GreenPower Motor Company Inc (GP) 2025 Q3 法說會逐字稿

Good morning and welcome to the GreenPower Motor Company Inc's Third quarter earnings calls. (Operator instructions)

早安，歡迎參加 GreenPower Motor Company Inc 第三季財報電話會議。（操作員指令）

Please note that this event is being recorded, and I would now like to turn the conference over to Michael Sieffert, CFO. Please go ahead.

請注意，該活動正在錄製中，現在我想將會議交給財務長邁克爾·西弗特（Michael Sieffert）。請繼續。

Thank you. This is Michael Sieffert, Chief Financial Officer of GreenPower Motor Company. I'd like to welcome everyone to our call to discuss GreenPower's financial results for the three and nine months ended December 31, 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。這是 GreenPower 汽車公司的財務長 Michael Sieffert。我歡迎大家參加我們的電話會議，討論 GreenPower 截至 2024 年 12 月 31 日的三個月和九個月的財務業績，並提供有關 GreenPower 運營和製造的最新情況。今天我和我們的執行長弗雷澤·阿特金森（Fraser Atkinson）以及總裁布倫丹·萊利（Brendan Riley）一起來到這裡。

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 laws.

在今天的電話會議中，我們可能會對我們的未來預期、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》和適用的加拿大證券法下安全港條款的前瞻性陳述。

Actual results may differ materially from those discussed by 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. In addition, these forward-looking statements relate to the date on which they are made.

由於各種重要因素，實際結果可能與這些前瞻性陳述所討論的結果有重大差異。包括我們在 SEDAR 和 EDGAR 上提交的季度中期業績和 MD&A 中討論的內容。此外，這些前瞻性陳述與其所作的日期有關。

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.

我們預期後續事件和發展可能會導致公司的觀點改變。GreenPower 不承擔更新或修改任何前瞻性聲明的意圖或義務，無論其是由於新資訊、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 December 31, 2024, you can access the financial statements and MD&A posted on GreenPower's website, as well as our sedarplus.com or filed on EDGAR. I will now pass the call over to GreenPower's CEO Fraser Atkinson.

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。這些非國際財務報告準則指標的對帳可以在我們的管理階層討論與分析中找到。有關截至 2024 年 12 月 31 日期間經營業績的更多信息，您可以訪問 GreenPower 網站上發布的財務報表和 MD&A，以及我們的 sedarplus.com 或在 EDGAR 上歸檔的財務報表和 MD&A。現在我將把電話轉給 GreenPower 的執行長 Fraser Atkinson。

Thank you, Michael, and good morning, everyone. We appreciate you joining our call to review GreenPower's operations and discuss the results of the third quarter. As I look at the financials of the third quarter, I'm encouraged with the improvement in our gross profit.

謝謝你，邁克爾，大家早安。感謝您參加我們的電話會議，回顧 GreenPower 的營運並討論第三季的表現。當我回顧第三季的財務狀況時，我對我們的毛利的提高感到鼓舞。

GreenPower has from quarter to quarter been one of only a handful of EV OEMs that have enjoyed a gross profit with the sale of its products. We knew there would be a reduction in that overall percentage as the West Virginia facility got fully up to speed.

GreenPower 是少數幾家逐季透過銷售產品獲得毛利的電動車原始設備製造商之一。我們知道，隨著西維吉尼亞州工廠的全面達標，整體比例將會下降。

Now that we are reaching higher output at the South Charleston facility in West Virginia, as Brandon will discuss, we expect that gross profits will improve over time. Since the election last November, the market has seen some uncertainty. While political winds are still shaking out, clearly the demand for all electric school buses across the nation has never been greater.

現在，我們位於西維吉尼亞州南查爾斯頓工廠的產量正在提高，正如布蘭登將要討論的那樣，我們預計毛利將隨著時間的推移而提高。自去年11月大選以來，市場出現了一些不確定性。儘管政治風向尚未確定，但顯然全國對全電動校車的需求從未如此強烈。

A survey conducted recently by Highland Electric Fleets found that 65% of parents would prefer their child ride on an electric school bus than a diesel-powered one. The survey captured data from parents of children aged [5 to 17] who ride a school bus.

Highland Electric Fleets 最近進行的一項調查發現，65% 的家長更願意讓孩子搭乘電動校車，而不是柴油校車。該調查收集了乘坐校車的5至17歲兒童家長的數據。

Data showed support for electric school buses largely tied to parents' concerns about their children's health. In fact, 89% of parents rank air quality in a safe and healthy commute to school among their highest concerns, and research shows that all electric school buses are less likely to produce harmful emissions than diesel emitting school buses.

數據顯示，電動校車的支持很大程度上與家長對孩子健康的擔憂有關。事實上，89% 的家長將安全健康地上下學途中的空氣品質列為最關心的問題之一，研究表明，全電動校車有害排放的可能性低於柴油校車。

The growing demand for electric school buses is also rooted in the school bus driver shortage nationwide. First student, a leading private contractor of school transportation, reports that school districts are using the deployment of electric school buses to attract and retain drivers. They prefer the smoother ride, the quiet nature of the vehicles, and the reduced behavioural issues seen among students.

電動校車需求的不斷增長也源自於全國校車司機的短缺。領先的學校交通私人承包商 First student 報告稱，學區正在部署電動校車來吸引和留住駕駛者。他們更喜歡平穩的駕駛、安靜的車輛以及學生中較少的行為問題。

These are two reasons why electric school buses make sense, and a third is grid resiliency. As GreenPower focuses on [B2G], which is the vehicle to grid options among deployments, electric school buses are becoming the answer to creating grid stability in communities. We will have more on this on future calls.

這是電動校車有意義的兩個原因，第三個原因是電網彈性。由於 GreenPower 專注於 [B2G]，即部署中的車輛到電網選項，電動校車正成為實現社區電網穩定的答案。我們將在未來的電話會議中討論更多相關問題。

GreenPower is the only [EV OEM] that has a purpose-built Class 4 Type A school bus with our nano BEAST and the larger Type D school bus with our BEAST, providing a cleaner and safer transportation options for student transportation.

GreenPower 是唯一擁有專用 4 級 A 型校車（配備納米 BEAST）和大型 D 型校車（配備 BEAST）的 [EV OEM]，為學生交通提供更清潔、更安全的交通選擇。

While exact incentive programs at both the federal and state level will go through changes, the support for this mode of transportation will continue, and funds will be there to support the transition from dirty school buses to clean school buses. GreenPower's has continued to prepare its operations for this growing demand. I'll now turn it over to Brendan Riley, GreenPower's President.

雖然聯邦和州一級的具體激勵計劃將發生變化，但對這種交通方式的支持將繼續下去，並且將有資金支持從骯髒校車到清潔校車的過渡。GreenPower 一直在為這一日益增長的需求做好營運準備。現在我將把發言權交給 GreenPower 總裁 Brendan Riley。

GreenPower's spent a quarter continuing to increase its output from the West Virginia manufacturing facility. As a result of the work that we did during the quarter, we are now set to deliver one BEAST per week from the South Charleston facility. With the production increasing to two units per week by April, plus the nano BEAST production.

GreenPower 花了一個季度的時間繼續增加其西維吉尼亞州製造工廠的產量。由於我們本季所做的工作，我們現在每週從南查爾斯頓工廠交付一台 BEAST。到 4 月產量將增加到每週兩台，再加上奈米 BEAST 的產量。

This will allow us to better meet the timely demand for orders on the East Coast from places like New York and West Virginia. To support this growth, we strengthen the leadership. Of our production team with the addition of James Redd as our new West Virginia production manager.

這將使我們能夠更好地滿足來自紐約和西維吉尼亞州等地對東海岸訂單的及時需求。為了支持這一成長，我們加強了領導力。我們的生產團隊新增了 James Redd 為西維吉尼亞州生產經理。

Working alongside Vice President of production, Wendell White. James has been instrumental in laying the groundwork for increasing production output by focusing on the first shift productivity and by adding a second shift to the plant, positioning GreenPower to meet rising demands and the scale efficiently.

與生產副總裁溫德爾懷特 (Wendell White) 一起工作。詹姆斯透過專注於第一班次的生產效率以及在工廠中增加第二班次，為提高生產產量奠定了基礎，使 GreenPower 能夠滿足不斷增長的需求並有效擴大規模。

On the West Coast, GreenPower finalized its plans to expand its California manufacturing footprint into one facility located in the Inland Empire of the LA Basin. Consolidating our operations from three separate locations and five different facilities spread out through California into one plant that's larger and allows for higher quality, greater cost savings, and increased efficiency.

在西海岸，GreenPower 最終確定了將其加州製造基地擴展到位於洛杉磯盆地內陸帝國的一個工廠的計劃。將我們分佈在加州三個不同地點和五個不同設施的業務整合成一個更大的工廠，以實現更高的品質、更大的成本節約和更高的效率。

Having California operations under one roof will provide for better collaboration between our engineers and our production staff. It will also provide an opportunity for GP truck Body to grow exponentially, as it builds closer working relationships with the manufacturing team at GreenPower.

將加州的業務集中在一個屋簷下將有助於我們的工程師和生產人員之間更好地合作。隨著 GP 卡車車身與 GreenPower 的製造團隊建立更緊密的工作關係，它也將為 GP 卡車車身提供快速發展的機會。

Moving operations to Riverside also gets us closer to a larger customer base, provides us with better and more efficient access to suppliers, and provides us with a city partner that is dedicated to supporting local companies. All in all, we remain focused on the manufacturing objectives, increased output in a more efficient manner that increases gross profit.

將業務遷至河濱市也使我們更接近更大的客戶群，使我們能夠更好、更有效地接觸供應商，並為我們提供了致力於支持本地企業的城市合作夥伴。總而言之，我們仍然專注於製造目標，以更有效的方式增加產量，從而提高毛利。

These efforts are just the beginning of our story, dedication to continuous improvement of our costs, our quality, and our output. I would like to turn the call back over to Michael Sieffert. To discuss the quarterly earnings specifics.

這些努力只是我們故事的開始，我們致力於不斷改進我們的成本、品質和產量。我想將電話轉回給邁克爾·西弗特 (Michael Sieffert)。討論季度收益細節。

Thank you, Brendan. For the three months ended December 31, 2024, GreenPower generated revenue of $7.2 million a 35% increase over revenue generated during the prior quarter. Our cost of sales for the quarter was $6.2 million, generating a gross profit of approximately $1.05 million or 14.6% of revenues. Revenue was generated from the sale of 13 BEAST Type D all-electric school buses.

謝謝你，布倫丹。截至 2024 年 12 月 31 日的三個月，GreenPower 的營收為 720 萬美元，比上一季的營收成長了 35%。本季我們的銷售成本為 620 萬美元，產生的毛利約為 105 萬美元，佔營收的 14.6%。收入來自銷售 13 輛 BEAST D 型全電動校車。

One nano BEAST Type A school bus from the sale of 14 EV Star model vehicles, as well as revenue from leases, from the sale of parts, and from our truck body division. GreenPower's gross profit improved in the third quarter compared to the first two quarters of the year due to contributions from BEAST and nano BEAST sales in California and Oregon, and from the sale of various EV Star models across the country.

一輛納米 BEAST A 型校車，來自 14 輛 EV Star 型汽車的銷售收入，以及租賃收入、零件銷售收入和卡車車身部門的收入。由於加州和俄勒岡州 BEAST 和 nano BEAST 的銷售以及全國各地多款 EV Star 車型的銷售貢獻，GreenPower 第三季的毛利較前兩個季度有所改善。

This improvement was partially offset by lower than Target gross profit margins from the truck body division and from West Virginia manufacturing operations and sales. Going forward, manner and has taken steps to reduce its overhead costs through the consolidation of its California operations into a single facility.

但卡車車身部門以及西維吉尼亞州製造營運和銷售的毛利率低於目標值，部分抵消了這項改善。展望未來，Mentoury 已採取措施，透過將加州業務整合為單一工廠來降低管理費用。

To look the move into a single facility, we'll bring manufacturing, sales, engineering, and truck body manufacturing under one roof. This consolidation started in January, and we expect these efforts will continue through the beginning of the summer and lead to improved management oversight, lower [GNA] expense, and contribute to improvements in gross profit margin over time.

為了將業務集中到單一工廠，我們將把製造、銷售、工程和卡車車身製造集中在一個屋簷下。此次整合工作於一月份開始，我們預計這些努力將持續到夏季初，從而改善管理監督、降低 [GNA] 費用，並有助於隨著時間的推移提高毛利率。

In West Virginia, management continues to work on improving manufacturing throughput and managing costs in order to improve the financial results of this division. So, the quarter end of December 31, 2024, compared to the quarter end of December 31, 2023, sales general administrative expense costs declined by $443,000 or 7.8%.

在西維吉尼亞州，管理層繼續致力於提高製造產量和管理成本，以改善該部門的財務表現。因此，2024 年 12 月 31 日季度末與 2023 年 12 月 31 日季度末相比，銷售一般管理費用成本下降了 443,000 美元，即 7.8%。

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

這些費用的減少主要是由於專業費用、股份支付、工資和管理費用的減少，以及信貸損失回收和準備金的減少，但其他費用的增加部分抵消了這些減少。

We continue to utilize the EDC revolving credit facility to fund production during the quarter, with approximately $1.2 million in available liquidity on the facility at quarter end. In addition, GreenPower continued to use EDC backed letters of credit to fund production payments with nearly $3.9 million in capacity for additional letters of credit to support continued short term production funding.

我們繼續利用 EDC 循環信貸額度為本季的生產提供資金，季度末可用流動資金約為 120 萬美元。此外，GreenPower 繼續使用 EDC 支援的信用證來支付生產費用，並擁有近 390 萬美元的額外信用證容量來支援持續的短期生產資金。

Both the revolving credit facility and the letters of credit continue to be an important source of capital to fund GreenPower's manufacturing investments. 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 being used for the production of all electric vehicles, including B school buses and EV Star commercial vehicles, product development, with the remainder, if any, for general corporate purposes.

循環信貸和信用證繼續成為 GreenPower 製造業投資的重要資金來源。十月份，我們完成了 300 萬美元普通股的承銷發行，籌集總收益 300 萬美元。此次發行的淨收益將用於所有電動車的生產，包括 B 校車和 EV Star 商用車、產品開發，剩餘部分（如有）將用於一般公司用途。

Finally, we continue to receive important and much needed financial support from GreenPower's directors and officers during and after the quarter. We'd now like to open up the call to any questions from the listeners.

最後，在本季和之後，我們繼續從 GreenPower 的董事和高階主管那裡獲得重要且急需的財務支持。我們現在願意接受聽眾的提問。

We will now begin the question-and-answer session. (Operator instructions)

我們現在開始問答環節。（操作員指令）

Craig Irwin, Roth Capital Partners.

羅斯資本合夥公司的克雷格歐文 (Craig Irwin)。

Good morning and thanks for taking my questions. So, first, I should say, in this environment, this is a really solid quarter. You beat my expectations consensus, it's definitely a great way to start, calendar 2025. So, I wanted to ask specifically about the different opportunities for fiscal support for your customers out there.

早上好，感謝您回答我的問題。因此，首先我應該說，在這種環境下，這是一個非常穩健的季度。你超出了我的預期共識，這絕對是一個很好的開始，2025 年曆。所以，我想具體詢問一下為你們的客戶提供財政支援的不同機會。

I understand that a lot of your backlog, a lot of your bookings in this last year have been focused on things that are funded by state level, programs, particularly California and Oregon, you mentioned, we expect those to remain strong can you maybe comment a little bit about, the mix as far as state funding, and then, can you update us on, federal funding?

我知道你們去年的許多積壓訂單和預訂都集中在由州級項目資助的項目上，特別是你提到的加利福尼亞州和俄勒岡州的項目，我們預計這些項目將保持強勁，你能否就州政府資助的情況發表一點評論，然後，你能否向我們介紹一下聯邦資助的情況？

Have you been able to get to checks, from EPA for your customers? What are you hearing about the opportunity for, some of these grants that were not fully executed, to potentially be resolved. Is this freeze and unfreeze that happened around the funding, potentially going to impact the trajectory this year, or are you comfortable enough, with sort of the state level funding and things where you already have certainty?

您是否能為您的客戶提供來自 EPA 的支票？您聽過哪些關於一些沒有完全執行的撥款有機會得到解決的消息？圍繞資金的凍結和解凍是否可能會影響今年的發展軌跡，或者您對州一級的資金和已經確定的事情感到足夠放心？

Well, I'll break that down into federal and state level, Craig, and at the federal level it's so fluid that we really need more time to see how this would all shake out and we have had a number of our dealers that have been successful in drawing down some of the funds from the Clean school Bus program but in terms of now the who's going to be able to fully complete.

好吧，克雷格，我將把這個問題分為聯邦和州兩個層面，在聯邦層面，這個問題非常不穩定，我們確實需要更多的時間來看看這一切將如何解決，我們的一些經銷商已經成功地從清潔校車計劃中提取了部分資金，但就現在而言，誰能夠完全完成。

The contracts that are in place between the EPA and dealers or our dealers, we're going to need more time to see how all that shakes out at the state level the speaking first on California. Their funding plan for 2025 differs from the past in that their focus is on those areas and sectors that struggle to get, incentives or funding for their particular program, which actually bodes well for, the smaller fleets that are seeking commercial vehicles like our Class 4 EV Stars or the school bus space.

我們需要更多時間才能看到環境保護署和經銷商或我們的經銷商之間簽訂的合約在州一級如何實施，首先是加利福尼亞州。他們的 2025 年資助計劃與過去不同，因為他們的重點是那些難以獲得特定計劃的激勵或資金的地區和行業，這實際上對尋求商用車（如我們的 4 級電動車之星或校車領域）的小型車隊來說是個好兆頭。

And they on the school buses, the zero-emission school bus initiative that had $500 million or has $500 million, $375 million of which is for the purchase of electric school buses, is that that the applications or that program closed at the end of November. So that's funding that's going to be used to deploy electric school buses through this year and well through next year as well.

關於校車，零排放校車計畫已撥款 5 億美元，其中 3.75 億美元用於購買電動校車，該計畫的申請或計畫已於 11 月底結束。所以這些資金將用於今年和明年部署電動校車。

So, there's strong support in California and then in New York, of course, there's the New York school bus incentive program, and that has, initially it was $300 million and they topped it up with an additional $200 million. So, there is $500 million that to support adoption of electric school buses in the state over the next few years.

因此，加州和紐約州都給予了大力支持，當然，還有紐約校車激勵計劃，最初的資金為 3 億美元，後來又追加了 2 億美元。因此，我們將撥款 5 億美元支持未來幾年該州採用電動校車。

That's really good. Well, I'm glad to hear there's Green shoots to change gears a little bit, in the December quarter in the third fiscal quarter your general and administrative expenses were $2.9 million. I mean that was up from 2.2% in the preceding quarter or 2.3% in the year ago quarter. Now Fraser, I know you and Michael and the team there as pretty frugal.

那真是太好了。嗯，我很高興聽到有綠芽可以稍微改變方向，在第三財季的 12 月季度，您的一般和行政費用為 290 萬美元。我的意思是，這比上一季的 2.2% 或去年同期的 2.3% 有所上升。弗雷澤，我知道你、麥可和那裡的團隊都非常節儉。

You don't usually spend on things unless there's a direct return. Can you maybe talk us through the sequential [increase 2.2% to $2.9 million]? Were there any one-time items in there? Is this may be related to, some of the hiring and some of the consolidation of your operations that you're going through, any color there would be helpful.

通常情況下，你不會花錢買東西，除非有直接的回報。你能不能跟我們講講[增加 2.2% 至 290 萬美元]？裡面有任何一次性物品嗎？這可能與您正在進行的一些招聘和一些業務合併有關，任何細節都會有幫助。

Well, the

那麼，

Go ahead,

前進，

Sorry, go ahead, Michael.

抱歉，請說，麥可。

I was going to say, yeah, thanks Craig. I would say the primary driver of the increase year over year would be, definitely head count. We do anticipate though, going forward that some of the salary expenses will be reducing over time, as a result of some of the consolidation that we're undertaking in California and there certainly is a focus on our other operations as well in terms of managing that salary cost so Fraser, yeah, please go ahead if there's more you'd like to add there.

我原本想說，是的，謝謝克雷格。我想說，年成長的主要驅動力肯定是員工人數。不過，我們確實預計，隨著我們在加州進行的一些整合，未來部分薪酬支出將隨著時間的推移而減少，而且在管理薪酬成本方面，我們當然也會關注其他業務，所以，弗雷澤，是的，如果您還有更多要補充的，請繼續。

No, I think that covers it.

不，我想這就涵蓋了。

Okay.

好的。

And are there any specific charges related to the consolidation or any, lease exit expenses or things like this that you might be able to estimate for us at this time, or these basically be non-cash and expense when incurred.

您是否能夠為我們估算一下與合併或租賃退出費用或類似費用相關的任何具體費用，或者這些費用在發生時基本上是非現金的和費用。

The yeah, the expenses I would characterize as, definitely SG&A things like, transportation and additional, services related to moving some of the property plant equipment between locations and inventory things of that nature, but there aren't any one-time charges, to speak of anything significant in the nature of breaking leases or anything like that.

是的，我認為的費用肯定是銷售、一般和行政費用，例如運輸和額外服務，與在各個地點之間移動一些財產、工廠設備以及諸如此類的庫存有關，但沒有任何一次性費用，也沒有什麼重大的費用，例如中斷租約或諸如此類的事情。

Excellent then the last question.

非常好，那麼最後一個問題。

It's overall very straightforward sorry, Craig, go ahead

總的來說很簡單，對不起，Craig，請說

Yeah, so last question for me is the EV Star I was pleasantly surprised, that we've continued to see, a gradual improvement in sales there. Can you maybe frame out for us the sales prospects for '25? What do this look like right now? Is this a business where you feel like you're gaining traction as you look at a business week away from where you did the business over the last couple of years, are there any specific and use cases we really need to look at closely to understand, why we are seeing this improvement.

是的，對我來說最後一個問題是，我很驚訝地看到 EV Star 的銷售持續逐步改善。您能為我們描述一下25年的銷售前景嗎？現在看起來怎麼樣？當您回顧過去幾年的業務週時，您是否感覺這項業務正在獲得關注，是否存在一些特定的用例需要我們仔細研究才能理解，為什麼我們看到了這種改進。

Brendan, did you want to start or? (multiple speakers)

布倫丹，你想開始嗎？（多位發言者）

Yeah. Thanks Craig, this is Brendan. Good morning to you and good morning to all those on the call. The EV Star is we've had a lot of interest lately in actually vocational applications for the vehicles. A lot of the fleets have some number of electric vehicles right now across the entire country that they're, basically evaluating and figuring out where they fit in their operations, which is typical if you look at adoption cycles.

是的。謝謝 Craig，我是 Brendan。早安，您和通話中的各位早安。我們最近對 EV Star 車輛的實際職業應用非常感興趣。目前，全國各地的許多車隊都擁有一定數量的電動車，他們正在評估並確定這些汽車在其營運中的位置，如果你觀察採用週期，你會發現這是很典型的情況。

So, we continue to sell have follow-on orders for customers that, have started to electrify their fleet. And now we're starting to see some of the vocational, what we mean by vocational vehicles, we're talking about, a garbage truck would be a vocational vehicle, a fuelling truck, vehicles that have one purpose outside of basically pickup and delivery and then actually do some work, might have steps involved in the vehicle itself and that how they're operated.

因此，我們繼續向已經開始為其車隊進行電氣化的客戶銷售後續訂單。現在我們開始看到一些職業，我們所說的職業車輛，我們談論的垃圾車將是一種職業車輛，一種加油車，這些車輛除了基本的拾取和運送之外還有一個目的，然後實際上做一些工作，可能涉及車輛本身的步驟以及它們如何操作。

So, the electrification and our space is a medium duty fleet size vehicles where we really think that electrification makes a lot of sense, and we can pencil very quickly. You have meaningful payload and meaningful range, and you don't have a price point that'll kill you on top of the fact that the vehicles don't tax the grid as much as the larger vehicles that are out there.

因此，電氣化和我們的空間是中型車隊規模的車輛，我們確實認為電氣化非常有意義，而且我們可以非常快速地進行規劃。您擁有有意義的有效載荷和有意義的行駛距離，並且您的價格點也不會讓您承受太大的壓力，而且這些車輛對電網的負擔不像現有的大型車輛那麼重。

So, the answer to your question from my perspective, Craig, is yes, we are seeing this kind of wave of the follow-on orders people have bought some to Try them out, we're getting now follow on orders, we're starting to look at other places that will be electrified, need to be electrified.

所以，克雷格，從我的角度來看，你的問題的答案是肯定的，我們看到了這種後續訂單浪潮，人們購買了一些東西來試用，我們現在正在收到後續訂單，我們開始關注其他將要電氣化、需要電氣化的地方。

On top of that, in places like California, where we're getting close to the mandates, for larger, percentage of electrification, especially among the municipalities and other fleets, we are seeing renewed, activity and the acquisition or the, getting information about these vehicles. So, we're very bullish on, the EV Star line commercially.

除此之外，在加州等地，我們已經接近規定要求，要求更大比例的電氣化，特別是在市政當局和其他車隊中，我們看到了新的活動和收購，或獲取有關這些車輛的資訊。因此，我們非常看好 EV Star 系列的商業化前景。

But, again, the beauty of our EV Star line is that not only do we leverage it for commercial vehicles, but we also leverage that, the same product essentially for our school bus. So, it really allows us to in a way, double dip in two different sectors, with the same product.

但是，我們的 EV Star 系列的優點在於，我們不僅將其用於商用車，而且我們還將其用於我們的校車。因此，它確實允許我們以某種方式利用同一種產品在兩個不同的領域進行雙重滲透。

Excellent. Well, thank you for that. Congratulations on the momentum here. I'll go ahead and hop back in the queue.

出色的。好吧，謝謝你。祝賀你們的進展。我將繼續並重新回到隊列中。

(Operator instructions)

（操作員指令）

Tate Sullivan, Maxim Group.

泰特·沙利文（Tate Sullivan），馬克西姆集團（Maxim Group）。

Thank you. Brendan, can you give some comments on how the how many electric school buses are on the road actively transporting students now your electric school buses and how has performance been? How has the feedback from customers in terms of ranges and charging or parts replacement has all been as you expected, please.

謝謝。布倫丹，您能否就目前有多少輛電動校車在路上運送學生以及你們的電動校車的表現如何發表一些評論？請問客戶對續航里程、充電或零件更換的回饋是否符合您的預期？

Frasier, I can start and then maybe you could follow on. So, GreenPower has taken a very, conservative approach to deploying our battery electric school buses. We deploy them where we believe they'll have the best opportunity for success from the weather, the terrain, and the operators.

弗雷澤，我可以開始，然後你可以繼續。因此，GreenPower 對部署電動校車採取了非常保守的方法。我們將他們部署到我們認為從天氣、地形和操作員角度來看最有可能成功的地方。

So, of the let's say the 100 vehicles from West Virginia, we've delivered about ten of those so far, but now we're starting to deliver one a week and soon two a week, and we should have those delivered here, all entirely delivered relatively soon.

因此，假設來自西維吉尼亞州的 100 輛汽車中，到目前為止我們已經交付了大約 10 輛，但是現在我們開始每週交付一輛，很快就會達到每週交付兩輛，我們應該很快就能將這些汽車全部交付到這裡。

Those are doing great, and we're expecting to, expand that deployment and continue to do great. As far as places like California, where we've been delivering for a while, I think Fraser got the exact numbers of the vehicles that have been deployed in California, but we have a strong backlog and we're delivering those at a regular run rate. And those, knock on wood have been very solid deployments with very satisfied customers and often cases really giving us follow-on orders.

這些都做得很好，我們期待擴大部署並繼續做得很好。至於加州等地，我們已經在那裡交付了一段時間的車輛，我認為弗雷澤已經掌握了加州已部署車輛的確切數量，但我們有大量積壓訂單，我們正在以正常的運行速度交付這些車輛。這些都是非常穩固的部署，客戶非常滿意，而且很多時候還會給我們後續訂單。

Our strategy now moving forward is going after the places where we see the vehicles having meaningful partner, an excellent atmosphere for deployment, also with the infrastructure in places, we have markets that we're moving into Arizona has been strong for us Oregon, has been strong for us. We're expecting some activity in Washington state here.

我們現在的策略是尋找那些我們認為有意義的合作夥伴、有極好的部署氛圍、有基礎設施的地方，我們正在進入的市場亞利桑那州對我們來說很強大，俄勒岡州對我們來說也很強大。我們預計華盛頓州將會有一些活動。

So, take, to be perfectly honest, we're very in a measured way, in a sustainable way we're deploying our school buses in places where we believe they can be successful. And Fraser can, I'm sure give us some more specifics or Michael, on the total exact number.

所以，坦白說，我們正以有節制、可持續的方式在我們認為能夠成功的地方部署我們的校車。我相信弗雷澤或邁克爾可以提供一些有關確切總數字的更多具體資訊。

I think I'd add that to your point, Brendan that the deployment in order to, support and have a long-term plan in place with various geographic areas you've got to have a strong service and support network, so pushing out parts supply through our dealer network and our support network as well as building out our service desk you are part of those requirements they'll help the end customer with the adoption of electric school buses.

我想補充你的觀點，布倫丹，為了部署、支持並製定與各個地理區域的長期計劃，你必須擁有強大的服務和支持網絡，因此通過我們的經銷商網絡和支持網絡推動零件供應以及建立我們的服務台，你是這些要求的一部分，他們將幫助最終客戶採用電動校車。

Great, thank you for that. And then there were some in the MD&A document, some comments on the increasing on an increasing your gross profit margin from here. And can you talk about what drives through throughput in your truck body division? I believe it's linked to an acquisition from a couple years ago at this point. Is it your mostly your vehicles? Is it, can you talk about that, or?

太好了，謝謝你。然後在 MD&A 文件中有一些關於從現在開始增加毛利率的評論。您能談談是什麼推動了卡車車身部門的產量嗎？我相信這與幾年前的一次收購有關。這主要是您的車輛嗎？是嗎，你能談論一下這個嗎？

Yeah, I'll.

是的，我會的。

I'll, I can touch on that.

我可以談一下這一點。

Go ahead.

前進。

Yeah, so I can talk about that. So, the truck body division, I would say the split is primarily third-party vehicles that that division is building truck bodies on. What we've seen in that division if we go back three years ago, there was a lot of demand for that type of work, across the industry, and so, the market dynamics at that time were such that if we took one of our cabin chassis to a competitor to have a body built on it.

是的，我可以談論這個。因此，對於卡車車身部門來說，我想說的分成主要是該部門正在製造卡車車身的第三方車輛。如果我們回顧三年前的情況，我們會發現該部門對此類工作的需求很大，整個行業都是如此，當時的市場動態是這樣的，如果我們把我們的一個駕駛室底盤拿到競爭對手那裡去建造車身。

We may have a wait time of, over nine months, 9 months to 12 months, and as you can appreciate, that type of wait time would have a negative impact on our, customer sales experience and so the acquisition at that time made a lot of sense and really helped us prioritize our truck body needs for our particular vehicles.

我們可能需要等待九個多月，9個月到12個月，正如您所知，這種等待時間會對我們的客戶銷售體驗產生負面影響，因此當時的收購非常有意義，確實幫助我們優先考慮特定車輛的卡車車身需求。

What we found is that if we fast forward to today, there's actually overcapacity in the sector and as a result, there's frankly less demand for this these bills than we've seen in the past and as a result, the throughput it was just, not there that we anticipated, so as part of the consolidation that we're doing, we will be closing that, location that we had for the truck body division.

我們發現，如果我們快進到今天，該行業實際上存在產能過剩，因此，坦白說，對這些卡車的需求比過去要少，因此，吞吐量並沒有達到我們的預期，所以，作為我們正在進行的整合的一部分，我們將關閉卡車車身部門的那個地點。

We will be consolidating that into, all of our operations and we do anticipate that they'll be measured efficiencies from doing this because, building truck bodies, we certainly have the in-house expertise, we have the employees who can handle this, and by folding that into our other operations we just see, a number of efficiencies from that.

我們將把它整合到我們所有的營運中，我們確實預計這樣做會提高效率，因為，在建造卡車車身方面，我們當然擁有內部專業知識，我們有可以處理這個問題的員工，而且透過將其納入我們的其他營運中，我們看到了由此帶來的許多效率。

Does the gross profit margin depend more on the efficiencies would you say, Michael, from consolidating California operations or also it relies on the higher throughput for the truck.

邁克爾，您認為毛利率是否更多地取決於整合加州業務帶來的效率，還是也取決於卡車的更高吞吐量。

It's really the higher throughput that will be driving this, the consolidation of the operations will have an impact, but that's the primary focus this consolidation as well as the efforts that are happening in West Virginia so that throughput. We'll certainly, as that improves over time, we anticipate that there'll be a measured improvement here in the gross profit margin.

真正推動這一進程的是更高的吞吐量，業務的整合將產生影響，但這是此次整合以及西維吉尼亞州正在進行的努力的主要重點，以提高吞吐量。當然，隨著時間的推移，我們預計毛利率將有一個明顯的提高。

Okay. Thank you all.

好的。謝謝大家。

With no further questions, this concludes our question-and-answer session. I would like to turn the conference back over to Fraser Atkinson for any closing remarks.

如果沒有其他問題，我們的問答環節就此結束。我想將會議交還給弗雷澤·阿特金森 (Fraser Atkinson) 做最後發言。

Thank you. We continue to see strong mandates supporting the adoption of our all-electric vehicles combined with an evolving landscape of incentive programs to support this adoption. We continue to work on the throughput in West Virginia with the resulting increase in sales and improvement with our gross profit.

謝謝。我們繼續看到強有力的授權支持採用我們的全電動汽車，並結合不斷發展的激勵計劃來支持這種採用。我們繼續致力於西維吉尼亞州的產量，從而增加銷售並提高毛利。

Finally, we're very excited about bringing all of our operations in California under one roof in Riverside, as this is not only going to provide operational efficiencies, but more importantly having all of our team of production, engineering, technical support, bringing them all together provides for a much stronger collaboration and team approach to producing high quality products for the marketplace. Thank you for your continued support and this ends today's call.

最後，我們非常高興將我們在加州的所有業務集中在河濱市，因為這不僅可以提高營運效率，更重要的是，將我們所有的生產、工程、技術支援團隊聚集在一起，可以實現更強的協作和團隊合作方式，為市場生產高品質的產品。感謝您一直以來的支持，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。