10/30/2019

speaker
Operator
Conference Operator

Good afternoon and welcome to the Green Power Motor Company Fiscal Second Quarter Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To draw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Michael Sieffert, Chief Financial Officer. Please go ahead.

speaker
Michael Sieffert
Chief Financial Officer, Green Power Motor Company

Thank you. This is Michael Sieffert, the Chief Financial Officer of Green Power Motor Company. I'd like to welcome everyone to our call to discuss Green Power's second quarter financial results. I'm here today with our Chief Executive Officer, Fraser Atkinson, and our President, Brendan Riley. During today's call, we may make comments or statements about our future expectations, plans, and prospects, which may constitute forward-looking statements for the purposes of the Safe Harbour Provision under the Private Securities and Litigation Reform Act of 1995 and applicable Canadian securities laws. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in our most recent MD&A and quarterly results filed on CDAR. In addition, these forward-looking statements relate to the date on which they are made. We anticipate that subsequent events and developments may cause the company's views to change. Green Power disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Also, during the course of today's call, we will refer to certain non-IFRS financial measures. Reconciliation of these non-IFRS measures can be found in our NDNA filed on CDAR and in our press release that was also issued today, which is located on our website at www.greenpowerbus.com. I will now pass the call over to Fraser Atkinson to discuss the company's strategy.

speaker
Fraser Atkinson
Chief Executive Officer, Green Power Motor Company

Thank you, Michael. We had a tremendous quarter, setting many new records, which Brendan and Michael will discuss in more detail on this call. Our approach is best exemplified with our cash expenses, which we detail in our MD&A that we filed along with our quarterly financials. For the most recent quarter, our total cash expenses were $1,414,000, which is down from the previous quarter's $1,424,000. While holding the line on our cash expenses, we were still able to substantially increase deliveries and sales of our all-electric buses, increased our production to record levels and post a positive EBITDA. Our strategy is to continue to scale the business so we can deliver sustained positive earnings and positive cash flow from operations. By defining a path to profitable operations, we believe that we will be uniquely positioned compared to other EV manufacturers, as well as demonstrating to the industry that this is a sector that can make money. Given our strong order book and nationwide sales reach, we are well positioned to continue to deliver robust growth going forward. We are pursuing various initiatives to maximize our operating efficiencies, expand margins, and leverage our position in the market to meet increasing demand across North America. We also continue to work towards uplisting to the NASDAQ Stock Exchange, which we believe will be of benefit to our shareholders. Great results are driven by a great team. Brendan Riley, our president, has been instrumental with his leadership in building an outstanding team to run all aspects of the business, as well as looking ahead at where we need to be over the next few years. And on that note, I'll turn the call over to Brendan, who will cover the operational highlights.

Disclaimer

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Q2GP 2020

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