GreenPower Motor Company Inc. (GP): Business Model Canvas [Dec-2025 Updated]

Honestly, when you see a company like GreenPower Motor Company Inc. sitting on a $50 million school bus backlog while reporting a net loss exceeding $18.3 million on FY 2025 revenues of $19.85 million, you know there's a critical inflection point. That's the tightrope walk of scaling production while managing $21.2 million in debt. I've seen this movie before, and the difference between a winner and a washout is always in the operational blueprint. So, before you decide if this pivot is genius or just wishful thinking, let's break down the nine essential blocks of their Business Model Canvas to see exactly how they plan to convert that order book into sustainable profit.

GreenPower Motor Company Inc. (GP) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships GreenPower Motor Company Inc. (GP) has locked in to drive its production and sales, especially as it navigates the post-fiscal 2025 landscape. These aren't just handshake deals; they are concrete financial and logistical arrangements that underpin their operational scaling.

The most immediate financial lifeline comes from securing capital through a key investor relationship. As of November 14, 2025, GreenPower Motor Company Inc. entered into a Securities Purchase Agreement for a facility providing up to US$18 million in Series A Convertible Preferred Shares. This isn't all at once, though. The initial tranche saw the issuance of 754 Series A Convertible Preferred Shares via a public offering and 425 shares in a private placement, totaling a stated value of $1,179,000 for a purchase price of $1,120,050. The structure allows for follow-on tranches up to $2 million each, with the investor holding the right to acquire additional shares up to a total of $16 million. These preferred shares carry a fixed dividend rate of 9% per annum. To facilitate this, GreenPower pays a cash placement fee equal to 5% of the cash proceeds raised to Digital Offering LLC. This financing is explicitly tied to converting a record backlog of more than $50 million in contracted Nano BEAST and BEAST school buses into deliveries.

Government entities are a major channel for GreenPower Motor Company Inc.'s vehicle adoption, often through grant-funded purchases. The company has secured state contracts and orders across states including New York, New Jersey, Arizona, West Virginia, California, Oregon, Nevada, and Missouri. For instance, the New Jersey Zero-Emission Incentive Program (NJ ZIP) reopened on November 24, 2025, with a total of $75 million in incentives, split into two rounds of $37.5 million each. GreenPower's Class 4 EV Star models are eligible for incentives ranging from $65,000 to over $90,000 per vehicle under this program. Furthermore, manufacturing in the West Virginia facility continued during fiscal 2025 to fulfill orders from a Round 2 EPA Clean School Bus Program (CSBP) grant awarded to local school districts.

Dealer partnerships are crucial for ground-level sales, particularly in the school bus segment. Your Arizona dealer, RWC Group, has been instrumental in securing sales funded by federal programs. In January 2025, RWC Group secured orders for two BEAST electric school buses for the Casa Grande Elementary School District. This followed earlier success in September 2024, where RWC Group secured orders for six all-electric school buses for three different Arizona districts, all funded via the EPA Clean School Bus Program. The breakdown of those earlier orders included three Type D BEASTs for Osborn School District #8, and one Type D BEAST plus one Type A Nano BEAST for Joseph City School District, among others.

The manufacturing process itself relies on established global supply chains for specialized components. GreenPower Motor Company Inc. employs a clean-sheet design, integrating global suppliers for core electric vehicle parts.

Finally, infrastructure partners are vital for pilot programs and deployment readiness. GreenPower Motor Company Inc. is actively partnering with Highland Electric Fleets to support EV pilot projects. This collaboration is key to the all-electric school bus pilot project signed with the state of New Mexico on August 4, 2025. The contract with New Mexico is valued at more than $5 million, covering vehicles, charging infrastructure installation, and overall pilot management. The initial phase of this two-year pilot project, set for the 2025-26 school year, involves deploying three Type A all-electric, purpose-built Nano BEAST Access school buses.

Here's a quick look at the scale of these operational partnerships:

• Institutional Financing Facility size: $18 million
• Initial Financing Tranche Purchase Price: $1,120,050
• School Bus Backlog to Convert: More than $50 million
• Pre-built School Bus Chassis (as of Nov 14, 2025): Over 130 total (100+ Nano BEAST cab chassis and 30 BEAST chassis)
• New Mexico Pilot Buses (Year 1): 3 Nano BEAST Access units
• New Jersey ZIP Total Funding Reopened: $75 million

Finance: review the cash flow impact of the 9% preferred share dividend against the expected revenue conversion from the $50 million backlog by end of Q1 2026.

GreenPower Motor Company Inc. (GP) - Canvas Business Model: Key Activities

GreenPower Motor Company Inc. focuses its key activities on manufacturing, order fulfillment, product innovation, operational streamlining, and securing external funding mechanisms to support growth.

Manufacturing all-electric, purpose-built medium/heavy-duty vehicles

GreenPower Motor Company Inc. designs, builds, and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles. GreenPower Motor Company Inc. remains the only fully electric OEM manufacturing both a Class 4 Type A and Class 8 Type D school bus. The company employs a clean-sheet design to manufacture all-electric vehicles that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower Motor Company Inc. to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements.

For the year ended March 31, 2025 (Fiscal Year 2025), GreenPower Motor Company Inc. delivered a total of 84 vehicles. The production output from the West Virginia facility was targeted to reach one BEAST per week, increasing to two per week by April, alongside Nano BEAST production.

Converting the $50 million school bus order backlog into deliveries

As of November 14, 2025, GreenPower Motor Company Inc. announced a financing facility of up to $18 million, deployable in tranches of up to $2 million, specifically to convert a record backlog exceeding $50 million in contracted Nano BEAST and BEAST school buses into deliveries. To accelerate this conversion and shorten lead times, GreenPower Motor Company Inc. pre-built over 100 Nano BEAST cab chassis and 30 BEAST chassis, totaling more than 130 chassis before finalizing the facility agreement.

Research and development of new Class 4 commercial vehicles

GreenPower Motor Company Inc. innovation remained at the forefront of activities in fiscal year 2025. During the year ended March 31, 2025, two new Class 4 all-electric, purpose-built, zero-emission commercial vehicles were introduced into the marketplace.

Consolidating California operations to increase efficiency and reduce costs

During fiscal year 2025, GreenPower Motor Company Inc. consolidated its California operations. The company moved from five different facilities spread throughout California to one larger facility in Riverside. This move was intended to reduce costs and increase efficiency, centralizing the U.S. corporate headquarters, engineers, project managers, upfitting operations, and west coast manufacturing in one location.

Securing state and federal grants like the EPA Clean School Bus Program

Securing government incentives is a critical activity. The EPA Clean School Bus Program (CSBP) Round 2, funded by the Infrastructure Investment and Jobs Act (IIJA), included an award of $18.565 million for seven West Virginia school districts to deploy 50 GreenPower all-electric school buses. The contract for this EPA award was signed in December 2024. By May 5, 2025, GreenPower Motor Company Inc. had delivered 22 of these buses in West Virginia (16 BEASTS and six Nano BEASTs), representing approximately one-half of the orders placed for the state's districts ready for deployment. Furthermore, GreenPower Motor Company Inc. secured a contract with the state of New Mexico for an all-electric school bus pilot project valued at over $5 million, introducing three Type A all-electric Nano BEAST Access school buses in the 2025-26 school year. State-level incentive programs like those in California and New York are noted to have allocated approximately $500 million each for electric school buses.

• West Virginia EPA CSBP Award: $18.565 million for 50 buses.
• New Mexico Pilot Project Value: Over $5 million.
• California/New York State Allocations (Reported): Approximately $500 million each.
• West Virginia Deliveries under EPA Grant (as of May 5, 2025): 22 buses delivered (16 BEAST, 6 Nano BEAST).

GreenPower Motor Company Inc. (GP) - Canvas Business Model: Key Resources

You're looking at the core assets GreenPower Motor Company Inc. (GP) relies on to execute its business plan. These aren't just assets; they are the specialized tools and capital that make their purpose-built electric vehicle strategy possible.

The most tangible assets are the proprietary vehicle platforms. GreenPower Motor Company Inc. uses a clean-sheet design approach for its manufacturing, meaning the vehicles are designed from the ground up to be battery-powered, which is a key differentiator from retrofitting existing models. This OEM platform allows them to meet specific operator needs while standardizing parts for easier maintenance.

The specific platforms driving production include:

• BEAST (Type D school bus)
• Nano BEAST (Type A school bus)
• EV Star (Commercial line including Cargo, Cargo Plus, Passenger Van, Cab & Chassis)

For the fiscal year ended March 31, 2025, GreenPower Motor Company Inc. delivered a total of 84 vehicles, broken down by model type:

Manufacturing capacity is anchored by two primary facilities. GreenPower Motor Company Inc. consolidated its California operations from five different facilities into one larger facility in Riverside, which houses the U.S. corporate headquarters, engineering, and west coast manufacturing. Manufacturing also continued at the West Virginia facility in South Charleston, which produced BEAST Type D school buses, including units for in-state orders and the EPA Clean School Bus Program Round 2 awards during fiscal 2025.

To accelerate delivery against its backlog, GreenPower Motor Company Inc. maintains significant work-in-progress inventory. As of November 14, 2025, the company reported having over 130 chassis pre-built, specifically comprising more than 100 Nano BEAST cab chassis and 30 BEAST chassis. This pre-build strategy is intended to shorten production lead times.

The financial resources supporting operations as of the fiscal year-end March 31, 2025, included working capital of $8.1 million.

The total inventory value at that same fiscal year-end was $25.6 million, detailed as follows:

• Finished goods: $10.1 million
• Work-in-process: $11.3 million
• Parts and components: $4.2 million

Further bolstering near-term financial flexibility, in November 2025, GreenPower Motor Company Inc. announced an agreement to retain $6.8 million in deposits previously recorded as deferred revenue for EV Star Cab & Chassis orders, which will be recognized as revenue in the quarter ending December 31, 2025. The manufactured chassis from these retained deposits will be repurposed for the Type A Nano BEAST school bus production.

The intangible asset base is GreenPower Motor Company Inc.'s intellectual property related to its clean-sheet design for all-electric vehicles, which is foundational to the EV Star platform's capabilities, such as an up to 150-mile range on a single charge for some models.

GreenPower Motor Company Inc. (GP) - Canvas Business Model: Value Propositions

You're looking at the core differentiators GreenPower Motor Company Inc. brings to the electric vehicle market, especially in the school bus sector. These aren't just features; they are the specific, tangible benefits GreenPower Motor Company Inc. is offering customers right now, grounded in their manufacturing approach.

The fundamental value proposition is the commitment to purpose-built, all-electric, zero-emission medium/heavy-duty vehicles. GreenPower Motor Company Inc. designs and builds its entire suite of vehicles-including transit buses, shuttles, cargo vans, and school buses-from a clean-sheet design, meaning they are engineered from the ground up to be battery-powered, not converted from diesel platforms. This OEM (Original Equipment Manufacturer) approach is key to their offering.

This purpose-built nature directly supports the claim of superior performance and durability over retro-fit electric buses. You see this clearly when you compare the specifications of their flagship school bus models. GreenPower Motor Company Inc. is the only EV OEM offering both a Class 4 Type A and a Class 8 Type D all-electric school bus, which is a significant market position as of late 2025.

Here's a quick look at the specs that back up the performance claim:

• The EV Star Cab & Chassis, the foundation for the Nano BEAST, achieved an FTA Altoona score of 92.2.
• The BEAST Type D bus seats up to 90 students.
• The Nano BEAST Type A bus seats up to 24 passengers.

The difference in the school bus lineup is substantial, allowing GreenPower Motor Company Inc. to serve different fleet needs with purpose-built platforms:

Another critical value driver is the focus on reduced production lead times due to pre-built chassis inventory. To convert their record backlog, GreenPower Motor Company Inc. proactively pre-built chassis inventory. As of November 2025, they had built over 100 Nano BEAST cab chassis and 30 BEAST chassis, totaling more than 130 chassis. This inventory strategy is designed to accelerate revenue recognition and improve working-capital efficiency. This effort is being supported by a financing facility of up to $18 million aimed at converting a backlog that exceeds $50 million in contracted school buses. This operational push means GreenPower Motor Company Inc. is now set to deliver one BEAST per week from the South Charleston facility, with plans to increase that to two per week by April, alongside Nano BEAST production.

The company's inventory levels reflect this production push; at the end of the third quarter of fiscal year 2025, inventory stood at $28.2 million, which included $13.1 million in work-in-process. This focus on throughput is intended to drive cost savings on a per-unit basis and improve gross profit margins.

GreenPower Motor Company Inc. (GP) - Canvas Business Model: Customer Relationships

You're looking at how GreenPower Motor Company Inc. (GP) builds and keeps its customer base, which is heavily skewed toward government and large fleet procurement cycles. This isn't a simple retail transaction; it's a relationship built on navigating complex funding and operational requirements.

Direct sales and support for large fleet operators and government entities

GreenPower Motor Company Inc. focuses its direct sales efforts on entities that buy in volume, like transit agencies and school districts, often leveraging government incentives. For instance, the August 2025 contract with the state of New Mexico for an all-electric school bus pilot project, valued at more than $5 million, exemplifies this direct engagement with a government entity. This direct approach is necessary because these customers require tailored support beyond just vehicle delivery. The company's strategy is clearly tied to mandates, as they focus sales efforts on states with existing money and mandates for electric school buses. The scale of this segment is significant; GreenPower Motor Company Inc. is targeting an addressable school bus market opportunity of over $25 Billion, based on an average price of $325,000 per electric school bus.

The company's existing business volume shows this mix. For the fiscal year ended March 31, 2025, GreenPower Motor Company Inc. delivered 84 vehicles in total, which included a substantial number of school buses.

Furthermore, GreenPower Motor Company Inc. is working to convert a massive backlog. As of November 2025, a financing facility of up to $18 million was secured specifically to convert more than $50 million in contracted school bus orders. This conversion involves pre-building chassis, with over 100 Nano BEAST cab chassis and 30 BEAST chassis already produced to speed things up.

Dedicated training for drivers, mechanics, and first responders

The relationship extends well past the point of sale into operational readiness. For large, complex deployments, GreenPower Motor Company Inc. doesn't just drop off the vehicles; they actively support the customer's internal teams. For example, the New Mexico pilot project explicitly includes GreenPower Motor Company Inc. providing training for the drivers, mechanics and the community's first responder to ensure a seamless testing period. This hands-on support is crucial for government and fleet customers who need to maintain uptime and safety standards immediately.

High-touch, consultative sales process for grant-funded purchases

Many of these large purchases, especially for school districts, are heavily reliant on federal and state grants, like the EPA's Clean School Bus Program (CSBP). This necessitates a high-touch, consultative sales approach. You can't just send a brochure; you have to help them secure the funding and navigate the requirements. The New Mexico contract, for instance, resulted from an award made under an RFP published in May. This suggests a long sales cycle involving detailed technical specifications and compliance discussions, which is the hallmark of a consultative relationship. The company's focus on states with mandates shows they are aligning their sales strategy with where the funding is guaranteed, making their sales team act more like policy advisors than simple salespeople.

Long-term relationships with school districts and transit agencies

The goal is clearly repeat business and platform loyalty. The New Mexico pilot involves deploying different bus types over two years, suggesting a phased, long-term evaluation partnership. A good example of building on existing success is the follow-on order from Transportation Commodities Inc. (TCI) for 10 EV Star Cab & Chassis, which came after TCI had successfully operated four GreenPower vehicles since 2021. That's defintely a sign of a strong, proven relationship where the customer is expanding their zero-emission fleet based on prior experience with the EV Star platform.

The company's OEM platform design, which uses standard parts, is intended to support these long-term relationships by ensuring ease of maintenance and accessibility for warranty requirements.

Here's the quick math on the school bus market potential you are engaging with:

• Total US school buses in operation: approximately 480,000.
• Key state electrification targets: New York State with 50,000 buses, California with 30,000 buses.
• Longer-term manufacturing goal: producing 20 school buses per month.

Finance: draft 13-week cash view by Friday.

GreenPower Motor Company Inc. (GP) - Canvas Business Model: Channels

You're looking at how GreenPower Motor Company Inc. gets its purpose-built electric vehicles into the hands of customers, which is a mix of direct engagement and channel partners, heavily influenced by government funding cycles.

Direct sales team focused on fleet and government customers

GreenPower Motor Company Inc. targets large fleet operators and government entities directly, which is key for securing major, often grant-funded, school bus and commercial vehicle contracts. The sales strategy is explicitly focused on states that have both mandates and funding available for electric school buses, such as California and New York, and regions like the Southwest. The company's direct sales efforts are crucial for navigating complex procurement processes.

• Direct sales support is provided for navigating funding programs like the SJAVPCD, NJZIP, California's HVIP, and the EPA's Clean School Bus Program (CSBP).
• The company had live orders and contracts representing over $68 million of business for school buses as of February 2025.
• For the fiscal year ended March 31, 2025, GreenPower Motor Company Inc. delivered a total of 84 vehicles.

Select dealer network for commercial vehicle distribution

While large government contracts often go direct, the dealer network serves as a vital channel, especially for commercial vehicle distribution and reaching schools in certain regions. This network helps GreenPower Motor Company Inc. capture market share across North America in the rapidly electrifying school bus sector.

The company has been building out this network, for instance, adding a school bus dealer in Maryland and Washington D.C., a region with nearly 8,000 school buses in operation. Deliveries of Type D BEAST and Type A Nano BEAST school buses from the California facilities were made through its dealers to schools in Arizona, California, and Oregon during fiscal year 2025.

West Virginia and California manufacturing/upfitting facilities

The physical production footprint is central to the channel strategy, enabling the company to service both East and West Coast demand efficiently. GreenPower Motor Company Inc. operates facilities on both sides of the country, positioning it as the only fully electric OEM manufacturing both a Type A and a Type D school bus in facilities across the country.

The California operations were consolidated during fiscal year 2025 from five different locations into one larger facility in Riverside, which houses corporate headquarters, engineering, upfitting, and West Coast manufacturing. In contrast, the West Virginia facility in South Charleston focuses on manufacturing for in-state orders and federal programs. The longer-term manufacturing goal for the company is reaching a throughput of 20 school buses per month. To support accelerated revenue recognition from its backlog, GreenPower Motor Company Inc. had over 130 chassis already produced as of November 2025.

Here's a look at the vehicle mix delivered in the fiscal year ending March 31, 2025, which reflects the output from these channels:

Participation in state and federal procurement programs (e.g., CSBP)

Government programs are a primary driver for GreenPower Motor Company Inc.'s sales channel success, providing the necessary funding mandates for large-scale fleet adoption. The company actively pursues contracts under these programs.

• Manufacturing in the West Virginia plant fulfilled orders from an 88 all-electric Type D BEAST school bus commitment to West Virginia districts.
• Production at the West Virginia facility supported a Round 2 EPA Clean School Bus Program (CSBP) grant awarded to multiple school districts in the state during fiscal year 2025.
• An order for school buses under the EPA's CSBP was received from the RWC Group for Arizona during the second quarter of fiscal year 2025.

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

GreenPower Motor Company Inc. (GP) - Canvas Business Model: Customer Segments

You're looking at the customer base for GreenPower Motor Company Inc. (GP) as of late 2025, and it's clear the focus is on public and commercial fleets needing zero-emission solutions. The company's strategy hinges on securing large, often government-backed, orders for its purpose-built electric vehicles.

Here's a breakdown of the key customer groups based on the Fiscal Year 2025 deliveries (year ended March 31, 2025) and recent contract activity. Honestly, the split shows a strong initial push in both school transportation and commercial last-mile delivery.

School districts and student transportation operators represent a core segment, driven by state and federal funding like the EPA's Clean School Bus Program. For the fiscal year ended March 31, 2025, GreenPower Motor Company Inc. delivered a total of 36 school buses (34 Type D BEAST and two Type A Nano BEAST). To be fair, this segment has significant potential, evidenced by prior orders like the 15 BEAST school buses for Clark County, Nevada, which operates a fleet of over 1,900 buses, and the 41 Type D BEAST school buses for West Virginia.

Commercial fleet operators needing cargo/delivery vans are targeted with the EV Star platform. In FY 2025, this group accounted for 48 units delivered, split between 23 EV Star Cargo/Cargo Plus vehicles and 25 EV Star Passenger Vans. Furthermore, in October 2025, GreenPower Motor Company Inc. noted that its EV Stars are eligible for up to $130,000 of incentives under the California ISEF Incentive Program. You should also note the recent financial move: an agreement to retain $6.8 million in deposits originally for the EV Star Cab & Chassis, repurposing that capacity for the Nano BEAST school bus.

Shuttle and transit service providers are explicitly named as a served market. While specific unit numbers for this segment alone in FY 2025 aren't isolated, the company did complete the sale of vehicles to one of the largest transit operators in Canada during the first quarter of fiscal year 2025. This shows traction in the larger transit space, even if the volume isn't as clearly itemized as the school buses.

State and municipal government agencies are critical, especially through pilot programs that validate the technology. The New Mexico All-Electric, Purpose-Built, Zero-Emission School Bus Pilot Project is a prime example. The contract with the State of New Mexico is valued at more than $5 million for vehicle purchase, charging infrastructure, and management. This two-year pilot, starting in late 2025, involves deploying three Nano BEAST Access buses in the first year (2025-26), with plans for two Type D BEASTs and one Mega BEAST in the second year (2026-27). If the pilot is successful across its two phases, the state will support an additional $15 million for more school buses.

• New Mexico Pilot Initial Deployment: 3 Nano BEAST Access buses (Year 1).
• New Mexico Pilot Potential Expansion Funding: $15 million.
• Clark County, Nevada Order Size: 15 BEAST school buses.
• West Virginia Order Size: 41 Type D BEAST school buses.

GreenPower Motor Company Inc. (GP) - Canvas Business Model: Cost Structure

You're looking at the cost side of GreenPower Motor Company Inc.'s business as of late 2025. It's clear that manufacturing is the primary driver of expenses, which is typical for a vehicle producer, but the scale of operating losses is significant.

The Cost of Goods Sold (COGS) is high relative to the revenue GreenPower Motor Company Inc. generated in the fiscal year ended March 31, 2025. You can see the direct costs eat up most of the top line.

The overall financial performance shows significant operating expenses outpacing revenue, leading to substantial losses. The net loss for the full fiscal year ended March 31, 2025, was reported at $(18,342,796).

Administrative overhead, captured in Sales, General and Admin (SG&A) costs, was substantial for the year ended March 31, 2025, coming in at $17,115 thousand. This figure, combined with the high COGS, drives the negative operating income of ($17,920 thousand) for the same period.

Financing costs are a definite drain, especially given the debt load. The interest expense for the year ended March 31, 2025, was $2,176 thousand, which is the cost associated with servicing the total debt, which was stated as $21.2 million.

GreenPower Motor Company Inc. actively worked on streamlining its physical footprint during the year. This involved costs related to the consolidation of California operations.

• Consolidated operations from five different facilities across California to one larger facility in Riverside during fiscal year 2025.
• This move was intended to reduce costs and increase efficiency for U.S. corporate headquarters, engineering, and upfitting operations.

Production and labor costs at the West Virginia manufacturing facility are a key area of focus for future cost reduction. The company was increasing its workforce and validating the manufacturing process to drive cost savings on a per-unit basis.

• The West Virginia facility was scaling up production of the BEAST Type D school buses.
• The plan was to deliver one BEAST per week from the South Charleston facility, with production increasing to two per week by April 2025.
• The company strengthened leadership with a new West Virginia production manager to support laying the groundwork for a second shift.

Finance: draft 13-week cash view by Friday.

GreenPower Motor Company Inc. (GP) - Canvas Business Model: Revenue Streams

You're looking at how GreenPower Motor Company Inc. actually brings in cash, which is key for understanding its current financial footing. Honestly, the revenue picture for late 2025 shows a mix of large, lumpy vehicle sales and one-time accounting adjustments that significantly impact the reported top line.

The core of the revenue comes from selling the vehicles. For the fiscal year ending March 31, 2025, GreenPower Motor Company Inc. recorded total annual revenue of $19.85 million. This represented a significant year-over-year decrease of 49.46% compared to the prior fiscal year.

A major, non-recurring financial event impacting the revenue streams in the fourth quarter of fiscal 2025 was the recognition of previously held deposits. GreenPower Motor Company Inc. entered an agreement to retain advance payments for EV Star Cab & Chassis orders without delivering the vehicles, leading to the recognition of $6.8 million in deferred revenue in the quarter ending December 31, 2025. This move strengthened the balance sheet by reducing liabilities and increasing shareholders equity by the same $6.8 million amount.

To give you a clearer look at the components of revenue generation, here's a breakdown of the confirmed financial figures related to the streams:

You should note that GreenPower Motor Company Inc. specializes in manufacturing and distributing zero-emission medium and heavy-duty vehicles, including transit buses, school buses, shuttles, and cargo vans. The company's CEO mentioned that the manufactured chassis from the retained deposits will be repurposed for the Type A Nano BEAST school bus production, which is expected to accelerate revenue recognition for those units.

The business model also includes revenue from other sources, though specific dollar amounts for late 2025 aren't explicitly detailed in the latest reports:

• Revenue from finance and operating leases
• Sales of parts and components

The company is actively working to convert a large order book into recognized sales, having secured a financing facility of up to $18 million to support the conversion of more than $50 million in contracted school bus orders. That's a clear action point for near-term revenue visibility.

Finance: review the Q1 2026 backlog conversion rate against the $50 million contracted support facility by next Tuesday.