1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
GP
Event Date
2020-08-28
Sector
Consumer
Subsector
Automobiles
Offer Range
—
Shares Offered
1.86M
17.71M
$463.0M
10.5%
Implied Upside vs Midpoint
Description
We are a leading designer, manufacturer and distributor of a broad-based line of battery-electric high-floor and low-floor vehicles, including transit buses, school buses, shuttle buses, a double decker bus and cargo van. We employ a clean-sheet design to manufacture all-electric buses that are purpose built to be battery powered with zero emissions. We integrate global suppliers for key components, such as Siemens or TM4 for the drive motors, Knorr for the brakes, ZF for the axles and Parker or I/O Controls for the dash and control systems. This original equipment manufacturer platform allows us to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. We are an original equipment manufacturer of Class 4-8 commercial, heavy-duty bus chassis for products ranging from a 25-foot Min-eBus to a 45-foot double decker bus. We utilize various contract manufacturers in Malaysia, Taiwan, Hong Kong and China for all of the major components with final assembly in Porterville, California. We believe our battery-electric commercial vehicles offer fleet operators significant benefits, which include: • low total cost-of-ownership vs. conventional gas or diesel-powered vehicles; • lower maintenance costs; • reduced fuel expenses; • satisfaction of government mandates to move to zero-emission vehicles; • decreased vehicle emissions and reduction in carbon footprint. We currently sell and lease our vehicles to customers directly and through our primary distributor Creative Bus Sales. --- EV Star The GreenPower EV Star minibus is our flagship model that is a purpose built, zero-emission, multi-utility vehicle capable of a range of up to 150 miles for which we are leveraging strong demand. The 25-ft EV Star is designed from the ground up to be battery electric and is offered in 4 configurations. This includes the base model which seats up to 19 passengers and the EV Star Plus, which features a wider body and seats up to 24. Both models can be used for employee shuttles, micro transit, and vanpool services. The EV Star is the only class 4 electric vehicle that meets Buy America Compliance and is Altoona Tested. The seating layout is customizable to an operator’s needs with multiple configurations. The EV Star ADA offers rear or curb-side lifts and multiple passenger and wheelchair seating configurations for paratransit operations. Additionally, the EV Star CarGo and the EV Star CarGo Plus are both commercially available, zero-emissions delivery solutions. The EV Star CarGo is a van with a capacity of 570 cubic feet and a payload of up to 6,000 pounds. The CarGo plus has a payload of up to 5,000 pounds and 833 cubic feet of storage with an optional lift gate. Finally, for OEMS who wish to use their own body, the EV Star cab and chassis is a purpose-built all electric platform that can be configured with a range of options to serve markets, such as last mile delivery, refuse trucks, and many more. All EV Star platforms are equipped with both J1772-2 and CCS DC Fast charging. They can fully charge in as little as 2 hours or overnight. The EV Star platform can also be configured with an autonomous option and wireless charging. EV Transit Bus Line Launched in 2014, our EV battery-electric transit bus line features multiple models that include the 30-ft EV250, the 40-ft EV350, and the double decker EV550. Our electric buses do not have heavy battery storage or battery charging systems on the roof of the bus which enhances the user experience due to the bus's low center of gravity for steering and maneuvering around corners. This design also offers ease-of-access for maintenance due to the low positioned stainless-steel battery trays that can be accessed without removing panels or the use of elaborate hoist systems to maintain the battery boxes. EV250 The EV250 is our battery-electric 30-ft low floor transit bus with a passenger capacity of 28 seats plus standees. It features a monocoque body with a stainless-steel chassis, a GreenPower battery management system, and component integration with quality global suppliers. The EV250 features a Siemens ELFA traction motor, a 240-kWh battery capacity, and a range of up to 160 miles on a single charge. It is designed to charge using SAE standard chargers that are readily available on the open market and capable of CCS ultra-fast charging. EV350 The EV350 is our battery-electric 40-ft low floor transit bus with a passenger capacity of 40 seats plus standees. It features a monocoque body with a stainless-steel chassis, a GreenPower battery management system, and component integration with quality global suppliers. The EV350 features a Siemens ELFA traction motor, a 430-kWh battery capacity, and a range of up to 220 miles on a single charge. It is designed to charge using SAE standard chargers that are readily available on the open market and capable of CCS ultra-fast charging. EV550 The EV550 is our battery-electric 45-ft double-decker bus with a passenger capacity of 100 seats plus standees. It features a monocoque body with a stainless-steel chassis, a GreenPower battery management system, and component integration with quality global suppliers. The EV550 features a Siemens ELFA traction motor, a 500-kWh battery capacity, and a range of up to 300 miles on a single charge. It is designed to charge using SAE standard chargers that are readily available on the open market and capable of CCS ultra-fast charging. Synapse Type-D School Bus GreenPower’s Synapse Type-D School Bus, marketed under the trade name Battery Electric Automotive School Transportation, or the BEAST, features a clean sheet build that was designed from the ground-up around its electric drive and battery systems. The body and truss chassis are integrated together to form the composite monocoque structure which provides the benefits of increased strength and a significant weight advantage in comparison to other school buses. Additionally, the design is not limited to the inner frame rails like conventional “body on chassis” school buses which allows for the maximization of interior space. The GreenPower BEAST is offered in a 40-ft 90 passenger design that features a flat tracked floor that gives the end-user complete seating customization that can be modified with ease. The tracked flooring also allows the end-user to customize how many wheelchair positions are located on the bus and their location. Standard features include vehicle control stability, air ride suspension, pass-through storage and ABS brakes. With the 194-kWh advanced battery system, the Synapse has a reliable range of greater than 100 miles on a single charge. This is paired with a state of the art TM4 electric drivetrain that has accumulated over one million miles in heavy-duty application. The standard J1772 Level 2 charging of the Synapse will fully charge the electric school bus in under 7 hours. Synapse Shuttle The Synapse Shuttle is our battery-electric, high floor shuttle bus that features a purpose-built design with a monocoque structure providing safety and durability. The Synapse shuttle has a length of 36-ft and offers seating for over 40 passengers. The shuttle's clean sheet design and flat floor allows easy customization of the interior space that can be set up with various seating, luggage racks, or activity setups, and the pass-through under-carriage offers capacity for storage. The Synapse Shuttle features a range of up to 150 miles on a single charge and can be configured with multiple charging options including Level 2 on-board charging or Level 3 DC fast charging. --- The principal executive offices of our company are located at #240 - 209 Carrall Street, Vancouver, British Columbia V6B 2J2, Canada. Our telephone number is (604) 563-4144. Our corporate website address is www.greenpowerbus.com.
GREENPOWER MOTOR Co INC. annual income statement and balance sheet, FY 2019 to FY 2022, as reported in SEC filings.
| Metric | FY 2019 | FY 2020 | FY 2021 | FY 2022 |
|---|---|---|---|---|
| Revenue | — | $14.4M | $13.3M | $17.2M |
| Gross profit | — | $4.1M | $3.6M | $3.9M |
| Operating income | — | ($4.9M) | ($7.8M) | ($14.4M) |
| Net income | — | ($5.1M) | ($7.8M) | ($15.0M) |
| Metric | FY 2019 | FY 2020 | FY 2021 | FY 2022 |
|---|---|---|---|---|
| Total assets | — | — | $39.6M | $49.6M |
| Total liabilities | — | — | $3.5M | $15.2M |
| Total equity | ($85.6K) | ($1.2M) | $36.2M | $34.4M |
| Cash & equivalents | $199K | $452K | $15.2M | $6.9M |