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Here are 1-2 brief analogies to describe GreenPower Motor:

• Like a Tesla, but for commercial buses and vans.
• Ford's commercial vehicle division, but exclusively electric.

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• Transit Buses: Electric high-floor and low-floor buses designed for public transportation.
• School Buses: Electric buses specifically designed for student transportation.
• Shuttles: Electric vehicles used for transporting passengers over short distances, often within a campus or city.
• Cargo Vans: Electric vans designed for the commercial transport of goods and materials.
• Double Decker Buses: Electric two-story buses, often used for tourism or high-capacity transit.
• Cab and Chassis: An electric vehicle platform consisting of a cab and frame, ready for custom upfitting with various bodies.

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• Workhorse Group Inc. (WKHS): GreenPower supplies its EV Star cab and chassis to Workhorse for their W56 program.
• IKEA: GreenPower has supplied EV Star cargo vans for IKEA's delivery fleet electrification in California. IKEA is a privately held global retail company.
• School Districts: Numerous school districts across the United States and Canada purchase GreenPower's electric school buses (e.g., Type D BEAST, Type A Nano Beast) for student transportation.
• Transit Agencies and Municipalities: Various public transit authorities and city governments acquire GreenPower's transit buses and shuttles for public transportation and municipal fleet operations.
• Commercial Fleet Operators: Businesses in logistics, delivery, shuttle services (e.g., airports, universities, corporate campuses), and other commercial sectors utilize GreenPower's cargo vans and shuttles for their operational needs.

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• Contemporary Amperex Technology Co. Limited (300750.SZ)
• Dana Incorporated (DAN)

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Fraser Atkinson, Chief Executive Officer and Executive Chairman of the Board

Fraser Atkinson is one of the founders of GreenPower Motor Company Inc., established in 2011, and has served as the Chairman and a Director since February 2011. He was appointed CEO in June 2019. Prior to GreenPower, Mr. Atkinson founded and served as President of Vancouver Ready Mix, a ready-mix supply company, and also held the role of President at Hyland Ready Mix, Hyland Precast, and Hyland Sand & Gravel, where he oversaw a ready-mix concrete business and ICF production. He also served as President of Fraserway PreKast Ltd. His experience includes being a director and officer of several public companies, and he was a Partner at KPMG LLP for over 14 years, where he gained significant experience with financings and initial public offerings.

Michael Sieffert, Chief Financial Officer and Corporate Secretary

Michael Sieffert was appointed Chief Financial Officer and Corporate Secretary of GreenPower in December 2018. From 2011 to 2018, he held progressively senior finance positions at Seaspan Corporation, a NYSE-listed containership leasing company, most recently as Director, Corporate Finance. During his time at Seaspan, he was involved in the management and execution of over $1.3 billion in common equity, preferred equity, and unsecured notes offerings on the NYSE. Before Seaspan, from 2006 to 2011, Mr. Sieffert worked in Deloitte's Financial Advisory Services practice, assisting clients in the transportation and manufacturing sectors with corporate finance and valuation mandates. He also previously worked as a buy-side equity analyst at HSBC Investments Canada. Mr. Sieffert possesses significant capital markets experience and a background in investor relations, treasury, and M&A.

Brendan Riley, President and Director

Brendan Riley has served as GreenPower's President since October 2016 and was appointed as a Director of the Company in July 2019. He has been instrumental in overseeing GreenPower's growth plans and executing its operating strategy. Before joining GreenPower, Mr. Riley was the North American Vice President of Fleet Sales for BYD Motors, where he was responsible for the strategy, tactics, support, and training for selling all-electric buses, trucks, cars, and material handling equipment. He also oversaw the launch of numerous commercial EV products and the delivery of hundreds of various types of EVs. He was also instrumental in negotiating the purchase and setup of two manufacturing facilities for BYD in California.

Ryne Shetterly, Vice President of Sales & Marketing

Ryne Shetterly joined GreenPower's executive team as Vice President of Sales & Marketing in January 2018. In this role, he focuses on shaping green policies, building brand awareness, and leading the sales and marketing team to advance the electric vehicle market. Prior to GreenPower, Mr. Shetterly served as Sales Manager at Complete Coach Works in Riverside, California, where he managed the ZEPS (Zero Emission Propulsion System) remanufactured all-electric powered bus.

Michael Perez, Vice President of School Bus, Contracts and Grants

Michael Perez serves as the Vice President of School Bus, Contracts and Grants at GreenPower Motor Company Inc. He is also noted as the Director of Contracts and Grants for the company.

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Key Risks to GreenPower Motor (GP)

1. Significant Financial Challenges and Negative Shareholder Equity: GreenPower Motor Company Inc. faces substantial financial difficulties, as evidenced by significant operational inefficiencies and profitability challenges, including consistently negative operating and net margins. The company has a history of negative shareholder equity and a highly leveraged balance sheet, with a negative Debt-to-Equity ratio, indicating that total liabilities exceed total assets, which is a critical red flag. Furthermore, GreenPower has experienced a decrease in cash reserves and a notable decline in revenue in recent years, alongside persistent negative operating cash flow, highlighting a continuous need for external financing. The company's Altman Z-Score of -4.9 places it in the distress zone, signaling a potential risk of bankruptcy.
2. Reliance on Government Subsidies and Intense Competition: GreenPower's revenue streams have historically been heavily dependent on government subsidy programs, particularly in the United States. Changes in federal electric vehicle (EV) incentives and policy shifts have led to a significant contraction in revenue, with a nearly 50% year-over-year decrease in fiscal year 2025. The company operates in a highly competitive electric vehicle market, and regulatory changes or a reduction in subsidy programs pose a substantial risk to its future growth and profitability.
3. Operational Stability and Production Challenges: The company's operational stability is threatened by internal challenges, including a dispute over a leased facility in West Virginia, which introduces a major risk to its production capabilities. GreenPower has also been undergoing a transition from building EVs on speculation to a production strategy driven by customer orders, which has required recapitalization, retooling manufacturing, managing inventory, and securing production funding. These factors indicate ongoing operational complexities that could impact the company's ability to efficiently deliver vehicles and sustain growth.

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Increased competition from established automotive and commercial vehicle manufacturers (e.g., Daimler Truck North America, Volvo Group, Ford, GM BrightDrop, BYD) who are rapidly electrifying their existing product lines and introducing a wide range of medium and heavy-duty electric vehicles directly competing with GreenPower's offerings. These larger companies possess significant financial resources, established production capabilities, extensive distribution and service networks, and strong brand recognition, which could lead to market share erosion and pricing pressure for GreenPower.

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The addressable markets for GreenPower Motor Company Inc.'s main products and services in North America (United States and Canada) are substantial and are projected to experience significant growth.

Electric Buses (Transit, School, and Shuttles)

The North America electric bus market was valued at an estimated USD 1.03 billion in 2024. This market is projected to expand significantly, reaching an estimated USD 4.69 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 16.4% from 2025 to 2034.

• Within North America, the U.S. market constituted approximately 83% of the electric bus sector in 2024, generating around USD 852.4 million in revenue.
• The electric bus market in Canada generated USD 103.1 million in revenue in 2024 and is projected to reach USD 1,243.62 million by 2034, growing at a CAGR of 13.73% from 2026 to 2034.
• More specifically, the USA electric school bus market is projected to reach USD 4.77 billion in 2025.
• The global electric shuttle market, which includes a portion of GreenPower's shuttle offerings, was valued at USD 1.48 billion in 2024 and is forecast to grow to USD 2.82 billion by 2030, at a CAGR of 11.3%.

Electric Cargo Vans

For electric cargo vans, which fall under the broader electric commercial vehicle market, the global electric van market is projected to grow from USD 17.54 billion in 2025 to USD 27.73 billion by 2031, at a CAGR of 7.93%. The vans segment represented 37% of the global electric commercial vehicle market in 2025, which was an estimated USD 84.2 billion globally.

Electric Medium and Heavy-Duty Cab and Chassis

The North America electric truck market, which includes light, medium, and heavy-duty electric trucks (and therefore cab and chassis), is estimated at USD 22.74 billion in 2025. This market is expected to grow significantly to USD 64.65 billion by 2029, exhibiting a robust CAGR of 29.86% from 2025 to 2029.

• The global electric heavy-duty trucks market was estimated at USD 1.93 billion in 2025 and is projected to reach USD 6.45 billion by 2033, with a CAGR of 15.1% from 2026 to 2033.
• The Canada electric heavy-duty trucks market is projected to grow at a CAGR of approximately 25.8%.

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GreenPower Motor Company Inc. (GP) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Increased Sales of Electric School Buses: GreenPower is strategically focusing on the electric school bus market. The company has a notable order backlog for its BEAST and Nano BEAST school buses, with live orders exceeding 100 units and a qualified sales pipeline of over 160 school buses. This focus is significantly bolstered by substantial state-level funding initiatives, such as the Zero Emission School Bus Initiative (ZESBI) in California and the New York School Bus Incentive Program, each allocating hundreds of millions of dollars for electric school buses and related infrastructure. GreenPower is uniquely positioned as the only OEM offering both Type A and Type D all-electric school buses.
2. Expansion of Commercial Vehicle Offerings and GP Truck Body Operations: The company is expanding its commercial vehicle product line, leveraging its in-house GP Truck Body division. This division focuses on custom upfits for the EV Star Cab & Chassis, providing solutions such as all-aluminum stake beds, landscape beds, dump trucks, and utility truck service bodies. This integration aims to improve delivery times and offer a comprehensive, one-stop shop for commercial customers in the cargo and delivery markets.
3. Enhanced Production Capacity and Operational Efficiency: GreenPower is actively increasing its manufacturing capabilities, particularly at its facilities in California and West Virginia. The company has secured production financing to support these efforts and has plans to double output at its West Virginia facility. Consolidating California operations is also expected to lead to improved manufacturing efficiency and increased vehicle output.
4. Benefiting from Government Incentives and Regulatory Mandates: Growing demand for GreenPower's electric vehicles is being driven by strong government incentives and regulatory mandates. Eleven states have adopted the Advanced Clean Trucks (ACT) rule, requiring a significant percentage of new Class 4 to 8 vehicle sales to be zero-emission by 2035. Additionally, 18 states are part of the Zero Emissions Vehicle (ZEV) task force, targeting all new medium and heavy-duty vehicles to be zero-emission by 2050. These policies and financial support programs are accelerating the adoption of electric vehicles, directly benefiting GreenPower.
5. Conversion of Existing Orders and Anticipation of Follow-on Business: GreenPower holds a substantial order book for its core EV Star platform and BEAST school bus models. The company anticipates that many of its current orders and quotes will lead to follow-on orders, which is expected to provide exponential growth as relationships with customers mature and their fleets transition to electric vehicles.

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Share Repurchases

No significant share repurchase programs or dollar amounts of repurchases made by GreenPower Motor have been identified within the last 3-5 years.

Share Issuance

• In October 2024, GreenPower Motor completed a public offering of 3,000,000 common shares at US$1.00 per share, resulting in gross proceeds of US$3.0 million.
• As of March 2, 2026, the company issued a second tranche of 926 Series A Convertible Preferred Shares in a private placement for gross proceeds of US$879,700, as part of a larger facility for up to US$18 million in convertible preferred shares.
• The number of shares outstanding for GreenPower Motor increased by 14.67% in one year, as reported around March 2026, indicating overall share dilution.

Inbound Investments

• In January 2026, GreenPower Motor secured US$5 million in credit facilities from CIBC, comprising a US$3 million revolving line of credit and a US$2 million term loan, along with an additional US$5 million in term loans from two family offices.
• The company received a US$5 million Local Economic Development Act (LEDA) award and US$9.6 million in jobs tax credits and incentive funds from the State of New Mexico in January 2026 for its advanced electric vehicle manufacturing facility.
• In November 2025, GreenPower secured a financing facility of up to US$18 million, deployable in tranches, specifically to accelerate the production of its all-electric school buses.

Outbound Investments

• In July 2022, GreenPower acquired Lion Truck Body to enhance its capacity for manufacturing EV truck bodies and reduce delivery times.

Capital Expenditures

• For the fiscal year 2025, GreenPower Motor's investing cash flow, which predominantly consists of capital expenditures, amounted to a minor outflow of approximately US$0.08 million.
• Capital expenditures for the last 12 months, prior to March 2026, were reported at approximately US$3,039.
• The company is directing its focus towards significant future capital expenditures related to the development and expansion of its new manufacturing facility in New Mexico.