GreenPower Motor has price target chopped at Roth

Its second quarter results are in the books and Roth MKM analyst Craig Irwin has trimmed his price target on GreenPower Motor (GreenPower Motor Stock Quote, Chart, News, Analysts, Financials NASDAQ:GP).

On November 14, GP posted its Q2, 2025 results. The company posted Adjusted EBITDA of negative $3.5-million on revenue of $5.3-million, a topline that was up 78% year-over-year.

“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,” President Brendan Riley said. “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.”

The analyst summarized the quarter.

“GreenPower posted F2Q25 (Sept) revenue above in a quarter with low expectations,” he wrote. “Cash use was just ($1.3m) vs ($3.2m) in F1Q25 and ($5.3m) in F2Q24. The $3.0m equity raise after the end of the quarter provides some room for mgmt to reposition in a rapidly changing environment, where we believe freeing cash tied up in the $9.3m in finished goods inventory should be the top priority. A small restructuring to reduce costs would be positive in the current environment of EPA EVSB subsidy funding uncertainty.”

In a research update to clients November 15, Irwin maintained his “Buy” rating on GP, but lowered his price target from $2.50 to $1.50.

The analyst thinks GP will post an Adjusted EBITDA loss of $14.7-million on revenue of $25.8-million in fiscal 2025. He expects those numbers will be an Adjusted EBITDA loss of the same $14.7-million on a topline of $35.0-million in fiscal 2026.

“We lower our price target to $1.50 (from $2.50), using a 1.3x multiple (vs 1.9x prior) on $35m FY26 estimated (Mar) revenue,” irwin added. “The lower P/sales multiple factors a less accommodative environment that will be a headwind on growth visibility.”