GreenPower Motor Company Inc. (NASDAQ:GP) Q2 2023 Earnings Conference Call November 15, 2022 9:30 AM ET

Company Participants

Michael Sieffert - Chief Financial Officer

Fraser Atkinson - Chief Executive Officer

Brendan Riley - President

Conference Call Participants

Greg Lewis - BTIG

Craig Irwin - ROTH Capital Partners

Tate Sullivan - Maxim Group

Good morning, and welcome to the GreenPower Motor Company Second Quarter Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Michael Sieffert, CFO. 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 September 30, 2022. I am 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 our future expectations, plans and prospects, which may constitute forward-looking statements for the purposes of the Safe Harbor provision under the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. 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 are 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 will now pass the call over to GreenPower, CEO, Fraser Atkinson.

Fraser Atkinson

Thank you, Michael. I am going to discuss our activities in the quarter with our manufacturing facility, school bus pilot project, and recent vouchers and incentive activity. In August, GreenPower took possession of the 80,000 square foot manufacturing facility in South Charleston, West Virginia, and began the process of onboarding its first employees and Redding, the facility for production.

This facility will be GreenPower's primary North American school bus manufacturing center servicing the Eastern States and beyond. GreenPower entered into a lease purchase agreement last quarter with the State of West Virginia where the terms of the lease require no cash up front and monthly lease payments beginning in May, 2023, all lease payments will be applied in full to the purchase price of the property.