$GP

GREENPOWER MOTOR Co INC.

CIK:0001584547|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Income Statement Abstract
Revenue	$ 16,388,579	$ 19,847,279	$ 39,271,839
Cost of Sales	7,173,476	17,650,661	33,914,237
Gross Profit	9,215,103	2,196,618	5,357,602
Sales, general and administrative costs
Salaries and administration	3,891,189	9,912,495	8,814,561
Depreciation	1,445,129	1,662,113	1,858,458
Product development costs	701,369	1,339,200	1,811,472
Office expense	66,773	1,256,499	1,607,459
Insurance	1,447,375	1,727,831	1,716,157
Professional fees	2,500,177	1,672,938	1,925,938
Sales and marketing	78,569	997,772	661,426
Share-based payments	279,546	897,468	1,502,112
Transportation costs	207,351	264,344	212,263
Travel, accomodation, meals and entertainment	110,244	397,749	599,169
Allowance for credit losses	10,528	(12,277)	1,450,962
Total sales, general and administrative costs	10,738,250	20,116,132	22,159,977
Loss from operations before interest, accretion and foreign exchange	(1,523,147)	(17,919,514)	(16,802,375)
Interest and accretion	(2,588,673)	(2,176,337)	(1,554,858)
Other Income	0	1,391,746	306,288
(Loss) on disposal of equipment	(24,961)	0	0
Foreign exchange gain	141,339	40,657	131,416
Loss from operations for the year	(3,995,442)	(18,663,448)	(17,919,529)
Other items
Debt extinguishment costs	(1,390,187)	0	0
Series A convertible Preferred shares change in fair value	(497,149)	0	0
Write down of assets	0	0	(423,267)
Loss for the year before income tax	(5,882,778)	(18,663,448)	(18,342,796)
Income tax
Income tax recovery	406,000	0	0
Loss for the year	(5,476,778)	(18,663,448)	(18,342,796)
Other comprehensive income
Cumulative translation reserve	73,342	151,553	29,547
Total comprehensive loss for the year	$ (5,403,436)	$ (18,511,895)	$ (18,313,249)
Loss per common share, basic	$ (1.57)	$ (6.77)	$ (7.35)
Loss per common share, diluted	$ (1.57)	$ (6.77)	$ (7.35)
Weighted average number of common shares outstanding, basic	3,494,860	2,758,020	2,495,096
Weighted average number of common shares outstanding, diluted	3,494,860	2,758,020	2,495,096

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Cash flows from (used in) operating activities
Loss for the year	$ (5,476,778)	$ (18,663,448)	$ (18,342,796)
Items not affecting cash
Allowance (recovery) for credit losses	10,528	(12,277)	1,450,962
Depreciation	1,445,129	1,662,113	1,854,728
Debt extinguishment costs	1,390,187	0	0
Fair value adjustment to Pref A shares liability	497,149	0	0
Income tax recovery	(406,000)	0	0
Share-based payments	279,546	897,468	1,502,112
Change from lease adjustment	51,802	0	0
Loss on disposition of equipment	24,961	0	0
Accretion & accrued interest	1,513,126	724,152	723,199
Write-down of assets	0	0	423,267
Other (income) / expense	0	(1,391,746)	(306,288)
Write down of inventory	988,190	0	1,078,854
Foreign exchange loss / (gain)	(141,339)	(40,657)	(131,416)
Cash flow used in operating activities before changes in assets and liabilities	176,501	(16,824,395)	(11,747,378)
Changes in working capital items:
Accounts receivable	199,443	2,302,426	6,255,091
Inventory	654,925	7,883,289	8,752,609
Prepaids and deposits	826,284	(493,308)	(419,778)
Finance lease receivables	45,001	50,230	132,138
Accounts payable and accrued liabilities	(302,613)	581,983	(4,339,016)
Contingent liability	(176,606)	310,000	0
Deferred revenue	(7,562,306)	46,063	(337,484)
Warranty liability	(44,970)	155,539	571,570
Total cash flows from (used in) operating activities	(6,184,341)	(5,988,173)	(1,132,248)
Cash flows from (used in) investing activities
Restricted deposits	11,950	0	(400,000)
Purchase of property and equipment	0	(83,172)	(361,533)
Total cash flows from (used in) investing activities	11,950	(83,172)	(761,533)
Cash flows from (used in) financing activities
(Repayment of) / loans from related parties	6,563,037	1,377,292	(449,400)
Proceeds from (repayment of) line of credit	(3,974,245)	(1,479,634)	850,974
Proceeds from (repayment of) revolving term loan facility	(12,104)	1,323,457	2,235,375
Proceeds from term loan facility	2,000,000	0	0
Proceeds from promissory note	0	0	30,111
Payments on lease liabilities	(574,400)	(553,918)	(1,050,611)
Adjustments to lease liabilities	(8,566)	(8,567)	(8,566)
Proceeds from issuance of common shares and warrants	455,095	5,325,850	520,892
Proceeds from issuance of series A convertible preferred shares	1,770,065	0	0
Equity offering costs	(113,388)	(884,208)	(14,904)
Proceeds from exercise of stock options	0	0	209,962
Total cash flows from (used in) financing activities	6,105,494	5,100,272	2,323,833
Foreign exchange on cash	50,739	164,426	120,437
Net increase (decrease) in cash	(16,158)	(806,647)	550,489
Cash, beginning of year	344,244	1,150,891	600,402
Cash, end of year	$ 328,086	$ 344,244	$ 1,150,891

Consolidated Statements of Financial Position - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Current
Cash	$ 328,086	$ 344,244
Accounts receivable, net of allowances	331,822	541,793
Current portion of finance lease receivables	57,982	45,473
Inventory	23,825,379	25,601,888
Restricted deposit	407,726	0
Prepaids and deposits	362,064	1,241,670
Total current assets	25,313,059	27,775,068
Non-current
Finance lease receivables	33,945	91,455
Right of use assets	4,569,336	5,479,555
Property and equipment	718,557	1,310,581
Restricted deposit	0	415,065
Prepaids and deposit	53,322	0
Other assets	0	1
Total non-current assets	5,375,160	7,296,657
Total assets	30,688,219	35,071,725
Current
Line of credit	1,452,615	5,983,572
Revolving term loan facility	3,591,924	3,591,354
Term loan facility	1,628,858	0
Accounts payable and accrued liabilities	3,891,760	3,719,716
Current portion of deferred revenue	2,576,050	3,279,536
Current portion of lease liabilities	811,034	633,035
Current portion of loans payable to related parties	100,000	1,334,720
Series A convertible preferred share liability	1,643,214	0
Current portion of warranty liability	817,482	816,326
Current portion of other liabilities	8,567	0
Contingent liability	0	310,000
Total current liabilities	16,521,504	19,668,259
Non-current
Convertible debentures	5,654,279	0
Deferred revenue	0	6,858,820
Lease liabilities	4,741,229	5,535,051
Loans payable to related parties	519,436	2,849,325
Other liabilities	0	17,133
Warranty liability	1,702,977	1,749,103
Total non-current liabilities	12,617,921	17,009,432
Total Liabilities	29,139,425	36,677,691
Equity (deficiency)
Share capital	86,544,102	80,538,262
Reserves	16,831,295	15,239,622
Equity portion of convertible debentures	1,097,308	0
Accumulated other comprehensive income	112,999	39,657
Accumulated deficit	(103,036,910)	(97,423,507)
Total equity	1,548,794	(1,605,966)
Total Liabilities and Equity	$ 30,688,219	$ 35,071,725