GreenPower Motor Company Inc. (NASDAQ:GP) Q3 2023 Earnings Conference Call February 14, 2023 9:30 AM ET

Company Participants

Michael Sieffert - Chief Financial Officer

Fraser Atkinson - Chief Executive Officer

Brendan Riley - President

Conference Call Participants

Craig Irwin - ROTH Capital

Greg Lewis - BTIG

Chris Souther - B. Riley

Tate Sullivan - Maxim Group

Operator

Good morning and welcome to the GreenPower Motor Company Third Quarter Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Michael Sieffert, Chief Financial Officer. Please go ahead.

Michael Sieffert

Thank you. This is Michael Sieffert, the Chief Financial Officer of GreenPower Motor Company. I would like to welcome everyone to our call to discuss GreenPower's financial results for the period ended December 31, 2022. I'm here today with our Chief Executive Officer, Fraser Atkinson; and our President, Brendan Riley.

During today's call, we may make comments or statements about future expectations, plans and prospects which may constitute forward-looking statements for the purposes of the safe harbor provision under the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in our quarterly interim results and MD&A filed on SEDAR and on EDGAR. In addition, these forward-looking statements relate to the date on which they're made. We anticipate that subsequent events and developments may cause the company's views to change. GreenPower disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Also, during the course of today's call, we may refer to certain non-IFRS financial measures. Reconciliation of these non-IFRS measures can be found in our MD&A filed on SEDAR and on EDGAR and is also located on our website at www.greenpowermotor.com.

I'll now pass the call over to GreenPower's CEO, Fraser Atkinson.

Fraser Atkinson

Thank you, Michael. This was a record-setting quarter for GreenPower. We generated record revenues of $12.8 million in the third quarter, a year-over-year increase of 140% over the revenue of $5.3 million for the third quarter in the previous year. We delivered 101 GreenPower vehicles in the third quarter. With our extensive inventory, the deliveries this quarter are on track to exceed the third quarter. We reported deferred revenue of $12.5 million at the end of the third quarter, an increase of more than 92% from the beginning of the fiscal year. The majority of this, we expect to recognize over the next 12 months, further accelerating our revenue growth.