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11/14/2023
Good day and welcome to the Green Power Second Quarter Earnings Conference Call. All participants will be in a listen-only mode. If 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 a touchtone phone. To withdraw 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 Seifert, Chief Financial Officer. Please go ahead.
Thank you. This is Michael Seifert, Chief Financial Officer of Green Power Motor Company. I would like to welcome everyone to our call to discuss Green Power's results for the three and six month periods ended September 30th, 2023 and recent developments. I'm here today with our Chief Executive Officer, Fraser Atkinson, our President, Brendan Riley, Vice President Klaus Tritt and Vice President Michael Perez. 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 purpose of the safe harbor provision under the Private Securities 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 quarterly interim results and MD&A filed on CDAR and on EDGAR. 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 may refer to certain non-IFRS financial measures. Reconciliation of these non-IFRS measures can be found in our MD&A filed on CDAR and on EDGAR, and is also located on our website at www.greenpowermotor.com. I will now pass the call over to Green Power's CEO, Fraser Atkinson.
Thank you, Michael. Over the years, we've talked about money and mandates driving fleet operators electrification strategies for medium and heavy duty vehicles. While money in the form of vouchers and incentives can have a near term impact on sales, it is our view that the longer term growth opportunities for the medium and heavy duty EV sector will be realized by those companies that are best positioned to take advantage of key mandates. On today's call, the Green Power team will talk about recent mandates that will drive demand for Green Power's commercial vehicle and school bus groups. Earlier this year, our focus has been on making the transition from utilizing our inventory to satisfy customer needs to the production of school buses in West Virginia. And we've expanded the production capabilities with Lion Truck Body, our in-house bodybuilder, to produce completed vehicles utilizing our own EV star cabin chassis. We achieved a number of milestones in the most recent period and completed key deliverables in order for us to achieve these longer-term strategic objectives. Green Power reported revenues of $26 million for the first half of the 2024 fiscal year, an increase of 125% over the revenue of $11.6 million for the first half of the previous fiscal year. For the quarter, we generated revenue of $8.4 million with deliveries of 31 vehicles, including a record 16 school buses, being a record for the company. Finally, with our financial position, we increased our cash by $1.4 million from the beginning of the current fiscal year, and we've maintained a strong working capital balance. I'll now hand it over to Michael for discussion on the financial highlights for the quarter.
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