GreenPower Motor Company Inc (GP) 2025 Q1 法說會逐字稿

Good day and welcome to the GreenPower Motor Company first quarter earnings, an update on green power sales pipeline 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，歡迎來到 GreenPower 汽車公司第一季財報、綠色電力銷售管道電話會議的最新情況。（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, the Chief Financial Officer of GreenPower Motor Company. I would like to welcome everyone to our call to discuss GreenPower's financial results for the period ended June 30, 2024, and provide an update on GreenPower sales pipeline. I'm here today with our Chief Executive Officer, Fraser Atkinson; and our President, Brendan Riley.

謝謝。我是 Michael Sieffert，GreenPower 汽車公司的財務長。我謹歡迎大家參加我們的電話會議，討論 GreenPower 截至 2024 年 6 月 30 日的財務業績，並提供 GreenPower 銷售管道的最新資訊。今天我和我們的執行長 Fraser Atkinson 一起來到這裡。還有我們的總統布倫丹·萊利。

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 purposes of the Safe Harbor provision under the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities law.

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中安全港條款所規定的前瞻性聲明。

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.

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，實際結果可能與這些前瞻性陳述所示的結果存在重大差異。

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 to obligate 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發展可能會導致公司觀點發生變化，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. For additional information on the results of operations for the period ended June 30, 2024, you can also access our audited financial statements and MD&A posted on GreenPower's website as well as on www.sedar.com or filed on EDGAR.

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的 MD&A 中找到。有關截至 2024 年 6 月 30 日的經營業績的更多信息，您還可以訪問我們發佈在 GreenPower 網站以及 www.sedar.com 上或在 EDGAR 上提交的經審計的財務報表和 MD&A。

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

現在我將把電話轉給 GreenPower 執行長 Fraser Atkinson。

Thanks, Michael, and good morning, everyone. I'm pleased to report that since our most recent quarter, GreenPower has turned an important corner. Our most recent quarter is not indicative of where our business is positioned today, while uncertainty over state regulations and federal incentives combined with other global economic factors slowed some EV markets earlier this year, the increase in orders and quote, GreenPower is now experiencing shows that the demand for all electric vehicles is still there and that the market is rebounding with significant growth potential.

謝謝邁克爾，大家早安。我很高興地向大家報告，自從最近一個季度以來，GreenPower 已經迎來了一個重要的轉捩點。我們最近的一個季度並不能表明我們今天的業務定位，而州法規和聯邦激勵措施的不確定性加上其他全球經濟因素，今年早些時候減緩了一些電動車市場的發展，GreenPower 現在經歷的訂單和報價的增加顯示：所有電動車的需求依然存在，市場正在反彈，成長潛力巨大。

We have the inventory and the production to meet the increased demand. Consequently, we see a step-up in our revenue from our most recent quarter through each of the remaining quarters this fiscal year. Earlier today, we announced deliveries of our all-electric purpose-built school buses in California with follow-on deliveries over the next few weeks in California and Oregon.

我們有庫存和生產來滿足增加的需求。因此，我們看到從最近一個季度到本財年剩餘每季的收入都有所增加。今天早些時候，我們宣佈在加州交付我們的全電動專用校車，並將在接下來的幾週內在加州和俄勒岡州進行後續交付。

This activity complements our recent announcement on sales on the East Coast, Brendan, will discuss our activities in the school bus sector in more detail later on this call. We have seen a significant uptick in the past few months with our sales pipeline for GreenPower's all electric commercial vehicles, including 28 specialty vehicles for deployment in Canada, which would utilize our current inventory of EV Star cab and chassis.

這項活動是我們最近在東海岸的銷售公告的補充，布倫丹將在稍後的電話會議上更詳細地討論我們在校車領域的活動。過去幾個月，我們看到 GreenPower 全電動商用車的銷售管道顯著增加，其中包括 28 輛在加拿大部署的特種車輛，這些車輛將利用我們現有的 EV Star 駕駛室和底盤庫存。

This represents inventory we have on our books, generating cash flow, requiring little additional cash outflow, markedly improving our liquidity. We've also received orders for EV Star passenger vans and a variety of seating configurations and EV Star plus -- cargo plus vehicles, consisting of more than 20 vehicles. We anticipate delivering most of these vehicles by the end of this calendar. Many of these orders and quotes have follow-on orders providing exponential growth with our sales pipeline.

這代表我們帳面上的庫存，產生現金流，幾乎不需要額外的現金流出，顯著提高了我們的流動性。我們還收到了 EV Star 客車和各種座椅配置以及 EV Star plus（貨運加車輛）的訂單，包括 20 多輛車輛。我們預計在本日曆結束前交付大部分車輛。其中許多訂單和報價都有後續訂單，為我們的銷售管道帶來指數級增長。

Now an observation on our competitive landscape. Our go-to market strategy consists of the horizontal market for medium duty class four vehicles where we have our own electric cabin chassis, passenger vans, shuttle buses and a range of commercial vehicles as well as the vertical market for school buses with our class four Type A, all electric Nano BEAST school bus and our heavy duty Class A, Type D BEAST all electric school bus.

現在觀察我們的競爭格局。我們的市場策略包括中型四級車輛的橫向市場（我們擁有自己的電動駕駛室底盤、客貨車、穿梭巴士和一系列商用車）以及校車的垂直市場（我們的四級車輛） A 型全電動Nano BEAST 校車和我們的重型A 級、D 型BEAST 全電動校車。

Over the past year, there's been an interesting trend in the number of EV OEMs with medium duty class four all electric offerings have been dwindling as measured by the eligible vehicles listed on California's HVIP incentive program.

在過去的一年裡，出現了一個有趣的趨勢，根據加州 HVIP 激勵計劃中列出的符合條件的車輛來衡量，提供中型四級全電動產品的電動車原始設備製造商的數量一直在減少。

There are fewer class four Type A school buses, fewer class four passenger vans and fewer class four commercial vehicles listed on the program. We believe this trend will continue over the short term. California has introduced legislation requiring roughly 10% of new purchases of class four vehicles by fleet operators to be zero mission, creating demand for GreenPower EV Star line of commercial vehicles.

該計畫列出的四級 A 型校車、四級客車和四級商用車數量減少。我們相信這種趨勢將在短期內持續下去。加州已出台立法，要求車隊營運商新購買的四級車輛中約 10% 為零任務車輛，從而創造了對 GreenPower EV Star 系列商用車的需求。

This requirement will increase to 75% over the next 10 years, amounting to a multi-billion dollar annual market opportunity. We believe this increased demand will flip to supply demand in favor of EV OEMs within the medium-duty class four space and that we are starting to see the early days of this new dynamic.

未來 10 年這項需求將增加到 75%，相當於每年數十億美元的市場機會。我們相信，這種需求的增加將轉變為供應需求，有利於中型四級電動車原始設備製造商，並且我們開始看到這種新動態的早期階段。

I'll now hand it over to Brendan for discussion on operations.

我現在將其交給 Brendan 討論營運事宜。

Thank you, Fraser, and good morning, everyone on the call. Two years ago this month, GreenPower took possession of its manufacturing facility in West Virginia. That decision to manufacture there was based on the need to increase the company's production capacity well beyond California to the East Coast.

謝謝弗雷澤，大家早安。兩年前的這個月，GreenPower 接手了位於西維吉尼亞州的製造工廠。在那裡生產的決定是基於增加公司產能的需要，遠遠超出加州到東海岸。

Today, the pipeline of GreenPower all electric, purpose-built, zero-emission school bus orders has more than 30 vehicles slated for delivery in California and Oregon over the next 90 to 120 days. These orders complement the 88 school buses previously announced for the East Coast.

如今，GreenPower 的全電動、專用、零排放校車訂單中已有 30 多輛車輛計劃在未來 90 至 120 天內在加州和俄勒岡州交付。這些訂單補充了先前宣佈為東海岸提供的 88 輛校車。

So the East West strategy of manufacturing and delivering products nationwide as the company envisioned two years ago, when the West Virginia plant was added is coming to fruition as planned. Today, according to the listings under California HVIP program, GreenPower is the only school bus OEM that has manufacturing and all electric purpose-built class four Type A school bus and on all electric Type D school bus.

因此，該公司兩年前在西維吉尼亞州工廠增設時所設想的在全國範圍內製造和交付產品的東西方策略正在按計劃實現。今天，根據加州 HVIP 計劃的清單，GreenPower 是唯一一家擁有製造和全電動專用四級 A 型校車和全電動 D 型校車的校車 OEM。

While that has significant impact on incentives in California, is also notable from a market standpoint nationwide. Combining this fact, with our unique production capabilities on both the East and West Coast, GreenPower is perfectly poised to take full advantage of the mandates, which have been implemented in many states and take advantage of the more than $8 billion in monies from state and federal level, all of which are impacting the transition to and deployment of all electric school buses.

雖然這對加州的激勵措施產生了重大影響，但從全國市場的角度來看也值得注意。結合這一事實，加上我們在東海岸和西海岸的獨特生產能力，GreenPower 完全準備好充分利用已在許多州實施的指令，並利用州和州政府提供的超過 80 億美元的資金。所有這些都影響著所有電動校車的過渡和部署。

During the quarter, GreenPower is called upon -- has been called upon to service an EV product expert and thought leader in the national discussion on EV school bus deployment. During STN in the an STN Reno, I personally had the opportunity to make the presentations on the contemporary materials and methods and systems and structures for EV school bus safety.

在本季度，GreenPower 被要求在有關電動校車部署的全國討論中為電動車產品專家和思想領袖提供服務。在STN裡諾的STN期間，我個人有機會就電動校車安全的當代材料和方法以及系統和結構進行演示。

In Reno, GreenPower was also asked to participate in a discussion on preparing for the 2030 mandates and the increased regulations coming on diesel with a focus on how to prepare for the change via electric products.

在裡諾，GreenPower 也被要求參加有關為 2030 年指令和加強柴油法規做準備的討論，重點是如何透過電動產品為變革做好準備。

We also participated in a roadmap conference at the WRI, that's the World Resource Institute, looking at the barriers to 100% zero-emission school bus deployment and how to overcome. Later today leading national organization impacting policy related to the deployment of zero-emission vehicles in general, ZETA, that's a Zero Emission Transportation Association, has asked me to participate in the discussion on the economic impact and workforce implications of the EV industry.

我們也參加了 WRI（即世界資源研究所）舉行的路線圖會議，探討部署 100% 零排放校車的障礙以及如何克服。今天晚些時候，影響與零排放汽車部署相關政策的領先國家組織 ZETA（零排放交通協會）邀請我參加有關電動汽車行業的經濟影響和勞動力影響的討論。

Before closing, I want to amplify Fraser's comments on the commercial side of GreenPower's business. Much like the East-West production strategy on school bus production that makes us more nimble and more able to respond to market demands and changes are combining effort -- combining offering of school buses and commercial vehicles provide the flexibility to weather the conditions, Fraser mentioned having occurred in early 2024.

在結束之前，我想詳細闡述弗雷澤對 GreenPower 業務商業的評論。弗雷澤說，就像校車生產的東西方生產策略一樣，使我們更加靈活，更有能力應對市場需求和變化，共同努力——校車和商用車的結合提供了應對各種情況的靈活性。發生在2024 年初。

We have filled our pipeline increased our quotes. We have seen an increase in commercial demand. Just yesterday, I was at a ride and drive in Oakland with car count start and our dealers, were I noticed a much higher interest level compared to earlier in the year.

我們已經填滿了管道並增加了報價。我們看到商業需求的增加。就在昨天，我在奧克蘭開車兜風時，汽車計數開始了，我們的經銷商注意到，與今年早些時候相比，人們的興趣水平要高得多。

Lastly, as it relates to our commercial products, during the quarter, we introduced a very modern refrigerated box that utilizes our EV Star cabin chassis. This refrigerated box is called the EV Star ReeferX. It's a modern design and look that complements the modern EV platform.

最後，由於與我們的商業產品相關，在本季度，我們推出了一款非常現代化的冷藏箱，利用了我們的 EV Star 駕駛室底盤。這個冷藏箱稱為 EV Star ReeferX。它的現代設計和外觀與現代電動車平台相得益彰。

The EV Star ReeferX, purpose-built fully customized with a lighter body to allow for increased payload, runs off of high voltage and is considered one of the most energy efficient and is now becoming one of the more desirable EV refrigerated boxes, designed to serve the mid to last mile refrigerated delivery and catering applications. The EV Star ReeferX moves goods that need to be temperature controlled such as frozen foods, flowers, pharmaceuticals, all doing that zero-emission method.

EV Star ReeferX 是專門定制的，具有更輕的機身，可增加有效負載，採用高電壓運行，被認為是最節能的冷藏箱之一，現在正成為更理想的電動冷藏箱之一，旨在服務中到最後一英里的冷藏配送和餐飲應用。EV Star ReeferX 運輸需要溫度控制的貨物，例如冷凍食品、鮮花、藥品，所有這些都採用零排放方法。

The vehicle body features one interior wall structure and allows for seamless sanitation, consistent installation throughout the entire vehicle and a much longer life.

車身採用內壁結構，可實現無縫衛生、整個車輛的安裝一致以及更長的使用壽命。

Now I'd like to return the call to Michael Sieffert.

現在我想回電給麥可西弗特。

Thank you, Brendan. For the three months ended June 30, 2024, GreenPower generated revenue of $3 million with a cost of sales of $2.8 million, generating a gross profit of approximately $222,000 are lower than anticipated gross profit margin this quarter was primarily related to overhead costs incurred on the limited throughput in West Virginia and from lower realized gross profit margins on sales of prior model year inventory.

謝謝你，布倫丹。截至 2024 年 6 月 30 日的三個月，GreenPower 的收入為 300 萬美元，銷售成本為 280 萬美元，毛利約為 222,000 美元，低於本季度預期的毛利率，主要與西維吉尼亞州的吞吐量有限，且銷售上一車型年度庫存的實現毛利率較低。

We expect the gross profit margins will increase when throughput improves in our West Virginia facility, which will improve the allocation of plant overhead on a per unit basis.

我們預計，當我們西維吉尼亞工廠的吞吐量提高時，毛利率將會增加，這將改善每單位工廠管理費用的分配。

Turning to our liquidity, we raised gross proceeds of $2.3 million before fees and expenses in a unit offering during the quarter. And we continue to utilize our operating line of credit and revolving credit facility with EDC to fund investments in working capital.

就我們的流動性而言，本季我們透過單位發行籌集了 230 萬美元的未計費用和開支的總收益。我們繼續利用 EDC 的營運信貸額度和循環信貸額度為營運資金投資提供資金。

We ended the quarter with nearly $2 million in available liquidity on the EDC revolving credit facility, and we've continued to utilize the facility to push for production for existing sales contracts since quarter end. This facility continues to be an important source of capital for our company.

本季結束時，我們的 EDC 循環信貸融資擁有近 200 萬美元的可用流動資金，並且自季度末以來我們繼續利用該融資來推動現有銷售合約的生產。該設施仍然是我們公司的重要資金來源。

We finished the quarter with nearly $14 million in working capital, including $33.7 million in inventory, of which $13.4 million was finished goods. Many of the opportunities we're currently working on involve sales of existing finished goods inventory at which only require very limited additional capital outlays.

本季結束時，我們的營運資金接近 1,400 萬美元，其中包括 3,370 萬美元的庫存，其中 1,340 萬美元是製成品。我們目前正在研究的許多機會涉及現有成品庫存的銷售，僅需要非常有限的額外資本支出。

Finally, we've been fortunate to have the continued support from GreenPower's directors and officers who have provided important and much-needed financial support for our company over time. I'll now pass the call back to Fraser for some final remarks.

最後，我們很幸運能夠得到 GreenPower 董事和管理人員的持續支持，他們長期以來為我們公司提供了重要且急需的財務支持。現在我將把電話轉給弗雷澤，讓他做最後的評論。

Michael will open the lines for the Q&A, and I'll provide a summary at the end.

麥可將打開問答環節，我將在最後提供總結。

Thank you. Operator?

謝謝。操作員？

(Operator Instructions) Craig Irwin, Roth Capital Partners.

（操作員說明）克雷格·歐文（Craig Irwin），羅斯資本合夥人（Roth Capital Partners）。

Morning, and thanks for taking my questions. I wanted to maybe unpack a little the a book of orders in hand. So in your press release today, you said 20 cab in chassis that are going into Canada, I guess 20 EV Star cargo plus and passenger vans, and then 30 school buses for California and Oregon, with what's going on West Virginia different areas of the country, my intuition leads me to think you've got an order book quite a bit bigger than the 78 units that you're calling out directly.

早安，感謝您提出我的問題。我想打開手上的一本訂單書。因此，在今天的新聞稿中，您說20 輛底盤駕駛室將運往加拿大，我猜是20 輛EV Star 貨運加型和客車，然後是30 輛校車前往加利福尼亞州和俄勒岡州，以及西弗吉尼亞州不同地區的情況國家，我的直覺讓我認為您的訂單比您直接調用的 78 台要大得多。

Can you maybe update us on a gross number or a range that you think is fair based on the orders in hand or commitments in hand that some might be matched with EPA outsource or each with HVIP funding?

您能否根據手頭上的訂單或手頭上的承諾向我們提供您認為公平的總數量或範圍，其中一些可能與 EPA 外包或每個與 HVIP 資金相匹配？

Well, that's a multi-part question. So let us -- let's start at the top there for you, Craig, is on the specialty vehicles and the passenger vans, in many of those, we have follow-on orders in other words, they -- we've been working with them to place the initial order and then there's a follow-on order for a like or a similar number of vehicles. And the follow-on don't have the full set of approvals that would -- where we would put it at the top of ourselves pipeline.

嗯，這是一個由多個部分組成的問題。因此，讓我們 - 讓我們從最上面開始，克雷格，是特種車輛和客車，在其中許多方面，我們有後續訂單，換句話說，他們 - 我們一直在與他們先下初始訂單，然後再下一個類似或相似數量車輛的後續訂單。後續產品還沒有獲得全套批准——我們將把它放在我們自己的管道的頂部。

So it would be lower down in terms of the probability has we would need to deliver the first tranche and then move on to the second phase or in even one case, a third phase for orders that particular customer's looking for.

因此，我們需要交付第一批訂單，然後進入第二階段，甚至在一種情況下，針對特定客戶正在尋找的訂單進入第三階段的可能性會更低。

So the attributes in the second and third tranche aren't quite the same as the first one. But the magnitude of the follow-on is greater than what we're looking at the first tranche for the specialty vehicles and the passenger van.

所以第二和第三部分的屬性跟第一部分不太一樣。但後續的規模大於我們所看到的特種車輛和客車第一批的規模。

Understood. So to ask a question simply you called out some specific numbers in your release, is it incredible to say that there is a much broader pipeline than the 78 units you identify that, we could have a multiple of that in interest, but as far as --

明白了。因此，簡單地提出一個問題，您在發布的版本中列出了一些具體數字，說存在比您確定的78 個單元更廣泛的管道，這是否令人難以置信，我們可能感興趣的是這個數字的倍數，但就目前而言--

And that's what I was saying.

這就是我所說的。

Okay, excellent. And thank you for that clarification. So then, this is a lumpy business quarter to quarter. Deliveries are difficult to predict very difficult. Can you maybe talk us through what you would see as a natural margin now for your products? Does this differ dramatically between cab chassis and the EV Star cargo plus and then the school buses. Do we see sort of richer products on a gross margin side and products that are less profitable? How should we think about potential gross margin progression later on this year.

好的，非常好。感謝您的澄清。因此，每季的業務都不穩定。交付量很難預測，非常困難。您能否與我們談談您認為現在產品的自然利潤是多少？駕駛室底盤和 EV Star 貨運加以及校車之間有很大不同嗎？我們是否看到毛利率較高的產品和利潤較低的產品？我們應該如何考慮今年稍後潛在的毛利率成長。

For traditionally, our gross profit has been in the high teens, 16%, 17%, 18% on a quarterly basis. I think Michael articulated the impact of the current quarter that when you have just a handful of vehicles going through a large facility as we have in West Virginia?

傳統上，我們的毛利一直在十幾歲左右，按季度計算為 16%、17%、18%。我認為邁克爾闡明了本季度的影響，即當只有少數車輛通過像我們在西維吉尼亞州這樣的大型設施時？

The allocation of the plant overhead, has a limited number of vehicles that absorb that overhead. So as we increase throughput, which we are doing right now, that we're currently working through the 37 school bus orders in West Virginia and facility looks a whole lot busier today than it does three, four months ago. So consequently that we see that as having a favorable impact on that allocation, which improves or increases our gross profit over time.

工廠管理費用的分配，可以吸收該管理費用的車輛數量有限。因此，隨著我們增加吞吐量（我們現在正在做的事情），我們目前正在處理西維吉尼亞州的 37 份校車訂單，今天的設施看起來比三、四個月前要繁忙得多。因此，我們認為這對分配產生了有利的影響，隨著時間的推移，這會改善或增加我們的毛利。

Understood. Thank you. Then last question for me. In your in your remarks, you indicated that, some of the units you expect to deliver can be served out of inventory that there's a number of vehicles that are finished in inventory. Can you update us on the finished vehicles and inventory, what type of vehicles are these? Can you maybe share the number of different types?

明白了。謝謝。然後是我的最後一個問題。在您的評論中，您表示，您希望交付的一些車輛可能會在庫存之外提供，並且有許多車輛已在庫存中完成。您能否向我們介紹一下成品車輛和庫存的最新情況？能分享一下不同類型的數量嗎？

I'll let also provide the overall overarching comment, the first part of your question, then Michael speak to the metrics within the finished goods inventory, but the -- for those vehicles like a specialty vehicle like a box truck that we would build on our EV Star cab and chassis or similar type vehicle or even reefer that Brendan talked about that was recently launched.

我還將提供總體總體評論，即您問題的第一部分，然後邁克爾會談到成品庫存中的指標，但是 - 對於那些我們將在其基礎上構建的特殊車輛（例如箱式卡車）我們的EV Star 駕駛室和底盤或類似類型的車輛，甚至是布倫丹談到的最近推出的冷藏車。

All of those are built on our own EV Star cab and chassis, and we have an inventory of those. And consequently that inventory is fully paid. So that allows us to crystallize or utilize the inventory and generate cash flow with little or no cash outflow.

所有這些都是在我們自己的 EV Star 駕駛室和底盤上建造的，我們有這些庫存。因此，庫存已全額支付。因此，這使我們能夠結晶或利用庫存並產生現金流，而幾乎沒有現金流出。

Understood.

明白了。

This is Mike here. Hey, hi, Craig. So in terms of our finished goods inventory, the largest category right now would be our EV Star cab and chassis, although that's a category that is depleting quite rapidly, which is a positive thing due to the sales that we've seen over the last little while.

這是麥克。嘿，嗨，克雷格。因此，就我們的成品庫存而言，目前最大的類別將是我們的 EV Star 駕駛室和底盤，儘管該類別正在迅速耗盡，但由於我們過去看到的銷售情況，這是一件積極的事情一會兒。

So we anticipate that that's going to be declining over time. We also have approximately or over 40 EV Stars of various types that does include secondhand vehicles that we have repossessed or have been returned after lease.

因此，我們預計隨著時間的推移，這一數字將會下降。我們還擁有大約或超過 40 輛各種類型的 EV Star，其中包括我們已收回或租賃後歸還的二手車。

And then the other major categories would be our narrow piece, we have over 10 of those and we have received additional BEAST since quarter end. So at quarter end, we didn't have many BEAST available for sale. Since quarter end we have received additional BEAST that we're now in the process of delivering.

然後其他主要類別將是我們的狹窄部分，我們有超過 10 個類別，並且自季度末以來我們已經收到了額外的 BEAST。因此，在季度末，我們沒有太多可供出售的 BEAST。自季度末以來，我們收到了額外的 BEAST，目前正在交付中。

Excellent. Well, it's good to hear the customers are showing increased enthusiasm. I'll go ahead and hop back in the queue. Thank you.

出色的。嗯，很高興聽到客戶表現出越來越高的熱情。我會繼續並跳回到隊列中。謝謝。

Thanks, Craig.

謝謝，克雷格。

Tate Sullivan, Maxim Group.

泰特·沙利文，馬克西姆集團。

Hey, thank you. I'm Brendan, did I hear you mentioned more state subsidies in West Virginia has as production increases or have you already received those subsidies or have to apply for any. Can you cover the (inaudible)

嘿，謝謝你。我是布倫丹，我是否聽說您提到西維吉尼亞州隨著產量的增加而獲得了更多的國家補貼，或者您是否已經收到了這些補貼或必須申請任何補貼。你能覆蓋（聽不清楚）

I'm sorry, Tate, I couldn't clearly hear your question?

抱歉，泰特，我聽不清楚你的問題？

Do you have available subsidies in West Virginia as production increases?

隨著產量的增加，西維吉尼亞州是否有可用的補貼？

We do. We have numerous subsidies in West Virginia. Our top of subsidies, we enjoy with our -- with the state for training employees where the state actually covers cost of new hires that goes through the GreenPower and Bridge Valley training program.

我們做到了。我們在西維吉尼亞州有很多補助。我們的最高補貼是與國家一起享受培訓員工的補貼，國家實際上支付了參加 GreenPower 和 Bridge Valley 培訓計劃的新員工的費用。

We have we have tax subsidies. We have multiple subsidies in West Virginia that will be able to continue to take advantage of over the next few years up to and including the fact that our building in West Virginia, is essentially a rental own option where the state has purchased the building and we are buying it through the lease payments.

我們有稅收補貼。我們在西維吉尼亞州擁有多項補貼，這些補貼將能夠在未來幾年內繼續利用，包括我們在西維吉尼亞州的建築本質上是一種租賃選擇，州政府購買了該建築，我們透過租賃付款購買它。

Have you already received actual cheques from the government or does that come as you increase production or is the offset to taxes (inaudible)

您是否已經收到政府的實際支票，或者是在您增加產量時收到的支票，還是稅收的抵銷（聽不清楚）

That would be a question for Michael Sieffert to answer, I believe on whether we've received physical cheques or if they're credits.

這將是邁克爾·西弗特要回答的問題，我相信我們是否收到了實物檢查或它們是否是積分。

Yeah. So I think maybe what in terms of the support we've received from the state, how I would characterize it is that they are the major end customer for a lot of the units that we're selling. So we are clearly selling to school districts, but the state itself is has supported those sales and it has also supported very importantly, some pilot projects which have helped us, develop and improve our vehicles as well as prove their ability to operate in some of the challenging conditions that exist there.

是的。因此，我認為，就我們從國家獲得的支持而言，我的看法是，他們是我們銷售的許多產品的主要最終客戶。因此，我們顯然是向學區銷售，但國家本身支持了這些銷售，而且還支持了一些非常重要的試點項目，這些項目幫助我們開發和改進了我們的車輛，並證明了它們在某些地區運營的能力。

So you've known this train, you have winter conditions. And so all of that has been helpful. And as Brendan mentioned, we do have a Permian sale leaseback on a facility there which, again that is the facility that we've been able to produce.

所以你已經知道這列火車了，你有冬季條件。所以所有這些都是有幫助的。正如布倫丹所提到的，我們確實對那裡的一座設施進行了二疊紀售後回租，這也是我們能夠生產的設施。

And then finally, we have received support from the state in the form of training our workforce. And so we're employing I think, currently over 40 individuals at that point. And this state has been supporting, importantly, some important training for those staff.

最後，我們以培訓勞動力的形式獲得了國家的支持。我認為目前我們正在僱用 40 多名員工。重要的是，該州一直在支持這些員工的一些重要培訓。

So we would characterize this as a great relationship and one that I think works well, certainly for our company. But hopefully the state sees benefit in terms of employment that we're offering there.

因此，我們將這種關係​​描述為一種良好的關係，而且我認為這種關係運作良好，當然對我們公司來說也是如此。但希望州政府能看到我們在那裡提供的就業機會。

Tate, we have received cheques.

泰特，我們收到了支票。

Okay. And Fraser to what are the 80 orders on East Coast, are all of those -- school buses are all those destined for West Virginia or have you increased your state footprint for school buses, since starting production at in the West Virginia.

好的。從弗雷澤到東海岸的 80 個訂單都是這些——校車都是運往西弗吉尼亞州的校車，或者自從在西弗吉尼亞州開始生產以來，您是否增加了校車的州足跡。

I believe that includes some orders that will be going into New York.

我相信這包括一些將進入紐約的訂單。

Correct.

正確的。

Okay. And then last for me, Michael, I think you said $2 million of availability at the end of the quarter on the EVC facility. Did I catch that?

好的。最後對我來說，邁克爾，我想您說過 EVC 設施在本季末可獲得 200 萬美元的可用性。我明白了嗎？

That's correct, approximately $2 million. I mean, it's on our balance sheet of slightly a drawn balance of slightly over $3 million a quarter end and to $5 million [facility].

沒錯，大約是 200 萬美元。我的意思是，在我們的資產負債表上，季度末的提取餘額略高於 300 萬美元，最高可達 500 萬美元[設施]。

Great. Thank you all.

偉大的。謝謝大家。

Thank you.

謝謝。

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

我們的問答環節到此結束。我想將會議轉回執行長 Fraser Atkinson 發表閉幕詞。

Thank you. To recap, we have seen a significant uptick in the past few months with our sales pipeline for GreenPower's all electric school buses. If you start passenger vans and specialty vehicles, which utilize our current inventory of EV Star cab and chassis.

謝謝。回顧一下，過去幾個月我們看到 GreenPower 全電動校車的銷售管道顯著增加。如果您開始使用我們現有的 EV Star 駕駛室和底盤庫存的客車和特殊車輛。

The latter represents inventory we have on our books, generating cash flow requiring little additional cash outflow markedly improving our liquidity. Many of these orders and quotes have follow-on orders, providing exponential growth with ourselves pipeline.

後者代表我們帳面上的庫存，產生現金流，幾乎不需要額外的現金流出，顯著提高了我們的流動性。其中許多訂單和報價都有後續訂單，為我們自己的管道提供指數級增長。

We have the inventory and the production to meet the increased demand. Consequently, we see a step-up in our revenue from our most recent quarter through each of the remaining quarters of this fiscal year.

我們有庫存和生產來滿足增加的需求。因此，我們看到從最近一個季度到本財年剩餘每季的收入都有所增加。

Thank you all for your support and this ends today's call.

感謝大家的支持，今天的通話到此結束。

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。