All-electric school bus pilot gearing up in New Mexico
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 29 2025
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Should l Buy GP?
Source: PRnewswire
Electric School Bus Pilot Project: GreenPower Motor Company and the New Mexico Economic Development Department have launched a two-year pilot project to deploy all-electric, zero-emission school buses in Las Vegas and Santa Fe, with a total investment of $5 million from the state.
Project Goals and Implementation: The pilot will assess the performance of the Nano BEAST buses in various conditions, collect data on their operation, and explore the viability of fast charging, with plans for further investment in additional electric buses based on the pilot's success.
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About GP
GreenPower Motor Company Inc. is a Canada-based company, which 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. It 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 original equipment manufacturer (OEM) platform allows the Company to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. The Company has its primary operational facilities in southern California. Its products include EV Star Cab & Chassis; EV Star Cab & Chassis Right Hand Drive; EV Star Cargo; EV Star Cargo Plus; EV Star Stakebed Truck; EV Star Passenger Van; EV Star Mobility Plus; AV Star; EV250; EV350; Type D BEAST; Mega BEAST, and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
GreenPower Regains Nasdaq Compliance with New Capital Raises
- Compliance Restoration: GreenPower Motor Company announced it has regained compliance with Nasdaq Listing Rule 5550(b)(1), indicating the company's stability and operational viability in the capital market.
- Capital Raising: The company successfully raised funds through an equity offering of up to $18 million in Series A Convertible Preferred Shares, a $5 million term loan, and a new banking relationship with CIBC, enhancing its financial flexibility.
- Debt Restructuring: GreenPower exchanged $7 million of related party loans for convertible debentures and $3 million for Series B Convertible Preferred Shares, optimizing its capital structure and reducing financial risk.
- Monitoring Period Requirement: Despite regaining compliance, GreenPower will be subject to a one-year panel monitoring period, and if it falls out of compliance again, it faces delisting risks, underscoring the company's ongoing commitment to compliance management.
See More
GreenPower Regains Nasdaq Compliance Status
- Successful Financing: GreenPower has raised up to $18 million through an equity offering of Series A Convertible Preferred Shares, along with a $5 million term loan and a new banking relationship with CIBC, enhancing the company's financial stability.
- Compliance Restoration: The company received formal notice from Nasdaq confirming its compliance with Listing Rule 5550(b)(1), indicating significant progress in compliance and ensuring its continued listing on the Nasdaq Capital Market.
- Monitoring Period Arrangement: Despite regaining compliance, GreenPower will remain under a one-year Panel monitor, and if found non-compliant again, it faces delisting risks, highlighting ongoing pressures in compliance management.
- Strategic Execution: CEO Fraser Atkinson noted that recent financing transactions not only helped restore compliance but also supported the execution of strategic goals, indicating the company's continued growth potential in the electric heavy-duty vehicle market.
See More
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- Revenue Increase: The company achieved revenue of $8.5 million in Q3, an 18.1% year-over-year increase, primarily driven by sales of vehicles, parts, leases, and deferred income, demonstrating rising market demand.
- Gross Margin Performance: The gross profit margin on vehicle sales was approximately 28%, which not only highlights the profitability of its products but also indicates effective cost control and pricing strategies.
- Optimistic Market Outlook: With the rapid growth of the electric vehicle market, GreenPower Motor's financial performance provides a solid foundation for future expansion and investment, suggesting that the company's competitiveness in the industry will further strengthen.
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- Capital Restructuring Progress: The company secured two term loans totaling $5 million and established a new banking relationship with CIBC, paying off existing credit lines, indicating proactive financial management and stability.
- Electric School Bus Project Advancement: GreenPower made significant strides in its state-sponsored zero-emission school bus pilot project in New Mexico, aimed at addressing the specific needs of urban and rural schools, showcasing its strategic positioning in the education market.
- Production Capacity Enhancement: By restructuring manufacturing processes and managing inventory effectively, GreenPower not only improved production efficiency but also laid the groundwork for future order growth, further solidifying its competitive position in the electric vehicle market.
See More
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- Strong Financial Performance: GreenPower reported $8.5 million in revenue and $4.2 million in net income for Q4 FY 2025, marking a significant increase from $7.2 million in the same quarter last year, demonstrating the company's resilience and growth potential in the EV market.
- Effective Cost Control: The company's sales, general, and administrative expenses were reduced to $2.4 million in Q3, down from $5.2 million in the previous year, indicating substantial progress in optimizing operations and reducing costs.
- New Mexico Project Advancement: GreenPower's zero-emission school bus pilot project in New Mexico received over $5 million in state funding, aimed at addressing charging infrastructure challenges in urban and rural settings, further solidifying its leadership in the electric school bus market.
- Successful Capital Restructuring: The company raised $1.12 million through the issuance of convertible preferred shares and secured $5 million in loans, successfully restructuring its capital to provide funding for future production and expansion, enhancing financial stability.
See More
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- Personal Guarantee Incentives: Two directors provided personal guarantees for the financing up to $5 million and received 2,016,129 warrants and 403,225 shares as incentives, further strengthening the company's governance structure.
- Clear Use of Funds: A portion of the net proceeds from the financing was used to repay the existing operating line of credit, while the remainder will be allocated for general corporate purposes, ensuring the company's ongoing operations and growth in the electric vehicle market.
- Transparent Compliance Transactions: The issuance of warrants and shares is classified as a related party transaction, exempt from formal valuation and minority approval requirements under MI 61-101, ensuring compliance and transparency during the financing process.
See More
GreenPower Regains Nasdaq Compliance with New Capital Raises
- Compliance Restoration: GreenPower Motor Company announced it has regained compliance with Nasdaq Listing Rule 5550(b)(1), indicating the company's stability and operational viability in the capital market.
- Capital Raising: The company successfully raised funds through an equity offering of up to $18 million in Series A Convertible Preferred Shares, a $5 million term loan, and a new banking relationship with CIBC, enhancing its financial flexibility.
- Debt Restructuring: GreenPower exchanged $7 million of related party loans for convertible debentures and $3 million for Series B Convertible Preferred Shares, optimizing its capital structure and reducing financial risk.
- Monitoring Period Requirement: Despite regaining compliance, GreenPower will be subject to a one-year panel monitoring period, and if it falls out of compliance again, it faces delisting risks, underscoring the company's ongoing commitment to compliance management.
See More
GreenPower Regains Nasdaq Compliance Status
- Successful Financing: GreenPower has raised up to $18 million through an equity offering of Series A Convertible Preferred Shares, along with a $5 million term loan and a new banking relationship with CIBC, enhancing the company's financial stability.
- Compliance Restoration: The company received formal notice from Nasdaq confirming its compliance with Listing Rule 5550(b)(1), indicating significant progress in compliance and ensuring its continued listing on the Nasdaq Capital Market.
- Monitoring Period Arrangement: Despite regaining compliance, GreenPower will remain under a one-year Panel monitor, and if found non-compliant again, it faces delisting risks, highlighting ongoing pressures in compliance management.
- Strategic Execution: CEO Fraser Atkinson noted that recent financing transactions not only helped restore compliance but also supported the execution of strategic goals, indicating the company's continued growth potential in the electric heavy-duty vehicle market.
See More
GreenPower Motor Reports Strong Q3 Financial Results
- Net Income Growth: GreenPower Motor reported a net income of $4.2 million for Q3 2025, indicating strong performance in the electric vehicle market and reflecting its sustained profitability.
- Revenue Increase: The company achieved revenue of $8.5 million in Q3, an 18.1% year-over-year increase, primarily driven by sales of vehicles, parts, leases, and deferred income, demonstrating rising market demand.
- Gross Margin Performance: The gross profit margin on vehicle sales was approximately 28%, which not only highlights the profitability of its products but also indicates effective cost control and pricing strategies.
- Optimistic Market Outlook: With the rapid growth of the electric vehicle market, GreenPower Motor's financial performance provides a solid foundation for future expansion and investment, suggesting that the company's competitiveness in the industry will further strengthen.
See More
GreenPower Reports Financial Results for FY 2025
- Strong Financial Performance: GreenPower reported $8.5 million in revenue and $4.2 million in net income for FY 2025, demonstrating its adaptability and growth potential despite significant challenges in the EV sector by transitioning to a customer order-driven production model.
- Capital Restructuring Progress: The company secured two term loans totaling $5 million and established a new banking relationship with CIBC, paying off existing credit lines, indicating proactive financial management and stability.
- Electric School Bus Project Advancement: GreenPower made significant strides in its state-sponsored zero-emission school bus pilot project in New Mexico, aimed at addressing the specific needs of urban and rural schools, showcasing its strategic positioning in the education market.
- Production Capacity Enhancement: By restructuring manufacturing processes and managing inventory effectively, GreenPower not only improved production efficiency but also laid the groundwork for future order growth, further solidifying its competitive position in the electric vehicle market.
See More
GreenPower Reports Financial Results for FY 2025
- Strong Financial Performance: GreenPower reported $8.5 million in revenue and $4.2 million in net income for Q4 FY 2025, marking a significant increase from $7.2 million in the same quarter last year, demonstrating the company's resilience and growth potential in the EV market.
- Effective Cost Control: The company's sales, general, and administrative expenses were reduced to $2.4 million in Q3, down from $5.2 million in the previous year, indicating substantial progress in optimizing operations and reducing costs.
- New Mexico Project Advancement: GreenPower's zero-emission school bus pilot project in New Mexico received over $5 million in state funding, aimed at addressing charging infrastructure challenges in urban and rural settings, further solidifying its leadership in the electric school bus market.
- Successful Capital Restructuring: The company raised $1.12 million through the issuance of convertible preferred shares and secured $5 million in loans, successfully restructuring its capital to provide funding for future production and expansion, enhancing financial stability.
See More
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- Successful Financing: GreenPower Motor Company has closed a $5 million financing from CIBC, consisting of a $3 million revolving line of credit and a $2 million term loan with a three-year term, enhancing the company's liquidity to support electric vehicle production.
- Personal Guarantee Incentives: Two directors provided personal guarantees for the financing up to $5 million and received 2,016,129 warrants and 403,225 shares as incentives, further strengthening the company's governance structure.
- Clear Use of Funds: A portion of the net proceeds from the financing was used to repay the existing operating line of credit, while the remainder will be allocated for general corporate purposes, ensuring the company's ongoing operations and growth in the electric vehicle market.
- Transparent Compliance Transactions: The issuance of warrants and shares is classified as a related party transaction, exempt from formal valuation and minority approval requirements under MI 61-101, ensuring compliance and transparency during the financing process.
See More
