GreenPower Motor Company (NASDAQ:GP) delivered a standout third-quarter performance for fiscal 2026, reporting a return to profitability and a significantly leaner cost structure.
For the period ended December 31, 2025, the manufacturer of all-electric medium and heavy-duty vehicles posted a net income of $4.2 million, a dramatic improvement fueled by higher margins and a sharp reduction in operating expenses.
Revenue for the quarter reached $8.5 million, up from $7.2 million in the prior year's third quarter.
The growth was accompanied by a robust 28% gross profit margin on vehicle sales, reflecting the company’s strategic transition away from building vehicles on speculation to a production model strictly driven by customer orders.
This shift allowed GreenPower to better manage inventory and improve the unit economics of its flagship "BEAST" school buses and "EV Star" commercial vans.
The company’s "right-sizing" efforts were evident in its overhead; Sales, General, and Administrative (SG&A) expenses plummeted to $2.4 million, down from $5.2 million a year earlier.
CEO Fraser Atkinson noted that the transition required a significant recapitalization, which the company successfully executed through a series of strategic financial moves.
GreenPower secured a $5 million financing package from CIBC, including a revolving line of credit and a three-year term loan, while also raising $1.12 million via Series A convertible preferred shares.