12M | 22.16M | 20.54M | 18.06M | 11.37M | 8.97M | 4.98M | 4.06M | 2.71M | 1.73M | 2.21M | 1.27M | 33.49K | 105.02K | 10.2K |
| OpEx % of Revenue | - | 101.35% | 56.43% | 51.73% | 104.79% | 85.59% | 62.34% | 81.8% | 115.43% | - | 16188% | 20013.52% | 10005.6% | 28.04% | - | - |
| Selling, General & Admin | 8.89M | 17.13M | 17.04M | 17.13M | 16.01M | 7.87M | 5.68M | 4.02M | 3.28M | 2.22M | 1.37M | 2.16M | 1.25M | 33.49K | 105.02K | 10.2K |
| SG&A % of Revenue | - | 86.29% | 43.39% | 43.15% | 92.89% | 59.22% | 39.47% | 66.13% | 93.33% | - | 12830.32% | 19589.38% | 9878.6% | 28.04% | - | - |
| Research & Development | 868.23K | 1.34M | 1.81M | 2.09M | 1.38M | 939.95K | 973.15K | 437.21K | 251.83K | 312.28K | 257.66K | 149.46K | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 6.75% | 4.61% | 5.27% | 8.01% | 7.07% | 6.76% | 7.19% | 7.16% | - | 2408.94% | 1353.6% | - | - | - | - |
| Other Operating Expenses | 2.1M | 1.65M | 3.31M | 1.31M | 670.9K | 2.56M | 2.32M | 516.21K | 525.23K | 0 | 0 | 46.83K | 0 | 0 | 0 | 0 |
| Operating Income | -7.04M | -17.92M | -16.8M | -13.29M | -14.19M | -7.79M | -4.92M | -4.47M | -3.36M | -2.71M | -1.72M | -2.2M | -1.25M | -58.78K | -105.02K | -10.2K |
| Operating Margin % | -41.86% | -90.29% | -42.78% | -33.47% | -82.3% | -58.64% | -34.19% | -73.42% | -95.43% | - | -16088% | -19913.52% | -9905.6% | -49.21% | - | - |
| Operating Income Growth % | - | -6.65% | -26.47% | 6.35% | -82.08% | -58.29% | -10.21% | -33.1% | -23.77% | -57.55% | 21.74% | -75.27% | -2034.34% | 44.03% | -930.06% | - |
| EBITDA | -5.74M | -16.26M | -14.94M | -12.07M | -13.52M | -7.35M | -4.34M | -3.96M | -2.83M | -2.54M | -1.62M | -2.15M | -1.25M | -8.21K | -105.02K | -10.2K |
| EBITDA Margin % | -34.1% | -81.91% | -38.05% | -30.4% | -78.46% | -55.35% | -30.17% | -65.09% | -80.56% | - | -15125.7% | -19489.38% | -9842.53% | -6.87% | - | - |
| EBITDA Growth % | 69.33% | -8.79% | -23.85% | 10.78% | -83.9% | -69.31% | -9.71% | -39.77% | -11.67% | -56.77% | 24.82% | -72.64% | -15079.7% | 92.18% | -930.06% | - |
| D&A (Non-Cash Add-back) | 1.3M | 1.66M | 1.86M | 1.22M | 661.96K | 437.26K | 578.55K | 506.92K | 522.88K | 174.71K | 102.93K | 46.83K | 7.99K | 50.57K | 0 | 0 |
| EBIT | -6.36M | -16.49M | -16.79M | -13.49M | -14.49M | -6.24M | -3.01M | -3.14M | -2.82M | -2.71M | -1.71M | -2.77M | -1.25M | -58.53K | 0 | 0 |
| Net Interest Income | -2.41M | -2.18M | -1.55M | -1.55M | -515.67K | -1.6M | -2.13M | -1.4M | -563.41K | 0 | -24.91K | -13.31K | -6.53K | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.41M | 2.18M | 1.55M | 1.55M | 515.67K | 1.6M | 2.13M | 1.4M | 563.41K | 95.63K | 24.91K | 13.31K | 6.53K | 0 | 0 | 0 |
| Other Income/Expense | -337.35K | -743.93K | -1.54M | -1.76M | -824.07K | -45.68K | -223.92K | -78.23K | -28.82K | -57.93K | -19.09K | -631.97K | -570.4K | 372.37K | 0 | 0 |
| Pretax Income | -7.38M | -18.66M | -18.34M | -15.04M | -15.01M | -7.84M | -5.15M | -4.54M | -3.38M | -2.81M | -1.74M | -2.76M | -1.26M | -58.78K | 0 | 0 |
| Pretax Margin % | -43.86% | -94.04% | -46.71% | -37.9% | -87.08% | -58.98% | -35.74% | -74.71% | -96.25% | - | -16266.51% | -25010.71% | -9938.96% | -49.21% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -610K | 95.63K | 0 | 11.91K | 6.53K | -25.28K | 105.02K | 10.2K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 18.03% | -3.4% | 0% | -0.43% | -0.52% | 43.02% | - | - |
| 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 |
| Net Margin % | -43.86% | -94.04% | -46.71% | -37.9% | -87.08% | -58.98% | -35.74% | -74.71% | -78.9% | - | -16266.51% | -25010.71% | -9938.96% | -49.21% | - | - |
| Net Income Growth % | 65.62% | -1.75% | -21.93% | -0.23% | -91.53% | -52.29% | -13.24% | -63.8% | 1.39% | -61.69% | 37% | -119.4% | -2041.53% | 44.03% | -930.06% | - |
| Net Income (Continuing) | -7.38M | -18.66M | -18.34M | -15.04M | -15.01M | -7.84M | -5.15M | -4.54M | -2.77M | -2.81M | -1.74M | -2.78M | -1.26M | -58.53K | -105.02K | -10.2K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.25 | -0.68 | -0.74 | -0.64 | -0.69 | -0.43 | -0.34 | -0.34 | -0.21 | -0.23 | -0.15 | -0.34 | -0.02 | -0.12 | -0.26 | -0.07 |
| EPS Growth % | 210.84% | 8.11% | -15.63% | 7.25% | -60.47% | -26.47% | 0% | -61.9% | 8.7% | -53.33% | 55.88% | -1316.67% | 80% | 53.85% | -282.35% | - |
| EPS (Basic) | - | -0.68 | -0.74 | -0.64 | -0.69 | -0.43 | -0.34 | -0.34 | -0.21 | -0.23 | -0.15 | -0.34 | -0.02 | -0.12 | -0.26 | -0.07 |
| Diluted Shares Outstanding | 29.64M | 27.58M | 24.95M | 23.52M | 21.88M | 18.12M | 15.22M | 13.36M | 13.18M | 12.44M | 11.31M | 9.03M | 7.34M | 490K | 400K | 150K |
| Basic Shares Outstanding | 29.64M | 27.58M | 24.95M | 23.52M | 21.88M | 18.12M | 15.22M | 13.36M | 13.18M | 12.44M | 11.31M | 9.03M | 7.34M | 490K | 400K | 150K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and solvency crisis
As reported in recent financial filings, GreenPower's revenue experienced a significant contraction, with a year-over-year decline of 49.46% in the most recent period, highlighting the extreme volatility inherent in the company's project-based, government-grant-dependent sales model which lacks consistent, recurring revenue streams to support long-term growth durability.
The sharp revenue fluctuations suggest that the company's order-to-delivery cycle is highly susceptible to external timing delays in government funding. This inconsistency makes it difficult to establish a predictable growth trajectory, as the business remains tethered to the lumpy nature of municipal and federal procurement cycles.
Based on the company's income statement data, GreenPower maintains a thin gross margin of 11.07%, which reflects a lack of manufacturing scale and suggests that the firm struggles to absorb the high fixed costs associated with its specialized electric vehicle assembly processes compared to established industry incumbents.
The inability to consistently expand gross margins indicates that the company may lack the pricing power necessary to offset volatile battery and chassis input costs. Without a significant increase in production throughput, these margins appear likely to remain under pressure, limiting the company's ability to fund its own operations.
According to the provided financial statements, GreenPower's operating margin of -90.29% underscores a severe lack of operating leverage, as the company's high fixed overhead and SG&A expenses continue to outpace gross profit generation, preventing the business from achieving a path toward sustainable operational profitability.
The persistent negative operating income suggests that the current cost structure is misaligned with the company's actual delivery volumes. Investors should monitor whether management can implement meaningful expense discipline, as the current burn rate appears unsustainable without continuous external capital injections.
With cash and equivalents dwindling to just $344,244 as noted in recent disclosures, the company faces an acute liquidity crisis that raises significant questions regarding its ability to continue as a going concern without immediate, potentially dilutive, capital raises or a fundamental restructuring of its business model.
The stark contrast between the minimal cash balance and the recurring quarterly operating losses suggests that the company's financial position is highly vulnerable. This situation warrants extreme caution, as the lack of a liquidity buffer leaves little room for error in executing the current delivery backlog.
Quick answers to the most common questions about buying GP stock.
For fiscal year 2025, GreenPower Motor Company Inc. (GP) reported total revenue of $19.8M.
GreenPower Motor Company Inc. (GP) reported a net loss of $18.7M for the fiscal year ending 2025.
GreenPower Motor Company Inc. (GP) reported an operating income of $-17.9M, resulting in an operating profit margin of -90.3%. This margin reflects the operational efficiency of the business before interest and taxes.
GreenPower Motor Company Inc. (GP) generated $2.2M in gross profit for the year, representing a gross profit margin of 11.1%. This demonstrates the company's core pricing power and production efficiency.