08:33 AM EST, 11/15/2024 (MT Newswires) -- GreenPower Motor Company ( GP ) , a manufacturer and distributor of all-electric, purpose-built, zero-emission medium and heavy-duty vehicles, was at last look edging higher in US premarket trade on Friday after detailing a follow-on order.

This, in turn, followed the company itself providing a business and earnings update overnight.

In Friday's news, the company said that eight EV Star Passenger Vans have been shipped to Washington University in St. Louis, Missouri for on-campus student transportation, with an additional two to be delivered later this quarter.

This comes after the company overnight reported its second quarter fiscal year 2025 results and provided an update on its manufacturing operations.

Among highlights, it generated revenues of US$5.3 million for the three months ended September 30, 2024, an increase of 78% over the previous quarter. Deferred revenue increased to $10.4 million, including the current portion of $7.5 million, which is expected to be realized over the next year.

At the end of the quarter GreenPower had working capital of $10.1 million including inventory of $31.7 million consisting of $9.3 million of finished goods, $18.6 million of work-in-process and $3.8 million of parts and components.

"GreenPower spent the quarter advancing the school bus production process at its West Virginia facility by setting up an oversized paint booth and establishing production stations to increase throughput in order to meet customer orders and demands," said GreenPower President Brendan Riley in the overnight statement.

"The increase in production coupled with manufacturing process improvements is expected to result in higher gross profit margins and cost reductions on a per unit basis as throughput improves."

Riley said that the company has been systematically increasing its production workforce to provide for its growing production. "Putting the workforce in place and validating the manufacturing process is key to our efficiency, and production growth which is expected to drive cost savings on a per unit basis. With these in place, GreenPower will be able to attain its longer-term manufacturing goal of producing 20 school buses per month," he said, noting that steady, measured growth, a foundation of GreenPower's model, is critical for maintaining quality throughout the production process."

CEO Fraser Atkinson added: "The growth in production complements GreenPower's sales strategy of focusing on states where there are money and mandates for electric school buses.

"While we continue to manufacture and sell EV school buses for current orders and contracts under both state and federal programs, the future is more focused on states that have put policies and plans in place to provide a cleaner, healthier ride for students through the deployment of electric school buses. States like California and New York , and regions like the Southwest."

During the second quarter of fiscal year 2025, GreenPower said the manufacturing process was exhibited when it produced the first Type D BEAST all-electric, purpose-built, zero-emission school bus for the 37 BEAST order from the state of West Virginia from its South Charleston plant, which was delivered at the beginning of the current quarter. That was the second BEAST produced in the facility following the production of the Kanawha County bus purchased directly by the school district outside of the state order. Additional deliveries to fulfill the state order are planned to take place in the third and fourth quarters.