GreenPower Motor To Recognize $6.8M In Revenue After Agreement Allows Retention Of EV Star Cab & Chassis Deposits

GreenPower Motor Company Inc. (NASDAQ:GP) ("GreenPower" or the "Company") a leading manufacturer and distributor of all-electric, purpose-built, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, today announced that it has entered into an agreement whereby more than $6 million in deposits that had been made to GreenPower for the manufacture of EV Star Cab & Chassis will be retained by GreenPower with no further obligation to deliver vehicles. 

GreenPower received advance payments to manufacture EV Star Cab & Chassis and these deposits were recorded as deferred revenue until delivery of the vehicles was accepted.  The parties have agreed to not proceed and a total of $6.8 million of deferred revenue will be recognized as revenue in the current quarter ending December 31, 2025.