GreenPower shifts to order-driven manufacturing, retools and recapitalizes for fleet deployments

Order-Driven Manufacturing Becomes GreenPower’s Strategic Focus

GreenPower Motor Company is shifting its manufacturing model from building electric vehicles on spec to a production process driven by firm customer orders, a refocus executives say is critical to scaling fleet deployments. Management is retooling factories, tightening inventory controls and securing production funding to align output with confirmed demand, reducing the risk of unsold stock and improving cash efficiency. The company says this transition requires recapitalization and revised manufacturing processes to meet delivery schedules for fleet customers in cargo, delivery, shuttle, transit and school bus markets.

Operationally, GreenPower implements tighter inventory management and new production funding arrangements designed to sustain growth through pilot programs and a growing customer-order pipeline. Executives stress that the company is moving away from speculative building toward a model where manufacturing cadence follows purchase commitments, which they expect will improve margins and reduce carrying costs. The shift also involves changes to workflow and tooling on the factory floor to accommodate a mix of Type A and Type D chassis builds and to integrate charging infrastructure requirements for customers.

The company finances the transition through targeted capital raises and cost controls while prioritizing customer deployments. GreenPower reports that these operational changes are intended to preserve working capital and deliver on contracts such as state-sponsored pilots, with management emphasizing cross-functional program management to address charging infrastructure and extreme-weather operating challenges that affect vehicle uptime and total cost of ownership.

Quarterly financial snapshot

For the quarter ended Dec. 31, 2025, GreenPower reports revenue of $8.5 million and net income of $4.2 million, up from $7.2 million in the prior-year quarter. Revenue derives from vehicle sales, parts, leases and deferred income, with gross profit on vehicle sales of about 28%. The company trims total selling, general and administrative costs to $2.4 million from $5.2 million a year earlier, and excluding non-cash items SG&A falls under $2.0 million; working capital tops $5.0 million and cash increases from the start of the fiscal year.

State school bus pilot and recapitalization

GreenPower takes management responsibility for New Mexico’s two-year, state-funded electric school bus pilot, a program financed at more than $5.0 million to deploy Type A Nano BEAST, Type A Nano BEAST Access, Type D BEAST and Type D Mega BEAST buses plus charging and program management. During the quarter the company grossed $1.12 million from issuing Series A convertible preferred shares to support the operational transition and ongoing pilot deployments.