GreenPower Motor Company Inc (GP) 2024 Q2 法說會逐字稿

Good day, and welcome to the GreenPower second quarter earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Michael Sieffert, Chief Financial Officer. Please go ahead.

美好的一天，歡迎參加 GreenPower 第二季財報電話會議。 （操作員說明）請注意此事件正在被記錄。我現在想將會議交給財務長 Michael Sieffert。請繼續。

Thank you. This is Michael Sieffert, Chief Financial Officer of GreenPower Motor Company. I would like to welcome everyone to our call to discuss GreenPower's results for the three and six-month periods ended September 30, 2023, and recent developments.

謝謝。我是 Michael Sieffert，GreenPower 汽車公司財務長。我謹歡迎大家參加我們的電話會議，討論 GreenPower 截至 2023 年 9 月 30 日的三個月和六個月的業績以及最新進展。

I'm here today with our Chief Executive Officer, Fraser Atkinson; our President, Brendan Riley; Vice President, Claus Tritt; and Vice President, Michael Perez.

今天我和我們的執行長 Fraser Atkinson 一起來到這裡。我們的總統布倫丹·萊利；副總裁克勞斯·特里特；和副總統邁克爾·佩雷斯。

During today's call, we may make comments or statements about our future expectations, plans and prospects, which may constitute forward looking statements for the purpose of the Safe Harbor provision under the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws.

在今天的電話會議中，我們可能會就我們的未來預期、計劃和前景發表評論或聲明，這些評論或聲明可能構成1995 年《私人證券訴訟改革法案》和適用的加拿大證券法下的安全港條款的前瞻性聲明。

Actual results may differ materially from those indicated by these forward-looking statements. As a result of various important factors, including those discussed in our quarterly interim results and MD&A filed on SEDAR and on EDGAR.

實際結果可能與這些前瞻性陳述所顯示的結果有重大差異。由於各種重要因素，包括我們在 SEDAR 和 EDGAR 上提交的季度中期業績和 MD&A 中討論的因素。

In addition, these forward-looking statements relate to the date on which they are made. We anticipate that subsequent events and developments may cause the company's views to change. GreenPower disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

此外，這些前瞻性陳述與其作出日期有關。我們預期後續事件和事態發展可能會導致公司的觀點改變。 GreenPower 不承擔任何更新或修改任何前瞻性陳述的意圖或義務，無論是由於新資訊、未來事件或其他原因。

Also, during the course of today's call, we may refer to certain non-IFRS financial measures. Reconciliation of these non-IFRS measures can be found in our MD&A filed on SEDAR and on EDGAR and is also located on our website at www.greenpowermotor.com.

此外，在今天的電話會議中，我們可能會參考某些非國際財務報告準則的財務指標。這些非 IFRS 措施的調節可以在我們在 SEDAR 和 EDGAR 上提交的 MD&A 中找到，也可以在我們的網站 www.greenpowermotor.com 上找到。

I will now pass the call over to GreenPower's CEO, Fraser Atkinson.

我現在將把電話轉給 GreenPower 的執行長 Fraser Atkinson。

Thank you, Michael. Over the years, we've talked about money and mandates driving fleet operator's electrification strategies for medium and heavy-duty vehicles. For our money in the form of motors and incentives can have a near-term impact on sales.

謝謝你，麥可。多年來，我們一直在討論推動車隊營運商實施中型和重型車輛電氣化策略的資金和要求。因為我們以引擎和激勵措施的形式提供的資金可以對銷售產生短期影響。

It is our view that the longer-term growth opportunities for the medium and heavy-duty EV sector will be realized by those companies that are best positioned to take advantage of key mandates.

我們認為，中型和重型電動車產業的長期成長機會將由那些最有能力利用關鍵任務的公司來實現。

On today's call, the GreenPower team will talk about recent mandates or drive demand for GreenPower's commercial vehicle and school bus groups.

在今天的電話會議上，GreenPower 團隊將討論最近的授權或推動 GreenPower 商用車和校車集團的需求。

Earlier this year, our focus has been on making the transition from utilizing our inventory to satisfy customer needs to the production of school buses in West Virginia. And we've expanded the production capabilities with Lion Truck Body, our in-house body builder to produce completed vehicles, utilizing our own EV Star Cab and Chassis.

今年早些時候，我們的重點是從利用庫存來滿足客戶需求轉向在西維吉尼亞州生產校車。我們還透過內部車身製造商 Lion Truck Body 擴大了生產能力，利用我們自己的 EV Star 駕駛室和底盤生產整車。

We achieved a number of milestones in the most recent period and completed key deliverables in order for us to achieve these longer-term strategic objectives. GreenPower reported revenues of $26 million for the first half of the 2024 fiscal year, an increase of 125% over the revenue of $11.6 million for the first half of the previous fiscal year.

我們在最近一段時間實現了許多里程碑，並完成了關鍵的可交付成果，以便我們可以實現這些長期策略目標。 GreenPower 報告 2024 財年上半年營收為 2,600 萬美元，較上一財年上半年 1,160 萬美元營收成長 125%。

For the quarter, we generated revenue of $8.4 million with deliveries of 31 vehicles, including a record 16 school buses being a record for the Company. Finally, with our financial position, we increased our cash by $1.4 million from the beginning of the current fiscal year, and we've maintained a strong working capital balance.

本季度，我們交付了 31 輛車輛，創造了 840 萬美元的收入，其中包括創下公司紀錄的 16 輛校車。最後，根據我們的財務狀況，我們的現金從本財年開始增加了 140 萬美元，我們保持了強勁的營運資金平衡。

I'll now hand it over to Michael for a discussion on the financial highlights for the quarter.

現在我將把它交給邁克爾，讓他討論本季的財務亮點。

Thank you, Fraser. For the three months ended September 30, 2023, GreenPower generated revenue of $8.4 million, primarily from the sale of 16 BEAST and Nano Beast and 15 EV Stars, which was an increase of 9.1% from $7.7 million of revenue generated in same quarter in the prior year from the sale of 4 [ BEAST and 50 EV Stars]. Both quarters also included revenue from leases, part sales and truck bodies.

謝謝你，弗雷澤。截至 2023 年 9 月 30 日的三個月，GreenPower 產生了 840 萬美元的收入，主要來自銷售 16 輛 BEAST 和 Nano Beast 以及 15 輛 EV Star，比去年同期的 770 萬美元收入增長了 9.1%去年銷售了4 輛[BEAST 和50 EV Stars]。這兩個季度還包括租賃、零件銷售和卡車車身的收入。

Gross profit was $1.2 million and gross profit margin was 14.6% compared to $1.6 million and 21% in the prior year's quarter. The margin decline was primarily due to higher parts inventory costs, lower margins at Lion Truck Body and delivery of new products.

毛利為 120 萬美元，毛利率為 14.6%，去年同期為 160 萬美元，毛利率為 21%。利潤率下降的主要原因是零件庫存成本上升、Lion Truck Body利潤率下降以及新產品的交付。

Sales, general and administrative costs were $5.2 million compared to $4.7 million in the prior year, an increase of 10.5%, primarily due to expansion of the company's operations and workforce in West Virginia and California, as well as an increase in allowance for credit losses, which was partially offset by lower share-based payments expense and lower product development costs.

銷售、一般和管理成本為520 萬美元，而上一年為470 萬美元，增長了10.5%，這主要是由於公司在西弗吉尼亞州和加利福尼亞州的業務和員工隊伍的擴張，以及信貸損失準備金的增加，這被較低的股份支付費用和較低的產品開發成本部分抵消。

GreenPower generated a loss for the quarter of $4.3 million compared to a loss of $3.6 million in the same quarter of the prior year. For the six months ended September 30, 2023, GreenPower generated revenue of $26 million, primarily from the sale of 162 vehicles in the current period, which was an increase of 124.5% from revenue of 11.6% in the first six months of the prior year, which was due to the sale of 75 vehicles and other sources.

GreenPower 本季虧損 430 萬美元，而去年同期虧損 360 萬美元。截至2023年9月30日的六個月，GreenPower實現收入2600萬美元，主要來自當期銷售162輛汽車，比上一年前六個月收入11.6%增長124.5% ，這是由於銷售了75 輛汽車和其他來源所致。

Gross profit was [$4] million and gross profit margin was 15.4% in six months ended September 30, 2023, compared to $2.7 million and 23.1% in the same period of the prior year. The margin decline was primarily due to the same factors as during the recent quarter.

截至 2023 年 9 月 30 日的六個月內，毛利為 400 萬美元，毛利率為 15.4%，而去年同期為 270 萬美元，毛利率為 23.1%。利潤率下降的主要原因與最近一個季度相同。

Sales, general and administrative costs were $10.5 million in the six months ended September 30, 2023, compared to $9.8 million in the prior year period, an increase of 7.1%, primarily due to expansion of the company's operations and workforce and increase in allowance for credit losses. And these factors were partially offset by lower share-based payments expense as well as lower sales and marketing costs.

截至 2023 年 9 月 30 日的六個月，銷售、一般和管理成本為 1,050 萬美元，而上年同期為 980 萬美元，增長 7.1%，主要是由於公司業務和員工隊伍的擴張以及津貼的增加信用損失。這些因素被較低的股份支付費用以及較低的銷售和行銷成本部分抵消。

GreenPower generated a loss for the six-month period of $7 million compared to a loss of $8 million in the same period of the prior year. As at September 30, 2023, GreenPower had cash of [$2] million, working capital of $24.2 million and $1.4 million available on its operating line of credit.

GreenPower 在這六個月期間虧損 700 萬美元，而去年同期虧損 800 萬美元。截至 2023 年 9 月 30 日，GreenPower 擁有 200 萬美元現金、2,420 萬美元營運資金和 140 萬美元可用經營信貸額度。

Improvements in the company's cash and available liquidity since March 31, 2023, were largely due to higher sales and due to a focus on collections, which led to lower levels of inventory and accounts receivable. GreenPower is also able to lower interest bearing debt during the period as we remain focused on efficiently managing our working capital.

自 2023 年 3 月 31 日以來，公司現金和可用流動性有所改善，這主要是由於銷售額增加以及對收款的關注，從而導致庫存和應收帳款水準降低。在此期間，GreenPower 也能夠降低帶息債務，因為我們仍然專注於有效管理我們的營運資金。

I'll now turn into Brendan Riley to discuss operations.

我現在請布倫丹·萊利討論營運事宜。

Thank you, Michael. In addition to sales and production, during this quarter, we have focused on the future. The future of meeting the customer demands, facing our industry due to money and mandates. And doing so, we have made preparations to ensure our customers, both school districts and commercial operators that they have product options available to meet or exceed their demands in transportation of people and goods.

謝謝你，麥可。除了銷售和生產之外，本季我們還關注未來。由於資金和授權，我們行業面臨著滿足客戶需求的未來。為此，我們已做好準備，以確保我們的客戶（包括學區和商業運營商）擁有可滿足或超過其人員和貨物運輸需求的產品選擇。

The GreenPower manufacturing facility in West Virginia is in production of the Nano BEAST, it's our small school bus. And provisions have been made to start the manufacturing of the BEAST in the next quarter.

位於西維吉尼亞州的 GreenPower 製造工廠正在生產 Nano BEAST，它是我們的小型校車。並已做好準備，將於下個季度開始生產 BEAST。

The first all-electric, purpose-built school buses will emerge from the West Virginia factory on December 13th with four Nano BEAST being delivered to schools in West Virginia under the purchase made by the state.

第一批全電動專用校車將於 12 月 13 日從西維吉尼亞州工廠生產，其中四輛 Nano BEAST 將由該州購買交付給西維吉尼亞州的學校。

This is a monumental occasion that sets the foundation for the future of production for GreenPower school buses to be delivered to customers in the East Coast and the Midwest.

這是一個具有里程碑意義的時刻，為未來向東海岸和中西部客戶交付 GreenPower 校車的生產奠定了基礎。

The school bus team has also spent the quarter focusing on differing state requirements and regulations found in the state school bus procurement contracts to ensure that GreenPower school buses are readily available and are purchasable to be bought by them.

校車團隊本季也專注於州校車採購合約中的不同州要求和規定，以確保 GreenPower 校車隨時可用且可供他們購買。

The New York, California, Connecticut, Maine, Maryland and others now have a level of requirements and incentives available to cause a transition from smelly and polluting diesel to clean and quite all-electric buses. With production in California, West Virginia and with contract factoring, GreenPower is uniquely positioned to supply battery electric school buses in large quantities and in a timely manner.

紐約州、加利福尼亞州、康乃狄克州、緬因州、馬裡蘭州和其他州現在製定了一定程度的要求和激勵措施，以實現從有臭味和污染性的柴油公車向清潔且完全電動公車的轉變。 GreenPower 在加州、西維吉尼亞州進行生產並採用合約保理，在及時大量供應電池電動校車方面具有獨特的優勢。

Another goal of last quarter was to move school bus inventory, and we've done just that. All of the inventory of our BEAST school buses have either been shipped to customers or been allocated to orders. On the commercial side of our business, we've delivered our first airport ground support vehicles, the EV Star [hydra] truck.

上季的另一個目標是減少校車庫存，我們已經做到了。我們的 BEAST 校車的所有庫存均已發貨給客戶或分配給訂單。在我們業務的商業方面，我們交付了第一輛機場地面支援車輛，即 EV Star [Hydra] 卡車。

This is a purpose-built, all-electric large aircraft refueling vehicle. The vehicle is operating at Vancouver airport in Canada and as an example of how we provide our all-electric, purpose-built technology in a variety of settings. From specialty vehicles like our [hydra] truck to our box truck and refrigerated trucks, which are very standard in the market. GreenPower is truly a one-stop shop for compelling zero-emission vehicles.

這是一款專用的全電動大型飛機加油車。該車輛正在加拿大溫哥華機場運行，作為我們如何在各種環境下提供全電動專用技術的範例。從我們的 [Hydra] 卡車等特殊車輛到我們的箱型卡車和冷藏車，這些都是市場上非常標準的。 GreenPower 是一家真正的一站式商店，提供引人注目的零排放車輛。

The last topic I wanted to touch on is mandates. One example of a strenuous mandate looming is a California Advanced Clean Truck regulation. This regulation will require 15% of certain fleets to be all-electric by the next year. That's 2024, in order to operate in California. And that percentage goes up over time.

我想談的最後一個主題是任務授權。迫在眉睫的嚴格強制要求的一個例子是加州高級清潔卡車法規。該法規將要求明年 15% 的特定車隊進行全電動化。那是 2024 年，以便在加州運作。而且這個百分比會隨著時間的推移而上升。

This is an example of just one mandate of many that exists from coast to coast here in the USA. GreenPower's commitment to provide a quality product in a timely manner to our customers is what we strive for. And that's what last quarter's preparations have been all about.

這只是美國各地存在的眾多強制令中的一個例子。 GreenPower 致力於及時為客戶提供優質產品，這就是我們的奮鬥目標。這就是上個季度的準備工作的全部內容。

Now I'd like to turn it over to our Vice President, Claus Tritt, who will discuss the activities in the Commercial Vehicle Group. Take it away, Claus.

現在我想將其交給我們的副總裁 Claus Tritt，他將討論商用車集團的活動。把它拿走，克勞斯。

Thank you, Brendan. Good morning, everyone. Brendan has set the stage for what I would like to spend a few minutes amplifying. Today GreenPower is positioned to meet the commercial needs of customers who want to make the transition to all-electric vehicles in their fleet.

謝謝你，布倫丹。大家，早安。布倫丹（Brendan）已經為我想花幾分鐘放大的內容做好了準備。如今，GreenPower 的定位是滿足希望在車隊中轉向全電動汽車的客戶的商業需求。

Whether that desire is based on mandates, economic opportunity, or for environmental reasons. We at the [Cab and Chassis] in stock to deliver a completed vehicles within 60 days, not the normal six to nine months customers face when dealing with multiple vendors.

無論這種願望是基於授權、經濟機會或環境原因。我們的[駕駛室和底盤]庫存可在 60 天內交付整車，而不是客戶在與多個供應商打交道時通常需要六到九個月的時間。

And with Lion Truck Body, GreenPower can upfit that product to meet the customer's needs in a one-stop shop experience. Box trucks, (inaudible) refrigerated trucks, specialty vehicles, you name it, we are prepared to move immediately for the customer nationwide.

透過 Lion Truck Body，GreenPower 可以改進該產品，以滿足客戶的一站式體驗需求。箱式卡車、（聽不清楚）冷藏車、特種車輛，凡是您能想到的，我們都準備好立即為全國各地的客戶運送。

We have spent this last quarter preparing for this. We are prepared for the demand of box trucks and cargo vans because of the California Advanced Clean Truck requirements. And GreenPower is positioned to help customers with grants and importantly, supply vehicles that need the $40,000 tax credit under the Inflation Reduction Act as the [tech-zero] comes to close.

我們在上個季度為此做好了準備。由於加州高級清潔卡車的要求，我們已準備好滿足箱式卡車和貨車的需求。 GreenPower 的定位是幫助客戶提供補助金，更重要的是，隨著[零技術]即將結束，根據《通貨膨脹減少法案》，為需要 40,000 美元稅收抵免的車輛提供服務。

In addition to look -- in addition to looking in the future, we are to complete delivery of 10 EV Star passenger vans in the Boston market during the quarter. These vehicles are being used there in an innovative approach to work on transportation providing last mile solutions to get people safely to and from work.

除了展望未來之外，我們還將在本季內在波士頓市場完成 10 輛 EV Star 客貨車的交付。這些車輛以創新的方式用於交通運輸，提供最後一哩解決方案，讓人們安全上下班。

Our commercial dealer network continues to expand with appointments during the quarter in the Triangle in North Carolina, North Texas and West Virginia. And recent trade show activity has further exposed the GreenPower EV Star commercial line of products to new geographical locations and customers, as well as dealers in other areas of the country.

我們的商業經銷商網路繼續擴大，本季在北卡羅來納州、北德克薩斯州和西維吉尼亞州的三角地區進行了預約。最近的貿易展覽活動進一步向新的地理位置和客戶以及該國其他地區的經銷商展示了 GreenPower EV Star 商業產品線。

I would now like to turn it over to Michael Perez to further discuss school bus activities.

我現在想將其交給邁克爾佩雷斯 (Michael Perez) 進一步討論校車活動。

Thank you, Claus. Good morning, everyone. Over this past quarter, we continue our work on completing certifications and meeting requirements for key states where we see the best opportunities in meet the demand of all-electric, zero-emission school buses.

謝謝你，克勞斯。大家，早安。在過去的這個季度，我們繼續努力完成關鍵州的認證並滿足其要求，我們認為這些州最有機會滿足全電動、零排放校車的需求。

I was recently at the NAPT Conference & Trade Show in Ohio, where we launched our Mega BEAST Type D all-electric, purpose-built electric school bus, which has an industry leading range of up to 300 miles from 387 kilowatt hour battery pack, a largest currently available in school bus transportation.

我最近參加了在俄亥俄州舉行的NAPT 會議和貿易展，在那裡我們推出了Mega BEAST D 型全電動、專用電動校車，該校車採用387 千瓦時電池組，續航里程長達300 英里，處於行業領先水平，目前校車運輸中最大的。

We were also engaged with several high-quality prospects at the show in new geographic territories, including Ohio, Kentucky, Tennessee and Virginia. This morning, we announced our first order for 25 Mega BEAST to Montebello USD in California through our dealer Model 1, formerly Creative Bus Sales utilizing vouchers from the HVIP School Bus Set-Aside program and the EPA Clean School Bus Program.

我們也在俄亥俄州、肯塔基州、田納西州和維吉尼亞州等新地區的展會上與一些高品質的潛在客戶進行了接觸。今天早上，我們宣布透過我們的經銷商Model 1（前身為Creative Bus Sales）向加州蒙特貝羅訂購25 輛Mega BEAST 的第一筆訂單，使用HVIP 校車預留計劃和EPA 清潔校車計劃的優惠券。

This first-of-a-kind order will begin production immediately with deliveries targeted in late 2024. We also announced an order for 10 BEAST school buses regarding growth that we're already working on with delivery scheduled over the next couple of quarters.

這項史無前例的訂單將立即開始生產，預計於 2024 年末交付。我們還宣布了一項關於增長的 10 輛 BEAST 校車訂單，我們已經在處理該訂單，併計劃在未來幾個季度交付。

In the past month, California Governor, Gavin Newsom signed legislation requiring all new school buses in California, be electric by 2035. With that action, California joined Connecticut, Maine, Maryland and New York in mandating the switch to all-electric, zero-emission school buses in fleets over the next 4 to 17 years. The new law makes California the leader in state funding for the transition to all-electric school buses with the switch projected the cost roughly $5 billion.

上個月，加州州長加文紐森(Gavin Newsom) 簽署了一項立法，要求到2035 年加州所有新校車都採用電動車。透過這項行動，加州與康乃狄克州、緬因州、馬裡蘭州和紐約州一起，強制要求轉向全電動、零排放校車。未來 4 至 17 年內，車隊中的校車排放量將減少。新法使加州成為全電動校車過渡提供國家資金最多的州，預計成本約為 50 億美元。

We're working with Model 1 on dozens of orders, utilizing funding from the HVIP School Bus Set-Aside program for $1.2 billion to be added in 2024, Air Quality Management District funding, VW fund and of course, the EPA Clean School Bus Program. We are also very excited to announced very soon new orders that will be the first orders in new states, setting up continued momentum as we enter the new year.

我們正在與 Model 1 合作處理數十個訂單，利用來自 HVIP 校車預留計劃（將於 2024 年增加 12 億美元）的資金、空氣品質管理區資金、大眾基金，當然還有 EPA 清潔校車計劃。我們也非常高興很快宣布新訂單，這將是新州的第一批訂單，為我們進入新的一年奠定持續的動力。

And now I'll turn it back over to Fraser Atkinson.

現在我將把它轉回給弗雷澤·阿特金森。

Operator, at this time, if you could open the lines for our Q&A session.

接線員，現在您是否可以打開我們的問答環節。

We will now begin the question-and-answer session. (Operator Instructions) Craig Irwin, Roth MKM

我們現在開始問答環節。 （操作員說明）Craig Irwin，Roth MKM

Morning, gentlemen. Thank you. It's really nice to hear the West Virginia facility is starting to produce -- you have orders already, customers are waiting for the product. Can you maybe just help us shape potential orders in this December quarter for the Type A and Type C school buses from this facility.

早安，先生們。謝謝。很高興聽到西維吉尼亞工廠開始生產——您已經有了訂單，客戶正在等待產品。您能否幫助我們在這個 12 月季度為該工廠的 A 型和 C 型校車制定潛在訂單？

Is there any difference in pricing versus your legacy product and margins, I should say. And can you talk about the number of customers that are visiting this facility as you bring up production and the different school districts that are coming in for Ride & Drive before they make their final commitments?

我應該說，定價與您的傳統產品和利潤有什麼不同嗎？您能否談談在您提出生產時訪問該設施的客戶數量以及在做出最終承諾之前前來參加 Ride & Drive 的不同學區？

Craig, this is Brendan. And good morning. Your first question needs to be answered that the buses built in West Virginia are the same buses we build in California and that anywhere out there. It's not a new bus, there's some specification differences, but those are really minor changes that we make, could be a different option that's added to it, could be a different color in one place or another, stickers, things of that nature.

克雷格，這是布倫丹。早安.您需要回答的第一個問題是，在西維吉尼亞州製造的巴士與我們在加利福尼亞州以及其他任何地方製造的巴士相同。這不是一輛新巴士，存在一些規格差異，但這些確實是我們所做的微小更改，可能是添加到其中的不同選項，可能是某個地方或另一個地方的不同顏色、貼紙等性質的東西。

But for the most part, the vehicles, at least from a certification perspective, they're essentially the same vehicle. The facilities fairly new, we've had dealers come through and do training -- customer visits will be -- are scheduled for this quarter.

但在大多數情況下，至少從認證的角度來看，這些車輛本質上是同一輛車。這些設施相當新，我們已經安排經銷商過來並進行培訓——客戶拜訪將在本季度進行。

And again, I don't know if I could name any of them. Certainly, probably, we do have customers coming out for Ride & Drive and to tour the facility, including customers from West Virginia that are actually going to be receiving the buses under the West Virginia contract.

再說一次，我不知道我能否說出其中任何一個的名字。當然，可能確實有客戶前來參加乘車和駕駛活動並參觀設施，其中包括來自西弗吉尼亞州的客戶，他們實際上將根據西弗吉尼亞州合約接收巴士。

For the first year, we'll be producing -- again, first, the 41 buses from the West Virginia contract and any follow-on buses for the West Virginia contract as we've committed to the state to get those out first. As far as the pricing is concerned to the end-user, the pricing is the same right now.

第一年，我們將再次生產西維吉尼亞州合約的 41 輛巴士以及西維吉尼亞州合約的任何後續巴士，因為我們已向州政府承諾首先生產這些巴士。就最終用戶而言，定價目前是相同的。

And for margins, it is a new facility. We expect those to improve, and I don't think we're really announcing that number yet. But frankly, the market on the East Coast is just opening up for us. We've just been added to the New York State bid, and we are working on other places on the East Coast to start selling more vehicles into.

對於利潤而言，這是一個新設施。我們預計這些會有所改善，但我認為我們還沒有真正宣布這個數字。但坦白說，東海岸的市場才剛剛向我們開放。我們剛剛加入了紐約州的投標，並且正在東海岸的其他地方開始銷售更多車輛。

Excellent. Thank you for that. So EPA is slated to start releasing additional districts as far as the vouchers they awarded on in this year's funding program. Can you maybe help us understand the work you've been doing with different school districts and different dealers to support come their applications to this program?

出色的。謝謝你。因此，美國環保署計劃開始向更多地區發放今年資助計畫中發放的代金券。您能否幫助我們了解您與不同學區和不同經銷商所做的工作，以支持他們申請該計劃？

And what you feel about your overall competitiveness as far as voucher awards for customers that are likely to work with GreenPower?

您對可能與 GreenPower 合作的客戶提供代金券獎勵方面的整體競爭力有何看法？

Michael Perez, did you want to plead off on that?

麥可·佩雷斯，你想對此辯解嗎？

Yes, of course, we work with several of our existing dealer network on producing webinars, producing materials and producing any items that go to school districts within their territory to set up all of these applications, that are being submitted for the EPA Clean School Bus program, that can include demos, in-person demos, Ride & Drives and anything else tailored to that region and that market.

是的，當然，我們與現有的幾個經銷商網路合作，製作網路研討會、製作材料並製作任何物品，這些物品將運往其領土內的學區，以建立所有這些申請，這些申請將提交給EPA 清潔校車計劃，其中可以包括演示、現場演示、乘車和駕駛以及針對該地區和該市場量身定制的任何其他內容。

Yeah, I'd add to that, Michael, was that the NAPT conference that he referenced in our opening remarks and this past summer at STN, which is like the big annual event for the school bus industry and within each of those are -- the engage on was numbered in the hundreds in terms of contacts discussions.

是的，我想補充一點，邁克爾，他在我們的開場白中提到的 NAPT 會議以及去年夏天在 STN 舉行的會議，這就像校車行業的年度盛會，其中每一個都是——就聯繫討論而言，參與人數已達數百次。

We had a panel that -- how many people were in attendance for that, Michael? At the STN panel. So solo that is part of the people are waiting until future date. Now they take advantage of the Ride & Drive opportunities and events like that, where we have our vehicles and we're providing Ride & Drives at those conferences and trade shows. So that's a big part of it as well.

我們有一個小組討論──有多少人參加了，麥可？在 STN 面板上。因此，部分人正在等待未來的日期。現在，他們利用了乘車和駕駛機會和類似的活動，我們在那裡擁有我們的車輛，並且我們在這些會議和貿易展覽上提供乘車和駕駛服務。這也是其中很重要的一部分。

(multiple speakers) One last thing, would you provide assistance? If any customers, dealers, or fleet partners are looking to submit for Grant?

（多名發言者）最後一件事，您會提供協助嗎？是否有任何客戶、經銷商或車隊合作夥伴希望提交申請？

We provide assistance with any of paperwork, making sure that if they need any help on how to fill it out, how to -- what all of our data is to populate those applications. We provide that whenever the customers dealers or fleet partners need it.

我們為任何文書工作提供幫助，確保他們是否需要任何幫助來填寫這些文書，以及如何——我們所有的數據是什麼來填充這些申請。每當客戶、經銷商或車隊合作夥伴需要時，我們都會提供。

Okay. Last question, if I may before I hop back in the queue. So your Cab and Chassis product, you have one very large customer there and from our prior conversations, I understand that the contract size in this market is likely to be much larger, potentially much more lumpy over the next couple of years.

好的。最後一個問題，我可以在我跳回隊列之前問一下嗎？因此，您的駕駛室和底盤產品，您在那裡有一個非常大的客戶，從我們之前的談話中，我了解到這個市場的合約規模可能會更大，在未來幾年內可能會更加不穩定。

Can you maybe update us on market developments there? You do have a number of vehicles actually rolling out in the world now and different customers taking product. How does this impacting the overall tempo of conversations and potential customer activity?

您能否向我們介紹一下那裡的市場動態？現在確實有許多車輛實際在世界範圍內推出，並且不同的客戶正在使用產品。這如何影響對話的整體節奏和潛在客戶活動？

Well, we have a large customers, you're probably referring to had paused the intake of our Cab and Chassis. And I think that has been the August timeframe. Right now, where we say, we have over 50 CCs that were available for delivery at the appropriate time.

好吧，我們有一個大客戶，您可能指的是已經暫停了我們的駕駛室和底盤的接收。我認為那是八月的時間範圍。現在，我們所說的，我們有超過 50 個 CC 可以在適當的時間交付。

I think more importantly, part of what Claus referred too in our opening remarks is, number one, he's got a number of orders and even a greater number of coach just on the CCs. So we've got a rapidly developing market for our EV Star cabin chassis.

我認為更重要的是，克勞斯在我們的開場白中提到的部分內容是，第一，他有很多訂單，甚至更多的教練只是在 CC 上。因此，我們的 EV Star 駕駛室底盤市場正在快速發展。

And we're also utilizing that for our Nano BEAST for our production with Lion Truck Body. So it really has a broad application and one that has really grown over the last two or three quarters.

我們也將其用於 Nano BEAST 的 Lion Truck Body 生產。因此，它確實具有廣泛的應用，並且在過去兩三個季度中確實得到了成長。

Excellent. Well, congratulations on the progress, and I'll go ahead and hop back in the queue. Thank you.

出色的。好吧，恭喜你取得了進展，我將繼續並跳回到隊列中。謝謝。

Thank you, Craig.

謝謝你，克雷格。

(Operator Instructions) Tate Sullivan, Maxim.

（操作員說明）Tate Sullivan，Maxim。

Hi, this is actually Justin Smith and for Tate Sullivan today. Just following up on the last question, I was wondering if you guys are able to provide any details, you're still looking to deliver all 1,500 of those units to larger customer in regards to the cabin chassis units?

大家好，我是賈斯汀史密斯，今天是泰特沙利文。就最後一個問題而言，我想知道你們是否能夠提供任何詳細信息，你們仍然希望將所有 1,500 個這些單元交付給大客戶，以了解機艙底盤單元嗎？

Well, we don't give forecasts. We don't provide any guidance in that regard. And I think the answer that we had on the previous question would be the same and that we have vehicles or CCs ready right now.

好吧，我們不給出預測。我們不提供這方面的任何指導。我認為我們對上一個問題的答案是相同的，我們現在已經準備好了車輛或 CC。

We have CCs that are in the que, that are being either completed or substantially completed that could add to that in the follow-on quarter in January and February, and that'll be something that we'll be working through over the next week or two in terms of this quarter and next quarter.

我們有一些 CC 正在等待中，這些 CC 要么正在完成，要么基本完成，可能會在 1 月和 2 月的下一個季度添加到 CC 中，這將是我們將在下週完成的工作或本季度和下季度的兩個。

Great. Thank you. And then following up on that as well, are you able to provide any information on those units to start coming out, if you think your gross margin for those will be better or worse than the gross margins per your electric school buses that are going out right now?

偉大的。謝謝。然後跟進一下，如果您認為這些單位的毛利率會比即將推出的電動校車的毛利率更好或更差，您能否提供有關這些單位的任何信息現在？

Well, the higher volume contracts we've had margin compression, or the margin is lower due to a price that wouldn't be the same if we had a one-off or two-off. And the reason we do those is that as we are able to get deliveries that are consistent and continually ramp up volumes related to each of the products, whether it's Nano BEAST or BEAST or cabin chassis is as we're able to get repeatable deliveries, that's where we're going to enjoy higher gross profit.

好吧，合約量越大，我們的利潤率就越低，或者說，由於一次性或兩次合約的價格會有所不同，因此利潤率較低。我們這樣做的原因是，因為我們能夠獲得一致的交付，並不斷增加與每種產品相關的數量，無論是 Nano BEAST 還是 BEAST 還是客艙底盤，因為我們能夠獲得可重複的交付，這就是我們將享受更高毛利的地方。

All right, great. Thank you. That's it for me. Appreciate the insight.

好吧，太好了。謝謝。對我來說就是這樣。欣賞洞察力。

Thank you.

謝謝。

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Yeah, hi. Thank you and good morning. I'm not sure if this question is more for Michael or Fraser. But clearly you been walking through some of the challenges are on the decremental margins and more ramping in West Virginia. Is there any thoughts around what type of volume we need to be coming out of West Virginia in terms of bus sales and what you think that starts to be margin accretive?

是的，嗨。謝謝你，早安。我不確定這個問題更適合邁克爾還是弗雷澤。但顯然，你所經歷的一些挑戰在西維吉尼亞州正在逐漸減少，而且越來越嚴重。對於我們需要從西弗吉尼亞州獲得什麼樣的客車銷售量以及您認為這會開始增加利潤有什麼想法嗎？

(multiple speakers) Yeah. We haven't -- just to be clear, we haven't really talked through margins of school buses coming from West Virginia. I would say that the margin compression that we saw this quarter specifically was -- I'd say, more related to specific parts inflation as well as deliveries of new vehicles, like new products.

（多個發言者）是的。我們還沒有——只是澄清一下，我們還沒有真正討論過來自西維吉尼亞州的校車利潤。我想說的是，我們本季看到的利潤壓縮具體與特定零件的通貨膨脹以及新車（如新產品）的交付有關。

So less to do with our school bus sales in the quarter -- our school bus sales this quarter actually generated margin that was higher than the overall margin for the quarter. And I'm just giving you an indication. As that facility ramps up, certainly we would expect there to be better economies of scale.

因此，與我們本季的校車銷售無關——我們本季的校車銷售實際上產生的利潤率高於本季的整體利潤率。我只是給你一個指示。隨著該設施的擴建，我們當然預計會出現更好的規模經濟。

But at this point, we haven't broken that out specifically, Greg. So there's probably not a lot of additional detail I can cover. Fraser, I'm not sure if there's more you'd like to add there.

但目前，我們還沒有具體說明這一點，格雷格。因此，我可能無法介紹太多其他細節。弗雷澤，我不確定您是否還想補充更多內容。

I think the -- we're just getting organized to start the BEAST production with the first vehicles for that side of the school bus group coming off the line in early spring of 2024, I believe, is our targets. And until we get through that first and second cycle and look at how we're going to both ramp and manage our costs, we'll have a much, much better idea of where we are.

我認為，我們剛剛組織起來開始 BEAST 生產，我相信，校車集團這一側的第一批車輛將於 2024 年初春下線，這是我們的目標。在我們完成第一個和第二個週期並研究如何增加和管理成本之前，我們將對我們所處的位置有一個更好的了解。

A positive in that group is that both at the state level, like on the New York State contract that we are on, that Brendan talked about, and Michael Perez talked about, and the California programs and the school bus program, they all have price points that are very supportive in terms of what our cost structure.

該群體的一個積極因素是，無論是在州一級，例如布倫丹談到的紐約州合同，邁克爾·佩雷斯談到的加州計劃和校車計劃，它們都有價格這些觀點對我們的成本結構非常有支持。

In other words, before those the vehicles were probably been selling for a little less than what these mandates and incentives are providing.

換句話說，在此之前，車輛的售價可能略低於這些授權和激勵措施所提供的價格。

That's super helpful. And then just following up on that, clearly that the initial buses rolling out of West Virginia are all going to West Virginia. As we think about that at what point -- Is that a back end of '24, maybe calendar year '25 is when we start selling to non-West Virginia school bus, municipalities or customers?

這非常有幫助。然後跟進，顯然最初從西弗吉尼亞州駛出的巴士都將前往西弗吉尼亞州。當我們思考這個問題時，我們會在什麼時候開始向非西維吉尼亞州的校車、市政當局或客戶銷售產品，這是否是 24 年的後端，也許是 25 年的情況？

Well, we have had our customers outside of West Virginia that are looking for the production out of West Virginia to fulfill their requirement. So we're already at a stage from a sales point of view in terms of identifying and quantifying what we're going to need to do for the East Coast.

嗯，我們有西維吉尼亞州以外的客戶正在尋找西維吉尼亞州以外的生產來滿足他們的要求。因此，從銷售的角度來看，我們已經處於確定和量化我們需要為東海岸做的事情的階段。

So that's why we -- initially we're looking at South Charleston facility as being predominantly fulfilling requirements we could see in the short-term with West Virginia, but that's already expanding to other markets on the East Coast.

因此，這就是為什麼我們最初將南查爾斯頓工廠視為主要滿足西維吉尼亞州短期內的要求，但這已經擴展到東海岸的其他市場。

Okay, perfect. Thank you very much.

好的，完美。非常感謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Fraser Atkinson for any closing remarks.

我們的問答環節到此結束。我想將會議轉回弗雷澤·阿特金森（Fraser Atkinson）發表閉幕詞。

At the beginning of today's call, we talked about the importance of being positioned in the medium and heavy-duty EV space to be able to fully benefit from key mandates. GreenPower's strategy is to be able to take full advantages of two such mandates. For the mandates in five states to electrify school buses, including the two big markets of New York and California.

在今天的電話會議開始時，我們談到了定位於中型和重型電動車領域以便能夠充分受益於關鍵任務的重要性。 GreenPower 的策略是能夠充分利用這兩項任務。五個州強制校車電氣化，其中包括紐約和加州兩大市場。

Number one, we have the full range of all-electric school buses, including the recent launch of the Mega BEAST for a second Type D, along with multiple configurations for our Type A Nano BEAST to fulfill almost all the requirements of school districts have.

第一，我們擁有全系列的全電動校車，包括最近推出的第二款 D 型 Mega BEAST，以及 A 型 Nano BEAST 的多種配置，幾乎可以滿足學區的所有要求。

Number two, we have strong dealers in each of California and New York. Number three, we've spent the last two years locating of facility tooling and commencing with school bus production in West Virginia for customers up and down the East Coast.

第二，我們在加州和紐約州都有強大的經銷商。第三，過去兩年我們一直在尋找設施工具，並開始在西維吉尼亞州為東海岸各地的客戶生產校車。

For the California Advanced Clean Truck regulation that will require 15% of certain fleets to be all-electric by next year. Number one, we can build a completed box truck in 30 to 60 days compared to other outsourced body builders that take at least six to nine months. And the customer doesn't have to deal with multiple companies.

加州先進清潔卡車法規要求明年 15% 的特定車隊進行全電動化。第一，我們可以在 30 到 60 天內建造一輛完整的箱型卡車，而其他外包車身製造商至少需要六到九個月的時間。而且客戶不必與多家公司打交道。

Number two, GreenPower's innovation has brought a number of products to market such as our Refrigerated Box Truck. Number three, we have our own cabin chassis with the EV Star CC on-hand, ready-to-fill customer requirements. And as close as always says, within this space, we are truly a one-stop shop.

第二，GreenPower 的創新將許多產品推向市場，例如我們的冷藏箱式卡車。第三，我們擁有自己的駕駛室底盤，並配備了 EV Star CC，可隨時滿足客戶的要求。正如我們常說的，在這個空間內，我們是真正的一站式商店。

In conclusion, we positioned ourselves for not one, but two generational mandates what drive growth for our school bus and our commercial vehicle groups. This concludes our call. We thank you for your support.

總之，我們將自己定位為推動校車和商用車集團成長的不是一代人，而是兩個世代的使命。我們的通話到此結束。我們感謝你的支持。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。