VANCOUVER — GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) (“GreenPower” and the “Company”), a leading manufacturer and distributor of all-electric, purpose-built, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, today reported its third quarter fiscal year 2025 results and provided an update on its manufacturing operations.

“GreenPower’s improved third-quarter performance, with $7.2 million in revenue — an increase of 35% over the previous quarter — underscores the demand for our purpose-built, all-electric vehicles. Importantly this growth also resulted in an improvement in our gross profit,” said Fraser Atkinson, CEO of GreenPower. “As we continue scaling our manufacturing operations, GreenPower is well-positioned to drive long-term growth and capitalize on the industry’s rapid shift toward zero-emission fleet solutions. At the end of the quarter we had available funding of more than $5 million consisting of cash, availability on loan facilities and ability to issue letters of credit to finance production of our growing order book.”

GreenPower spent the quarter continuning to increase its output from the West Virginia manufacturing facility. “As a result of the work we did during the quarter, we are now set to deliver one BEAST per week from the South Charleston facility, with the BEAST production increasing to two per week by April plus Nano BEAST production,” said Brendan Riley, GreenPower President. “To support this growth, we’ve strengthened our leadership team with the addition of James Redd as our new West Virginia production manager. Working alongside Vice President of Production Wendell White, James has been instrumental in laying the groundwork for a second shift at the plant, positioning GreenPower to meet rising demand and scale efficiently.”

On the West Coast, GreenPower finalized plans to expand its California manufacturing footprint in one facility located in the Inland Empire. “Consolidating our operations from three separate locations and five different facilities spread out through California to one larger facility will allow for more cost savings and increased efficiency,” Riley stated.

Third Quarter 2025 Highlights:

• Generated revenues of $7.2 million for the three months ended December 31, 2024, an increase of 35% over the previous quarter. Gross profit improved to 14.6% of revenue up from 8.6% for the previous quarter.
• Delivered 13 BEAST Type D all-electric school buses, one Nano BEAST Type A school bus, one EV Star Cargo Plus and 13 EV Star Passenger Vans.
• At the end of the quarter GreenPower had working capital of $12.8 million, an increase of $2.7 million over the previous quarter, and inventory of $28.2 million, consisting of $10.8 million of finished goods, $13.1 million of work-in-process and $4.3 million of parts and components.
• Deferred revenue at the end of the quarter increased to $10.8 million.
• Completed an underwritten offering of 3,000,000 common shares raising gross proceeds of $3 million.

For additional information on the results of operations for the period ended December 31, 2024 review the interim financial statements and related reports posted on GreenPower’s website as well as on www.sedar.com or filed on EDGAR.

Shareholder Call Information
Date: Tuesday February 18, 2025
Time: 6:30 a.m. PST / 9:30 a.m. EST
Participant dial-in: (US) 1-844-739-3982 (Canada); 1-866-605-3852; (International) 1-412-317-5718. Ask to be joined into the GreenPower Motor Company Inc. conference call.
Webcast Link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=XkyzR1vx
Replay: (US) 1-877-344-7529; (Canada) 1-855-669-9658; (International) 1-412-317-0088
Replay access code: 5816828

About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in Vancouver, Canada with primary operational facilities in southern California. Listed on the Toronto exchange since November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020. For further information go to www.greenpowermotor.com.

The post GreenPower Provides Business Update and Reports Third Quarter Fiscal 2025 Results appeared first on School Transportation News.

MACON, Ga.—Blue Bird Corporation (BLBD), the leader in electric and low-emission school buses, announced today its fiscal 2025 first quarter results.

“I am incredibly proud of our team’s achievements in delivering another outstanding result and near record profit in the first quarter,” said Phil Horlock, president and CEO of Blue Bird Corporation. “The Blue Bird team continued to exceed expectations, improving operations, driving new orders, and expanding our leadership in alternative-powered buses. Market demand remains very strong with nearly 4,400 units in our order backlog at the end of the first quarter. Unit sales were about the same as last year, with revenue down by $3.8M, driven by product mix, and we delivered an exceptional 14.6% Adj. EBITDA margin. With 94% of our first quarter unit sales mix comprised of internal combustion engine (ICE) buses, this result demonstrates the very strong earnings power of our base business.

“In our push to expand our leadership in alternative-powered school buses, we delivered over 130 electric-powered buses this quarter, ahead of the plan we communicated in November. We also saw strong growth in EV orders from both the EPA’s Clean School Bus Program and state/local level programs. As of today, we have approximately 1,000 EV buses either sold or in our firm order backlog, which supports our EV sales target for 2025.

“Based on our strong Q1 performance, we’ve reaffirmed our full-year financial guidance for Adjusted EBITDA at $200 million, with a 14% margin. This will be an all-time full-year record for Blue Bird, and we look forward to sustained profitable growth in the coming years.”

FY2025 Guidance and Long-Term Outlook Reaffirmed

“We are very pleased with the first quarter results, with the second highest ever Q1 Adj. EBITDA” said Razvan Radulescu, CFO of Blue Bird Corporation. “Our business is in a very strong position and we continue to deliver ahead of the plan we have been messaging. We are reaffirming our full-year 2025 guidance for Net Revenue to $1.4-1.5 Billion, Adj. EBITDA to $185-215 million and Adj. Free Cash Flow to $40-60 million. Additionally, we are confirming our long-term profit outlook towards an Adjusted EBITDA margin of 15%+ on ~$2 billion in revenues.”

Fiscal 2025 First Quarter Results

Net Sales

Net sales were $313.9 million for the first quarter of fiscal 2025, a decrease of $3.8 million, or 1.2%, from the first quarter of last year. Bus sales decreased $5.3 million, reflecting a 1.9% decrease in average sales price per unit, primarily due to customer and product mix changes (lower EV volumes). In the first quarter of fiscal 2025, 2,130 units were booked compared with 2,129 units booked for the same period in fiscal 2024. Additionally, Parts sales increased $1.5 million, or 6.2%, for the first quarter of fiscal 2025 compared with the first quarter of fiscal 2024. This increase is primarily attributed to price increases, driven by ongoing inflationary pressures, as well as higher fulfillment volumes and slight variations due to product and channel mix.

Gross Profit

First quarter gross profit of $60.3 million represented a decrease of $3.2 million from the first quarter of last year. The decrease was primarily driven by the $3.8 million decrease in net sales, discussed above, and partially offset by a corresponding decrease of $0.5 million in cost of goods sold.

Net Income

Net income was $28.7 million for the first quarter of fiscal 2025, which was a $2.6 million increase from the first quarter of last year. The increase was primarily driven by $2.6 million in emission credits that the Company sold in the first quarter of fiscal 2025, recorded in other income (expense), net, with no similar income in the first quarter of fiscal 2024.

Adjusted Net Income

Adjusted net income was $30.6 million, largely consistent with the $29.7 million from the same period last year.

Adjusted EBITDA

Adjusted EBITDA was $45.8 million, which was a decrease of $1.9 million compared with the first quarter of fiscal 2024. This decrease results primarily from the lower gross profit, partially offset by improvements in other income(expense), net, as described above..

Conference Call Details

Blue Bird will discuss its first quarter 2025 results in a conference call at 4:30 PM ET today. Participants may listen to the audio portion of the conference call either through a live audio webcast on the Company’s website or by telephone. The slide presentation and webcast can be accessed via the Investor Relations portion of Blue Bird’s website at www.blue-bird.com.

Webcast participants should log on and register at least 15 minutes prior to the start time on the Investor Relations homepage of Blue Bird’s website at http://investors.blue-bird.com. Click the link in the events box on the Investor Relations landing page.
Participants desiring audio only should dial 404-975-4839 or 833-470-1428. The access code is 393430.

A replay of the webcast will be available approximately two hours after the call concludes via the same link on Blue Bird’s website.

About Blue Bird Corporation

Blue Bird is recognized as a technology leader and innovator of school buses since its founding in 1927. Our dedicated team members design, engineer and manufacture school buses with a singular focus on safety, reliability, and durability. School buses carry the most precious cargo in the world – 25 million children twice a day – making them the most trusted mode of student transportation. The company is the proven leader in low- and zero-emission school buses with more than 20,000 propane, natural gas, and electric powered buses in operation today. Blue Bird is transforming the student transportation industry through cleaner energy solutions. For more information on Blue Bird’s complete product and service portfolio, visit www.blue-bird.com.

The post Blue Bird Reports Fiscal 2025 First Quarter Results; Beats First Quarter Guidance; Reaffirms 2025 Guidance and Long-Term Outlook appeared first on School Transportation News.

MONTREAL — The Lion Electric Company (NYSE: LEV) (TSX: LEV) (“Lion” or the “Company”), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, announced today that the Company and its subsidiaries have applied to the Superior Court of Quebec (Commercial Division) (the “Court”) for an initial order to seek protection from their creditors under the Companies’ Creditors Arrangement Act (“CCAA”). The Company and its subsidiaries also intend to seek recognition of the CCAA proceedings in the United States under Chapter 15 of the Bankruptcy Code.

In its application for an initial order, the Company seeks the approval of a formal sale and investment solicitation process (“SISP”) in order to provide interested parties with the opportunity to submit proposals with a view to enabling the Company and its senior lenders to determine the highest and best available transaction for the Company and its stakeholders.

The initial order application seeks, among other things, a stay of proceedings in favor of the Company and its subsidiaries, including a stay of creditor claims and exercise of contractual rights, and the authorization of an interim debtor-in-possession (DIP) financing to be provided by the lenders under the Company’s senior revolving credit agreement in order to fund the SISP and the Company’s operations during the restructuring process. Approval is also being sought for the appointment of Deloitte Restructuring Inc. as monitor to oversee the CCAA proceedings and report to the Court. While under CCAA protection, management of the Company will remain responsible for the day-to-day operations of the Company under the oversight of the monitor.

This announcement follows the press release issued by the Company on December 17, 2024 announcing the expiry of the covenant relief period under the Company’s senior revolving credit agreement and maturity of the Company’s loan agreement with Finalta Capital and Caisse de dépôt et placement du Quebec.

Trading in the common shares and other listed securities of the Company on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (the “NYSE”) has been halted. The TSX has also put the Company under delisting review under its expedited review process. It is anticipated that trading in the Company’s listed securities will continue to be halted until completion of the review undertaken by the TSX and the NYSE regarding the suitability of the Company for listing on the TSX and the NYSE.

About Lion Electric

Lion Electric is an innovative manufacturer of zero-emission vehicles, including all electric school buses. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies.

Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life.

The post Lion Electric File Application for Credit Protection Under the CCAA appeared first on School Transportation News.

The deadline passed for Lion Electric Company to repay loans needed to overcome hundreds of millions in debt, but the school bus manufacturer is not heading into bankruptcy, a company spokesperson said.

The statement made to School Transportation News on Tuesday came amid a Lion press release earlier in the day that highlighted use of the Companies Credit Arrangement Act (CCAA), a Canadian federal law dating back to 1933 that allows insolvent companies to avoid liquidation. This occurs through court-directed compromise or arrangement made by a debtor company and its secured creditors.

Lion on Wednesday formally applied for CCAA protection. It also said it will seek recognition of the CCAA process under chapter 15 of the U.S. bankruptcy code.

In the press release on Tuesday, Lion said it “is currently in discussions with its senior lenders to obtain additional funds pursuant to a new debtor-in-possession credit facility and expects to seek creditor protection” under the CCAA as it seeks to restructure its business and financial affairs. Lion added it pursues a formal sales and investment solicitation process for the company’s business or assets.

The Lion spokesperson referred to the CCAA proceedings as a “stable and structured environment” for various restructuring measures under a Revolving Credit Agreement with two lenders represented by the National Bank of Canada and a loan agreement with Finalta Capital Fund that expired on Monday. No timeline was given for when the CCAA agreements will be finalized.

On Dec. 1, Lion announced the latest of four amendments to the Revloving Credit Agreement and an extension of the Finalta Capital loan agreement, a halt to all production at its manufacturing plant in Joliet, Illinois, and the laying off an additional 400 workers on top of the 120 employees laid off in April. The company has trimmed its workforce from nearly 1,300 employees to about 300.

A separate SEC filing that same day announced the Nicolas Brunet resigned as president.
Four days later, Lion said it reached an agreement to sell its Quebec innovation center for $35 million U.S. The company noted in its third-quarter financial results total liabilities of $500 million and a net loss of nearly $75 million as of Sept. 30.

Related: Brunet Resigns as Lion Electric President Amid Company Battle to Stay Solvent
Related: Updated: Lion Electric Suspends Manufacturing Operations at Joliet Plant
Related: NYSE to Commence Delisting Proceedings with Respect to the Warrants of Lion Electric

The post Update: Lion Electric Defaults on Credit Repayment, Says It is Avoiding Bankruptcy appeared first on School Transportation News.

MONTREAL — The Lion Electric Company (NYSE: LEV) (TSX: LEV) (“Lion” or the “Company”), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, announced today the expiry of the previously announced covenant relief period under its senior revolving credit agreement entered into with a syndicate of lenders represented by National Bank of Canada, as administrative agent and collateral agent, and including Bank of Montreal and Federation des Caisses Desjardins du Québec (the “Revolving Credit Agreement”), as well as the maturity of the Company’s loan agreement entered into with Finalta Capital Fund, L.P., as lender and administrative agent, and Caisse de dépôt et placement du Quebec (through one of its subsidiaries), as lender (the “Finalta CDPQ Loan Agreement”).

The company had previously announced on Dec. 1, 2024 amendments to the Revolving Credit Agreement and the Finalta CDPQ Loan Agreement in order to extend the covenant relief period and the maturity date of the Finalta CDPQ Loan Agreement to Dec. 16, 2024, which provided the company with additional time to continue to actively evaluate potential alternatives relating to a restructuring of its obligations, a sale of the business or certain of its assets, strategic investments and/or any other alternatives. As no such alternatives have materialized and no further amendments, concessions or waivers have been obtained, the expiry of the covenant relief period and re-introduction of the financial covenants previously applicable under the Revolving Credit Agreement as well as the maturity of the Finalta CDPQ Loan Agreement on Dec. 16, 2024 result in the company being in default pursuant to the terms of the Revolving Credit Agreement, the Finalta CDPQ Loan Agreement and other debt instruments providing for cross-default or cross acceleration provisions, and in the company’s lenders having the ability to exercise their rights and request immediate repayment of amounts borrowed by the company.

As a result of the foregoing, the company is currently in discussions with its senior lenders to obtain additional funds pursuant to a new debtor-in-possession credit facility and expects to seek creditor protection under the companies’ Creditors Arrangement Act in order to restructure its business and financial affairs and pursue a formal sales and investment solicitation process in respect of the company’s business or assets.

Trading in the common shares and other listed securities of the Company on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (the “NYSE”) has been halted and it is anticipated that the trading thereof will continue to be halted until a review is undertaken by the TSX and the NYSE regarding the suitability of the Company for listing on the TSX and the NYSE.

About Lion Electric

Lion Electric is an innovative manufacturer of zero-emission vehicles, including all electric school buses. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies.

Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life.

The post Lion Electric Announces Expiry of Covenant Relief Period and Defaults Under Certain Conditions of Senior Debt Instruments appeared first on School Transportation News.

As Lion Electric attempts to stay afloat amid hemorrhaging cash and rising debt, the company announced a Quebec innovation center is being sold amid the latest workforce reduction that halted production at an Illinois electric vehicle factory that opened not quite a year and a half ago.

On Sunday, Lion announced the latest amendments to its senior revolving credit agreement, the fourth such move this year, extending the maturity agreement with  lenders from Nov. 30 to Dec. 16. Lion said this will allow the company to maintain minimum liquidity needs for continued operation.

“Such additional liquidity will also provide the company with additional time to continue to actively evaluate potential alternatives relating to a restructuring of its obligations, a sale of the business or certain of its assets, strategic investments and/or any other alternatives, including seeking creditor protection … There can be no assurance that the Company will be successful in pursuing and implementing any such alternatives, nor any assurance as to the outcome or timing of any such alternatives,” according to a press release.

Lion also announced it was temporarily laying off 400 additional employees in both the U.S. and Canada. The company laid off 520 workers earlier this year. The latest workforce reduction suspends all production at the Joliet, Illinois, facility, which opened in July 2023 to much fanfare.

The company added that it has approximately 300 employees remaining that will focus on bus manufacturing, sales, service, delivery and maintenance.

On Thursday, Lion said it reached a definitive agreement to sell its innovation center in Mirabel, Quebec to Aéroport de Montreal for $50 million Canadian, about $35.65 million.

“As a result, while the transaction is expected to reduce [Lion’s] long-term indebtedness, it will not impact the company’s short-term liquidity and cash position,” the statement read.

On Nov. 30, the New York Stock Exchange began delisting Lion warrants citing “abnormally low selling price” levels. Since September, company revenue is down nearly 62 percent, with net income down 71 percent.

Lion was the first all-electric school bus manufacturer to reach market in 2017. It has over 2,200 total electric vehicles including trucks on the road.

Related: Low-income Areas Need Electric School Buses the Most, WRI Analysis Indicates
Related: Updated: Rising Insurance? Additional Balancing Act Needed Amid Electric School Bus Push
Related: Brooklyn to Receive a Charge From Electric School Bus Batteries With New Vehicle-To-Everything Smart Energy Hub Built By First Student And Con Edison
Related: School Bus Drivers Discuss Real-Life Experiences Driving Electric Buses

The post Updated: Lion Electric Suspends Manufacturing Operations at Joliet Plant appeared first on School Transportation News.