GreenPower Motor Company Inc (GP) 2025 Q4 法說會逐字稿

Hello. This is Craig Brelsford with RedChip Companies. Thank you for joining today's event with GreenPower Motor Company, which trades on the NASDAQ under the ticker GP. With us today, we have Fraser Atkinson, Chief Executive Officer and Chairman of GreenPower Motor; and Brendan Riley, President and Director. We will begin with a brief presentation in a moment and then we will answer your questions.

你好。我是 RedChip Companies 的 Craig Brelsford。感謝您參加今天的活動，GreenPower Motor Company 在納斯達克上市，股票代號為 GP。今天與我們在一起的有 GreenPower Motor 執行長兼董事長 Fraser Atkinson 和總裁兼董事 Brendan Riley。我們將立即開始簡短的介紹，然後回答您的問題。

(Operator Instructions) Before we begin, please allow me to read the safe harbor statement. This call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

（操作員指示）在我們開始之前，請允許我閱讀安全港聲明。本次電話會議可能包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。

All statements pertaining to future financial and/or operating results, along with other statements about the future expectations, beliefs, goals, plans or prospects expressed by management constitute forward-looking statements. Any statements that are not historical facts should also be considered forward-looking statements. Of course, forward-looking statements involve risks and uncertainties.

所有與未來財務和/或經營績效有關的陳述，以及管理層表達的其他有關未來預期、信念、目標、計劃或前景的陳述均構成前瞻性陳述。任何非歷史事實的陳述也應被視為前瞻性陳述。當然，前瞻性陳述涉及風險和不確定性。

I now turn the webinar over to the GreenPower team. Gentlemen, please go ahead.

現在我將網路研討會交給 GreenPower 團隊。先生們，請繼續。

Hi, Craig. My name is Fraser Atkinson, CEO of GreenPower, and I'm joined today with Brendan Riley, President of GreenPower.

你好，克雷格。我叫弗雷澤‧阿特金森 (Fraser Atkinson)，是 GreenPower 的首席執行官，今天和我一起出席的還有 GreenPower 總裁布倫丹‧萊利 (Brendan Riley)。

Hello, everyone.

大家好。

The plan is to go through a presentation and then take questions and answers, which Brendan and I are looking forward to engaging with stakeholders and others that have an interest in GreenPower. As Craig noted, we seek safe harbor.

計劃是透過演示然後進行問答，布倫丹和我期待與利益相關者和其他對 GreenPower 感興趣的人進行交流。正如克雷格所說，我們尋求安全港。

So I won't reread what he's already covered. And for those that are new to the GreenPower story, we design, manufacture and distribute a suite of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles. And we are focused on both the commercial vehicle market as well as the school bus sector, and we'll speak about both of those as we progress through the presentation.

所以我不會重讀他已經講過的內容。對於剛了解 GreenPower 故事的人來說，我們設計、製造和分銷一系列專用、全電動、零排放的中型和重型車輛。我們專注於商用車市場和校車領域，我們將在演示過程中討論這兩個領域。

The highlights for the company. We've delivered more than 700 of our Class 4 EV Star models, which cover everything from passenger to the trucking side, as well as our own cabin chassis, which other EVs have purchased and used for their particular product or product sets.

公司的亮點。我們已經交付了 700 多輛 4 級 EV Star 車型，涵蓋了從乘用車到卡車的所有車型，以及我們自己的駕駛室底盤，其他電動汽車公司也購買了這些底盤並將其用於其特定產品或產品組。

And we also have a strong growing order book for GreenPower school buses. Of note is that we are -- and we'll probably mention this a couple of times today, we are the only OEM with both the smaller Class 4 Type A school bus, which you can see in the top left picture there, and the Class 8 Type D all-electric school bus. And the top one, we have named the Nano BEAST, and the bottom one is the BEAST, which is battery electric, automated school transportation.

我們的 GreenPower 校車訂單也強勁成長。值得注意的是——我們今天可能會提到幾次，我們是唯一一家同時擁有較小的 4 級 A 型校車（您可以在左上角的圖片中看到）和 8 級 D 型全電動校車的 OEM。上面的那個，我們稱為 Nano BEAST，下面的是 BEAST，它是電池電動、自動化的校車。

Over the past year, there's been a significant slowdown with the adoption of electric medium- and heavy-duty commercial vehicles. Number one, regulations have been rescinded or postponed. Secondly, mandates have been relaxed or in some cases, just outright canceled. And thirdly, there isn't the same impetus or pressure to adopt electric vehicles. And whether that's by corporate resolution, stakeholder mandates or our government mandates, we've seen the pressure to adopt has really waned over the last year or so.

過去一年，電動中型和重型商用車的普及率明顯放緩。第一，法規被撤銷或延後。其次，授權已經放寬，或者在某些情況下，直接取消。第三，採用電動車的動力和壓力並不相同。無論是透過企業決議、利害關係人授權或政府授權，我們都看到，在過去一年左右的時間裡，採用的壓力確實已經減弱。

At the end of 2024, GreenPower commenced to rebuild. Since then, the company has consolidated its California operations into one location, changed the commercial vehicle group with a focus on business development and reduce costs.

2024年底，GreenPower開始重建。此後，該公司將加州業務整合至一處，改變了商用車集團的重點，專注於業務發展和降低成本。

As we were going through this, the tariffs arrived. And when I say arrived, they arrived with -- to a large degree with a lot of uncertainty and the inability to make a quick determination as to how one should recast your business. And so during this rebuild, with the current administration when they announced the tariffs resulted in delays in the receipt of shipments that we had and as well as increased cost of building our all-electric vehicles.

當我們正在經歷這一切時，關稅來了。當我說到達時，他們在很大程度上帶著很多不確定性到達，並且無法快速確定如何重塑您的業務。因此，在重建期間，現任政府宣布的關稅導致我們收到的貨物延遲，並增加了我們全電動汽車的生產成本。

And by July, most of these issues have been sorted out, allowing GreenPower to recommence production of our all-electric, purpose-built school buses. So where we see the strongest demand in the EV space for the products that we brought to market is in the school bus space.

到 7 月份，大部分問題都已解決，GreenPower 得以重新開始生產全電動專用校車。因此，我們發現，在電動車領域，我們推向市場的產品需求最強勁的領域是校車領域。

So unlike the commercial vehicles that I alluded to on the previous slide, the school bus sector just seems to be get -- be getting stronger and stronger. And Brendan and I will go through a number of the different aspects that really are not just driving that demand, but will maintain the strong demand over the next 5 years to 10 years.

因此，與我在上一張幻燈片中提到的商用車不同，校車產業似乎變得越來越強大。布倫丹和我將討論許多不同的方面，這些方面不僅推動了這種需求，而且將在未來 5 年到 10 年內保持強勁的需求。

The graph on the left gives you an idea of the order books in terms of the vehicles that have been ordered or have been actually deployed and are operating. And as you can see by October 2024, the sum of those two categories was just over 12,000 school buses. Well, that's a drop in the bucket compared to the total school buses that are on operation in the nation, which amounts to 490,000 school buses. So there's a long, long way to go to electrify the school bus fleet in the nation. Electric school buses are a great fit, because they have a very predictable route.

左側的圖表可讓您了解已訂購或實際部署並正在運行的車輛的訂單情況。正如您所看到的，到 2024 年 10 月，這兩類校車總數將超過 12,000 輛。但與全國營運的校車總數（49萬輛）相比，這只是九牛一毛。因此，要使全國的校車電氣化還有很長的路要走。電動校車非常適合，因為它們的路線非常可預測。

It's generally at a much, on average, a lower speed than say, a commercial vehicle. And there's a host of other aspects that really provide for a great fit. There's state mandates, accelerating adoption, which we'll get into in terms of the details of those mandates. But at a high level, we're talking about some of the key markets such as New York, which has 50,000 school buses in California with 30,000 school buses. Just those two states alone account for almost 20% of the marketplace.

通常來說，它的平均速度比商用車低得多。還有許多其他方面可以真正實現完美契合。有國家授權，加速採用，我們將深入討論這些授權的細節。但從高層次來看，我們談論的是一些關鍵市場，例如紐約，紐約有 50,000 輛校車，加州有 30,000 輛校車。光是這兩個州就佔據了近 20% 的市場。

Even capturing just 1% of diesel bus replacements equates to a $1.3 billion revenue opportunity per year. And as noted at the outset on this slide, the demand for electric school buses is expected to exceed industry production capabilities for years to come.

即使只佔 1% 的柴油公車替代品，也相當於每年 13 億美元的收入機會。如本投影片開頭所述，未來幾年電動校車的需求預計將超過產業生產能力。

This is a little graphic that an organization, healthy environment for kids. It's a Canadian organization, which gives you some sense that whether you're in the US or in Canada, we're dealing with the same issues. And that's as noted by the headline or the slide -- at the top of the slide here is that the children's health is really one of the primary drivers of demand in this sector.

這是一張小圖表，展示了一個組織為孩子們創造的健康環境。這是一個加拿大組織，這讓你感覺到無論你在美國還是在加拿大，我們都在處理同樣的問題。正如標題或幻燈片所指出的那樣——幻燈片頂部指出，兒童健康確實是該領域需求的主要驅動力之一。

On the left of this slide are all the different issues and reasons that the existing school buses that are in place are impacting in many cases, a very negative way with the transportation of kids to their respective schools.

這張投影片的左側列出了現有的校車在許多情況下對孩子們上學交通產生非常負面的影響的各種問題和原因。

And on the right, number of the benefits of flow from electrifying school bus fleets. So zero-emission school buses are the solution for the problems that I've just outlined. And it's worth noting at a high level, some of these and that the diesel exhaust, which contains harmful pollutants or specifically NOx emissions. These, in particular, affect younger kids where their lungs are still developing. And the research shows that they have a much higher incidence of respiratory illnesses or even cancerous diseases.

右邊是電動校車車隊帶來的許多好處。因此，零排放校車就是解決我剛才概述的問題的方案。值得注意的是，其中一些柴油廢氣含有有害污染物或特定的氮氧化物排放。這些疾病尤其會影響肺部仍在發育的幼兒。研究表明，他們患呼吸系統疾病甚至癌症的發生率要高得多。

Secondly, is that the PM 2.5, a particulate matter, gets into the bloodstream. And so you have a different set of health issues related to another emission from the diesel emitting school buses. And lastly, the actual transportation, the time spent in these older diesel emission or ICE school buses is that any prolonged transportation time when the kids get to school, they're tired. They just literally are -- can be worn out from sitting in an environment that is not beneficial to their health. So the solution, as noted on the right-hand side of this slide is zero-emission school buses.

其次，PM 2.5 這種粒狀物會進入血液。因此，柴油校車的另一種排放物會帶來一系列不同的健康問題。最後，實際的交通，在這些老式柴油排放或 ICE 校車上花費的時間是，當孩子們到達學校時，任何延長的交通時間都會讓他們感到疲倦。他們確實會因為坐在不健康的環境中而感到疲憊。因此，如這張投影片右側所示，解決方案是零排放校車。

And right now, there are no other school buses available other than battery electric that would be a zero-emission school bus. And of note is that the research in this area also shows that pre-1990 buses compared to electric buses saw a significant gain in test scores and attendance just simply by changing the mode of transportation to one that is more beneficial to their health and welfare.

目前，除了電池電動校車之外，沒有其他零排放校車可供選擇。值得注意的是，該領域的研究還表明，與電動公車相比，1990 年以前的公車僅僅透過將交通方式改變為更有利於人們健康和福利的方式，就顯著提高了考試成績和出勤率。

And this is also an investment opportunity in that it's healthier students means an improved learning environment and reduced absenteeism in addition to the actual cost structure, total cost of ownership of a school bus that's electric versus the traditional diesel.

這也是一個投資機會，因為更健康的學生意味著更好的學習環境和更少的曠課，此外還有實際成本結構，即電動校車相對於傳統柴油校車的總擁有成本。

And on that, I'll turn it over to Brendan.

關於這一點，我將把它交給布倫丹。

Thank you, Fraser. When I first entered the commercial EV space back in 2011 -- middle of 2011, the real issue with commercial EVs was that the grid did not have enough power for commercial EVs. And that really hasn't changed. The grid -- actually, if it's changed, it's changed for the worst.

謝謝你，弗雷澤。當我在 2011 年中期首次進入商用電動車領域時，商用電動車的真正問題是電網沒有足夠的電力來滿足商用電動車的需求。而這一點確實沒有改變。電網——實際上，如果它發生了變化，那也是變得更糟了。

So the grid has a huge issue in -- Fraser, if we could go back one slide, so the grid has a huge issue where it does not have enough power right now, enough electrons on the grid in either generated nor transmitted for all of the data centers we're building let alone for school buses and we were thinking, okay, well, school buses were part of the problem. Along comes vehicle-to-grid technology, and that's technology where -- sorry, we lost the screen. Craig, Can you guys see me?

因此，電網存在一個巨大的問題——弗雷澤，如果我們可以回到上一張幻燈片，那麼電網存在一個巨大的問題，即它現在沒有足夠的電力，電網上沒有足夠的電子為我們正在建設的所有數據中心產生或傳輸，更不用說校車了，我們在想，好吧，校車是問題的一部分。隨之而來的是車輛到電網技術，而這項技術——抱歉，我們失去了螢幕。克雷格，你們看得見我嗎？

Yes, I can see Fraser's.

是的，我能看到弗雷澤的。

Nonetheless, what's going on is that the grid has an absence of -- we've had all kinds of electric generation shutdown with conventional coal and gas power plants and even some nuclear power plants. And with the advent of the data centers, the big issue is how do we make the grid resilient enough to really deal with the new demands on the grid. And school buses really provide an amazing solution for this. They're actually plugged into their chargers most of the time.

儘管如此，目前的情況是，電網缺乏——我們已經關閉了各種發電設施，包括傳統的煤炭和天然氣發電廠，甚至一些核電廠。隨著資料中心的出現，最大的問題是如何使電網具有足夠的彈性來真正滿足電網的新需求。校車確實為此提供了一個令人驚嘆的解決方案。事實上，它們大多數時候都插在充電器上。

So 90% of the time, they're actually plugged in. You need the school bus plugged into a charger to actually be able to export power. And the school buses are operating, let's say, for an average 2 hours a day, an hour in the morning, an hour in the evening. And the rest of the time, they're available to either give power to or take power from as utility demands.

所以在 90% 的時間裡，它們實際上都處於插入狀態。您需要將校車插入充電器才能真正輸出電力。校車每天平均運行 2 小時，早上 1 小時，晚上 1 小時。其餘時間，它們可以根據公用事業的需求提供電力或獲取電力。

So we really see an opportunity where we're deploying the school buses, where the school buses aren't really part of the problem, they're actually part of the solution and provide this fungible resource, this battery bank of electrons that the utilities can take or give depending on what they want to do.

因此，我們確實看到了部署校車的機會，校車實際上並不是問題的一部分，而是解決方案的一部分，並提供這種可替代的資源，這種電池組，公用事業公司可以根據自己的需求獲取或提供。

So sorry, I'm going to rejoin here and see if I can get back in. I'm just going to keep on with my side folks. I apologize for this. So the solution is the clean technology provides a fungible resource of power. It can provide grid stabilization.

非常抱歉，我將重新加入這裡，看看是否能回來。我只是想繼續和我的朋友們在一起。我對此表示歉意。因此，解決方案是清潔技術提供可替代的能源。它可以提供電網穩定。

It can provide peak demand offset, and it also provides the opportunity for the school districts to do arbitrage where they buy energy when it's cheap, they sell it back to the grid when it's more valuable and can make the money. Now you do need some components on here. You do need bidirectional chargers, and you need vehicles that are enabled to do vehicle-to-grid, again with smart grid integration.

它可以提供尖峰需求補償，也為學區提供套利的機會，即在能源價格便宜時購買能源，然後在能源價格更高時將其賣回給電網，從而賺錢。現在您確實需要一些組件。你確實需要雙向充電器，並且需要能夠進行車輛到電網連接的車輛，並再次實現智慧電網整合。

So the opportunity here for the vehicle-to-grid and GreenPower specific opportunity here with this new Mega BEAST product that we have, which is a school bus that has almost 400-kilowatt hours of batteries on board. We really have a compelling new product where we have enough fungible power onboard that even though an interconnect and the hard working cost upwards of $70,000, $80,000, $100,000 per connection when you've got a big battery that you're leveraging like that, it's basically like having containerized battery storage. Next slide, please, Fraser. Yes, I'm not online right now, folks. I'm just on this Zoom call.

因此，我們擁有的這款新型 Mega BEAST 產品為車輛到電網和 GreenPower 帶來了特定機會，這是一輛校車，配備了近 400 千瓦時的電池。我們確實有一個引人注目的新產品，我們擁有足夠的可替代電源，即使互連和辛勤工作的成本高達每個連接 70,000 美元、80,000 美元、100,000 美元，當你擁有一個可以充分利用的大電池時，它基本上就像擁有集裝箱電池存儲一樣。弗雷澤，請看下一張投影片。是的，各位，我現在不在線上。我剛剛參加了這個 Zoom 會議。

I don't have any screen here.

我這裡沒有任何螢幕。

Brendan, I hate to interrupt. But one solution could be for you to display the deck on your screen, and we currently are on page 7 of the deck.

布倫丹，我不想打斷你。但有一種解決方案是讓您可以在螢幕上顯示該卡片，而我們目前位於該卡片的第 7 頁。

Yes, that's what I've done. Thank you for that recommendation, Craig. I'm sorry about this guys. I have technical difficulties here. So the state-led momentum driving electric school bus adoption. Previously, we had the EPA bill, which is really a nationwide program. Maybe not set up in the most efficient manner, and I know a lot of the school bus manufacturers haven't been very pleased with the way that program was not only set up and administered, but even deployed.

是的，我就是這麼做的。謝謝你的推薦，克雷格。我對此感到抱歉。我這裡遇到了技術困難。因此，國家主導的勢頭推動了電動校車的普及。此前，我們有環保署法案，這實際上是一項全國性計劃。也許不是以最有效的方式建立的，而且我知道許多校車製造商對該計劃的建立和管理方式甚至部署方式都不太滿意。

We, at GreenPower, are really looking at the two markets that are going to be driving electric school bus adoption here. One is New York, which has 100% zero-emission school buses is on their road map by 2035. It's about $15 billion of market opportunity.

我們 GreenPower 正在認真關注推動電動校車普及的兩個市場。其中一個是紐約，其計劃在2035年實現100%零排放校車。這是一個約150億美元的市場機會。

And currently, they've got NYS BIP vouchers. They've got a $0.5 billion Bond Act and $100 million in 2025 budget just for electric school buses alone. And they just announced at the end of last month, an additional $200 million.

目前，他們已經獲得了紐約州 BIP 代金券。他們已經制定了 5 億美元的債券法案，並在 2025 年為電動校車制定了 1 億美元的預算。他們上個月底剛宣布再追加 2 億美元。

So-we really see a lot of opportunities in the New York market. They also have opportunities where they're incentivizing V2G, giving you more money towards the purchase of a school bus if it has V2G capabilities, and schools are eligible under this program to get the chargers installed or partially paid for.

所以我們確實在紐約市場看到了很多機會。他們還有機會激勵 V2G，如果校車具有 V2G 功能，他們會給你更多的錢來購買校車，學校有資格根據該計劃安裝充電器或部分支付費用。

Now in California, where we've had really a long-standing electric school bus program, there is an assembly bill out there, 579, which again mandates 100% zero-emission school buses by 2035. But there, it's about a $10 billion opportunity all in. And they've got $500 million in the zero-emission school bus initiative.

現在，在加州，我們已經有一個長期的電動校車計劃，並且有一項議會法案，即第 579 號法案，該法案再次要求到 2035 年實現 100% 零排放校車。但這是一個價值約 100 億美元的機會。他們還為零排放校車計畫投入了 5 億美元。

They've got a school bus set aside program or money specifically set aside just to be spent on the school bus program. We have HVIP, which is the Hybrid and Electric Vehicle Incentive Program, which basically pays immediately the dealer or the OEM for a portion or all of the vehicles. We got AQMD programs and the VW Mitigation funds that we can draw from also. Next slide, please.

他們有一個校車預留計劃或專門撥出資金用於校車計劃。我們有 HVIP，即混合動力和電動車激勵計劃，該計劃基本上會立即向經銷商或 OEM 支付部分或全部車輛的費用。我們也可以藉鏡 AQMD 計畫和 VW 緩解基金。請看下一張投影片。

So we want to look at the competitive landscape. Again, Fraser earlier went on to say we make a Type A and a Type D school bus. The Type A is a Class 4 school bus that we make actually on our own platform. If you go across other manufacturers, there's no other platform -- there's no other manufacturer that uses their own platform.

因此，我們想看看競爭格局。弗雷澤之前也說過，我們生產 A 型和 D 型校車。A 型是我們在自己的平台上製造的 4 級校車。如果你看看其他製造商，你會發現沒有其他平台——沒有其他製造商使用自己的平台。

They buy somebody else's platform and they modify, they convert it. So we have a native EV platform that we build our body on, which is, we believe, incredibly compelling as far as warranty coverage and exposure longevity, durability, compelling nature of the vehicle.

他們購買別人的平台並對其進行修改和轉換。因此，我們有一個原生的電動車平台，我們在此基礎上建立我們的車身，我們相信，就保固範圍和壽命、耐用性以及車輛的引人注目的特性而言，該平台具有極強的吸引力。

There's a lot of -- I mean, or is it something that was changed in essentially a garage at some point. The other thing that GreenPower has that none of the other competitors really meet in this space is we got all four items checked here.

有很多——我的意思是，或者它是在某個時候在車庫裡改變的東西。GreenPower 的另一個優點是，其他競爭對手在這一領域都無法比擬，那就是我們在這裡檢查了所有四項內容。

We've got the HVIP eligible vehicle, New York School bus contract. We've got really, really big batteries comparatively to a lot of the folks in Type A school bus space, which enables us to have a range or this vehicle-to-grid capability, and we have the battery capacity listed below. In the Type D school bus or the Class 8 school bus, that's a flat nose school bus.

我們擁有 HVIP 合格車輛、紐約校車合約。與 A 型校車領域的許多人相比，我們擁有非常非常大的電池，這使我們能夠擁有一定的續航里程或車輛到電網的能力，我們的電池容量如下所示。在D型校車或8級校車中，那是平鼻校車。

And a lot of people here might not realize that with these flat nose school buses, the safety factor for the students and everyone on the road is increased immensely. They also refer to these as transit style school buses. You don't have this nose in front, this hood in front of you as a driver. So you really cab forward, your seat is at the front of the bus. You have full front control and your visibility is really right down to the street in front of the vehicle without this huge blind spot in front.

很多人可能沒有意識到，有了這些平頭校車，學生和道路上所有人的安全係數都大大提高。他們也稱之為運輸式校車。作為一名駕駛員，你前面沒有這個車頭，前面沒有這個引擎蓋。所以你實際上是坐在車的前面，你的座位在公車的前部。您可以完全控制前方，視野可以直達車輛前方的街道，而不會出現前方巨大的盲點。

California has largely adopted this type and actually on the West Coast, they've been largely adopted mostly due not only to passenger capacity at the heavy-duty nature of it and the way they ride. There are a lot of benefits of the transit style bus. But the visibility for the safety of the students crossing in front or being in front of the bus is immensely compelling.

加州已廣泛採用這種類型，實際上在西海岸，它們也已被廣泛採用，主要是因為其不僅具有載客量，還具有重型特性和行駛方式。公車有很多好處。但是，對於在校車前面過馬路或站在校車前面的學生的安全而言，能見度是非常重要的。

And if you look at our product compared to the others, it's our purpose-built chassis. We're on the HVIP eligibility. We're on the New York school bus contract. Again, we've got very large batteries that make them incredibly compelling. The bus seats up to 90 students, which is the highest capacity of any school bus in our class. And we really have industry-leading battery capacity with almost 400-kilowatt hours in the Mega BEAST and just under 200-kilowatt hours in the BEAST. And the next slide, please, Fraser.

如果您將我們的產品與其他產品進行比較，您會發現它是我們專門打造的底盤。我們符合 HVIP 資格。我們簽訂了紐約校車合約。再次，我們擁有非常大的電池，這使得它們極具吸引力。該校車最多可容納 90 名學生，是我們同類校車中容量最大的。我們的電池容量確實處於業界領先地位，Mega BEAST 的電池容量接近 400 千瓦時，BEAST 的電池容量略低於 200 千瓦時。弗雷澤，請看下一張投影片。

I'll just speak to this slide and then turn it back to you, Brendan. GreenPower in its most recent fiscal year ended March 31 or ending March 31, 2025, we delivered 34 of the larger BEAST school buses and 2 of the smaller Type A Nano BEAST school buses, which gives you some idea that the Nano BEAST is early days for GreenPower. As we build up our book and our production capabilities, we expect to see, I would say, a higher -- disproportionately higher number of the Type A school buses in relation to the overall market.

我只會針對這張投影片講幾句話，然後把它交還給你，布倫丹。GreenPower 在截至 3 月 31 日或 2025 年 3 月 31 日的最近一個財政年度中，交付了 34 輛大型 BEAST 校車和 2 輛小型 A 型 Nano BEAST 校車，這讓您了解到 Nano BEAST 是 GreenPower 的早期產品。隨著我們的庫存和生產能力的不斷增加，我們預計 A 型校車的數量將比整體市場高出許多。

And if we went back to that number, on our previous slide of 490,000 school buses nationwide, there's almost 100,000 of those that are Type A. So that gives you an idea of we are just started on this market. And in fact, to give it some context, we have our first delivery that -- where we have the Nano BEAST organized for the state of New York, and are really excited about not just that delivery, but really getting that whole market going in terms of our offering, which is the only purpose-built Type A school bus.

如果我們回顧這個數字，我們之前發布的全國 490,000 輛校車中，有近 100,000 輛是 A 型校車。所以，這讓你了解到我們才剛進入這個市場。事實上，為了說明一些背景，我們已經完成了首次交付——我們為紐約州組織了 Nano BEAST，我們不僅對這次交付感到非常興奮，而且真的讓整個市場都開始了解我們的產品，這是唯一一款專門製造的 A 型校車。

In terms of our order book, we have approximately $60 million of orders for both the BEAST and the Nano BEAST. And a significant chunk of this is at various stages of production for customers in the states listed on this slide. And we also have an active qualified pipeline that in addition to the states that we have the order book includes half a dozen other states.

就我們的訂單而言，我們對 BEAST 和 Nano BEAST 的訂單總額約為 6000 萬美元。其中很大一部分處於生產的各個階段，供本投影片所列各州的客戶使用。我們還有一個活躍的合格管道，除了我們訂單簿上的州之外，還包括其他六個州。

So we see growth both within the core states that we've talked about so far in this presentation being New York and California, but we also see a geographic spread in terms of a number of other states that have a significant desire to adopt electric school buses.

因此，我們看到，在本次演講中迄今為止討論過的核心州，即紐約州和加利福尼亞州，都在增長，但我們也看到了地理分佈，即許多其他州也非常希望採用電動校車。

Mentioned tariffs at the beginning of the presentation, and I didn't really do a justice in the context that the tariffs hammered us not just in terms of the uncertainty of how they would play out with our supply chain, ultimately the costs and the timing of production. But in our case, we had parts that we needed for ongoing production that sat in ports for months.

在演講開始時提到了關稅，但我並沒有真正公正地說明關稅給我們帶來的打擊不僅僅是對我們的供應鏈產生影響的不確定性，最終還會影響成本和生產時間。但就我們的情況而言，我們正在進行的生產所需的零件在港口擱置了數月之久。

And Brendan and the team were able to get these issues substantially resolved by -- through last month. So from sort of the March, April time frame till halfway through July. In some cases, we had a complete stop in terms of our production. We're now able to resume. And we also have a plan in terms of the tariffs as they sit today in terms of how GreenPower should best produce a vehicle given the current regime of tariffs.

到上個月為止，布倫丹和他的團隊已經能夠基本解決這些問題。因此，從三月、四月的時間範圍一直到七月中旬。在某些情況下，我們的生產完全停止了。我們現在可以恢復了。我們也針對目前的關稅制定了計劃，在現行關稅制度下，GreenPower 應如何以最佳方式生產汽車。

And lastly, as a bit of a departure from just building and delivering a school bus to school bus operator, it's called district or a dealer for deployment with one or the other is today, we announced a contract that we signed with the State of New Mexico for more than $5 million for an electric school bus pilot project.

最後，與僅僅建造和交付校車給校車運營商（稱為學區或經銷商）進行部署有所不同，今天，我們宣布與新墨西哥州簽署了一項價值超過 500 萬美元的合同，用於電動校車試點項目。

And the first phase, which plans to start the middle of September will involve three of our Type A Nano BEAST, and those will be -- each of the three will be deployed for 6 weeks in a school district and move on to the next and then the next.

第一階段計劃於 9 月中旬開始，將涉及我們的三台 A 型奈米 BEAST，這三台機器將分別在一個學區部署 6 週，然後部署到下一個學區，然後再下一個學區。

And so the first year, our focus is around the Type A school bus. And then the second year, the plan is -- and after the first year, they'll -- State of New Mexico will determine how they want to use those three on an ongoing basis. But each location we go to, we'll be setting up charging and we're going to be using different types of chargers, both Level 2 and Level 3. So they really get the full experience and the reports that we help generate for the state will give them an incredible database in terms of how they can further the adoption of electric school buses.

因此，第一年我們的重點是 A 型校車。然後第二年的計畫是——第一年之後，新墨西哥州將決定如何持續使用這三項資金。但我們去的每個地方都會設置充電裝置，並且會使用不同類型的充電器，包括 2 級和 3 級。因此，他們真正獲得了完整的體驗，我們幫助州政府產生的報告將為他們提供一個令人難以置信的資料庫，幫助他們進一步推廣電動校車。

The second year will involve two of our BEAST and one of our Mega BEAST. And as Brendan noted, the Mega BEAST, the objective there is to also involve that vehicle with V2G. So once again, in the same spirit as the Nano BEAST is that we'll be -- we're not going to move that vehicle around to different school districts, it will be set up with just one. But the other two BEASTs will move around to school districts similar to the Nano BEAST, giving us a very thorough coverage of the state and a great database for them to work with on the product. And we're back to slide 10 for --

第二年將涉及我們的兩個 BEAST 和其中一個 Mega BEAST。正如布倫丹所指出的，Mega BEAST 的目標也是讓這輛車與 V2G 結合。因此，再一次，本著與 Nano BEAST 相同的精神，我們不會將該車輛移到不同的學區，它只會設置一個。但另外兩個 BEAST 將會轉移到與 Nano BEAST 類似的學區，這為我們提供了對該州的非常全面的覆蓋，並為他們在產品開發方面提供了一個龐大的資料庫。我們回到第 10 張投影片--

Yes. Thank you, Fraser. And we've done -- we've conducted these pilot projects, namely the one in West Virginia to where we really got the fact that the school districts participated in the project -- in the program, and we're able to operate the vehicles.

是的。謝謝你，弗雷澤。我們已經完成了這些試點項目，即西維吉尼亞州的試點項目，我們確實了解到學區參與了該項目，並參與了該計劃，我們能夠操作這些車輛。

You could really understand their sweet spot, what routes they could possibly electrify and how this gets incorporated into the fleet. The project is, we think, is destined to be very successful as was the West Virginia project.

您可以真正了解他們的最佳點，他們可能將哪些路線電氣化以及如何將其納入車隊。我們認為，該項目注定會像西維吉尼亞計畫一樣取得巨大成功。

So we were talking about our platform, GreenPower's platform, that's really one of our main differentiators from all of the competitors in the space. And this is our EV Star platform. This is an incredibly compact, but with high load capacity, long range. And again, it's purpose-built. We build this vehicle from ground up as an EV.

因此，我們談論的是我們的平台，GreenPower 平台，這實際上是我們與該領域所有競爭對手的主要區別之一。這就是我們的 EV Star 平台。這是一種極其緊湊的產品，但具有高負載能力和遠射程。再次強調，它是專門建造的。我們從頭開始打造這款車作為電動車。

It has some of the best cargo capacity, so low payload capacity, allows us to put 7,000 pounds of body and passengers on this vehicle, which is really industry-leading and is really our leg up on the competition with those converted vehicles.

它擁有最佳的載貨能力，因此較低的有效載荷能力使我們能夠將 7,000 磅的車身和乘客放在這輛車上，這確實是業界領先的，也是我們在與那些改裝車輛的競爭中佔據優勢的優勢。

And this purpose-built vehicle has both Level 2 and Level 3 capabilities on it, including V2G. We've built and delivered over 700 of these. So we've got the parts worked out. We've got all -- everything worked out as far as the supply chain, parts, service, integration. And again, with that size battery, we do have leading range of 150-or-so miles on a single charge. Next slide, please, Fraser.

這款專用車輛具備 2 級和 3 級功能，包括 V2G。我們已經建造並交付了 700 多架這樣的飛機。我們已經把各個部分都解決了。我們已經做好了一切準備，包括供應鏈、零件、服務、整合等。而且，有了這種尺寸的電池，我們一次充電就能行駛約 150 英里。弗雷澤，請看下一張投影片。

So the reason we show this platform is that this is our fungible platform that we use to build our school bus. We also use it to build our trucks, our stake bed, our reefer unit, our Mobility Plus, which is our cutaway shuttle bus product.

我們展示這個平台的原因是，這是我們用來製造校車的可替代平台。我們也用它來製造我們的卡車、我們的倉柵車廂、我們的冷藏裝置、我們的 Mobility Plus（這是我們的剖面穿梭巴士產品）。

It's a very versatile platform and has really allowed us to pivot and refocus more focus basically with the same thing into the school bus space. When we've built these, they could have been used for trucks. But now we really see the truck market softening, and it allows us to use the same product for the school bus market.

這是一個非常多功能的平台，它確實使我們能夠將更多的注意力轉向校車領域。當我們建造這些時，它們本可以用於卡車。但現在我們確實看到卡車市場正在疲軟，這使我們能夠將相同的產品用於校車市場。

And again, the design is industry-leading. What we haven't discussed yet here on this call is the bodies that we produce. Fraser likes to say they look futuristic and they do, and they do have the most room inside, the best space inside. But it's space age aluminum superstructure that we use for these vehicles. So it's not -- it doesn't corrode, it's lighter weight, it's stronger, it will last longer, it's a higher durability standard.

而且，該設計是業界領先的。我們在這次電話會議上還沒有討論的是我們生產的車身。弗雷澤喜歡說它們看起來很有未來感，事實也確實如此，而且它們的內部空間最大，內部空間最好。但我們在這些飛行器上使用的是太空時代的鋁製上層建築。所以它不會腐蝕，重量更輕，更堅固，使用壽命更長，耐用性標準更高。

Our medium-duty vehicle has a heavy-duty body on it, which is also a first and really gives us this incredibly nice handling, long lifespan. We have the rooftop air conditioning and heating unit on it, which creates a very comfortable cabin, highest headroom in the Type A class. And again, it shows well, it presents well. It lasts longer. It requires at least maintenance.

我們的中型車輛採用重型車身，這也是首創，確實為我們帶來了令人難以置信的良好操控性和較長的使用壽命。我們在其上安裝了車頂空調和加熱裝置，從而創造出非常舒適的車艙，並且是 A 型車中頭部空間最大的車艙。再次強調，它表現得很好，呈現得很好。它持續時間更長。它至少需要維護。

Again, no corrosion, all that stuff. Ideal for the Northeast where the lion's share of these, we're anticipating them to be deployed. This platform was tested also independently by the federal government under the FTA at the Altoona testing ground or the Altoona proving ground in Pennsylvania, where it received 92.2, which at the time was the highest score for any EV or medium-duty vehicle. But it's still among the highest scores ever tested at Altoona. And that includes the maintainability, the durability, all the different aspects of the vehicle.

再說一遍，沒有腐蝕，沒有其他東西。這對東北地區來說是理想的，因為該地區佔據了其中的大部分份額，我們預計它們將被部署。該平台還根據聯邦貿易法案 (FTA) 在賓夕法尼亞州阿爾圖納試驗場接受了聯邦政府的獨立測試，並獲得了 92.2 分，這在當時是所有電動車或中型車中的最高分。但它仍然是阿爾圖納有史以來的最高分數之一。其中包括可維護性、耐用性以及車輛的所有不同方面。

That test has been designated. So the government knows what they're spending their money on. So it used to be a buyer beware test. Now it is a pass fail test and does have a score given to it. Not only did we pass, we got an incredibly high score. Next slide, please, Fraser.

該測試已被指定。因此政府知道他們的錢花在了什麼地方。所以它曾經是一個買家謹慎測試。現在，這是一次通過失敗測試，並且確實給出了分數。我們不僅通過了，還獲得了極高的分數。弗雷澤，請看下一張投影片。

So Fraser was talking about some of our issues we're having with tariffs and the new normal here with what's going to happen with cost of goods and our cost of components for supply. One thing that GreenPower has always leveraged but will continue to leverage is our manufacturing-light approach where we have the ability to not only build and assemble here in the US, but we can leverage our contract manufacturers in Malaysia and other places, which allows us to get vehicles produced in a more scalable manner where we can have higher throughput capacity without necessarily creating -- the business is still lumpy, so you can't really expand.

弗雷澤談到了我們在關稅方面遇到的一些問題，以及商品成本和零件供應成本的新常態。GreenPower 一直利用並將繼續利用的一點是我們的輕型製造方法，我們不僅能夠在美國製造和組裝，而且還可以利用我們在馬來西亞和其他地方的合約製造商，這使我們能夠以更具可擴展性的方式生產汽車，從而獲得更高的生產能力，而不必創造——業務仍然不穩定，因此無法真正擴張。

The roadside is littered in our industry with companies that just had too much capacity, too much space, too much overhead. And the business, again, was too lumpy and it just was unmanageable. At GreenPower, not only have we made our US operations more cost effective through consolidation and really minimized areas where we thought we could really cut in, but leveraging our international contract manufacturing has -- we believe, still has the winning formula and allows us to really build and scale up and scale down when our orders are -- as our order book develops.

在我們的產業中，路邊到處都是產能過大、空間過大、開銷過高的公司。而且，業務又變得太混亂，難以管理。在 GreenPower，我們不僅透過整合提高了美國業務的成本效益，真正減少了我們認為可以切入的領域，而且利用我們的國際合約製造——我們相信，這仍然是成功的秘訣，並使我們能夠隨著訂單的增加而真正地擴大和縮小規模——隨著我們的訂單量的增長。

And with that, I will turn it back to Fraser. Thank you, folks.

說完這些，我就把話題轉回弗雷澤。謝謝大家。

Thank you, Brendan. So quickly with regards to our recently completed and filed year-end, being the year ended March 31, 2025. We reported revenues of just under $20 million, which was down from the previous year. If you took out the Workhorse, the cab chassis that we sold to Workhorse in the previous fiscal year, we actually had an uptick in the rest of the business. And so that gives us some idea of the base that we're working with moving forward as the March 31, 2025, is more representative of where we're going over the next year or two as we complete the rebuild that I've referenced at the outset of this presentation.

謝謝你，布倫丹。關於我們最近完成並提交的年度報告，截至 2025 年 3 月 31 日的年度報告，請快速回覆。我們報告的收入略低於 2000 萬美元，比前一年下降。如果除去 Workhorse，也就是我們在上一財年賣給 Workhorse 的駕駛室底盤，我們其餘業務實際上都有所成長。因此，這讓我們對我們正在努力實現的目標有了一些了解，因為 2025 年 3 月 31 日更能代表我們在未來一兩年內完成重建的目標，正如我在本次演講開始時提到的那樣。

But one of the things that we've always been able to accomplish is we continue for the vehicles we sell quarter after quarter, year-over-year, generate a gross profit. And if I look -- we've shown this chart for a couple of years now, and it seems like all the ones in red, we have to change because one or two of them go by the wayside.

但我們始終能夠實現的目標之一是，我們銷售的汽車能夠逐季、逐年產生毛利。如果我看一下——我們已經展示了這張圖表好幾年了，似乎所有紅色的，我們都必須改變，因為其中有一兩個被拋在一邊了。

And that really is that if you can't define a sustainable business model in terms of generating gross profit on your sales of products, that eventually, you have to either increase your prices, change your business model or you're not going to be able to continue. The 9.7% was the gross profit for the year for GreenPower. I should note that in the fourth quarter, the gross profit was 10% -- I think, 11% to 12%.

事實上，如果你不能在產品銷售產生毛利方面定義一個可持續的商業模式，那麼最終你要么提高價格，要么改變你的商業模式，否則你將無法繼續下去。9.7% 是 GreenPower 當年的毛利。我應該指出，第四季度的毛利為 10%——我認為是 11% 到 12%。

And that's after all the adjustments that were posted for the -- for both the quarter and as well for the year. So if you backed out the year-end adjustments or realizable value adjustments or inventory write-downs, some of which are -- you might reasonably expect to recur, others that are onetime, then before all those adjustments, our gross profit was in the 22% to 23% before adjustments.

這是在對本季和全年做出的所有調整之後的數據。因此，如果您撤銷年終調整或可實現價值調整或庫存減記，其中一些是 - 您可能合理地預期會再次發生，其他是一次性的，那麼在所有這些調整之前，我們的毛利在調整前處於 22％ 到 23％ 之間。

And that is our ongoing target as we get the business focused on the core parts of our order book, which right now is our school buses, both the Type A and the Type D. And as noted on the right there, the rest of the companies other than Tesla are as shown on this slide, have significant gross profit losses being that the cost of goods sold substantially exceeds the revenue that they're attaining on their sale of their vehicles and products.

這是我們持續的目標，因為我們將業務重點放在訂單的核心部分，目前是我們的校車，包括 A 型和 D 型。如右所示，除特斯拉之外的其他公司如這張投影片所示，都有顯著的毛利損失，因為銷售成本大大超過了他們銷售汽車和產品所獲得的收入。

Capital structure. Total issued shares at the end of July was just over 30 million shares. We had the incentive stock options and warrants, which at today's price would either -- would largely be out of the money for the incentive stock options and almost all of the warrants would be out of the money as well. But fully diluted would be 36.7 million shares. We have an operating demand loan with BMO for up to $6 million. We also have a revolving loan facility from the Export Development Bank for up to $5 million, and that's for production financing, not working capital.

資本結構。截至七月底，公司總發行股數剛過3000萬股。我們有激勵性股票選擇權和認股權證，以今天的價格，激勵性股票選擇權大部分都將失去價值，幾乎所有認股權證也將失去價值。但完全稀釋後將達到 3,670 萬股。我們與 BMO 簽訂了最高 600 萬美元的經營需求貸款。我們也從出口開發銀行獲得了最高 500 萬美元的循環貸款，用於生產融資，而不是營運資金。

And lastly, strong support from the directors of the company with an aggregate of more than $5 million of funding by the directors that is subordinated to the two senior positions. So I'd like to get to Q&A. So I'm not going -- I think we've covered most of these items already in our presentation. But at this juncture, Craig, can we open it up for questions?

最後，公司董事給予了大力支持，董事們總共提供了超過 500 萬美元的資金，這些資金都來自兩位高階職位。所以我想進入問答環節。所以我不會去——我想我們在演示中已經涵蓋了其中的大部分內容。但是克雷格，現在我們可以開始問問題了嗎？

Absolutely, we can. (Operator Instructions) Fraser, there are already several questions in the queue. Would you like to choose and read them aloud or shall I?

當然可以。（操作員指示）弗雷澤，隊列中已經有幾個問題。你想選擇並大聲朗讀它們還是我來讀？

Happy to do so. I just pulled them up. So first one is a tariff question. So we'll go with how does, if at all, does tariffs on Canada affect the company? Lastly, how much of an influence is BYD in your production? And can you see this growing, in brackets, their influence?

很高興這樣做。我剛剛把它們拉起來。第一個是關稅問題。那我們來看看，對加拿大徵收關稅會對公司產生什麼影響（如果有的話）？最後，比亞迪對你們的生產影響有多大？括號中，您能看到他們的影響力不斷增長嗎？

I'll deal with the first part, and I know Brendan will be able to provide some commentary on the BYD portion of the question. The tariffs on Canada, to the extent that the current automotive agreement that is -- and I call it the automotive agreement, but the US, Mexico, Canada auto agreement does exempt all transactions that are pursuant to that agreement from the proposed 35% -- I shouldn't say proposed, but the 35% tariffs on goods flowing from the US into Canada -- sorry, from Canada into the US.

我將處理第一部分，我知道布倫丹將能夠對問題的比亞迪部分提供一些評論。對加拿大徵收的關稅，就目前的汽車協議而言——我稱之為汽車協議，但美國、墨西哥、加拿大汽車協議確實免除了根據該協議進行的所有交易的擬議 35%——我不應該說是擬議的，而是對從美國流入加拿大的商品徵收 35% 的關稅——抱歉，是從加拿大流入美國的商品。

We don't have as definitive a table in terms of goods flowing the other way. So right now, as it's structured, we don't have anything that we're manufacturing in any capacity in Canada that we'd be shipping to the US So both in terms of the auto trade agreement as well as the general tariff rate is that we're not caught by that.

我們沒有關於貨物流向的明確表格。因此，就目前而言，按照其結構，我們在加拿大沒有以任何能力生產任何產品並運往美國，因此，無論是在汽車貿易協定還是一般關稅稅率方面，我們都不會受到其影響。

But it does shine a very bright light on a sector that could result in changes ultimately that impact on our ability to complete the manufacturing process of a product in the United States and then ship it up to Canada. So that's sort of the concern that we have going forward as opposed to what's in place right now.

但它確實為一個領域帶來了一絲曙光，最終可能導致一些變化，影響我們在美國完成產品製造過程並將其運送到加拿大的能力。因此，與目前的狀況相比，這是我們未來所擔心的問題。

And Brendan, did you want to speak to the influence of BYD?

布倫丹，您想談談比亞迪的影響力嗎？

Well, BYD has a lot of influence. I don't know how BYD -- I don't have the inside track on what their plans are to deal with these pretty egregious tariffs on their products and their supply chain, which is almost entirely from China and now being incredibly heavily tariffed.

嗯，比亞迪的影響力很大。我不知道比亞迪——我不了解他們計劃如何應對針對其產品和供應鏈徵收的相當高昂的關稅，他們的產品和供應鏈幾乎全部來自中國，而且現在被徵收了極高的關稅。

I think the consensus is that BYD is waiting for the Chinese trade deal to get hammered out, and then they're going to decide what they do. We would -- GreenPower likes to see a fairly level playing field, and we think a lot of healthy competition in the EV space is good. So we're not rooting against them, and we're hoping that trade normalizes and that's good for everybody.

我認為大家的共識是比亞迪正在等待中國貿易協定達成，然後他們再決定要做什麼。我們－GreenPower 希望看到一個相當公平的競爭環境，我們認為電動車領域的良性競爭是好事。所以我們並不反對他們，我們希望貿易正常化，這對每個人都有好處。

And I would certainly agree with that. Is GP considering full autonomy? And that's certainly become back -- that's become topical again. It was certainly a big topic five years or six years ago and then seemed to have faded off into the sidelines, but now it's back to some degree. We had done a project down in Jacksonville, where several of our vehicles were deployed with a company called Perrone Robotics that did the stack, and it was a Level 4.

我當然同意這一點。GP 是否考慮完全自主？這當然又重新成為熱門話題。五、六年前這確實是個熱門話題，後來似乎逐漸淡出了人們的視線，但現在它又在某種程度上回歸了。我們在傑克遜維爾完成了一個項目，我們的幾輛車與一家名為 Perrone Robotics 的公司一起部署，該公司負責堆疊，它是 4 級的。

So still the steering wheel and all the other -- the necessary elements that a human could jump back into the seat and drive the vehicle if necessary. And they had set it up where they had sort of a concierge or pilot approach.

因此，方向盤和所有其他必要的元素仍然存在，以便人類可以在必要時跳迴座位並駕駛車輛。他們把它設定成一種禮賓或試點方式。

And we also -- Perrone has used a couple of our EV Stars on another project, but I think that kind of indicates that it's very much a science project still. And so we're very cautious about our involvement because it can just suck up a lot of the resources, both not just financial, but much needed engineering time that we need with product deployment that we might not be able to afford to devote to projects like that.

而且我們也——Perrone 在另一個專案中使用了我們的幾顆 EV Star，但我認為這表明它仍然是一個科學專案。因此，我們對我們的參與非常謹慎，因為它會耗費大量的資源，不僅是資金，還有產品部署所需的大量工程時間，而我們可能沒有能力將這些時間投入到這樣的專案中。

I think the other thing is we're waiting to see how these lawsuits against Tesla and others shake out. Uber, Waymo and other companies that have gone the autonomous route and have had some incidents really to see what their level of exposure is, are people really blaming the vehicle or the autonomy for the incidents when frankly, they probably weren't the fault of the vehicles, but we'd like to see what that is because that will give us an idea of exposure and really what type of insurance we're going to need if we're even going to be able to get insurance. There's still a lot of open issues there.

我認為另一件事是我們正在等待觀察針對特斯拉和其他公司的訴訟結果如何。Uber、Waymo 和其他走自動駕駛路線的公司確實發生過一些事故，我們想看看它們的風險程度，人們真的會把事故歸咎於車輛或自動駕駛嗎？坦白說，這可能不是車輛的錯，但我們想看看那是什麼，因為這將讓我們了解風險程度，以及如果我們能夠獲得保險，我們真正需要什麼類型的保險。那裡仍有許多懸而未決的問題。

Next question. It's a good one, not that the others aren't good, but this is one that we -- is going to be a real indicator as to how quickly we can achieve cash -- positive cash flow in terms of our changed business model. Question, I know it's tough to pin down an exact number with different vehicles in play. But if you had to estimate what's the highest number of Nano BEAST you could produce in a year, assuming everything runs at peak efficiency. And right now, we're working on the reality that doing a Nano BEAST as we build up production, given that last year, we delivered all of just two Nano BEAST.

下一個問題。這是一個好的方案，並不是說其他方案不好，但就我們改變的商業模式而言，這將是一個真正的指標，可以表明我們能夠多快實現現金——正現金流。問題是，我知道由於使用的車輛不同，很難確定一個確切的數字。但如果您必須估計一年內可以生產的最大數量的 Nano BEAST，假設一切都以最高效率運行。目前，我們正在努力實現生產 Nano BEAST 的現實目標，因為去年我們只交付了兩台 Nano BEAST。

We've got our work cut out to really scale that up is that on a practical basis, initially, it's one every 2 weeks. And we believe that within the first 8 to 10, we can get to where it's one a week in a location. So if we have two locations, then there's the opportunity to get to 8 a month or 100 a year. And to give some context is that with the cab chassis that we have available to us, we can -- 8 a month is pretty close to being positive cash flow.

我們已經做好了充分的準備來真正擴大規模，從實際角度來看，最初是每兩週一次。我們相信，在最初的 8 到 10 個工作天內，我們可以實現在一個地點每週舉辦一次活動的目標。因此，如果我們有兩個地點，那麼就有機會達到每月 8 個或每年 100 個。舉個例子，利用我們現有的駕駛室底盤，我們可以——每月 8 美元就接近正現金流了。

And related to this, please give us an update on the California production facility output at this time. What is the expected monthly unit output? And I think we answered the second part in that if we're -- we could certainly do more than just Nano BEAST. We could be building reefers and BEASTs, the larger school bus all at the same time. So there's the -- it's not as if there's a sole activity that can only occur at one point in time.

與此相關，請向我們介紹一下加州生產設施目前的產量情況。預計每月單位產量為多少？我認為我們已經回答了第二部分的問題，如果我們——我們當然可以做的不僅僅是 Nano BEAST。我們可以同時建造冷藏車和 BEAST，也就是更大的校車。所以，並不是說某項活動只能在某個時間點發生。

But getting Riverside up and running has -- the majority of the spring was spent getting everything organized from all the different locations that we were either supporting vehicles, producing our vehicles or in the case of GP truck body, doing body building.

但是，為了讓 Riverside 順利運行，我們大部分春季時間都花在了整理各個不同地點的一切，我們要么支持車輛，要么生產我們的車輛，或者在 GP 卡車車身的情況下，進行車身製造。

So getting that all under one roof through the spring was about the time period that tariffs hit and shipments were being held at port that directly impacted on our throughput through Riverside. So I wouldn't want to speak to the historical through the summer to date. But once we get fully up and recommencing production is that we'll have a better sense of what the throughput will be in Riverside.

因此，在春季將所有貨物集中運輸到同一屋簷下時，關稅上調和貨物被扣留在港口的時間段直接影響了我們通過河濱市的吞吐量。所以到目前為止，我不想談論整個夏天的歷史。但一旦我們完全恢復並重新開始生產，我們就會更了解河濱的產量。

Two questions on West Virginia that are somewhat related. What is the status of GreenPower's relationship with the State of West Virginia? And what is the status of negotiation with West Virginia? We don't actually have any -- there isn't any negotiation, but the context of that is that some of the press in the state has talked about a whole host of issues relating to manufacturers of electric school buses.

關於西維吉尼亞州的兩個問題有些相關。GreenPower 與西維吉尼亞州的關係如何？與西維吉尼亞州的談判進展如何？我們實際上沒有任何——沒有任何談判，但其背景是該州的一些媒體談論了與電動校車製造商有關的一系列問題。

The issues and troubles of Lion Electric have been front and center in that dialogue, as well as our position that having earned the employment base and the attendant offset to our rental or lease agreement as well as the original deal, which provided that we would have both the facility and additional land base that would assist us in -- for a number of different related activities on that production that was not forthcoming and did not end up in the deal.

Lion Electric 的問題和麻煩一直是該對話的核心，同樣也是我們的立場，即我們已經獲得了就業基礎和隨之而來的租賃或租約補償以及原始交易，該交易規定我們將擁有設施和額外的土地基礎，以協助我們開展與該生產相關的許多不同活動，但這些活動並未出現，也沒有在交易中結束。

So it's been unfortunate that the state sort of shot first and talked after they had decided to shoot, but we are in discussions with them. And I would say that right now, well, it is in their court in terms of the position that we presented. And so we'll see what ultimately their response is to what we view as a fairly straightforward interpretation of both the contract to lease purchase we entered into as well as the original memorandum of understanding that was signed at the beginning of 2022.

因此，不幸的是，政府先開槍，然後在決定開槍後再進行談判，但我們正在與他們進行討論。我想說的是，就我們提出的立場而言，現在由他們來決定。因此，我們將看看他們最終對我們所認為的對我們簽訂的租賃購買合約以及 2022 年初簽署的原始諒解備忘錄的相當直接的解釋作出何種反應。

Brendan, anything that you think we should add on that?

布倫丹，您認為我們應該補充什麼嗎？

No, that was complete and thorough. Thank you, Fraser.

不，那是完整而徹底的。謝謝你，弗雷澤。

Okay. And sorry, there's a question that said should have read diluted my question earlier. So let me find your original question. Do you see shareholder value be further diluted in the future? We never ignore the capital markets. We do the best that we can under the circumstances. Having a steady stream of companies go bankrupt or into receivership is not helpful. Probably one of the most frequent questions that Brendan and I get, whether we're dealing with dealers, customers, school districts or potential partners, such as some of the largest school bus operators in North America, they all have a common basis, which is, are you folks going to be around?

好的。抱歉，之前有個問題應該要淡化我的問題。那麼就讓我來找出你最初的問題。您認為未來股東價值會被進一步稀釋嗎？我們永遠不會忽視資本市場。在當前情況下，我們盡力而為。不斷有公司破產或進入破產管理程序是無益的。這可能是布倫丹和我最常被問到的問題之一，無論我們與經銷商、客戶、學區還是潛在合作夥伴（例如北美一些最大的校車運營商）打交道，他們都有一個共同的基礎，那就是，你們會在我們身邊嗎？

So that's -- our focus has been, well, we need to rebuild, do a rebuild using a sports nomenclature. And our view was that we could do this fairly quickly and not take 3 years to 5 years to completely rebuild the company because we already have the great set of products and one market in particular, being the school bus market that is well positioned to -- our product set is well positioned to take an ever-increasing demand in that sector.

所以這就是——我們的重點是，我們需要重建，使用體育術語來重建。我們認為，我們可以相當快地做到這一點，而不需要花 3 到 5 年的時間來徹底重建公司，因為我們已經擁有了優秀的產品系列，特別是在校車市場，我們的產品系列可以很好地滿足該領域不斷增長的需求。

So what we believe is that rebuilding our business, getting our cost structures changed to be focused on the immediate sales opportunities that we can deploy profitably gives us an opportunity to get to positive cash flow by the end of this year. And we believe doing that, that the capital markets will recognize that because everybody else is struggling to figure out their business model on how they can make money on the sale of products. That's not been a problem with GreenPower. We've got to get our business aligned so that we're generating positive cash flow.

因此，我們相信，重建我們的業務，改變我們的成本結構，將重點放在我們可以盈利的直接銷售機會上，這將使我們有機會在今年年底前實現正現金流。我們相信，這樣做，資本市場就會意識到這一點，因為其他人都在努力尋找自己的商業模式，也就是如何透過銷售產品來賺錢。這對 GreenPower 來說不是一個問題。我們必須使我們的業務協調一致，以便產生正現金流。

Great question. Can you speak to any ongoing efforts on a federal legislative front, which GP is involved with? And secondly, what is your opinion of how it is being received? I'll let you start on this.

好問題。您能否談談全科醫生參與的聯邦立法方面的任何正在進行的努力？其次，您認為它的接受程度如何？我讓你開始做這件事。

So currently, we are working with a group of school bus manufacturers to really target the tariffs. It's our position that the tariffs on school buses are counterproductive. School buses are largely bought by governments and both federal and local governments being school districts and again, various funding mechanisms through public entities, and that the tariffs are essentially a tax and they're basically taxing themselves, which is problematic.

因此，目前我們正在與一群校車製造商合作，真正針對關稅問題。我們的立場是，對校車徵收關稅是適得其反的。校車主要由政府購買，聯邦政府和地方政府都是學區，而且透過公共實體提供各種資金機制，而關稅本質上是一種稅，他們基本上是在向自己徵稅，這是有問題的。

A lot of the contracts that are in place that are these public contracts don't permit for price increases under these circumstances. And the costs are going up fairly dramatically for a lot of the school bus manufacturers leveraging a lot of the components, items that we buy that are heavily tariffed.

許多現有的公共合約不允許在這種情況下提高價格。對於許多校車製造商來說，他們使用的許多零件和我們購買的商品的關稅都很高，因此成本正在大幅上升。

So our position is go to the legislature and anyone else will listen and tell them that they shouldn't be taxing themselves or their cousins in local government and that this is just doing damage, which these tariffs have been doing damage.

因此，我們的立場是向立法機關反映，其他人都會聽取我們的意見並告訴他們，他們不應該向自己或地方政府的表親徵稅，這只會造成損害，這些關稅一直在造成損害。

So the honest answer is it's not been received well. We've not gotten a lot of traction. We have had audiences, but we don't know that there's going to be any minds changed about tariffs regarding school buses. And that's where we sit right now.

所以誠實的回答是它並沒有受到很好的歡迎。我們還沒有太大進展。我們有觀眾，但我們不知道他們會不會改變對校車關稅的看法。這就是我們現在的處境。

And if you want to know my -- and this is Brendan Riley's humble perspective, but I think that the tariffs are going to really start doing some damage to the economy. We're going to start seeing these numbers. And I believe this administration is going to quickly and quietly shut the tariffs down to maybe 10% across the board or something of that nature and things will settle down.

如果你想知道我的——這是布倫丹·萊利的謙虛觀點，但我認為關稅確實會開始對經濟造成一些傷害。我們將開始看到這些數字。我相信本屆政府將迅速、悄悄地將關稅全面降至 10% 左右，事情將會平息下來。

I'd add two things. One, that the -- normally, you could go and push forward this kind of a lobbying effort, if you will, with the federal government on the basis that school district shouldn't be taxed. But in this case, the current administration has no appetite to hear that tariffs equate to taxes. We tried that on. It went over like a light balloon.

我想補充兩點。第一，通常情況下，如果你願意的話，你可以向聯邦政府推進這種遊說活動，理由是學區不應該被徵稅。但在這種情況下，現任政府不願意聽到關稅等同於稅金。我們嘗試過這個。它就像一隻輕氣球一樣飛了過去。

And when I say the we, I should give credit to a gentleman who's not on this call, that's part of our core team is Mark. And Mark was instrumental in getting the New Mexico pilot project moving forward and working with the state and done a great job on that front.

當我說「我們」時，我應該感謝一位沒有參加這次電話會議的先生，他是我們核心團隊的一員，他就是馬克。馬克在推動新墨西哥州試點計畫以及與州政府合作方面發揮了重要作用，並在這方面做得非常出色。

Mark's also been front and center on our lobbying efforts and spends time in Washington, DC with organizations like ZETA, Zero Emission Transportation Association, which is lobbying on behalf of dozens and dozens of OEMs as well as a working group that is working with some of the senators on, okay, how do we restructure federal money and just not make it -- just not waste what's been done to date.

馬克也一直站在我們遊說活動的中心，他經常在華盛頓特區與零排放運輸協會 (ZETA) 等組織合作，該協會代表數十家原始設備製造商進行遊說，同時還有一個工作組與一些參議員合作，討論如何重組聯邦資金，而不是讓它——只是不要浪費迄今為止所做的一切。

And so it would certainly be -- need to be rebranded in order to accomplish that. So that is bearing some fruit. So it's not all lost, but on the tariff front, as Brendan says, this has not been something that we see any changes in the immediate future and our current -- the changes that we've made and the rebuild that we're largely through is on the basis of what we have to deal with today, not a hope or a wish that it changes at some point in the future.

因此，為了實現這一目標，肯定需要重新打造品牌。因此這正在取得一些成果。所以，並不是一切都失去了，但在關稅方面，正如布倫丹所說，這不是我們在近期看到的任何變化，我們目前所做的改變和我們正在經歷的重建主要是基於我們今天必須處理的事情，而不是希望或希望它在未來的某個時候發生變化。

And then the second thing related to this is that we've -- on the EPA front, we've always had a very careful or cautious approach. So we don't get heavily too much exposure to the one form of funding, given that the Feds don't have the same kind of mandates that the states do.

與此相關的第二件事是，在 EPA 方面，我們一直採取非常謹慎或謹慎的態度。因此，由於聯邦政府並不像各州那樣擁有同樣的授權，我們不會過度接觸這種融資形式。

So what both Brendan and I talked about earlier in the presentation in terms of the extent of funding in New York and California and in particular, New York right now, we don't see that at the federal level. So what we are trying to do with legislative that Mark sort of leading the charge is how do we get that buy-in? How do we get the federal government supporting an adoption strategy. So we think that, that is having some success. And we do see or expect to see some positive announcements probably not in the immediate future, but over -- later this year, early next year.

因此，布倫丹和我之前在演講中談到了紐約和加州，特別是紐約目前的資金規模，我們在聯邦層面上沒有看到這一點。那麼，在馬克的領導下，我們試圖透過立法來做的事情就是，我們如何獲得支持？我們如何讓聯邦政府支持收養策略。所以我們認為這已經取得了一些成功。我們確實看到或預期會看到一些正面的公告，可能不是在近期，而是在今年稍後或明年年初。

Next question. What do you see as your major advantages and conversely obstacles in the next five years? And generally, how is the product being received? Well, I think Brendan and I sort of break things down as 30 days, 60 days, 90 days and 180 days. So five years is -- that would be an absolute luxury. But within the time frame that I'm talking about, which you do have to plan and do your best to say, okay, where are we going to be a year or two years out. Where we are with our product set, there's a few specifics that we'd like to see, but the school buses are there. They represent the best of breed.

下一個問題。您認為未來五年您的主要優勢是什麼？相反，您的主要障礙是什麼？整體來說，產品的接收情況如何？嗯，我認為布倫丹和我把時間分成 30 天、60 天、90 天和 180 天。所以五年——那絕對是一種奢侈。但在我所說的時間範圍內，你必須做好計劃，並盡力說，好吧，一年或兩年後我們會在哪裡。我們的產品系列目前有一些細節需要了解，但校車已經在那裡了。它們代表了最佳的品種。

The Type A school bus, we didn't mention in our presentation. The year it came out, STN awarded -- gave it its Best New Technology of the Year award. It is one of the vehicles that Brendan and I would love to drive. It's so easy to drive. It's very different than any of the competition or even in the traditional ICE Type A school buses.

A型校車，我們在介紹中沒有提到。在它問世的當年，STN 就授予它「年度最佳新技術」獎。這是布倫丹和我最想駕駛的車輛之一。駕駛起來非常容易。它與任何競爭對手甚至傳統的 ICE A 型校車都有很大的不同。

It really is what you would expect for an electric vehicle that it's step forward in terms of the technology. So we have the product set. We've got a market that's developed. And in our case, instead of trying to do too many things in too many markets, the approach we've taken is to narrow it down to the ones that where the demand and the funding is available. And from that, we see the opportunity to get to positive cash flow and then build out or further build the company on those building blocks, if I can explain it that way.

它確實符合人們對電動車的期望，在技術方面取得了進步。因此我們有了產品集。我們已經有一個發達的市場。就我們而言，我們不會嘗試在太多的市場中做太多的事情，而是採取將範圍縮小到有需求和資金的市場。由此，我們看到了獲得正現金流的機會，然後在這些基石上拓展或進一步發展公司，如果我可以這樣解釋的話。

So our time frame is more in the magnitude of quarterly and up to the next 18 months to 24 months. And if we did talk about where this industry could be five years from now, you're getting into, well, what changes might occur in battery technology. Brendan more so than myself keeps tabs on what's happening in the market.

因此，我們的時間框架更像是以季度為單位，並延伸至未來 18 個月至 24 個月。如果我們確實談論這個行業五年後的發展情況，那麼你就會知道電池技術可能會發生哪些變化。布倫丹比我更關注市場動態。

A lot of exciting developments, nothing that's going to hit in the next few quarters or nothing that we want on corporate because we got to focus on delivering the orders we have in hand, not building the next best school bus. But there are a lot of potential developments that could really further help accelerate demand in our industry.

有很多令人興奮的發展，但在接下來的幾個季度裡沒有什麼進展，也沒有什麼是我們想要在公司實現的，因為我們必須專注於交付手頭上的訂單，而不是製造下一輛最好的校車。但還有很多潛在的發展可以真正進一步幫助加速我們行業的需求。

Yeah. And what I would add to what Fraser said, I'm absolutely aligned with all of his statements. One that he didn't specify on is commercial goods movement. Those mandates have been incredibly relaxed, if not disappeared, and that's going to really soften that market for those vehicles. Hopefully, it will give the folks that can install the infrastructure, some time to start putting in chargers and really start developing our infrastructure network, which is critical for deployment and where we will be five years, six years from now.

是的。我想補充的是，弗雷澤所說的內容，我完全同意他的所有言論。他沒有具體說明的是商業貨物運輸。這些規定即使沒有消失，也變得非常寬鬆，這將真正削弱這些車輛的市場。希望它能給那些能夠安裝基礎設施的人們一些時間來安裝充電器並真正開始開發我們的基礎設施網絡，這對於部署以及我們五年、六年後的發展至關重要。

And what I'm really looking at right now is the manganese-rich chemistries for basically iron phosphate with a manganese-rich component to that chemistry should decrease the price, increase the energy and power density by 50%. So really compelling technology.

我現在真正關注的是富錳化學物質，基本上是磷酸鐵，其中含有富錳成分，可以降低價格，並將能量和功率密度提高 50%。這項技術確實引人注目。

And once that's manufacturable and hits the market validated, we could see a strong rebound because the compelling nature of the vehicles are just going to get greater and greater, lower cost, better range, better capacity, payload, all that. And then the advent of semi-solid, solid-state batteries are going to be pretty impressive. But we don't see or expect those for the foreseeable future. So we're just keeping our eyes out looking for those. Those will be game changers.

一旦實現製造並進入市場驗證，我們就會看到強勁的反彈，因為車輛的吸引力只會越來越大，成本更低，續航里程更長，容量更大，有效載荷更大，等等。半固形、固態電池的出現將會非常令人印象深刻。但在可預見的未來，我們不會看到或預期這些。所以我們只是在密切關注這些。這些將會改變遊戲規則。

I can see we're -- we've run over time here. And there's still a few questions that we had to go. So apologies that we're not able to cover all of those. But the press release that went out this morning, Brendan and my numbers are on there. And likewise, we're pretty easy to track down.

我知道我們已經超時了。我們還有幾個問題需要解答。因此，很抱歉我們無法涵蓋所有這些內容。但今天早上發布的新聞稿中，布倫丹和我的數字都在上面。同樣，我們也很容易被追蹤。

Feel free to either e-mail or call us if you have any follow-up as we'd be happy to go through each and every one of your questions. But we appreciate the support of our stakeholders and look forward to giving you -- watch the developments over the next few months as we move out of this pause that we were in as a result of the initial round of announcements on tariffs and as we build up our business.

如果您有任何後續問題，請隨時透過電子郵件或電話聯絡我們，我們很樂意解答您的每一個問題。但我們感謝利益相關者的支持，並期待給予您——關注未來幾個月的發展，因為我們將走出因第一輪關稅公告而陷入的停頓，並建立我們的業務。

Thank you very much, Fraser and Brendan. And just a few more notes here. For more information on GreenPower Motor Company, you can, of course, also reach us at 1-800-REDCHIP or e-mail us at gp@redchhip.com. Please visit the information page created by Redchip for GreenPower. It's greenpowermotorinfo.com.

非常感謝弗雷澤和布倫丹。這裡還有幾點說明。如需了解更多關於 GreenPower Motor Company 的信息，您也可以撥打 1-800-REDCHIP 或發送電子郵件至 gp@redchhip.com 與我們聯繫。請造訪 Redchip 為 GreenPower 建立的資訊頁面。網址是 greenpowermotorinfo.com。

There, you can view and download the investor presentation used today and the fact sheet and sign up for news alerts on GreenPower. Watch Small Stocks, Big Money, RedChip's program featuring exciting small-cap companies every Saturday night at 7:00 PM Eastern on Bloomberg USA. And finally, join RedChip's next webinar with Connect Biopharma Holdings tomorrow at 4:15 PM US Eastern. Register for all RedChip webinars at redchip.com/events.

在那裡，您可以查看和下載今天使用的投資者簡報和情況說明書，並註冊 GreenPower 的新聞提醒。觀看彭博美國頻道每週六晚間東部時間晚上 7:00 播出的《小股票，大錢，RedChip》節目，該節目重點介紹令人興奮的小型股公司。最後，歡迎參加 RedChip 與 Connect Biopharma Holdings 明天美國東部時間下午 4:15 舉行的下一次網路研討會。在 redchip.com/events 註冊參加所有 RedChip 網路研討會。

Thanks again to our many participants today, and thank you, Fraser and Brendan

再次感謝今天的眾多參與者，也感謝 Fraser 和 Brendan。