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• The Tesla for electric school buses and commercial trucks.

• Like Rivian, but for heavy-duty electric commercial vehicles and buses.

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• Electric School Buses: All-electric buses specifically designed for student transportation with zero emissions.
• Electric Transit and Shuttle Buses: Zero-emission electric buses tailored for public transit routes and private shuttle services.
• Electric Cargo Vans & Trucks: Battery-electric vans and trucks engineered for last-mile delivery and various commercial applications.
• Electric Chassis: Modular electric vehicle platforms provided for third-party manufacturers to build custom bodies and vehicles.

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GreenPower Motor (symbol: GP) primarily sells its electric medium- and heavy-duty vehicles to other companies and organizations (B2B model). Based on recent company reports and sales activities, its major customer companies include:

• Workhorse Group (symbol: WKHS): GreenPower supplies the EV Star Cab and Chassis to Workhorse, which integrates these into their Class 4 W750 step vans for last-mile delivery applications. This represents a significant ongoing supply agreement for GreenPower.
• Creative Bus Sales: As GreenPower's largest dealer for school buses and commercial vehicles, Creative Bus Sales purchases a substantial volume of vehicles from GreenPower for resale to a wide range of end-users, including school districts, universities, and commercial fleet operators across North America. Creative Bus Sales is a privately held company.

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Fraser Atkinson
Executive Chairman & CEO

Fraser Atkinson is a co-founder of GreenPower Motor Company, serving as Executive Chairman and Director since February 2011 and appointed CEO in June 2019. He was previously a partner at KPMG LLP for over 14 years. Mr. Atkinson has a diverse background, having founded and served as President of Vancouver Ready Mix, and holding presidential roles at Hyland Ready Mix, Hyland Precast, Hyland Sand & Gravel, and Fraserway PreKast Ltd. He has also been a director and officer of several other public companies, including serving as Chairman, CEO, and Director at Oakmont Minerals Corp., Chairman and Director at Rara Terra Minerals Corp., and Director, CFO, and Corporate Secretary at Versatile Systems, Inc. He currently serves as a director for Equus Total Return Inc. (NYSE) and Grizzly Discoveries Inc. (TSX Venture Exchange). Mr. Atkinson holds a Bachelor of Commerce degree from the University of British Columbia and received his CPA designation in 1982.

Michael Sieffert
Chief Financial Officer & Secretary

Michael Sieffert was appointed Chief Financial Officer and Secretary of GreenPower in December 2018. Prior to joining GreenPower, from 2011 to 2018, Mr. Sieffert held progressively senior finance positions at Seaspan Corporation, a NYSE-listed company, most recently as Director, Corporate Finance. In this role, he was involved in the management and execution of over $1.3 billion in common equity, preferred equity, and unsecured notes offerings. From 2006 to 2011, he worked at Deloitte's Financial Advisory Services practice, where he advised clients, particularly in the transportation and manufacturing sectors, on corporate finance and valuation mandates. Earlier in his career, Mr. Sieffert was a buy-side equity analyst at HSBC Investments Canada. He holds a Bachelor of Arts degree and a Masters of Business Administration (Finance) degree from the University of British Columbia, and is a CFA charter holder.

Brendan Riley
President & Director

Brendan Riley has served as GreenPower's President since October 2016 and was appointed to the Board of Directors in July 2019. Before joining GreenPower, Mr. Riley was the North American Vice President of Fleet Sales for BYD Motors from October 2012 to October 2016, where he was responsible for strategy, tactics, support, and training for selling all-electric buses, trucks, cars, and material handling equipment. He was the first employee of BYD Motors and was instrumental in building business units from the ground up, as well as negotiating the purchase and setup of two manufacturing facilities for BYD in California. During his tenure at BYD, he secured the largest privately funded electric bus contract in North America two years in a row. Mr. Riley also served as VP of Sales and Marketing at PTB Sales, Inc. from April 1997 to October 2012. He has experience in high-tech manufacturing, including the aerospace and semiconductor sectors.

Michael Perez
Vice President of School Bus, Contracts and Grants

Michael Perez serves as GreenPower's Vice President of School Bus, Contracts and Grants. In this role, he is involved in securing orders and managing the deployment of GreenPower's all-electric school buses, such as the BEAST and Nano BEAST models. He has been instrumental in the company's efforts to expand its presence in the school bus sector and manage contracts and grants related to these initiatives.

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Key Risks to GreenPower Motor (GP)

1. Financial Fragility and Going Concern Uncertainty: GreenPower Motor faces significant financial challenges, including recurring operating losses and severely depleted cash reserves. By December 2024, cash reserves had dropped by 46% year-over-year to $621,000, accompanied by a $14.8 million operating loss over the nine months ending December 2024. The company's financial statements explicitly raise "substantial doubt about its ability to continue as a going concern." Its survival is heavily dependent on recurring insider financing, with directors personally guaranteeing $5.02 million of the company's line of credit. A weak current ratio of 1.2:1 barely meets creditor covenant requirements, leaving minimal room for error. The company's weak financial health, rated at 1.18, and substantial debt obligations further underscore its precarious financial position. This financial instability has led to a cease trade order from the British Columbia Securities Commission due to missed financial filings.
2. High Reliance on Government Subsidies: A substantial portion of GreenPower's past revenue has been tied to government subsidy programs, particularly in California. For example, the HVIP subsidy program accounted for an estimated 74% of its revenues in calendar years 2019 and 2020. The shrinking of these programs due to state budget constraints has already negatively impacted GreenPower's revenues, which were down 41% compared to the prior year. Any further reduction or elimination of these grants and incentives would have a material negative impact on the company's business, financial condition, and operating results.
3. Thin Margins and Operational Inefficiencies: GreenPower struggles with low profitability, evidenced by meager gross margins of 11.1%. These thin margins make it difficult for the company to offset high production costs and manage inventory overhang, contributing to its overall financial fragility. The company faces significant execution risks in its operations, indicating challenges in scaling profitably.

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Increased competition from well-established, large-scale original equipment manufacturers (OEMs) and major automotive groups in the electric commercial vehicle market. Companies such as Ford (e.g., E-Transit), General Motors (e.g., BrightDrop), Daimler Truck, and Volvo are aggressively expanding their electric vehicle portfolios across various segments including delivery vans, medium-duty trucks, and school buses. These larger players benefit from immense financial resources, superior manufacturing scale, extensive global distribution and service networks, long-standing customer relationships, and strong brand recognition. As they electrify their popular existing vehicle lines, they directly challenge GreenPower Motor's market share and growth potential by offering comparable electric solutions with established support infrastructures that GreenPower, as a smaller, dedicated EV manufacturer, may struggle to match.

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GreenPower Motor (GP) operates in the electric-powered commercial vehicle market, with its main products and services categorized into electric buses and electric trucks/vans. The addressable markets for these segments are substantial and growing, particularly in North America.

Electric Buses

GreenPower offers a range of electric buses for various applications, including school transportation, public transit, and shuttle services.

• Electric School Bus Market:
  • Globally, the electric school bus market was valued at approximately USD 35.5 billion in 2024 and is projected to reach USD 335.3 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 28.33% from 2025 to 2033. Other estimates place the global market at USD 22.92 billion in 2025, growing to USD 73.88 billion by 2034 with a CAGR of 13.83% from 2025 to 2034. The market was valued at USD 35.6 billion in 2023 and is expected to grow at a CAGR of 15.38% from 2024 to 2032.
  • In the U.S., the addressable market opportunity for electric school buses is estimated at over USD 25 billion in New York and California alone, where approximately 80,000 school buses operate. Nationwide, there are about 480,000 school buses in operation. Cumulative state-level funding for electric school buses in the U.S. reached USD 2.47 billion in 2025.
• Electric Transit and Shuttle Bus Market:
  • The global electric bus market was estimated at USD 64.2 billion in 2024 and is projected to reach USD 187.8 billion by 2032, growing at a CAGR of 14.2%. Other reports indicate the global market at USD 23.80 billion in 2025, projected to grow to USD 59.60 billion by 2032 with a CAGR of 14.0%. Additional figures show the global electric bus market at USD 55.84 billion in 2024, projected to reach USD 156.09 billion by 2034, with a CAGR of 12.1%. Another estimate for the global electric bus market size is USD 32.15 billion in 2024, expected to reach around USD 113.06 billion by 2034, expanding at a CAGR of 13.40% from 2025 to 2034.
  • Specifically for the global electric shuttle bus market, the size was valued at USD 2.7 billion in 2024 and is projected to reach USD 8.1 billion by 2033, with a robust CAGR of 12.8% during the forecast period of 2024–2033. The overall global shuttle buses market (including non-electric) was valued at USD 15.7 billion in 2023.
  • The United States electric bus market reached USD 2.5 billion in 2025 and is expected to reach USD 6.8 billion by 2034, exhibiting a CAGR of 11.9% from 2026 to 2034. Another report states the U.S. market value at around USD 889.42 million in 2024, estimated to reach nearly USD 5150.74 million by 2034 at a CAGR of 19.20% between 2025 and 2034.
  • North America holds a significant share of the global electric bus market, accounting for 34.2%.

Electric Trucks and Vans

GreenPower also offers electric trucks and cargo vans for freight and logistics solutions, such as the EV Star Cargo and EV Star Cab and Chassis.

• Electric Commercial Vehicle Market (including vans and trucks):
  • The global electric commercial vehicle market was valued at USD 152.02 billion in 2024 and is estimated to reach USD 1,298.26 billion by 2033, exhibiting a CAGR of 25.56% from 2025 to 2033. Another report shows the global electric commercial vehicle market size was USD 102.59 billion in 2024, and is expected to grow from USD 126.49 billion in 2025 to reach USD 675.70 billion by 2033, growing at a CAGR of 23.30%.
  • The global electric van market size was USD 19.23 billion in 2025 and is projected to climb to USD 31.55 billion by 2030, advancing at a 10.41% CAGR. Other estimates for the global electric van market size include USD 9.27 billion in 2023, projected to grow to USD 42.35 billion by 2031 with a CAGR of 21.25%, and USD 52.62 billion in 2024, projected to grow from USD 92.44 billion in 2025 to USD 140.77 billion by 2032 with a CAGR of 6.2%. Another source states the global electric van market size was estimated at USD 13.33 billion in 2023 and is projected to reach USD 32.02 billion by 2030, growing at a CAGR of 13.8% from 2024 to 2030.
  • The North America electric vehicle market (overall, including passenger and commercial) was valued at USD 75.18 billion in 2023 and is poised to grow to USD 330.92 billion by 2032, at a CAGR of 17.9%. The commercial vehicle segment within this market is the fastest-growing and is estimated to expand at a CAGR exceeding 85% in terms of revenue over the forecast period. The U.S. electric van market is expected to grow at a significant CAGR from 2024 to 2030.

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GreenPower Motor (NASDAQ: GP) anticipates several key drivers for revenue growth over the next two to three years:

1. Increased Production and Deliveries of Electric School Buses: The company is focused on scaling up the production and delivery of its all-electric school buses, including the BEAST and Nano BEAST models. Recent earnings calls indicate a significant increase in school bus sales and a qualified lead pipeline, supported by the ramping up of the West Virginia manufacturing facility.
2. Expansion of Commercial Vehicle Sales: The EV Star product line, encompassing commercial vans and cab & chassis vehicles, continues to be a crucial revenue contributor. The company has seen increased sales of its upfitted commercial EV Star vehicles and has a strong sales pipeline for EV Star passenger vans and specialty vehicles.
3. Strategic Geographic Market Expansion: GreenPower is implementing a state-focused growth strategy to target markets with strong electric vehicle mandates and incentive programs. Key states identified for significant market opportunity and continued focus include New York, California, and the Southwest. New York, for example, has substantial funding and mandates for zero-emission school buses.
4. Monetization of Tradable Regulatory Credits: GreenPower has generated a considerable number of medium and heavy-duty regulatory credits. The company is actively working to monetize these credits through non-disclosure agreements with OEMs and engagement with brokers, recognizing this as a material potential revenue stream.
5. Improvement in Gross Profit Margins: Management expects an improvement in gross profit margins over time, driven by increased throughput at the West Virginia manufacturing facility and the Truck Body division. Efforts are also underway to achieve cost reductions on a per-unit basis and continuous improvement in production processes.

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Share Issuance

• GreenPower completed multiple offerings of common shares, including gross proceeds of $2,325,750 in May 2024 and $3 million in February 2025.
• An additional offering in October 2024 yielded estimated net proceeds of approximately $2,655,000, designated for vehicle production and product development.

Inbound Investments

• From May to July 2025, GreenPower secured approximately US$950,000 through multiple tranches of secured term loans from companies associated with its CEO and a Director.
• These loans, bearing a 12% annual interest rate and a two-year term, are allocated to production costs, supplier payments, payroll, and working capital.
• Net debt issuance/retirement showed increases of $5 million in 2022, $4 million in 2023, $2 million in 2024, and $1 million in 2025, reflecting reliance on debt financing.

Outbound Investments

• In July 2022, GreenPower acquired Lion Truck Body to vertically integrate its supply chain, expand new business lines, and enhance product offerings.

Capital Expenditures

• For the last 12 months (as of November 2025), capital expenditures were -$37,280.
• The primary focus for capital expenditures includes boosting the production of all-electric vehicles, such as BEAST school buses and EV Star commercial vehicles, and product development.
• In fiscal year 2025, the company consolidated its California operations to a single larger facility to improve efficiency and reduce costs, indicating an investment in operational optimization.