GreenPower Motor Company Inc (GP) 2025 Q2 法說會逐字稿

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

早安，歡迎參加 GreenPower 汽車公司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。我現在請 GreenPower 財務長 Michael Sieffert 先生主持會議。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 three and six months ended September 30, 2024, and to provide an update on GreenPower's operations and manufacturing. 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 9 月 30 日的三個月和六個月的財務業績，並提供有關 GreenPower 運營和製造的最新信息。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 provisions 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 then MD&A filed on SEDAR and EDGAR.

由於各種重要因素，包括我們在季度中期業績中討論的因素以及隨後在 SEDAR 和 EDGAR 上提交的 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 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 financial measures can be found in our MD&A. For additional information on the results of operations for the period ended, September 30, 2024, you can access the financial statements and MD&A posted on GreenPower's website as well as on ww.sedarplus.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 財務指標的調節可以在我們的 MD&A 中找到。有關截至 2024 年 9 月 30 日的期間經營業績的更多信息，您可以訪問 GreenPower 網站以及 ww.sedarplus.com 上發布的或在 EDGAR 上提交的財務報表和 MD&A。

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

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

Thank you, Michael. I'm going to start with GreenPower's strategy in the recent election. We still don't know the extent of changes that will be made to federal programs. However, it's safe to say that it won't be the status quo.

謝謝你，麥可。我將從 GreenPower 在最近的選舉中的策略開始。我們仍然不知道聯邦計劃將發生多大程度的改變。然而，可以肯定地說，這不會是現狀。

We are expecting changes with the EPA Clean School Bus program, and the $40,000 IRA tax credit to name a few. The perception of many is that the change in the administration and the Senate doesn't bode well for the EV sector.

我們期待 EPA 清潔校車計劃和 40,000 美元 IRA 稅收抵免等方面的變化。許多人認為，政府和參議院的變化對電動車產業來說並不是好兆頭。

Well, that might be true for some EV OEMs, that's not the case with GreenPower. For over a year, our strategy has been to be opportunistic with federal programs in the short term. But the longer term focus has been on states that have put policies and plans in place to provide a cleaner, healthier ride for students through the deployment of electric school buses, states like California and New York and regions like the Southwest.

嗯，對於某些電動車原始設備製造商來說可能是這樣，但 GreenPower 的情況並非如此。一年多來，我們的策略一直是在短期內對聯邦計劃採取機會主義態度。但長期關注的重點是那些已製定政策和計劃，透過部署電動校車為學生提供更清潔、更健康乘車體驗的州，例如加州和紐約州以及西南部等地區。

Many of these states have already indicated that they will continue to push for the electrification of school buses and commercial vehicles. GreenPower is over 300 live orders and qualified leads for our all electric school buses and are well positioned to add to these.

其中許多州已經表示將繼續推動校車和商用車的電氣化。GreenPower 為我們所有的電動校車提供了 300 多個即時訂單和合格的潛在客戶，並且有能力增加這些訂單。

Next, I want to give you a quick snapshot of our current quarter. Earlier today, we announced that we had shipped eight of EV Stars to WashU in St. Louis. There will be two more EV Stars delivered to WashU for a total of 10, which is a follow on order to the 5 EV Stars that we delivered around two years ago. A great testament to our EV Star with the follow on order.

接下來，我想向您簡要介紹一下我們目前季度的情況。今天早些時候，我們宣布已將八輛 EV Star 運往聖路易斯華盛頓大學。將向華盛頓大學交付兩輛 EV Star，總共 10 輛，這是我們大約兩年前交付的 5 輛 EV Star 的後續訂單。後續訂單是我們 EV Star 的有力證明。

Combined with the deliveries of nine Type D BEAST, all electric school buses, 1 Type A Nano BEAST and 2 EV Star passenger vans in the first half of this quarter, we are close to surpassing the total number of vehicles to leverage during the September 30 quarter.

Combined with the deliveries of nine Type D BEAST, all electric school buses, 1 Type A Nano BEAST and 2 EV Star passenger vans in the first half of this quarter, we are close to surpassing the total number of vehicles to leverage during the September 30四分之一.

Lastly, we have talked recently about our tradable credits. California's advanced clean truck regulation, the EPA's Phase 3 GHG regulation and NHTSA's fuel consumption credit program, along with other state level mandates, each include credit trading programs that provide manufacturers enhanced compliance flexibility and the opportunity for reduced compliance costs through the acquisition of credits.

最後，我們最近討論了我們的可交易信用。加州先進的清潔卡車法規、EPA 第三階段溫室氣體法規和NHTSA 燃料消耗信用計劃以及其他州級法規均包括信用交易計劃，這些計劃為製造商提供增強的合規靈活性以及通過獲得信用來降低合規成本的機會。

Being a manufacturer of all electric vehicles, GreenPower has no internal deficits and is thus positioned to credit trade every credit it generates. The medium heavy duty or as we refer or as it's referred to the MHD market is new.

作為所有電動車的製造商，GreenPower 沒有內部赤字，因此能夠對其產生的每筆信貸進行信貸交易。中重型或我們所說的 MHD 市場是新的。

According to the California Resource Board, only two trades have been completed today, as opposed to the light duty sector where companies like Tesla have been trading credits for years. In their most recent quarter, they reported revenue of $739 million, close to 25% of Tesla's gross profit is due to the sale of their credits.

據加州資源委員會稱，今天只完成了兩筆交易，而特斯拉等公司多年來一直在輕型汽車領域進行信用交易。在最近一個季度，他們報告的收入為 7.39 億美元，特斯拉毛利的近 25% 來自銷售積分。

GreenPower has generated hundreds of tradable credits, and will continue to generate significant numbers of tradable credits. We have signed several NDAs with OEMs and have engaged a broker who is a seasoned veteran with trading credits with manufacturers of light duty vehicles. So we are working on monetizing these credits.

GreenPower 已產生數百個可交易積分，並將繼續產生大量可交易積分。我們已經與原始設備製造商簽署了幾份保密協議，並聘請了一位經驗豐富的經紀人，他與輕型車輛製造商有貿易信用。因此，我們正在努力將這些積分貨幣化。

I'll now turn it over to Brandon to discuss our operations.

我現在將把它交給布蘭登討論我們的運作。

Thank you, Fraser. I'd like to remind the listeners on this call that our mantra at GreenPower is creating compelling EV products offered at compelling prices all while generating a gross profit. This past quarter, we've been developing a path so that our products are made in a timely manner.

謝謝你，弗雷澤。我想提醒這次電話會議的聽眾，我們 GreenPower 的口號是創造引人注目的電動車產品，以令人信服的價格提供，同時產生毛利。上個季度，我們一直在開發一條道路，以便我們的產品能夠及時生產。

We have added a new large volume paint booth that have been busy doing a relay out of our production floor which has added space for more simultaneous school buses on the line. While you don't see it in our deliveries yet, we have been increasing number of units on the factory floor.

我們增加了一個新的大容量噴漆室，該噴漆室一直忙於在生產車間進行中繼，這為更多同時在線的校車增加了空間。雖然您在我們的交付中還沒有看到它，但我們一直在增加工廠車間的單位數量。

This increase in production coupled with manufacturing process improvements is expected to result in higher gross profit margins and cost reductions on a per unit basis as the throughput improves. Throughout the last quarter, we have held multiple job fairs that have yielded excellent production talent.

隨著產量的提高，產量的增加加上製造流程的改進預計將帶來更高的毛利率和單位成本的降低。整個上季度，我們舉辦了許多招聘會，培養了優秀的生產人才。

And we have added all of these to our ranks. We have seen season production staff graduate from Bridge Valley College with certificates leveraging a program that we at GreenPower helped developed. Our goal is to increase production so that we are consistently building and shipping 20 units per month.

我們已將所有這些添加到我們的隊伍中。我們看到季節製作人員從橋谷學院畢業，並利用我們在 GreenPower 幫助開發的專案獲得了證書。我們的目標是增加產量，以便我們能夠持續每月生產和 20 台出貨。

Steady and measured growth, a foundation of GreenPower's model is critical for maintaining quality throughout the production process. This has to be done profitably and efficiently. And here at GP, our goal is to lower production and material costs, while increasing volume and maintaining quality.

GreenPower 模型的基礎是穩定且有節制的成長，對於在整個生產過程中保持品質至關重要。這必須以有利可圖且有效率的方式完成。在 GP，我們的目標是降低生產和材料成本，同時增加產量並維持品質。

Now, I'd like to hand it over to Michael to discuss financials highlights.

現在，我想把它交給麥可來討論財務要點。

Thank you Brendan. For the three months ended September 30, 2024, GreenPower generated revenue of $5.3 million, which was a 78% increase over revenue generated in the first quarter. Our cost of sales for the quarter was $4.9 million, and we generated a gross profit of approximately $460,000 or 8.6% of revenues.

謝謝布倫丹。截至 2024 年 9 月 30 日的三個月，GreenPower 產生了 530 萬美元的收入，比第一季產生的收入增加了 78%。本季的銷售成本為 490 萬美元，毛利約為 46 萬美元，佔營收的 8.6%。

Our revenue is generated from sale of 11 BEAST Type D all electric school buses, 6 EV Star Cargo Plus, and 5 EV Stars as well as revenue from leases from the sale of parts and from our truck body division.

我們的收入來自銷售 11 輛 BEAST D 型全電動校車、6 輛 EV Star Cargo Plus 和 5 輛 EV Stars，以及零件銷售和卡車車身部門的租賃收入。

Our lower than anticipated gross profit margin this quarter was primarily due to negative gross profit margins at the company's truck body division, and this was caused by lower throughput compared to prior periods in this division.

我們本季低於預期的毛利率主要是由於該公司卡車車身部門的毛利率為負，這是由於該部門的吞吐量低於前期所致。

Management expects gross profit margins to increase as throughput at the truck body division increases. For the quarter ended September 30, 2024, compared to the quarter ended September 30, 2023, our SG&A costs declined by $630,000 or 12.1%.

管理層預計，隨著卡車車身部門吞吐量的增加，毛利率將會增加。截至 2024 年 9 月 30 日的季度，與截至 2023 年 9 月 30 日的季度相比，我們的 SG&A 成本下降了 63 萬美元，即 12.1%。

The reduction in these expenses was primarily due to reductions in professional fees and share based payments in salaries and administration costs, as well as from recoveries and allowance for credit losses, and these were partially offset by increases in other expenses.

這些費用的減少主要是由於專業費用和工資和管理成本的股份支付的減少，以及信貸損失的追償和備抵的減少，這些費用被其他費用的增加部分抵消。

We continued to utilize the EDC revolving credit facility during the quarter to fund production, and we finished the quarter of approximately $850,000 remaining in available liquidity on the facility. This facility along with the EBC letter of credit guarantees, continues to be an important source of capital for our company and they allow us to fund investments in inventory over time.

本季我們繼續利用 EDC 循環信貸額度為生產提供資金，本季結束時，該額度的可用流動資金剩餘約 85 萬美元。該設施與 EBC 信用證擔保仍然是我們公司的重要資金來源，它們使我們能夠隨著時間的推移為庫存投資提供資金。

In October, we completed an underwritten offering of 3 million common shares, raising gross proceeds of $3 million. The net proceeds from this offering are intended for the production of all electric vehicles including EV school buses and EV Star commercial vehicles for product development with the remainder, if any for general corporate purposes. Finally, we continue to receive important and much needed financial support from GreenPower's directors and officers during and after the quarter.

10 月份，我們完成了 300 萬股普通股的承銷發行，籌集了 300 萬美元的總收益。此次發行的淨收益將用於生產所有電動車，包括電動校車和 EV Star 商用車，用於產品開發，其餘部分（如有）用於一般企業用途。最後，我們在本季及之後繼續從 GreenPower 的董事和管理人員那裡獲得重要且急需的財務支持。

I'll now pass the call back over to Fraser.

我現在將把電話轉回給弗雷澤。

At this time, we'll open it up for any questions that our listeners have.

此時，我們將開放它來回答聽眾提出的任何問題。

(Operator Instructions) Tate Sullivan, Maxim Group.

（操作員說明）Tate Sullivan，Maxim Group。

(inaudible) Thank you. And to start, I'm looking at the October 28 press release with the update on the EPA funding for 50 electric school buses. What are the logistics of getting that funding? Does it go to the districts buying the buses? Is there any way to get that funding in the door before delivery of the buses, or is it still a work in progress or a negotiation, please?

（聽不清楚）謝謝。首先，我正在查看 10 月 28 日的新聞稿，其中包含 EPA 資助 50 輛電動校車的最新資訊。獲得這筆資金的後勤工作是什麼？是去各區買公車嗎？有什麼辦法可以在巴士交付之前獲得這筆資金，還是仍在進行中或正在談判中？

Well, we -- it's a state that we have a dealer in. And so it's the EPA contract is with the dealer and our arrangement is with our dealer. So we're one step removed if you will from the EPA contract. And then as far as the timing of funding and so on, I think your characterization of a work in process would be quite appropriate.

嗯，我們——這是一個我們有經銷商的州。因此，EPA 合約是與經銷商簽訂的，而我們的安排是與我們的經銷商簽訂的。因此，如果您願意的話，我們就可以從 EPA 合約中刪除一步。然後就資金的時間安排等而言，我認為您對正在進行的工作的描述是非常合適的。

Okay, understood. And can you update on the cabin chassis units and inventory, or are these still potentially going to a certain number of customers or a single customer? What -- how should we look at that number unit delivery opportunity going forward?

好的，明白了。您能否更新機艙底盤單元和庫存，或者這些是否仍然有可能供應給一定數量的客戶或單一客戶？我們該如何看待未來的單位交付機會？

So we have a tranche of cabin chassis that we have put through for production of both Nano BEAST and our EV Star Plus or mobility access, which is the shuttle vehicle that uses a very similar build and body as our Type A Nano BEAST. So we are utilizing them for that purpose.

因此，我們擁有一批機艙底盤，用於生產 Nano BEAST 和 EV Star Plus 或移動通道，這是一種穿梭車，其構造和車身與我們的 A 型 Nano BEAST 非常相似。因此，我們正在利用它們來實現這一目的。

And then with a number of the qualified leads that we have and when we say qualified leads, we're talking about an order that is up to a point where we're sorting out infrastructure, we're getting the funding may already be in place for it, but there's other logistical issues or approvals required. So for some of those, these are also for Type A Nano BEAST. So we would need to increase production in order to fulfill.

然後，憑藉我們擁有的一些合格的線索，當我們說合格的線索時，我們談論的是一個訂單，該訂單達到了我們正在整理基礎設施的程度，我們正在獲得的資金可能已經在的地方，但還需要其他後勤問題或批准。因此，對於其中一些，這些也適用於 A 型 Nano BEAST。因此，我們需要增加產量才能滿足。

Okay, good. And the tradable credit effort. And look, I mean, they're obvious they're within, I mean, Tesla does a good job breaking them out. And the growth in that revenue stream for Tesla. Are there -- have you seen other companies recognize or would you be one of the few companies besides Tesla that could monetize this effort?

好的，很好。以及可交易信貸的努力。看，我的意思是，它們很明顯就在其中，我的意思是，特斯拉在突破它們方面做得很好。以及特斯拉收入來源的成長。您是否看到其他公司認識到這一點？

Well to the best of our knowledge, and to give you context, there's 24 manufacturers that are listed by California for the medium and heavy duty sales that would give rise to either a deficit or a credit that would potentially offset a deficit, and these include companies like the Zuzu, Stellantis, Ambler, Packer and so on. So some traditional as well as a number of (inaudible) players.

據我們所知，為了給您提供背景信息，加利福尼亞州列出了 24 家中型和重型汽車銷售製造商，這些製造商可能會導致赤字或可能抵消赤字的信貸，其中包括像Zuzu、Stellantis、Ambler、 Packer 等公司。所以有一些傳統的以及一些（聽不清楚）的玩家。

But in the medium and heavy duty space, for all of those, we haven't encountered any that have disclosed either the purchase of tradeable credits or the sale of tradable credits. But at the light duty, not just Tesla, but Rivian has certainly, they have made trades or have disclosed trades, and reported them on their financials just like Tesla.

但在中型和重型領域，對於所有這些，我們還沒有遇到任何披露購買可交易信用或出售可交易信用的情況。但在輕負荷方面，不僅是特斯拉，Rivian 也確實進行了交易或披露了交易，並像特斯拉一樣報告了其財務狀況。

So the light duty space is I would characterize as fairly advanced. There's a market. There's hundreds of millions of dollars trade on a quarterly basis, not even just an annual basis anymore. Whereas on the medium and heavy duty, according to CARB, there have only ever been just two trades. and those were earlier this year for tradable credits.

因此，我認為輕型空間是相當先進的。有市場。每季的交易額高達數億美元，甚至不再只是每年。而根據 CARB 的數據，中型和重型車輛只進行過兩次交易。這些都是今年稍早的可交易信貸。

Okay, well, it sounds like a good opportunity. Thank you Fraser.

好吧，聽起來是個好機會。謝謝弗雷澤。

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

我們的問答環節到此結束。我想將會議轉交弗雷澤·阿特金森先生發表閉幕詞。

In closing, as we stated earlier this fiscal year, we expected to see a step up in our deliveries each quarter. Halfway through our current quarter, we're close to surpassing the total deliveries in our most recent September 30 quarter.

最後，正如我們在本財年早些時候所說，我們預計每季的交付量都會增加。當前季度已過半，我們已接近超過最近 9 月 30 日季度的總交付量。

As you heard today, we're also making advancements with our manufacturing process in West Virginia. While there are being headwinds in the EV sector, we are uniquely positioned to take advantage of numerous opportunities in the medium and heavy duty EV sector.

正如您今天所聽到的，我們在西維吉尼亞州的製造工藝也取得了進步。儘管電動車行業存在逆風，但我們處於獨特的地位，可以利用中型和重型電動汽車行業的眾多機會。

Brendan, Michael, and I are available for any follow-up questions you might have. Thank you for your support. This ends today's call.

布倫丹、麥可和我可以解答您可能遇到的任何後續問題。感謝您的支持。今天的通話到此結束。

The conference is 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。