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Medium- and heavy-duty electric vehicle maker GreenPower Motor Company Inc. (GPV-X) reported improvements in Q3 revenue and net income from the year prior, as it takes steps to change its production strategy and cut costs.
For its third quarter of 2026 ended Dec. 31, 2025, the Vancouver-based manufacturer and distributor of electric trucks, buses and passenger vans announced revenue of $8.5 million and net income of $4.2 million (all figures US). The results are up from $7.2 million in revenue and a net loss of approximately $4.7 million in Q3 2025.
Despite “significant headwinds” in the electric vehicle sector, GreenPower has made “substantial strides” in its transition from building on spec to manufacturing according to customer orders, the company’s chairman and CEO Fraser Atkinson said in the announcement.
GreenPower has been streamlining its operations after reviewing its business in 2025. The company ran at a loss of almost $18.7 million in fiscal year 2025. GreenPower consolidated its California operations from five facilities to one large building and voluntary delisted from the TSX Venture Exchange.
Sustainable Biz Canada has reached out to GreenPower for comment. We will update this article with any additional information if it becomes available.
Cost-cutting measures made
GreenPower announced a significant reduction in its total sales, general and administrative costs, going from $5.2 million in Q3 2025 to $2.4 million in Q3 2026. It attributed the decrease to reductions in staffing in California and West Virginia, and cutting expenses for sales and marketing, travel, product development costs and office leases.
The year-over-year improvement in its net income was said to be “largely driven” by the change, along with almost $7 million in revenue recognized from a settlement agreement.
In Q3 2026, the company made six vehicle deliveries, the second-lowest number of deliveries in eight quarters.
New Mexico is key part of GreenPower's strategy
New Mexico has been one of GreenPower’s focal points. The company launched a two-year school bus pilot project in 2025 involving its Type A Nano BEAST and Type A Nano BEAST Access vehicles.
Then this January, GreenPower unveiled plans to build a 135,000-square-foot facility in Santa Teresa, N.M. to host its North American operations and U.S. corporate headquarters. GreenPower is expected to receive millions of dollars in financing to support the facility's development, such as a $5-million award from the New Mexico government and $10 million in financing from CIBC.
GreenPower may pursue additional financing options and inventory sales to further its operations and meet its capital needs for manufacturing, expanding production capacity, and boosting its sales, marketing, engineering and technical resources, the company said in its Q3 results.
In a sign of its strengthened financial status, GreenPower said it received a notice from Nasdaq that it regained compliance to be listed on The Nasdaq Capital Market, a small cap market.
Atkinson noted its equity offering up to $18 million and its banking relationship with CIBC as examples of transactions that have helped it regain compliance and execute its goals.
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