Equibles

6-K

GREENPOWER MOTOR Co INC. (GP)

6-K 2025-11-12 For: 2025-09-30
View Original
Added on April 06, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2025

Commission File Number 001-39476

GreenPower Motor Company Inc.

(Translation of registrant's name into English)

#240 - 209 Carrall Street, Vancouver, British Columbia  V6B 2J2

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.    Form 20-F  [X]  Form 40-F  [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)  [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ]

SUBMITTED HEREWITH

EXHIBITS 99.1 THROUGH 99.4 INCLUDED WITH THIS REPORT ARE HEREBY INCORPORATED BY REFERENCE TO THE REGISTRANT'S REGISTRATION STATEMENTS ON FORM F-3, AS AMENDED (NO. 333-276209) AND FORM S-8 (NO. 333-261422), TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED.

99.1 Financial Statements for September 30, 2025
99.2 Management's Discussion and Analysis for September 30, 2025
99.3 CEO Certification for September 30, 2025
99.4 CFO Certification for September 30, 2025

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GreenPower Motors Inc.

*/s/ Michael Sieffert_____________________________________*Michael Sieffert, Chief Financial Officer Date:  November 11, 2025

GreenPower Motor Company Inc.: Exhibit 99.1 - Filed by newsfilecorp.com

GREENPOWER MOTOR COMPANY INC.

CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

For the Three and Six Months Ended September 30, 2025 and September 30, 2024

(Expressed in US dollars)

(Unaudited)

GREENPOWER MOTOR COMPANY INC.

Consolidated Condensed Interim Financial Statements

(Expressed in US Dollars)

(Unaudited)

September 30, 2025

Unaudited Consolidated Condensed Interim Statements of Financial Position 3
Unaudited Consolidated Condensed Interim Statements of Operations and Comprehensive Loss 4
Unaudited Consolidated Condensed Interim Statements of Changes in Equity / (Deficit) 5
Unaudited Consolidated Condensed Interim Statements of Cash Flows 6
Notes to the Unaudited Consolidated Condensed Interim Financial Statements 7 - 24
GREENPOWER MOTOR COMPANY INC.
---
Consolidated Condensed Interim Statements of Financial Position
As at September 30, 2025 and March 31, 2025
(Expressed in US Dollars)
(Unaudited)
September 30, 2025 March 31, 2025
--- --- --- --- --- --- --- ---
Assets
Current
Cash (Note 3) $ 511,094 $ 344,244
Accounts receivable, net of allowances (Note 4) 740,709 541,793
Current portion of finance lease receivables (Note 5) 66,561 45,473
Inventory (Note 6) 23,758,913 25,601,888
Prepaids and deposits 511,523 1,241,670
25,588,800 27,775,068
Non-current
Finance lease receivables (Note 5) 48,209 91,455
Right of use assets (Note 7) 4,986,085 5,479,555
Property and equipment (Note 8) 984,631 1,310,581
Restricted deposit (Note 9) 402,740 415,065
Other assets 1 1
$ 32,010,466 $ 35,071,725
Liabilities
Current
Line of credit (Note 10) $ 5,940,276 $ 5,983,572
Current portion of term loan facility (Note 11) 1,901,477 3,591,354
Accounts payable and accrued liabilities (Note 17) 3,837,822 3,719,716
Current portion of deferred revenue (Note 15) 5,770,245 3,279,536
Current portion of lease liabilities (Note 7) 766,559 633,035
Current portion of loans payable to related parties (Note 17) 100,000 1,334,720
Current portion of warranty liability (Note 19) 810,112 816,326
Contingent liability (Note 20) 110,000 310,000
19,236,491 19,668,259
Non-current
Deferred revenue (Note 15) 6,858,820 6,858,820
Lease liabilities (Note 7) 5,158,770 5,535,051
Loans payable to related parties (Note 17) 5,641,764 2,849,325
Term loan facility (Note 11) 1,687,578 -
Other liabilities 12,850 17,133
Warranty liability (Note 19) 1,748,313 1,749,103
40,344,586 36,677,691
Equity (deficiency)
Share capital (Note 12) 81,004,970 80,538,262
Reserves 15,676,940 15,239,622
Accumulated other comprehensive loss 107,160 39,657
Accumulated deficit (105,123,190 ) (97,423,507 )
(8,334,120 ) (1,605,966 )
$ 32,010,466 $ 35,071,725

Nature and Continuance of Operations and Going Concern - Note 1

Approved on behalf of the Board on November 10, 2025.

/s/ Fraser Atkinson /s/ Mark Achtemichuk
Director Director

(The accompanying notes are an integral part of these consolidated financial statements)

Page 3 of 24

GREENPOWER MOTOR COMPANY INC.
Consolidated Condensed Interim Statements of Operations and Comprehensive Loss
For the Three and Six Months Ended September 30, 2025 and 2024
(Expressed in US Dollars)
(Unaudited)
For the three months ended For the six months ended
--- --- --- --- --- --- --- --- --- --- --- --- ---
September 30, September 30, September 30, September 30,
2025 2024 2025 2024
Revenue $ 2,489,820 $ 5,347,190 $ 4,039,287 $ 8,344,248
Cost of Sales (Note 6) 2,216,102 4,887,555 3,403,887 7,662,749
Gross Profit 273,718 459,635 635,400 681,499
Sales, general and administrative costs
Salaries and administration (Note 17) 1,238,476 2,194,456 3,014,745 4,337,320
Depreciation (Notes 7 and 8) 350,080 427,978 762,246 885,736
Product development costs 221,104 401,826 387,055 629,109
Office expense 83,572 381,146 232,441 657,694
Insurance 384,041 370,768 792,536 849,510
Professional fees 748,355 305,334 1,458,656 668,775
Sales and marketing 2,940 196,658 63,201 790,262
Share-based payments (Notes 13 and 17) 85,701 289,893 269,845 697,898
Transportation costs 38,627 47,443 103,616 96,617
Travel, accommodation, meals and entertainment 23,341 95,576 31,088 217,119
Allowance for credit losses (Note 4) 25,061 (126,348 ) 32,528 (118,378 )
Total sales, general and administrative costs 3,201,298 4,584,730 7,147,957 9,711,662
Loss from operations before undernoted (2,927,580 ) (4,125,095 ) (6,512,557 ) (9,030,163 )
Interest and accretion (612,360 ) (572,472 ) (1,184,258 ) (1,095,225 )
Foreign exchange (loss) / gain (28,458 ) (4,297 ) (35,434 ) 34,876
(Loss) / gain on sale of equipment (24,961 ) - (24,961 ) -
Loss for the period (3,593,359 ) (4,701,864 ) (7,757,210 ) (10,090,512 )
Other comprehensive income / (loss)
Cumulative translation reserve 22,834 (34,250 ) 67,503 54,645
Total comprehensive loss for the period $ (3,570,525 ) $ (4,736,114 ) $ (7,689,707 ) $ (10,035,867 )
Loss per common share, basic and diluted $ (1.18 ) $ (1.77 ) $ (2.59 ) $ (3.86 )
Weighted average number of common shares outstanding, basic and diluted 3,034,763 2,649,116 2,999,687 2,617,149

(The accompanying notes are an integral part of these consolidated condensed interim financial statements)

Page 4 of 24

GREENPOWER MOTOR COMPANY INC.
Consolidated Statements of Changes in Equity
For the Years ended March 31, 2025, 2024 and 2023
(Expressed in US Dollars)
(Unaudited)
Share Capital Accumulated other ****
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Number of comprehensive Accumulated
Common shares Amount Reserves income (loss) Deficit Total
Balance, March 31, 2024 2,499,116 $ 76,393,993 $ 14,305,642 $ (111,896 ) $ (79,020,920 ) $ 11,566,819
Shares issued in unit transaction 150,000 2,047,500 - - - 2,047,500
Share issuance costs - (352,826 ) - - - (352,826 )
Warrants issued in unit transaction - - 278,250 - - 278,250
Warrant issuance costs - - (47,948 ) - - (47,948 )
Fair value of stock options forfeited - - (160,555 ) - 160,555 -
Share based payments 697,898 - - 697,898
Cumulative translation reserve - - - 54,645 - 54,645
Net loss for the period - - - - (10,090,512 ) (10,090,512 )
Balance, September 30, 2024 2,649,116 $ 78,088,667 $ 15,073,287 $ (57,251 ) $ (88,950,877 ) $ 4,153,826
Balance, March 31, 2025 2,949,116 $ 80,538,262 $ 15,239,622 $ 39,657 $ (97,423,507 ) $ (1,605,966 )
Shares issued for cash 128,345 580,095 - - - 580,095
Share issuance costs - (113,387 ) - - - (113,387 )
Warrants issued - - 225,000 - - 225,000
Fair value of stock options forfeited - - (57,527 ) - 57,527 -
Share based payments - 269,845 - - 269,845
Cumulative translation reserve - - - 67,503 - 67,503
Net loss for the period - - - - (7,757,210 ) (7,757,210 )
Net fractional shares as a result of share consolidation 22 - - - - -
Balance, September 30, 2025 3,077,483 $ 81,004,970 $ 15,676,940 $ 107,160 $ (105,123,190 ) $ (8,334,120 )

Page 5 of 24

GREENPOWER MOTOR COMPANY INC.
Consolidated Condensed Interim Statements of Cash Flows
For the Six Months Ended September 30, 2025 and 2024
(Expressed in US Dollars)
(Unaudited)
September 30, September 30,
--- --- --- --- --- --- ---
2025 2024
Cash flows from (used in) operating activities
Loss for the period (7,757,210 ) (10,090,512 )
Items not affecting cash
Allowance (recovery) for credit losses 32,529 (118,378 )
Depreciation 762,246 885,736
Share-based payments 269,845 697,898
Change from lease adjustment 51,841 -
Loss on disposition of equipment 24,961 -
Accretion & accrued interest 879,361 501,511
Write down of inventory 210,000 -
Foreign exchange loss (gain) 35,434 (34,876 )
Cash flow used in operating activities before changes in assets and liabilities (5,490,993 ) (8,158,621 )
Changes in working capital items:
Accounts receivable (231,444 ) 2,008,700
Inventory 1,632,975 1,794,750
Prepaids and deposits 730,147 364,493
Finance lease receivables 22,158 24,213
Accounts payable and accrued liabilities (181,894 ) (536,499 )
Contingent liability (200,000 ) -
Deferred revenue 2,490,709 7,352
Warranty liability (7,004 ) (45,964 )
(1,235,346 ) (4,541,576 )
Cash flows from (used in) investing activities
Purchase of property and equipment - (76,385 )
Restricted Deposits 15,065 -
15,065 (76,385 )
Cash flows from (used in) financing activities
Repayment of loans from related parties (186,780 ) -
Proceeds from loans from related parties 1,400,000 750,040
Repayment of line of credit (43,296 ) (504,092 )
Proceeds from (repayment of) term loan facility (239,131 ) 1,885,919
Payments on lease liabilities (259,818 ) (522,710 )
Repayment of other liabilities (4,283 ) (4,283 )
Proceeds from issuance of common shares 580,095 2,047,500
Proceeds from issuance of warrants 225,000 278,250
Equity offering costs (113,387 ) (400,774 )
1,358,400 3,529,850
Foreign exchange on cash 28,731 54,128
Net increase (decrease) in cash 166,850 (1,033,983 )
Cash, beginning of period 344,244 1,150,891
Cash, end of period $ 511,094 $ 116,908

(The accompanying notes are an integral part of these consolidated financial statements)

Page 6 of 24

GREENPOWER MOTOR COMPANY INC.<br>Notes to the Unaudited Consolidated Condensed Interim Financial Statements for the Three and Six Months Ended September 30, 2025 and 2024<br>(Expressed in US Dollars)<br>(Unaudited – Prepared by Management)

1. Nature and Continuance of Operations and Going Concern

GreenPower Motor Company Inc. ("GreenPower" or the "Company") was incorporated in the Province of British Columbia on September 18, 2007. The Company is a manufacturer and distributor of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector.

The corporate office is located at Suite 240 - 209 Carrall St., Vancouver, Canada.

These consolidated condensed interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the IASB. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with our audited financial statements for the year ended March 31, 2025.

The Company's continuing operations are dependent upon its ability to raise capital and generate cash flows. As at September 30, 2025, the Company had a cash balance of $511,094, working capital, defined as current assets less current liabilities, of $6,352,309 accumulated deficit of $(105,123,190) and a shareholders' deficiency of $8,334,120. These consolidated condensed interim financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. The continuation of the Company as a going concern is dependent on future cash flows from operations including the successful sale and manufacture of electric vehicles to achieve a profitable level of operations and obtaining necessary financing to fund ongoing operations. The Company's ability to achieve its business objectives is subject to material uncertainty which casts substantial doubt upon the Company's ability to continue as a going concern. Management plans to address this material uncertainty by selling vehicles in inventory, collecting accounts receivable, utilizing the Company's operating line of credit and revolving term loan facility and by seeking potential new sources of financing.

These consolidated condensed interim financial statements were approved by the Company's Audit Committee, as delegated by the Board of Directors, on November 10, 2025.

2. Material Accounting Policies

Basis of presentation

GreenPower has applied the same accounting policies and methods of computation in its Consolidated Condensed Interim Financial Statements as in the annual audited financial statements for the year ended March 31, 2025, except for the following which either did not apply to the prior year or are amendments which apply for the current fiscal year.

Page 7 of 24

GREENPOWER MOTOR COMPANY INC.<br>Notes to the Unaudited Consolidated Condensed Interim Financial Statements for the Three and Six Months Ended September 30, 2025 and 2024<br>(Expressed in US Dollars)<br>(Unaudited – Prepared by Management)

2. Material Accounting Policies (continued)

Adoption of accounting standards

Certain new accounting standards have been published by the IASB that are effective for annual reporting periods beginning on or after January 1, 2025 as follows:

  • IAS 21 - the effect of changes in Foreign Exchange rates (effective January 1, 2025)

Amendments to this standard did not cause a change to the Company's financial statements.

Future accounting pronouncements

Certain new accounting standards and interpretations have been published by the IASB that are mandatory for the annual period beginning April 1, 2026. The Company has reviewed new and revised accounting pronouncements that have been issued but are not yet effective. The Company has not early adopted any of these standards and is currently evaluating the impact, if any, that these standards might have on its consolidated condensed interim financial statements.

Loans with attached bonus warrants or bonus shares

Accounting policy

The Company has issued loans that included either (i) bonus warrants or (ii) bonus shares to the lender. The loan component is a financial liability initially recognized at fair value within the scope of IFRS 9 Financial Instruments with the remaining consideration applied to the residual equity components.

Loans with attached bonus warrants

Attached warrants are evaluated separately under IAS 32 Financial Instruments: Presentation to determine whether they meet the definition of an equity instrument or a financial liability. Where the warrants meet the definition of an equity instrument (i.e., they will be settled by the exchange of a fixed number of the Company's own equity instruments for a fixed amount of cash), the proceeds from the financing are allocated first to the host debt with the residual being applied to the equity component.

The amount allocated to the warrants is recorded in equity under "warrants reserve".

Loans with attached bonus shares

The bonus shares are evaluated separately under IAS 32 Financial Instruments: Presentation to determine whether they meet the definition of an equity instrument or financial liability. Where the bonus shares meet the definition of an equity instrument (i.e., they will be settled by the exchange of a fixed number of the Company's own equity instruments for a fixed amount of cash), the proceeds from the financing are allocated first to the host debt with the residual being applied to the equity component. The amount allocated to the bonus shares is recorded in equity under "share capital" or "share-based payments reserve" (as applicable).

Page 8 of 24

GREENPOWER MOTOR COMPANY INC.<br>Notes to the Unaudited Consolidated Condensed Interim Financial Statements for the Three and Six Months Ended September 30, 2025 and 2024<br>(Expressed in US Dollars)<br>(Unaudited – Prepared by Management)

2. Material Accounting Policies (continued)

Subsequent measurement

The loan liability is subsequently measured at amortized cost using the effective interest method, with interest expense recognized in profit or loss over the term of the loan. Warrants classified as equity remain in equity until exercised or expire unexercised. Bonus shares are not subsequently remeasured.

Significant judgements and estimates

Management exercises judgement in the following areas related to the loans with attached bonus warrants or bonus shares:

  • Determining the fair value of the host debt;
  • Selecting the appropriate valuation model and key assumptions for inputs to the Black-Scholes model used to value the warrants;
  • Determining whether the warrants meet the "fixed-for-fixed" criterion in IAS 32 to be classified as equity;
  • Determining the appropriate classification for the fair value of bonus shares in equity.

3. Cash

As at September 30, 2025 the Company has a cash balance of $511,094 (March 31, 2025 - $344,244) which is on deposit at major financial institutions in North America. The Company has no cash equivalents as at September 30, 2025 or at March 31, 2025.

4. Accounts Receivable

The Company has evaluated the carrying value of accounts receivable as at September 30, 2025 in accordance with IFRS 9 and has determined that an allowance against accounts receivable of $595,681 (March 31, 2025 - $563,152) is warranted. Of the total accounts receivable, $670,374 (March 31, 2025 - $575,592) is past due over 120 days. Of the past due amounts, the Company has recorded a provision of $569,240 (March 31, 2025 - $559,312).

5. Finance Lease Receivable

Greenpower's wholly owned subsidiaries San Joaquin Valley Equipment Leasing Inc. and 0939181 BC Ltd. lease vehicles to several customers, and as at September 30, 2025, the Company had a total of 3 (March 31, 2025 - 3) vehicles on lease that were determined to be finance leases and the Company had a total of 2 (March 31, 2025 - 3) vehicles on lease that were determined to be operating leases.

Page 9 of 24

GREENPOWER MOTOR COMPANY INC.<br>Notes to the Unaudited Consolidated Condensed Interim Financial Statements for the Three and Six Months Ended September 30, 2025 and 2024<br>(Expressed in US Dollars)<br>(Unaudited – Prepared by Management)

5. Finance Lease Receivables (continued)

As at September 30, 2025, the remaining payments to be received on Finance Lease Receivables are as follows:

30-Sep-25
Year 1 $ 66,561
Year 2 37,200
Year 3 37,200
Year 4 9,302
less: amount representing interest income (35,493 )
Finance Lease Receivable $ 114,770
Current Portion of Finance Lease Receivable $ 66,561
Long Term Portion of Finance Lease Receivable $ 48,209

6. Inventory

The following is a listing of inventory as at September 30, 2025 and March 31, 2025:

September 30, 2025 March 31, 2025
Parts $ 4,324,176 $ 4,208,596
Work in Process 9,720,605 11,282,556
Finished Goods 9,714,132 10,110,736
Total $ 23,758,913 $ 25,601,888

The Company's finished goods inventory is primarily comprised of EV Stars, EV Star Cab and Chassis, BEAST Type D school buses, and Nano BEAST Type A school buses. During the three and six months ended September 30, 2025, management wrote down the value of inventory by $210,000 (September 30, 2024 - $nil), and this amount was included in Cost of Sales. During the three months ended September 30, 2025, $2,011,904 of inventory was included in cost of sales (September 30, 2024 - $4,697,263). During the six months ended September 30, 2025 $3,127,342 of inventory was included in cost of sales (September 30, 2024 - $7,253,348).

Page 10 of 24

GREENPOWER MOTOR COMPANY INC.<br>Notes to the Unaudited Consolidated Condensed Interim Financial Statements for the Three and Six Months Ended September 30, 2025 and 2024<br>(Expressed in US Dollars)<br>(Unaudited – Prepared by Management)

7. Right of Use Assets and Lease Liabilities

The Company has recorded Right of Use Assets and Lease Liabilities in its consolidated statement of financial position for lease agreements that the Company has entered into that expire in more than one year at the inception of the leases. The right of use assets have a carrying value at September 30, 2025 of $4,986,085 (March 31, 2025 - $5,479,555). Rental payments on the Right of Use Assets are discounted using an 8.0% rate of interest and capitalized on the Consolidated Statement of Financial Position as Lease Liabilities. The value of the Right of Use Assets is determined at lease inception and include the capitalized lease liabilities, incorporate upfront costs incurred and incentives received, and the value is depreciated over the term of the lease. For the three months ended September 30, 2025 the Company incurred interest expense of $147,963 (2024 - $83,993) on the Lease Liabilities, recognized depreciation expense of $208,375 (2024 - $192,324) on the Right of Use Assets and made total rental payments of $305,129 (2024 - $261,355). For the six months ended September 30, 2025 the Company incurred interest expense of $297,732 (2024 - $170,475) on the Lease Liabilities, recognized depreciation expense of $416,750 (2024 - $384,648) on the Right of Use Assets and made total rental payments of $559,818 (2024 - $522,710).

The Company's lease liabilities and right of use assets include a leased facility in South Charleston, West Virginia for which the Company has earned a credit on the lease liability of $578,500. GreenPower has suspended monthly lease payments to account for the $578,500 credit, however, on May 22, 2025 GreenPower received a default notice from the lessor. The lessor's interpretation of the lease is that the $578,500 reduction in lease payments is applied at the end of the lease, and GreenPower is in negotiations with the lessor in regards to this interpretation. If this matter remains unresolved, the lessor may exercise its rights under the agreement to either: (i) require the Company to pay amounts outstanding plus prepay two years of regular monthly lease payments; (ii) require the Company to pay amounts outstanding within 30 days of notice; (iii) terminate the lease and require the Company to vacate the premises within 90 days. The lessor has not provided any further notice to the Company since the May 22, 2025 notice.

The following table summarizes changes in Right of Use Assets between March 31, 2025 and September 30, 2025:

Right of Use Assets, March 31, 2025 $ 5,479,555
Depreciation (457,920 )
Change from lease adjustment (35,550 )
Right of Use Assets, September 30, 2025 $ 4,986,085

Page 11 of 24

GREENPOWER MOTOR COMPANY INC.<br>Notes to the Unaudited Consolidated Condensed Interim Financial Statements for the Three and Six Months Ended September 30, 2025 and 2024<br>(Expressed in US Dollars)<br>(Unaudited – Prepared by Management)

7. Right of Use Assets and Lease Liabilities (continued)

The following table summarizes changes in Right of Use Assets between March 31, 2024 and March 31, 2025:

Right of Use Assets, March 31, 2024 $ 4,124,563
Depreciation (730,803 )
Additions to RoU Assets 2,506,822
Removal of RoU Assets (25,000 )
Change from lease modification (167,015 )
Change from lease adjustment (229,012 )
Right of Use Assets, March 31, 2025 $ 5,479,555

The following table shows the remaining undiscounted payments on lease liabilities, interest on lease liabilities and the carrying value of lease liabilities as at September 30, 2025.

30-Sep-25
1 year $ 1,310,051
thereafter 6,793,718
less amount representing interest expense (2,178,440 )
Lease liability $ 5,925,329
Current Portion of Lease Liabilities $ 766,559
Long Term Portion of Lease Liabilities $ 5,158,770

8. Property and Equipment

The following is a summary of changes in Property and Equipment for the six months ended September 30, 2025:

Property and Equipment, March 31, 2025 $ 1,310,581
plus: purchases -
less: disposals (24,961 )
less: depreciation (304,326 )
plus: foreign exchange translation 3,337
Property and Equipment, September 30, 2025 $ 984,631

The following is a summary of changes in Property and Equipment for the twelve months ended March 31, 2025:

Property and Equipment, March 31, 2024 $ 2,763,525
plus: purchases 83,172
less: transfers to inventory (593,320 )
less: depreciation (931,309 )
less: foreign exchange translation (11,487 )
Property and Equipment, March 31, 2025 $ 1,310,581

Page 12 of 24

GREENPOWER MOTOR COMPANY INC.<br>Notes to the Unaudited Consolidated Condensed Interim Financial Statements for the Three and Six Months Ended September 30, 2025 and 2024<br>(Expressed in US Dollars)<br>(Unaudited – Prepared by Management)

9. Restricted deposit

The Company has pledged a $400,000 term deposit as security for an irrevocable standby letter of credit issued by a commercial bank to an insurance company that is providing the Company with a surety bond to support the Company's importation of goods to the United States. The term deposit has a term of one year, a maturity date of June 22, 2026 and earns interest at a fixed rate of 2.5%. On April 24, 2025, the standby letter of credit was amended to increase the standby letter of credit by $50,000, from $400,000 to $450,000. The lender on the Company's line of credit has reserved $50,000 from the line of credit as collateral for the amended standby letter of credit (Note 10). The Company is in discussions to transfer the restricted deposit and letter of credit from Bank of Montreal to a major Canadian commercial bank. The Company expects that these funds will be held as security for the standby letter of credit for a period of greater than one year. ****

10. Line of credit

The Company's primary bank account denominated in US dollars is linked to its Line of Credit such that funds deposited to the bank account reduce the outstanding balance on the Line of Credit. The Line of Credit is not part of cash and cash equivalents, and it matures on November 30, 2025. As at September 30, 2025 the Company's Line of Credit had a credit limit of up to $6,000,000 (March 31, 2025 - $6,000,000). The Line of Credit bears interest at the bank's US Base Rate (September 30, 2025 - 8.0%, March 31, 2025 - 8.0%) plus a margin of 5.25% (March 31, 2025 - 2.25%).

The Line of Credit Is secured by a general floating charge on the Company's assets and the assets of one of its subsidiaries, and one of the Company's subsidiaries has provided a corporate guarantee. Two directors of the Company have provided personal guarantees for a total of $5,020,000 (Note 17). In addition, the availability of the credit limit over $5,000,000 is subject to margin requirements of a percentage of finished goods inventory and accounts receivable. As of September 30, 2025 the Company had a drawn balance of $5,940,276 (March 31, 2025 - $5,983,572) on the Line of Credit. One of the financial covenants on the Line of Credit requires the Company to maintain a current ratio, defined as current assets over current liabilities, of 1.2:1, for which the Company is in compliance as at September 30, 2025 and March 31, 2025.

The Company signed a term sheet on September 1, 2025 with Bank of Montreal wherein the following changes were made to the Company's line of credit:

  • the line of credit margin increased from 2.25% to 5.25%;
  • an additional financial covenant was introduced, the minimum fixed charge coverage ratio (FCCR) of 1.25:1, commencing September 30, 2025. The FCCR is tested on a trailing twelve-month basis with the ratio calculated as (a) unadjusted EBITDA plus capital injections from the Personal Guarantors, minus the aggregate of (i) cash taxes, (ii) Unfunded Capital Expenditures and (iii) Distributions; divided by (b) debt service (defined as cash interest paid and scheduled principal payments on total debt over the last 12-month period). The Company is not in compliance with the FCCR as at September 30, 2025;
  • repayment of the line of credit by November 30, 2025.

Page 13 of 24

GREENPOWER MOTOR COMPANY INC.<br>Notes to the Unaudited Consolidated Condensed Interim Financial Statements for the Three and Six Months Ended September 30, 2025 and 2024<br>(Expressed in US Dollars)<br>(Unaudited – Prepared by Management)

11. Term loan facility

During February 2024, the Company entered into a $5,000,000 revolving loan facility (the "Loan") with Export Development Canada ("EDC"). The Loan is used to finance working capital investments to deliver all-electric vehicles to customers under purchase orders approved by EDC. The Loan allows advances over a 24-month period, has a term of 36 months, and bears interest at a floating rate of US Prime + 5% per annum. The Company has granted EDC a first and second ranking security interest over property of the Company and certain subsidiaries, and the Company and certain subsidiaries have provided Guarantees to EDC. The Company and Countryman Investments Limited, a company that is beneficially owned by a director of the Company, and Koko Financial Services, FWP Holdings LLC, 0851433 B.C. Ltd., and FWP Acquisition Corp. companies that are beneficially owned and controlled by the CEO and Chairman of the Company, (collectively the "Subordinated Lenders"),  entered into a postponement and subordination agreement with the term loan facility lender under which the parties agreed that the loans from the Subordinated Lenders would be subordinate to the lender's security interests and that no payment will be made on the loans from the Subordinated Lenders before the full repayment of the term loan facility (Note 17).

The term loan facility has two financial covenants. The first covenant is reported quarterly, and is to maintain a current ratio, defined as current assets over current liabilities, of greater than 1.2 to 1.0. The Company is in compliance with this covenant as at September 30, 2025. The second covenant commences at the 2026 fiscal year end, will be reported quarterly, and is to maintain a debt service coverage ratio of 1.20 to 1.0. The debt service coverage ratio is defined as EBITDA for the trailing four quarters, divided by the sum of debt payments, capital lease payments, and interest expense, each for the trailing four quarters. The Company anticipates that it will not be in compliance with the minimum debt service coverage ratio at the 2026 fiscal year end as the Company has not generated positive EBITDA in the trailing four quarters ended September 30, 2025. As at September 30, 2025 the balance outstanding on the term loan facility, including fees and accrued interest, was $3,591,507 (March 31, 2025 -$3,591,354).

12. Share capital

Authorized

Unlimited number of common shares without par value

Unlimited number of preferred shares without par value

At the Market Offering

On March 7, 2025 the Company filed a prospectus supplement to its short form base shelf prospectus, pursuant to which the Company may, at its discretion and from time to time, sell common shares of the Company on the NASDAQ stock exchange for aggregate gross proceeds of up to US$850,000 (the "2025 ATM"). The Company did not sell any shares under the 2025 ATM during the year ended March 31, 2025. During the six months ended September 30, 2025, the Company sold a total of 98,803 common shares under the 2025 ATM for gross proceeds of $455,095.

Page 14 of 24

GREENPOWER MOTOR COMPANY INC.<br>Notes to the Unaudited Consolidated Condensed Interim Financial Statements for the Three and Six Months Ended September 30, 2025 and 2024<br>(Expressed in US Dollars)<br>(Unaudited – Prepared by Management)

12. Share capital (continued)

Issued

During the six months ended September 30, 2025, the Company issued a total of 128,345 common shares comprised of 98,803 shares through the 2025 ATM for gross proceeds of $455,095, and issued 29,542 common shares as bonus shares associated with $1.75 million in loans issued during the period (Note 17).

During the year ended March 31, 2025, the Company issued a total of 450,000 common shares, including:

  • During May 2024, 150,000 common shares in an underwritten Unit offering (the "Unit Offering") comprised of 150,000 common shares and warrants to purchase 157,500 common shares for gross proceeds of $2,372,750 before deducting underwriting discounts and offering expenses;
  • During October 2024, 300,000 common shares in an underwritten offering of common shares (the "Share Offering") for gross proceeds of $3,000,000 before deducting underwriting discounts and offering expenses.

On September 8, 2025 the Company completed a consolidation of its common shares on the basis of ten pre-consolidation shares for one post-consolidation common share. All references to share and per share amounts in these consolidated financial statements have been retroactively restated to give effect to this share consolidation unless otherwise stated.

13. Stock Options

The Company has two incentive stock option plans whereby it grants options to directors, officers, employees, and consultants of the Company, the 2023 Equity Incentive Plan (the "2023 Plan") which was adopted in order to grant awards to people in the United States, and the 2022 Equity Incentive Plan (the "2022 Plan").

2023 Plan

Effective February 21, 2023 GreenPower adopted the 2023 Plan which was approved by shareholders at our AGM on March 28, 2023 in order to grant stock options or non-stock option awards to people in the United States. Under the 2023 Plan GreenPower can issue stock options that are considered incentive stock options, which are stock options that qualify for certain favorable tax treatment under U.S. tax laws. Nonqualified stock options are stock options that are not incentive stock options. The aggregate fair market value on the date of grant of Shares with respect to which incentive stock options are exercisable for the first time by an optionee subject to tax in the United States during any calendar year must not exceed US$100,000, or such other limit as may be prescribed by the Internal Revenue Code. Non-stock option awards mean a right granted to an award recipient under the 2023 Plan, which may include the grant of stock appreciation rights, restricted awards or other equity-based awards. The aggregative number of Shares issuable under the 2023 Plan (and all of the Company's other Security-Based Compensation Arrangements) will not exceed 246,760. The Company received final approval of the 2023 plan on April 18, 2024.

Page 15 of 24

GREENPOWER MOTOR COMPANY INC.<br>Notes to the Unaudited Consolidated Condensed Interim Financial Statements for the Three and Six Months Ended September 30, 2025 and 2024<br>(Expressed in US Dollars)<br>(Unaudited – Prepared by Management)

13. Stock options (continued)

2022 Plan

Effective April 19, 2022 GreenPower adopted the 2022 Equity Incentive Plan (the "2022 Plan"), which was further ratified and re-approved by shareholders at our AGM on May 23, 2025, and which replaced the 2019 Plan. Under the 2022 Plan the Company can grant equity-based incentive awards in the form of stock options ("Options"), restricted share units ("RSUs"), performance share units ("PSUs") and deferred share units ("DSUs"). RSU's, DSU's and PSU's are collectively referred to as "Performance Based Awards". The 2022 Plan is a Rolling Plan for Options and a fixed-plan for Performance-Based Awards such that the aggregate number of Shares that: (i) may be issued upon the exercise or settlement of Options granted under the 2022 Plan (and all of the Company's other Security-Based Compensation Arrangements), shall not exceed 10% of the Company's issued and outstanding Shares from time to time, and (ii) may be issued in respect of Performance-Based Awards granted under the 2022 Plan (and all of the Company's other Security-Based Compensation Arrangements) shall not exceed 294,912. No performance-based awards have been issued as at September 30, 2025 or as at March 31, 2025. The 2022 Plan is considered an "evergreen" plan, since Options which have been exercised, cancelled, terminated, surrendered, forfeited or expired without being exercised shall be available for subsequent grants under the 2022 Plan and the number of awards available to grant increases as the number of issued and outstanding Shares increases.

The Company had the following incentive stock options granted under the 2023 Plan and the 2022 Plan that are issued and outstanding as at September 30, 2025:

Exercise Balance Forfeited Balance
Expiry Date Price March 31, 2025 Granted Exercised or Expired September 30, 2025
July 3, 2025 $ 49.00 643 - - (643 ) -
November 19, 2025 $ 200.00 30,000 - - - 30,000
December 4, 2025 $ 200.00 1,500 - - - 1,500
May 18, 2026 $ 196.20 3,245 - - (70 ) 3,175
December 10, 2026 $ 164.50 42,000 - - (500 ) 41,500
February 14, 2028 $ 38.00 50,250 - - (6,000 ) 44,250
March 27, 2029 $ 27.20 49,125 - - (2,625 ) 46,500
June 28, 2029 $ 14.00 2,000 - - - 2,000
March 14, 2030 $ 7.80 79,500 - - (6,375 ) 73,125
Total outstanding 258,263 - - (16,213 ) 242,050
Total exercisable 168,138 193,175
Weighted Average
Exercise Price (CDN) $ 79.50 $ - $ - $ 29.40 $ 81.06
Weighted Average Remaining Life 3.2 years 2.7 years

All values are in US Dollars.

As at September 30, 2025, there were 65,698 stock options available for issuance under the 2023 Plan and 2022 Plan, and 294,912 performance-based awards available for issuance under the 2023 Plan and the 2022 Plan.

Page 16 of 24

GREENPOWER MOTOR COMPANY INC.<br>Notes to the Unaudited Consolidated Condensed Interim Financial Statements for the Three and Six Months Ended September 30, 2025 and 2024<br>(Expressed in US Dollars)<br>(Unaudited – Prepared by Management)

13. Stock options (continued)

During the six months ended September 30, 2025:

  • 16,213 stock options exercisable at a weighted average share price of CDN$29.40 were forfeited.

  • the Company incurred share-based compensation expense with a measured fair value of $269,845 (September 30, 2024 - $697,898). The fair value of the options granted and vested were recorded as share-based payments on the Consolidated Condensed Interim Statements of Operations and Comprehensive Profit and Loss.

  • Subsequent to the end of the quarter, between October 1, 2025 and November 14, 2025, 1,500 stock options exercisable at a weighted average exercise price of CAD$29.37 per share were forfeited (Note 21).

14. Warrants

The Company had the following warrants outstanding as at September 30, 2025:

Exercise Balance Forfeited Balance
Issue date Expiry date price (US$) 31-Mar-25 Issued Exercised or expired 30-Sep-25
May 9, 2024 May 9, 2027 18.20 157,500 - - - 157,500
Oct 30, 2024 Oct 30, 2027 12.50 15,000 - - - 15,000
Wednesday, May 14, 2025 Friday, May 14, 2027 4.60 - 108,696 - - 108,696
Wednesday, May 28, 2025 Friday, May 28, 2027 4.40 - 56,819 - - 56,819
Friday, June 6, 2025 Sunday, June 6, 2027 4.40 - 34,091 - - 34,091
Friday, June 27, 2025 Sunday, June 27, 2027 3.80 - 26,316 - - 26,316
Friday, July 4, 2025 Sunday, July 4, 2027 4.10 - 30,488 - - 30,488
Total 172,500 256,410 - - 428,910

Page 17 of 24

GREENPOWER MOTOR COMPANY INC.<br>Notes to the Unaudited Consolidated Condensed Interim Financial Statements for the Three and Six Months Ended September 30, 2025 and 2024<br>(Expressed in US Dollars)<br>(Unaudited – Prepared by Management)

15. Deferred Revenue

The Company recorded deferred revenue of $12,629,065 for deposits received from customers for the sale of all-electric vehicles and parts which were not delivered as at September 30, 2025 (March 31, 2025 - $10,138,356).

Six months ended, Twelve months ended,
September 30, 2025 March 31, 2025
Deferred Revenue, beginning of period $ 10,138,356 $ 9,942,385
Additions to deferred revenue during the period 4,313,614 1,077,193
Deposits returned (101,351 ) (22,534 )
Revenue recognized from deferred revenue during the period (1,721,554 ) (858,688 )
Deferred Revenue, end of period $ 12,629,065 $ 10,138,356
Current portion $ 5,770,245 $ 3,279,536
Long term portion 6,858,820 6,858,820
$ 12,629,065 $ 10,138,356

16. Financial Instruments

The Company's financial instruments consist of cash, accounts receivable, finance lease receivables, restricted deposit, line of credit, loans payable to related parties, term loan, accounts payable and accrued liabilities, other liabilities and lease liabilities.

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities;

Level 2: Inputs other than quoted prices that are observable for the asset or liabilities either directly or indirectly; and

Level 3: Inputs that are not based on observable market data

The fair value of the Company's financial instruments approximates their carrying value, unless otherwise noted.

The Company has exposure to the following financial instrument-related risks.

Credit risk

The Company's exposure to credit risk is on its cash, accounts receivable, finance lease receivable and restricted deposit. The maximum exposure to credit risk is their carrying amounts in the consolidated statement of Financial Position.

The Company's cash is comprised of cash bank balances. The Company's restricted deposit is an interest-bearing term deposit. Both cash and the restricted deposit are held in major financial institutions in Canada and the United States with a high credit quality and therefore the Company is exposed to minimal credit risk on these assets. The Company assesses the credit risk of its accounts receivable and finance lease receivables at each reporting period end and on an annual

Page 18 of 24

GREENPOWER MOTOR COMPANY INC.<br>Notes to the Unaudited Consolidated Condensed Interim Financial Statements for the Three and Six Months Ended September 30, 2025 and 2024<br>(Expressed in US Dollars)<br>(Unaudited – Prepared by Management)

16. Financial Instruments (continued)

basis. As at September 30, 2025, the Company recorded an allowance for doubtful accounts of $595,681 against its accounts receivable (March 31, 2025 - $563,152)

Liquidity risk

The Company tries to ensure that there is sufficient capital in order to meet short-term business requirements, after taking into account the Company's cash balances and available liquidity on the Company's operating line of credit and on the Company's term loan facility. The Company's cash is invested in bank accounts at major financial institutions in Canada and the United States and is available on demand. The continuation of the Company as a going concern is dependent on future cash flows from operations including the successful sale and manufacture of electric vehicles to achieve a profitable level of operations and obtaining necessary financing to fund ongoing operations.  The Company's ability to achieve its business objectives is subject to material uncertainty which casts substantial doubt upon the Company's ability to continue as a going concern (Note 1). The Company will continue to rely on additional financings to further its operations and meet its capital requirements.

Market risks

Market risk is the risk of loss that may arise from changes in market factors such as interest rates and foreign exchange. The Company is exposed to interest rate risk with respect to its Line of Credit (Note 10) and its term loan facility (Note 11). The Company is exposed to foreign exchange risk as it conducts business in both the United States and Canada. Management monitors its foreign currency balances, but the Company does not engage in any hedging activities to reduce its foreign currency risk.

At September 30, 2025, the Company was exposed to currency risk through the following financial assets and liabilities in Canadian Dollars:

CAD
Cash $ 19,531
Accounts Receivable $ 84,129
Prepaids and deposits $ 10,988
Finance Lease Receivable $ 37,106
Accounts Payable and Accrued Liabilities $ (909,458 )
Related Party Loan $ (5,520,552 )

The CDN/USD exchange rate as at September 30, 2025 was $0.7183 (March 31, 2025 - $0.6956). Based on the net exposure and assuming all other variables remain constant, a 10% change in the appreciation or depreciation of the Canadian dollar relative to the US dollar would result in a change of approximately $450,967 to net income/(loss).

Page 19 of 24

GREENPOWER MOTOR COMPANY INC.<br>Notes to the Unaudited Consolidated Condensed Interim Financial Statements for the Three and Six Months Ended September 30, 2025 and 2024<br>(Expressed in US Dollars)<br>(Unaudited – Prepared by Management)

17. Related Party Transactions

A summary of compensation and other amounts paid to directors, officers and key management personnel is as follows:

For the Three Months Ended
30-Sep-25 30-Sep-24
Salaries and Benefits (1) $ 142,643 $ 138,918
Consulting fees (2) 118,750 141,250
Non-cash Options Vested (3) 57,428 205,554
Total $ 318,821 $ 485,722
For the Six Months Ended
--- --- --- --- ---
30-Sep-25 30-Sep-24
Salaries and Benefits (1) $ 277,922 $ 288,957
Consulting fees (2) $ 245,000 270,814
Non-cash Options Vested (3) $ 166,945 705,779
Total $ 689,867 $ 1,265,550

1) Salaries and benefits incurred with directors and officers are included in Salaries and administration on the Consolidated Condensed Interim Statements of Operations and Comprehensive Loss.

2) Consulting fees included in Salaries and administration on the Consolidated Condensed Interim Statements of Operations and Comprehensive Loss are paid to the Chairman and CEO for management consulting services, as well as Director's Fees paid to GreenPower's four independent directors.

3) Amounts recognized for related party stock-based compensation are included in Share-based payments on the Consolidated Condensed Interim Statements of Operations and Comprehensive Loss.

Accounts payable and accrued liabilities at September 30, 2025 includes $245,935 (March 31, 2025 - $263,538) owed to officers, directors, and companies controlled by officers and directors, and shareholders, which is non-interest bearing, unsecured and has no fixed terms of repayment.

During the year ended March 31, 2025, the Company received loans totaling CAD $475,000 from FWP Holdings LLC ("FWP Holdings"), USD$250,000 from Koko Financial Services Inc. ("Koko"), and CAD$675,000 from 0851433 BC Ltd. FWP Holdings, Koko, and 08551433 BC Ltd. are all beneficially owned by the CEO and Chairman of the Company. The loans bear interest at 12.0% per annum plus such additional bonus interest, if any, as may be agreed to and approved by GreenPower's Board of Directors at a later date. Loans from FWP Holdings with a principal balance of CAD $3,670,000 matured on March 31, 2023 however the principal balance remains outstanding as at September 30, 2025. The Company has agreed to grant FWP

Page 20 of 24

GREENPOWER MOTOR COMPANY INC.<br>Notes to the Unaudited Consolidated Condensed Interim Financial Statements for the Three and Six Months Ended September 30, 2025 and 2024<br>(Expressed in US Dollars)<br>(Unaudited – Prepared by Management)

17. Related Party Transactions (continued)

Holdings a general security assignment on the assets of GreenPower Motor Company Inc., which will be subordinated to any security assignment of senior lenders. The Company and Countryman Investments Limited, a company that is beneficially owned by a director of the Company, and Koko Financial Services, FWP Holdings LLC, 0851433 B.C. Ltd., and FWP Acquisition Corp. companies that are beneficially owned and controlled by the CEO and Chairman of the Company, (collectively the "Subordinated Lenders"),  entered into a postponement and subordination agreement with the term loan facility lender under which the parties agreed that the loans from the Subordinated Lenders would be subordinate to the lender's security interests and that no payment will be made on the loans from the Subordinated Lenders before the full repayment of the term loan facility (Note 11). As a result, loans from related parties that are covered under the postponement and subordination agreement are considered non-current liabilities.

On May 13, 2025, the Company announced a term loan offering of up to $2,000,000 from several related party lenders. The loan will be advanced in tranches, have a term of 2-years, will bear interest at 12% per annum and as an inducement for entering into the loan the lenders will receive either loan bonus warrants or loan bonus shares. Proceeds from the loan have been allocated to the fair value of loans from related parties, to reserves for the loan bonus warrants issued, and to share capital for loan bonus shares issued. The Company has entered into five tranches of the loan for gross proceeds of $1.75 million as at September 30, 2025.

As an incentive to enter into the loans, the lenders were granted either bonus shares or bonus warrants. A total of 29,542 bonus shares were issued (Note 12) and 256,410 bonus warrants (Note 14) were issued to the related party lenders. At inception, the fair value of the loans issued during the six months ended September 30, 2025 was recorded at $1.4 million, which resulted in an effective interest rate of approximately 24% over the term of the loans. The loans will be accreted using the effective interest rate method to $1.75 million plus accrued interest at the maturity date of the loans, and as at September 30, 2025 the carrying value of the loans was $1,503,534. At inception, the bonus shares and bonus warrants issued were recorded based on the residual value after determining the fair value of the host debt and valued at $125,000 and $225,000 respectively.

During the quarter ended March 31, 2025 the Company received advances of $150,000 from Koko and CAD$50,000 from FWP Acquisition Corp. that were unsecured and non-interest bearing and were repaid during the quarter ended June 30, 2025. In addition, the Company received a further advance of $100,000 from President of the Company, that is unsecured and non-interest bearing. These amounts are included in loans payable to related parties on the Company's Consolidated Statements of Financial Position.

A director of the Company, and the Company's CEO and Chairman, have each provided personal guarantees of $2,510,000, or $5,020,000 in total to support the Company's operating line of credit (Note 10).

Page 21 of 24

GREENPOWER MOTOR COMPANY INC.<br>Notes to the Unaudited Consolidated Condensed Interim Financial Statements for the Three and Six Months Ended September 30, 2025 and 2024<br>(Expressed in US Dollars)<br>(Unaudited – Prepared by Management)

18. Segmented information and supplemental cash flow disclosure

The Company operates in one reportable operating segment, being the manufacture and distribution of all-electric medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector.

The Company's revenues allocated by geography for the three and six months ended September 30, 2025 and 2024 are as follows:

For the Three Months Ended
September 30, 2025 September 30, 2024
United States of America $ 2,740,357 $ 5,023,184
Canada 164,311 324,006
Total $ 2,904,668 $ 5,347,190
For the Six Months Ended
September 30, 2025 September 30, 2024
United States of America $ 3,967,957 $ 7,617,744
Canada 486,178 726,504
Total $ 4,454,135 $ 8,344,248

As at September 30, 2025 and March 31, 2025, over 90% of the Company's property and equipment are located in the United States. ****

The Company's cash payments of interest and income taxes during the six months ended September 30, 2025 and 2024 are as follows:

For the Six Months Ended
September 30, 2025 September 30, 2024
Interest paid $ 822,518 $ 627,063
Income taxes paid $ - $ -

19. Warranty Liability

The Company generally provides its customers with a base warranty on its vehicles including those covering brake systems, lower-level components, fleet defect provisions and battery-related components. The majority of warranties cover periods of five years, with some variation depending on the contract. Management estimates the related provision for future warranty claims based on historical warranty claim information as well as recent trends that might suggest past cost information may differ from future claims. This assessment relies on estimates and assumptions about expenditures on future warranty claims.

Page 22 of 24

GREENPOWER MOTOR COMPANY INC.<br>Notes to the Unaudited Consolidated Condensed Interim Financial Statements for the Three and Six Months Ended September 30, 2025 and 2024<br>(Expressed in US Dollars)<br>(Unaudited – Prepared by Management)

19. Warranty Liability (continued)

Actual warranty disbursements are inherently uncertain, and differences may impact cash expenditures on these claims. It is expected that the Company will incur approximately $810,112 in warranty costs within the next twelve months, with disbursements for the remaining warranty liability incurred after this date. An accrual for expected future warranty expenditures is recognized in the period when the revenue is recognized from the associated vehicle sale and is expensed in Product Development Costs in the Company's Sales, general and administrative costs.

The following table summarizes changes in the warranty liability over the six months ended September 30, 2025 and the year ended March 31, 2025:

6 months ended Year ended
September 30, 2025 March 31, 2025
Opening balance $ 2,565,429 $ 2,499,890
Warranty additions 128,978 714,956
Warranty disbursements (136,157 ) (649,092 )
Warranty expiry - -
Foreign exchange translation 175 (325 )
Total $ 2,558,425 $ 2,565,429
Current portion $ 810,112 $ 816,326
Long term portion 1,748,313 1,749,103
Total $ 2,558,425 $ 2,565,429

20. Litigation and Legal Proceedings

The Company filed a civil claim against the prior CEO and Director of the Company in the Province of British Columbia in 2019, and the prior CEO and Director of the Company has filed a response with a counterclaim for wrongful dismissal in the Province of British Columbia. The prior CEO and Director of the Company also filed a similar claim in the state of California in regards to this matter, and this claim has been stayed pending the outcome of the claim in British Columbia. There has not been a resolution on the British Columbia claim or counterclaim, or the California claim as at September 30, 2025.

In addition, a company owned and controlled by a former employee who provided services to a subsidiary company of GreenPower until August 2013 filed a claim for breach of confidence against GreenPower in July 2020, and this claim has not been resolved as at September 30, 2025.

During April 2023 the Company repossessed 28 EV Stars and 10 EV Star CC's after a lease termination due to non-payment. During May 2023 this customer filed a claim in the state of California against the Company and a subsidiary, and this matter has not been resolved as at September 30, 2025.

Page 23 of 24

GREENPOWER MOTOR COMPANY INC.<br>Notes to the Unaudited Consolidated Condensed Interim Financial Statements for the Three and Six Months Ended September 30, 2025 and 2024<br>(Expressed in US Dollars)<br>(Unaudited – Prepared by Management)

20.          Litigation and Legal Proceedings (continued)

As at March 31, 2025 the Company recorded a contingent liability of $310,000 for potential judgements for legal matters, and $110,000 as at September 30, 2025. Any actual judgement may range from no liability to the Company, to an amount that is higher than the provision booked.

21.          Subsequent Events

Subsequent to the end of the reporting period:

  • Subsequent to the end of the quarter, between October 1, 2025 and November 14, 2025, 1,500 stock options exercisable at a weighted average exercise price of CAD$29.37 per share were forfeited;

Page 24 of 24

GreenPower Motor Company Inc.: Exhibit 99.2 - Filed by newsfilecorp.com
GreenPower Motor Company Inc. <br>Management’s Discussion and  Analysis<br>For the period ended September 30, 2025<br>Discussion dated: as of November 10, 2025

Introduction

This Management's Discussion and Analysis ("MD&A") is dated as of November 10, 2025 unless otherwise indicated and should be read in conjunction with the unaudited consolidated condensed interim financial statements of GreenPower Motor Company Inc. ("GreenPower", "the Company", "we", "our" or "us") for the three and six months ended September 30, 2025 and the related notes. This MD&A was written to comply with the requirements of National Instrument 51-102 - Continuous Disclosure Obligations. Results are reported in US dollars, unless otherwise noted. In the opinion of management, all adjustments (which consist only of normal recurring adjustments) considered necessary for a fair presentation have been included. The results presented for the three and six months ended September 30, 2025 are not necessarily indicative of the results that may be expected for any future period. The consolidated condensed interim financial statements are prepared in compliance with IAS 34 Interim Financial Reporting as issued by the IASB.

For the purposes of preparing this MD&A, management, in conjunction with the Board of Directors, considers the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of the Company's common shares; or (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) if it would significantly alter the total mix of information available to investors. Management, in conjunction with the Board of Directors, evaluates materiality with reference to all relevant circumstances, including potential market sensitivity.

Further information about the Company and its operations can be obtained from the offices of the Company or from www.sedar.com.

Cautionary Note Regarding Forward-Looking Information

Certain statements contained in the following MD&A may contain forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements in this MD&A may include, but are not limited to statements involving estimates, assumptions or judgements, and these statements may be identified by words such as "believe", "expect", "expectation", "aim", "achieve", "intend", "commit", "goal", "plan", "strive" and "objective", and similar expressions of future or conditional verbs such as "will", "may", "might", "should", "could" or "would". By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our expectations or conclusions will not prove to be accurate, that our assumptions may not be correct, and that our plans, goals, expectations and objectives will not be achieved. We caution readers not to place undue reliance on these statements as a number of risk factors could cause our actual results to differ materially from the expectations expressed in such forward-looking statements.

Non-IFRS Measures and Other Supplementary Performance Metrics

This MD&A includes certain non-IFRS measures and other supplementary performance metrics, which are defined below. These measures do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and are therefore unlikely to be comparable to similar measures presented by other companies. Investors are cautioned that non-IFRS financial measures should not be construed as an alternative to IFRS measures. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. Readers should not rely on any single financial measure to evaluate GreenPower's business.

Page 1 of 21

GreenPower Motor Company Inc. <br>Management’s Discussion and  Analysis<br>For the period ended September 30, 2025<br>Discussion dated: as of November 10, 2025

This MD&A refers to Adjusted EBITDA "Adjusted EBITDA", a non-IFRS measure, which is defined as loss for the year (for annual periods) or loss for the period (for quarterly periods), plus depreciation, plus interest and accretion, plus share-based payments, plus / (less) the allowance / (recovery) for credit losses, plus / (less) the increase / (decrease) in the warranty liability, plus taxes, plus impairment of assets. Adjusted EBITDA is a measure used by management as an indicator of profitability since it excludes the impact of movements in working capital items, certain non-cash charges, and financing costs. Therefore, Adjusted EBITDA gives the investor information as to the profitability of the business. However, Adjusted EBITDA is not a measure of financial performance under IFRS and should not be considered a substitute for other financial measures of performance. Adjusted EBITDA as calculated by GreenPower may not be comparable to Adjusted EBITDA as calculated and reported by other companies. The most comparable IFRS measure to Adjusted EBITDA is net income.

This MD&A also makes reference to "Total Cash Expenses", a non-IFRS measure, which is defined as sales, general and administrative costs plus interest and accretion, plus/(less) foreign exchange loss/(gain), less depreciation, less share-based payments, less amortization of deferred financing fees, plus/(less) the decrease/(increase) in warranty liability, plus / (less) the (allowance) / recovery for credit losses, less impairment of assets. Total Cash Expenses is a measure used by management as an indicator of sales, general and administrative, interest and accretion, and foreign exchange costs that excludes the impact of certain non-cash charges. Management believes that Total Cash Expenses provides a measure of cash expenses from the operations of the business. However, Total Cash Expenses is not a measure of financial performance under IFRS and should not be considered a substitute for other financial measures of performance. Total Cash Expenses as calculated by GreenPower may not be comparable to Total Cash Expenses as calculated and reported by other companies.

This MD&A also makes reference to "Vehicle Deliveries", a supplementary performance metric, that management believes provides useful information regarding the business activity of the Company during a quarter or year. Vehicle Deliveries is vehicles that have been sold or leased to a customer during a quarter or a year, as determined by management. The models of vehicles included in Vehicle Deliveries will vary over time, such that Vehicle Deliveries in one period may not be comparable to Vehicle Deliveries in another period. Vehicle Deliveries is not a financial metric, and vehicle deliveries is not an indication of the Company's financial performance in a given period. While management considers Vehicle Deliveries to be a useful supplementary performance metric, users are cautioned to consider other factors to evaluate GreenPower's business.

Description of Business

GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo vans and a cab and chassis.  GreenPower employs a clean-sheet design to manufacture all-electric buses that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in Vancouver, British Columbia, Canada with primary operational facilities in southern California, and a manufacturing facility in West Virginia. Listed on the TSX Venture Exchange since November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020. For further information go to  www.greenpowermotor.com. This website does not constitute part of this MD&A and is not incorporated by reference.

Operations

The following is a description of GreenPower's business activities during the three months ended September 30, 2025. During the quarter, GreenPower generated revenue from the sale of 6 Nano BEAST Type A all-electric school buses, 5 EV Stars, from the sale of parts, rental and interest income from leases. The discussion below provides further detail of these deliveries.

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GreenPower Motor Company Inc. <br>Management’s Discussion and  Analysis<br>For the period ended September 30, 2025<br>Discussion dated: as of November 10, 2025

During the quarter GreenPower completed production and delivery of five EV Stars and six Nano BEAST Type A school buses.

During the quarter the Company signed a contract with the state of New Mexico to implement an all electric school bus pilot project. Three of the six Nano BEAST delivered during the quarter were to the State of New Mexico as part of the Company's contract with the state. The contract with the state of New Mexico provides funding for more than $5 million for the purchase of Nano BEAST, BEAST and Mega BEAST school buses, charging infrastructure, and management of a pilot project in the state. The funding is the result of an award made by the state under an RFP published in May. In addition to the Nano BEASTs delivered during the quarter, the Company completed the installation of charging infrastructure and is actively engaged in leasing a physical location in the state for vehicle maintenance and support.

The remaining three Nano BEASTs were delivered to a dealer in the state of Arizona for use by a school district in the state. The EV Star deliveries included four EV Stars delivered to a shuttle transportation provider in the state of California, and the fifth was delivered to a first nation located in the province of Quebec, Canada.

During the quarter, the Company raised $250,000 in loans from related parties. Each loan has a term of 2 years, an interest rate of 12.0%, and the lenders received either bonus warrants or bonus shares as an inducement for entering into the loans. The Company issued 6,098 bonus shares during the quarter, and 30,488 bonus warrants with an exercise price of $4.10 per share to the lenders for this financing.

The Company signed a term sheet on September 1, 2025 with Bank of Montreal wherein certain changes were made to the Company's line of credit, and which included a plan to repay the line of credit prior to the end of the year. The Company has been working on a financing package with a major Canadian commercial bank, and on funding provided by two directors of the Company, the proceeds from which would be used to repay the line of credit with the Bank of Montreal. The Company anticipates that the financings will be completed and the line of credit will be repaid during the quarter ended December 31, 2025.

The Company has been working on a financing package with a major Canadian commercial bank, and on funding provided by two directors of the Company, the proceeds from which would be used to repay the line of credit with the Bank of Montreal. The Company anticipates that the financings will be completed and the line of credit will be repaid during the quarter ended December 31, 2025.

During the quarter ended September 30, 2025 the Company received a de-listing notice from the Nasdaq stock exchange ("Nasdaq" or "the Exchange") due to two deficiencies: 1) having a share price for less than $1 for a period of greater than 30 days, and 2) having shareholder's equity of less than $2.5 million. The Company completed a 10 for 1 share consolidation effective September 8, 2025 which addressed one of the two deficiencies, and this has been acknowledged by Nasdaq. In addition, the Company put forward a plan to address the shareholder's equity deficiency at a hearing with the Exchange, and Nasdaq has since provided a decision that it will provide the Company until January 30, 2026 to implement the plan. The Company has been actively pursuing multiple elements of this plan and will provide an update to the market on its progress towards this goal in due course. Since the end of the quarter the Company has requested a voluntary de-listing from the Toronto Stock Exchange. The voluntary de-listing is being driven by several considerations. First, the Company has observed that share trading volume of the Company's shares during the 9 months ended September 30, 2025 on the Toronto Stock Exchange has been less than 2% of the share trading volume on Nasdaq. Second, the delisting will all ow the Company to reduce regulatory and compliance costs, enabling resources to be allocated towards growth initiatives. Finally, the delisting is aligned with the Company's strategy to simplify its operations and focus on markets that provide greater shareholder value.

Page 3 of 21

GreenPower Motor Company Inc. <br>Management’s Discussion and  Analysis<br>For the period ended September 30, 2025<br>Discussion dated: as of November 10, 2025

Inventory, Property and Equipment

As at September 30, 2025 the Company had:

  • Property and equipment on the statement of financial position totaling $984,631, comprised of several models of GreenPower vehicles used for demonstration and other purposes, company vehicles used for sales, service and operations, tools and equipment, and other business property and equipment;
  • Work in process and parts inventory totaling approximately $14.0 million representing EV Star's, BEAST Type D school buses, Nano BEAST Type A school buses and parts inventory, and;
  • Finished goods inventory totaling approximately $9.7 million, comprised of EV Star cab and chassis and other EV Star models, BEAST Type D and Nano BEAST Type A models.

Trends

The Company does not know of any trends, commitments, events, or uncertainty that are expected to have a material effect on the Company's business, financial condition, or results of operations other than as disclosed herein under "Risk Factors".

Results of Operations

For the three-month period ended September 30, 2025

Revenues, Gross Profit, and Gross Profit Margin

For the three-month period ended September 30, 2025 the Company recorded revenues of $2,489,820 and cost of sales of $2,216,102 generating a gross profit of $273,718 or 11.0% of revenues. Cost of sales included $210,000 from the write-down of inventory, and without this write-down the gross profit margin would have been 19.4%. For the same three-month period ended September 30, 2024 the Company recorded revenues of $5,347,190 and cost of sales of $4,887,555 generating a gross profit of $459,635 or 8.6% of revenues. The decrease in revenue for the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 was $2,857,370, or 53.4%, and was due to sales of 11 vehicles during the quarter compared to sales of 22 vehicles in the same quarter in the prior year, a decline of 50%. For the three-month period ended September 30, 2025 revenue was generated from the sale of 6 Nano BEAST Type A all-electric school buses, and 5 EV Stars, from finance and operating leases, and from the sale of parts, as well as ad hoc revenues from the state of New Mexico Pilot Project. For the three-month period ended September 30, 2024 revenue was generated from the sale of 11 BEAST Type D all-electric school buses in the state of California, 6 EV Star Cargo and Cargo Plus and 5 EV Stars, from finance and operating leases, from the sale of parts, and from the delivery of completed truck bodies to customers of GP Truck Body. Gross profit for the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024 decreased by $185,917, or 40.4%. Excluding the effect of the $210,000 inventory write-down in the quarter, gross profit would have increased by $24,086 or 5.2%. This resulted in a gross profit margin of 11.0% for the quarter ended September 30, 2025 compared to a gross profit margin of 8.6% for the quarter ended September 30, 2024. The increase in gross profit margin was primarily due to the product mix of sales in the current quarter, which included a higher percentage of parts sales which are sold at relatively high margins, as well as higher realized gross profit margins on sales of 3 Nano BEAST Type A buses in the current quarter. The reduction in gross profit was due to the 53.4% reduction in sales, partially offset by the higher gross profit margin.

Operating Costs

For the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024, operating costs declined by $1,383,432 or 30.2%. The decline in operating costs was primarily the result of reductions in salaries and administration costs and share based compensation costs due to staff reductions in California and West Virginia, due to a reduction in sales and marketing and travel and accommodation, meals and entertainment costs, as management reduced marketing and travel expenses, and due to a reduction in office expense and associated with the reduced number of locations leased by the company. The reduction in these expenses was partially offset by increases in insurance expense and professional fees that was primarily associated with increases in legal costs and audit fees. The consolidated total comprehensive income for the three-month period was impacted by $22,834 of other comprehensive loss as a result of the translation of the entities with a different functional currency than presentation currency.

Page 4 of 21

GreenPower Motor Company Inc. <br>Management’s Discussion and  Analysis<br>For the period ended September 30, 2025<br>Discussion dated: as of November 10, 2025

For the six-month period ended September 30, 2025

Revenues, Gross Profit, and Gross Profit Margin

For the six-month period ended September 30, 2025 the Company recorded revenues of $4,039,287 and cost of sales of $3,403,887 generating a gross profit of $635,400 or 15.7% of revenues. For the same six-month period ended September 30, 2024 the Company recorded revenues of $8,344,248 and cost of sales of $7,662,749 generating a gross profit of $681,499 or 8.2% of revenues. The decrease in revenue for the six-month period ended September 30, 2025 compared to the six-month period ended September 30, 2024 was $4.304,961, or 51.6%, and was due to sales of 16 vehicles during the six-month period compared to sales of 34 vehicles in the same six-month in the prior year, a decline of 52.9%. For the six-month period ended September 30, 2025 revenue was generated from the sale of 9 Nano BEAST Type A all-electric school buses, and 7 EV Stars, from finance and operating leases, and from the sale of parts, as well as ad hoc revenues from the state of New Mexico Pilot Project. For the six-month period ended September 30, 2024, revenue was generated from the sale of 14 BEAST Type D all-electric school buses, 8 EV Star Cargo and Cargo Plus, and 10 EV Stars, and recognized revenue from the sale of parts, from finance and operating leases and from the operations of GP Truck Body. Gross profit for the six-month period ended September 30, 2025 compared to the six-month period ended September 30, 2024 decreased by $46,099, or 6.8%. This resulted in a gross profit margin of 15.7% for the six-month period ended September 30, 2025 compared to a gross profit margin of 8.2% for the six-month period ended September 30, 2024. The increase in gross profit margin was primarily due to the product mix of sales in the current six-month, which included a higher percentage of parts sales which are sold at a relatively high margins, as well as higher realized gross profit margins on sales of 3 Nano BEAST Type A buses in the current six-month period. The reduction in gross profit was due to the 51.6% reduction in sales, partially offset by the higher gross profit margin.

Operating Costs

For the six-month ended September 30, 2025 compared to the six-month period ended September 30, 2024, operating costs declined by $2,563,705 or 26.4%. The decline in operating costs was primarily the result of reductions in salaries and administration costs and share based compensation costs due to staff reductions in California and West Virginia, due to a reduction in sales and marketing and travel and accommodation, meals and entertainment costs, as management reduced marketing and travel expenses, and due to a reduction in office expense and associated with the reduced number of locations leased by the company. The reduction in these expenses was partially offset by increases in insurance expense and professional fees that was primarily associated with increases in legal costs and audit fees.

The consolidated total comprehensive loss for the six-month period was impacted by $67,503 of other comprehensive income as a result of the translation of the entities with a different functional currency than presentation currency.

Page 5 of 21

GreenPower Motor Company Inc. <br>Management’s Discussion and  Analysis<br>For the period ended September 30, 2025<br>Discussion dated: as of November 10, 2025

Comparison of Quarterly Results

The following table compares the results of the quarter ended September 30, 2025 with the quarter ended September 30, 2024:

For the quarters ended Quarter over quarter change
September 30, September 30, 2025 to 2025 to
2025 2024 2024 2024
Revenue $ 2,489,820 $ 5,347,190 -53.4% $ (2,857,370 )
Cost of sales 2,216,102 4,887,555 -54.7% (2,671,453 )
Gross Profit 273,718 459,635 -40.4% (185,917 )
Gross profit margin^1^ 11.0% 8.6% 2.4%
Sales, general and administrative costs
Salaries and administration 1,238,476 2,194,456 -43.6% (955,980 )
Depreciation 350,080 427,978 -18.2% (77,898 )
Product development costs 221,104 401,826 -45.0% (180,722 )
Office expense 83,572 381,146 -78.1% (297,574 )
Insurance 384,041 370,768 3.6% 13,273
Professional fees 748,355 305,334 145.1% 443,021
Sales and marketing 2,940 196,658 -98.5% (193,718 )
Share-based payments 85,701 289,893 -70.4% (204,192 )
Transportation costs 38,627 47,443 -18.6% (8,816 )
Travel, accommodation, meals and entertainment 23,341 95,576 -75.6% (72,235 )
Allowance for credit losses 25,061 (126,348 ) -119.8% 151,409
Total sales, general  and administrative costs 3,201,298 4,584,730 -30.2% (1,383,432 )
Loss from operations before interest, accretion and foreign exchange (2,927,580 ) (4,125,095 ) 29.0% 1,197,515
Interest and accretion (612,360 ) (572,472 ) 7.0% (39,888 )
Foreign exchange gain / (loss) (28,458 ) (4,297 ) 562.3% (24,161 )
(Loss) / gain on sale of fixed assets (24,961 ) - NM (24,961 )
Loss for the period (3,593,359 ) (4,701,864 ) -23.6% 1,108,505
Other comprehensive  income / (loss) **** **** **** ****
Cumulative translation reserve 22,834 (34,250 ) NM 57,084
Total comprehensive loss for the year $ (3,570,525 ) $ (4,736,114 ) -24.6% $ 1,165,589
Loss per common share,  basic and diluted $ (1.18 ) $ (1.77 ) -33.3% $ 0.59
Weighted average number of common shares outstanding, basic and diluted 3,034,763 2,649,116 14.6% 385,647
Adjusted EBITDA (Note 2) $ (2,505,836 ) $ (3,453,562 ) -27.4% $ 947,726

Page 6 of 21

GreenPower Motor Company Inc. <br>Management’s Discussion and  Analysis<br>For the period ended September 30, 2025<br>Discussion dated: as of November 10, 2025

(1) - Gross profit margin, a supplementary financial metric, is calculated as gross profit divided by revenue. Gross profit margin is not a defined term under IFRS.

(2) - "Adjusted EBITDA", as reflected above, is a non-IFRS measure, which is defined as loss for the period (for quarterly periods), or loss for the year (for annual periods) plus depreciation, plus interest and accretion, plus share-based payments, plus / (less) the allowance / (recovery) for credit losses, plus / (less) the increase / (decrease) in the warranty liability, plus taxes, plus impairment of assets. Adjusted EBITDA is a measure used by management as an indicator of profitability since it excludes the impact of movements in working capital items, certain non-cash charges, and financing costs. Therefore, Adjusted EBITDA gives the investor information as to the cash generated from the operations of a business. However, Adjusted EBITDA is not a measure of financial performance under IFRS and should not be considered a substitute for other financial measures of performance. Adjusted EBITDA as calculated by GreenPower may not be comparable to Adjusted EBITDA as calculated and reported by other companies. The most comparable IFRS measure to Adjusted EBITDA is net income. See page 11 for the calculation of Adjusted EBITDA for the quarters ended September 30, 2025, and September 30, 2024.

Change in loss for the period, loss per common share, and Adjusted EBITDA

The loss for the quarter ended September 30, 2025 decreased by $1,108,505 or 23.6% compared to the same quarter in the prior year due to a reduction in sales, general and administrative expenses of $1,383,432, partially offset by a decrease in gross profit and increases in interest and accretion expense, loss on disposal of fixed assets and foreign exchange loss.

Loss per common share for the quarter ended September 30, 2025 decreased by $0.59 per share, or 33.3%, due to the reduction in loss for the period and due to the 14.6% increase in the weighted average number of shares outstanding.

The Adjusted EBITDA loss for the quarter ended September 30, 2025 decreased by $947,723, or 27.4% compared to the same quarter in the prior year. The decrease was primarily due to the decrease in loss for the current quarter compared to the same quarter in the prior year.

Summary of Quarterly Results

A summary of selected information for each of the last eight quarters is presented below:

Three Months Ended
September 30, June 30, March 31, December 31,
2025 2025 2025 2024
Financial results
Revenues $ 2,489,820 $ 1,549,467 $ 4,284,134 $ 7,218,897
Loss for the period (3,593,359 ) (4,163,851 ) (3,833,914 ) (4,739,022 )
Basic and diluted earnings/(loss) per share $ (1.18 ) $ (1.40 ) $ (1.30 ) $ (1.66 )
Balance sheet data
Working capital (Note 1) 6,352,309 5,955,259 8,106,809 12,835,583
Total assets 32,010,466 33,334,460 35,071,725 37,367,033
Shareholders' equity / deficiency (8,334,120 ) (5,177,496 ) (1,605,966 ) 2,138,161

Page 7 of 21

GreenPower Motor Company Inc. <br>Management’s Discussion and  Analysis<br>For the period ended September 30, 2025<br>Discussion dated: as of November 10, 2025
Three Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- ---
September 30, June 30, March 31, December 31,
2024 2024 2024 2023
Financial results
Revenues $ 5,347,190 $ 2,997,058 $ 5,092,890 $ 8,157,931
Loss for the period (4,701,864 ) (5,388,648 ) (6,631,577 ) (4,641,720 )
Basic and diluted earnings/(loss) per share $ (1.77 ) $ (2.08 ) $ (2.65 ) $ (1.86 )
Balance sheet data
Working capital (Note 1) 10,090,572 13,919,050 15,561,765 19,428,489
Total assets 39,374,461 43,464,519 45,203,284 50,164,330
Shareholders' equity 4,153,826 8,600,047 11,566,819 18,052,671

1) - Working capital defined as Total Current Assets minus Total Current Liabilities

Changes in Quarterly Results

GreenPower's revenue of $2.5 million in the quarter ended September 30, 2025 was the second lowest revenue in the last eight quarters due to 11 vehicle deliveries in the quarter compared to quarterly deliveries of between 5 and 34 vehicles in the other seven quarters. The highest revenue in the last eight quarters was in the quarter ended December 31, 2023, which was the quarter with the highest number of vehicle deliveries and the highest number of Nano BEAST and BEAST, as well as EV Stars deliveries in the last eight quarters.

During the eight quarters ended September 30, 2025 GreenPower's loss ranged between ($3,593,359) and ($6,631,577) and loss per share ranged from ($1.18) to ($2.65). Improvements in these two metrics was largely driven by reductions in sales, general and administrative expenses.

GreenPower's total assets reached a peak of $50.2 million in the quarter ended December 31, 2023, and has subsequently declined in each quarter to reach a low of $32.0 million in the quarter ended September 30, 2025. The reduction in total assets has been due to the Company's focus on selling inventory on hand and limiting investments in work in process inventory.

GreenPower's working capital declined to the second lowest of $6.2 million in the current quarter as the Company has focused on selling inventory on hand and limiting investments in work in process inventory pursuant to customer orders. In addition, the Company has increased liabilities over the past 8 quarters as it has raised term debt and entered into loans with related parties. The lower working capital levels in the current year compared to the prior year was the result of higher current liabilities in the current year compared to the prior year and reductions in current assets in the current year compared to the prior year.

The following table summarizes vehicle deliveries pursuant to vehicle sales for the last eight quarters:

For the three months ended
September 30, June 30, March 31, December 31,
2025 2025 2025 2024
Vehicle Sales
EV Star (Note 1) 5 2 14 14
EV Star CC's Sold to Workhorse 0 0 0 0
Nano BEAST and BEAST school bus 6 3 8 14
EV 250 0 0 0 0
Vehicle Deliveries (Note 3) 11 5 22 28

Page 8 of 21

GreenPower Motor Company Inc. <br>Management’s Discussion and  Analysis<br>For the period ended September 30, 2025<br>Discussion dated: as of November 10, 2025
For the three months ended
--- --- --- --- ---
September 30, June 30, March 31, December 31,
2024 2024 2024 2023
Vehicle Sales
EV Star (Note 1, 2) 11 9 12 19
EV Star CC's Sold to Workhorse 0 0 10 0
Nano BEAST and BEAST school bus 11 3 4 13
EV 250 0 0 0 2
Vehicle Deliveries (Note 3) 22 12 26 34

1) Includes various models of EV Stars

2) EV Stars delivered in the quarter ended December 31, 2023 include 2 EV Stars accounted for as finance leases, and 3 EV Stars accounted for as operating leases.

3) "Vehicle Deliveries", as reflected above, is a supplementary performance metric, that management believes provides useful information regarding the business activity of the Company during a quarter or year. Vehicle Deliveries is vehicles that have been sold or leased to a customer during a quarter or a year, as determined by management. The models of vehicles included in Vehicle Deliveries will vary over time, such that Vehicle Deliveries in one period may not be comparable to Vehicle Deliveries in another period. Vehicle Deliveries is not a financial metric, and vehicle deliveries is not an indication of the Company's financial performance in a given period. While management considers Vehicle Deliveries to be a useful supplementary performance metric, users are cautioned to consider other factors to evaluate GreenPower's business.

The following table summarizes cash expenses for the last eight quarters:

For the three months ended
September 30, June 30, March 31, December 31,
2025 2025 2025 2024
Total sales, general and administrative costs $ 3,201,298 $ 3,946,659 $ 5,169,826 $ 5,234,644
Plus:
Interest and accretion 612,360 571,898 518,752 562,360
Foreign exchange loss/(gain) 28,458 6,976 (1,836 ) (3,945 )
(Loss) / gain on sale of fixed assets 24,961 - - -
Less:
Depreciation (350,080 ) (412,166 ) (376,937 ) (399,440 )
Share-based payments (85,701 ) (184,144 ) (63,893 ) (135,677 )
(Increase)/decrease in warranty liability (14,321 ) 21,325 (28,507 ) (172,996 )
(Allowance) / recovery for credit losses (25,061 ) (7,467 ) 134,295 (240,396 )
Total Cash Expenses (Note 1) $ 3,391,914 $ 3,943,081 $ 5,351,700 $ 4,844,550

Page 9 of 21

GreenPower Motor Company Inc. <br>Management’s Discussion and  Analysis<br>For the period ended September 30, 2025<br>Discussion dated: as of November 10, 2025
For the three months ended
--- --- --- --- --- --- --- --- --- --- --- --- ---
September 30, June 30, March 31, December 31,
2024 2024 2024 2023
Total sales, general and administrative costs $ 4,584,730 $ 5,126,932 $ 6,371,346 $ 5,677,814
Plus:
Interest and accretion 572,472 522,753 668,282 342,590
Foreign exchange loss/(gain) 4,297 (39,173 ) (119,272 ) (23,718 )
Less:
Depreciation (427,978 ) (457,758 ) (504,225 ) (466,763 )
Share-based payments (289,893 ) (408,005 ) (124,227 ) (259,188 )
(Increase)/decrease in warranty liability (84,307 ) 220,271 (93,361 ) 216,538
(Allowance) / recovery for credit losses 126,348 (7,970 ) (1,136,852 ) (121,097 )
Impairment of assets - (423,267 )
Total Cash Expenses (Note 1) $ 4,485,669 $ 4,957,050 $ 5,061,691 $ 4,942,909

1) "Total Cash Expenses", as reflected above, is a non-IFRS measure which is defined as sales, general and administrative costs plus interest and accretion, plus/(less) foreign exchange loss/(gain), less depreciation, less share-based payments less amortization of deferred financing fees, plus/(less) the decrease/(increase) in warranty liability, plus / (less) the (allowance) / recovery for credit losses, less impairment of assets. Total Cash Expenses is a measure used by management as an indicator of sales, general and administrative, interest and accretion, and foreign exchange costs that excludes the impact of certain non-cash charges. Management believes that Total Cash Expenses provides a measure of cash expenses from the operations of the business. However, Total Cash Expenses is not a measure of financial performance under IFRS and should not be considered a substitute for other financial measures of performance. Total Cash Expenses as calculated by GreenPower may not be comparable to Total Cash Expenses as calculated and reported by other companies.

The following table summarizes Adjusted EBITDA for the last eight quarters:

For the three months ended
September 30, June 30, March 31, December 31,
2025 2025 2025 2024
Loss for the period $ (3,593,359 ) $ (4,163,851 ) $ (3,833,914 ) $ (4,739,022 )
Plus:
Depreciation 350,080 412,166 376,937 399,440
Interest and accretion 612,360 571,898 518,752 562,360
Share-based payments 85,701 184,144 63,893 135,677
Allowance / (recovery) for credit losses 25,061 7,467 (134,295 ) 240,396
Increase/(decrease) in warranty liability 14,321 (21,325 ) 28,507 172,996
Adjusted EBITDA (Note 1) $ (2,505,836 ) $ (3,009,501 ) $ (2,980,120 ) $ (3,228,153 )

Page 10 of 21

GreenPower Motor Company Inc. <br>Management’s Discussion and  Analysis<br>For the period ended September 30, 2025<br>Discussion dated: as of November 10, 2025
For the three months ended
--- --- --- --- --- --- --- --- --- --- --- --- ---
September 30, June 30, March 31, December 31,
2024 2024 2024 2023
Loss for the period $ (4,701,864 ) $ (5,388,648 ) $ (6,631,577 ) $ (4,641,720 )
Plus:
Depreciation 427,978 457,758 504,225 466,763
Interest and accretion 572,472 522,753 668,282 342,590
Share-based payments 289,893 408,005 124,227 259,188
Allowance / (recovery) for credit losses (126,348 ) 7,970 1,136,852 121,097
Increase/(decrease) in warranty liability 84,307 (220,271 ) 93,361 (216,538 )
Impairment of assets - - - 423,267
Adjusted EBITDA (Note 1) $ (3,453,562 ) $ (4,212,433 ) $ (4,104,630 ) $ (3,245,353 )

1) "Adjusted EBITDA", as reflected above, is a non-IFRS measure, which is defined as loss for the period (for quarterly periods), or loss for the year (for annual periods) plus depreciation, plus interest and accretion, plus share-based payments, plus / (less) the allowance / (recovery) for credit losses, plus / (less) the increase / (decrease) in the warranty liability, plus taxes, plus impairment of assets. Adjusted EBITDA is a measure used by management as an indicator of profitability since it excludes the impact of movements in working capital items, certain non-cash charges, and financing costs. Therefore, Adjusted EBITDA gives the investor information as to the cash generated from the operations of a business. However, Adjusted EBITDA is not a measure of financial performance under IFRS and should not be considered a substitute for other financial measures of performance. Adjusted EBITDA as calculated by GreenPower may not be comparable to Adjusted EBITDA as calculated and reported by other companies. The most comparable IFRS measure to Adjusted EBITDA is net income.

Liquidity and Capital Resources

As at September 30, 2025, the Company had a cash balance of $511,094 and working capital, defined as current assets minus current liabilities, of $6,352,309. The Company's line of credit has a maximum credit limit of up to $6,000,000 and amounts available in excess of $5,000,000 are subject to margining requirements. As at September 30, 2025, the line of credit had a drawn balance of $5,940,276. In addition, the Company had a revolving term loan facility of up to $5 million, which can be used to fund payments to suppliers to build inventory pursuant to customer orders.

During the quarter ended September 30, 2025, the Company raised $250,000 in loans from related parties, in one tranche. This tranche of the loan has a term of 2 years, an interest rate of 12.0%, and the lenders received either bonus warrants or bonus shares as an inducement for entering into the loans. The Company issued 6,098 bonus shares during the quarter, and 30,488 bonus warrants with a two-year term, and the warrants are exercisable at $4.10 per share.

The Company signed a term sheet on September 1, 2025 with Bank of Montreal wherein the following changes were made to the Company's line of credit:

  • the line of credit margin increased from 2.25% to 5.25%;

  • an additional financial covenant was introduced, the minimum fixed charge coverage ratio (FCCR) of 1.25:1, commencing September 30, 2025. The FCCR is tested on a trailing twelve-month basis with the ratio calculated as (a) unadjusted EBITDA plus capital injections from the Personal Guarantors, minus the aggregate of (i) cash taxes, (ii) Unfunded Capital Expenditures and (iii) Distributions; divided by (b) debt service (defined as cash interest paid and scheduled principal payments on total debt over the last 12 month period). The Company is not in compliance with the FCCR as at September 30, 2025;

Page 11 of 21

GreenPower Motor Company Inc. <br>Management’s Discussion and  Analysis<br>For the period ended September 30, 2025<br>Discussion dated: as of November 10, 2025
  • a refinancing process whereby the line of credit will be repaid by November 30, 2025.

The Company has been working on a financing package with a major Canadian commercial bank, and on funding provided by two directors of the Company, the proceeds from which would be used to repay the line of credit with the Bank of Montreal. The Company anticipates that the financings will be completed and the line of credit will be repaid during the quarter ended December 31, 2025.

The Company manages its capital structure and makes adjustments to it based on available funds. The Company may continue to rely on additional financings and the sale of its inventory to further its operations and meet its capital requirements to manufacture EV vehicles, expand its production capacity, and further develop its sales, marketing, engineering, and technical resources. The Company's ability to achieve its business objectives is subject to material uncertainty which casts substantial doubt upon its ability to continue as a going concern. The Company will continue to rely on additional financings to support its operations and fulfill its capital requirements.

Off-Balance Sheet Arrangements

As of the date of this filing, the Company does not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on the results of operations or financial condition of the Company including, without limitation, such considerations as liquidity and capital resources that have not previously been discussed.

Related Party Transactions

A summary of compensation and other amounts paid to directors, officers and key management personnel is as follows:

For the Three Months Ended
30-Sep-25 30-Sep-24
Salaries and Benefits (1) $ 142,643 $ 138,918
Consulting fees (2) 118,750 141,250
Non-cash Options Vested (3) 57,428 205,554
Total $ 318,821 $ 485,722
For the Six Months Ended
--- --- --- --- ---
30-Sep-25 30-Sep-24
Salaries and Benefits (1) $ 277,922 $ 288,957
Consulting fees (2) $ 245,000 270,814
Non-cash Options Vested (3) $ 166,945 705,779
Total $ 689,867 $ 1,265,550

1) Salaries and benefits incurred with directors and officers are included in Salaries and administration on the Consolidated Condensed Interim Statements of Operations and Comprehensive Loss.

2) Consulting fees included in Salaries and administration on the Consolidated Condensed Interim Statements of Operations and Comprehensive Loss are paid to the Chairman and CEO for management consulting services, as well as Director's Fees paid to GreenPower's four independent directors.

Page 12 of 21

GreenPower Motor Company Inc. <br>Management’s Discussion and  Analysis<br>For the period ended September 30, 2025<br>Discussion dated: as of November 10, 2025

3) Amounts recognized for related party stock-based compensation are included in Share-based payments on the Consolidated Condensed Interim Statements of Operations and Comprehensive Loss.

Accounts payable and accrued liabilities at September 30, 2025 included $245,935 (March 31, 2025 - $263,538)  owed to officers, directors, and companies controlled by officers and directors, and shareholders, which is  non-interest bearing, unsecured and has no fixed terms of repayment.

During the year ended March 31, 2025, the Company received loans totaling CAD $475,000 from FWP Holdings LLC ("FWP Holdings"), USD$250,000 from Koko Financial Services Inc. ("Koko"), and CAD$675,000 from 0851433 BC Ltd. FWP Holdings, Koko, and 08551433 BC Ltd. are all beneficially owned by the CEO and Chairman of the Company. The loans bear interest at 12.0% per annum plus such additional bonus interest, if any, as may be agreed to and approved by GreenPower's Board of Directors at a later date. Loans from FWP Holdings with a principal balance of CAD $3,670,000 matured on March 31, 2023 however the principal balance remains outstanding as at September 30, 2025. The Company has agreed to grant FWP Holdings a general security assignment on the assets of GreenPower Motor Company Inc., which will be subordinated to any security assignment of senior lenders. The Company and Countryman Investments Limited, a company that is beneficially owned by a director of the Company, and Koko Financial Services, FWP Holdings LLC, 0851433 B.C. Ltd., and FWP Acquisition Corp. companies that are beneficially owned and controlled by the CEO and Chairman of the Company, (collectively the "Subordinated Lenders"), entered into a postponement and subordination agreement with the term loan facility lender under which the parties agreed that the loans from the Subordinated Lenders would be subordinate to the lender's security interests and that no payment will be made on the loans from the Subordinated Lenders before the full repayment of the term loan facility. As a result, loans from related parties that are covered under the postponement and subordination agreement are considered non-current liabilities.

On May 13, 2025, the Company announced a term loan offering of up to $2,000,000 from several related party lenders. The loan will be advanced in tranches, have a term of 2-years, will bear interest at 12% per annum and as an inducement for entering into the loan the lenders will receive either loan bonus warrants or loan bonus shares. Proceeds from the loan have been allocated to the fair value of loans from related parties, to reserves for the loan bonus warrants issued, and to share capital for loan bonus shares issued. The Company has entered into five tranches of the loan for gross proceeds of $1.75 million as at September 30, 2025.

As an incentive to enter into the loans, the lenders were granted either bonus shares or bonus warrants. A total of 29,542 bonus shares were issued and 256,410 bonus warrants were issued to the related party lenders. At inception, the fair value of the loans issued during the six months ended September 30, 2025 was recorded at $1.4 million, which resulted in an effective interest rate of approximately 24% over the term of the loans. The loans will be accreted using the effective interest rate method to $1.75 million plus accrued interest at the maturity date of the loans, and as at September 30, 2025 the carrying value of the loans was $1,503,534. At inception, the bonus shares and bonus warrants issued were recorded based on the residual value after determining the fair value of the host debt and valued at $125,000 and $225,000 respectively.

During the quarter ended March 31, 2025 the Company received advances of $150,000 from Koko and CAD$50,000 from FWP Acquisition Corp. that were unsecured and non-interest bearing and were repaid during the quarter ended June 30, 2025. In addition, the Company received a further advance of $100,000 from Brendan Riley, President of the Company, that is unsecured and non-interest bearing. These amounts are included in loans payable to related parties on the Company's Consolidated Statements of Financial Position. A director of the Company, David Richardson, and the Company's CEO and Chairman Fraser Atkinson, have each provided personal guarantees of $2,510,000, or $5,020,000 in total to support the Company's operating line of credit.

Page 13 of 21

GreenPower Motor Company Inc. <br>Management’s Discussion and  Analysis<br>For the period ended September 30, 2025<br>Discussion dated: as of November 10, 2025

New and Amended Standards

Basis of presentation

GreenPower has applied the same accounting policies and methods of computation in its Consolidated Condensed Interim Financial Statements as in the annual audited financial statements for the year ended March 31, 2025, except for the following which either did not apply to the prior year or are amendments which apply for the current fiscal year.

Adoption of accounting standards

Certain new accounting standards have been published by the IASB that are effective for annual reporting periods beginning on or after January 1, 2025, as follows:

  • IAS 21 - the effect of changes in Foreign Exchange rates (effective January 1, 2025)

Amendments to this standard did not cause a change to the Company's financial statements.

Future accounting pronouncements

Certain new accounting standards and interpretations have been published by the IASB that are mandatory for the annual period beginning April 1, 2026. The Company has reviewed new and revised accounting pronouncements that have been issued but are not yet effective.

The Company has not early adopted any of these standards and is currently evaluating the impact, if any, that these standards might have on its consolidated condensed interim financial statements.

Loans with attached bonus warrants or bonus shares

Accounting policy

The Company has issued loans that included either (i) bonus warrants or (ii) bonus shares to the lender. The loan component is a financial liability initially recognized at fair value within the scope of IFRS 9 Financial Instruments with the remaining consideration applied to the residual equity components.

Loans with attached bonus warrants

Attached warrants are evaluated separately under IAS 32 Financial Instruments: Presentation to determine whether they meet the definition of an equity instrument or a financial liability. Where the warrants meet the definition of an equity instrument (i.e., they will be settled by the exchange of a fixed number of the Company's own equity instruments for a fixed amount of cash), the proceeds from the financing are allocated first to the host debt with the residual being applied to the equity component.

The amount allocated to the warrants is recorded in equity under "warrants reserve".

Loans with attached bonus shares

The amount allocated to the bonus shares is recorded in equity under "share capital" or "share-based payments reserve" (as applicable).

Subsequent measurement

The loan liability is subsequently measured at amortized cost using the effective interest method, with interest expense recognized in profit or loss over the term of the loan. Warrants classified as equity remain in equity until exercised or expire unexercised. Bonus shares are not subsequently remeasured.

Page 14 of 21

GreenPower Motor Company Inc. <br>Management’s Discussion and  Analysis<br>For the period ended September 30, 2025<br>Discussion dated: as of November 10, 2025

Significant judgements

Management exercises judgement in the following areas related to the loans with attached bonus warrants or bonus shares:

  • Determining the fair value of the host debt;
  • Selecting the appropriate valuation model and key assumptions for inputs to the Black-Scholes model used to value the warrants;
  • Determining whether the warrants meet the "fixed-for-fixed" criterion in IAS 32 to be classified as equity;
  • Determining the appropriate classification for the fair value of bonus shares in equity.

Critical Accounting Estimates

Management has made certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Actual outcomes could differ from these estimates. The impacts of such estimates may require accounting adjustments based on future occurrences. Revisions to critical accounting estimates are recognized in the period in which the estimate is revised and future periods if the revision affects both current and future periods. These estimates are based on historical experience, current and future economic conditions, and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting judgements and estimates

i. The determination of the functional currency of the Company and of each entity within the consolidated Company.

ii. The Company's ability to achieve its business objectives is subject to material uncertainty which casts substantial doubt upon the Company's ability to continue as a going concern.

iii. The determination that a portion of loans payable to related parties outstanding as at September 30, 2025 and March 31, 2025 is a non-current liability.

iv. The determination of the fair value of related party loans and the allocation of residual values to bonus shares and bonus warrants.

Critical accounting estimates and assumptions

i. The determination of the discount rates used to discount finance  lease receivables and lease liabilities.

ii. The estimated accrual rate for the warranty provision on the sale of all-electric vehicles.

iii. The classification of leases as either financial leases or operating leases.

iv. The determination that the Company should record of $310,000 for potential judgements for legal matters.

v. The determination of an allowance for doubtful accounts on the Company's trade receivables.

vi. The estimate of the useful life of equipment.

vii. The estimate of the net realizable value of inventory.

viii. Estimates underlying the recognition of proceeds from government vouchers and grants.

ix. Estimates underlying the determination of the carrying value of the West Virginia lease liability and right of use asset.

x. Estimates underlying the calculation of deferred income tax assets and deferred income tax recovery.

xi. The determination of overheads to be allocated to inventory and charged to cost of sales.

Page 15 of 21

GreenPower Motor Company Inc. <br>Management’s Discussion and  Analysis<br>For the period ended September 30, 2025<br>Discussion dated: as of November 10, 2025

Financial Instruments

The Company's financial instruments consist of cash, accounts receivable, finance lease receivables, restricted deposit, line of credit, loans payable to related parties, term loan, accounts payable and accrued liabilities, other liabilities and lease liabilities.

The Company has exposure to the following financial instrument related risks.

Credit risk

The Company's exposure to credit risk is on its cash, accounts receivable, finance lease receivable and restricted deposit. The maximum exposure to credit risk is their carrying amounts in the consolidated statement of Financial Position.

The Company's cash is comprised of cash bank balances, and the Company's restricted deposit is an interest-bearing term deposit. Both cash and the restricted deposit are held in major financial institutions in Canada and the United States with a high credit quality and therefore the Company is exposed to minimal credit risk on these assets. The Company assesses the credit risk of its account receivable and finance lease receivables at each reporting period end and on an annual basis. As at September 30, 2025 the Company recorded an allowance for doubtful accounts of $595,681 against its accounts receivable (March 31, 2025 - $563,152).

Liquidity risk

The Company tries to ensure that there is sufficient capital in order to meet short-term business requirements, after taking into account the Company's cash balances and available liquidity on the Company's operating line of credit. The Company's cash is invested in bank accounts at major financial institutions in Canada and the United States and is available on demand. The continuation of the Company as a going concern is dependent on future cash flows from operations including the successful sale and manufacture of electric vehicles to achieve a profitable level of operations and obtaining necessary financing to fund ongoing operations.  The Company's ability to achieve its business objectives is subject to material uncertainty which casts substantial doubt upon the Company's ability to continue as a going concern. The Company will continue to rely on additional financings to further its operations and meet its capital requirements.

Market risks

Market risk is the risk of loss that may arise from changes in market factors such as interest rates and foreign exchange. The Company is exposed to interest rate risk with respect to its Line of Credit and its term loan facility. The Company is exposed to foreign exchange risk as it conducts business in both the United States and Canada. Management monitors its foreign currency balances, but the Company does not engage in any hedging activities to reduce its foreign currency risk.

At September 30, 2025, the Company was exposed to currency risk through the following financial assets and liabilities in Canadian Dollars:

CAD
Cash $ 19,531
Accounts Receivable $ 84,129
Prepaids and deposits $ 10,988
Finance Lease Receivable $ 37,106
Accounts Payable and Accrued Liabilities $ (909,458 )
Related Party Loan $ (5,520,552 )

Page 16 of 21

GreenPower Motor Company Inc. <br>Management’s Discussion and  Analysis<br>For the period ended September 30, 2025<br>Discussion dated: as of November 10, 2025

The CDN/USD exchange rate as at September 30, 2025 was $0.7183 (March 31, 2025 - $0.6956). Based on the net exposure and assuming all other variables remain constant, a 10% change in the appreciation or depreciation of the Canadian dollar relative to the US dollar would result in a change of approximately $450,967 to net income/loss.

Outlook

For the immediate future, the Company plans to:

  • Continue to deliver on the various components of the Pilot Program with the state of New Mexico
  • Complete production and delivery of several models of EV Stars and BEAST school buses currently in various stages of production;
  • Deliver the remaining vehicles in finished goods inventory;
  • Evaluate and consider entering into new sources of financing to fund the business;
  • Search for ways to reduce costs in the Company's operations;
  • Evaluate the impact of tariffs on the Company's business and product lines and develop a strategy to mitigate these impacts, wherever possible.

Capitalization and Outstanding Security Data

On September 8, 2025 the Company completed a 10 for 1 consolidation of its common shares. All references to common shares outstanding have been retrospectively adjusted for the share consolidation. In addition, the number of warrants and options convertible into the Company's shares, and the exercise price of these warrants and options, has been retrospectively adjusted for the 10 for 1 share consolidation due to the terms of the Company's warrants and options.

The total number of common shares issued and outstanding is 3,077,483 as of September 30, 2025. There are no preferred shares issued and outstanding.

An incentive stock option plan was established for the benefit of directors, officers, employees and consultants of the Company. As of September 30, 2025, there are 242,050 options outstanding, and there are 428,910 common share warrants outstanding.

As at November 10, 2025 the Company had 3,077,483 issued shares, 240,675 options outstanding, and 428,910 warrants outstanding.

Page 17 of 21

GreenPower Motor Company Inc. <br>Management’s Discussion and  Analysis<br>For the period ended September 30, 2025<br>Discussion dated: as of November 10, 2025

Disclosure of Internal Controls

Management is responsible for establishing and maintaining disclosure controls and procedures in order to provide reasonable assurance that material information relating to the Company is made known to them in a timely manner and that information required to be disclosed is reported within time periods prescribed by applicable securities legislation. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.

As previously reported in our annual MD&A, in preparing our consolidated financial statements as of March 31, 2025 and 2024 and for the fiscal years ended March 31, 2025, 2024 and 2023 we determined that the ineffectiveness of the Company's internal control over financial reporting was due to the following material weaknesses in internal control over financial reporting:

• We did not design and maintain effective controls to account for transactions related to inventory including providing documented evidence of costing, existence and verification of inventories;

• We did not design and maintain effective controls relating to revenue recognition, including consistent and complete maintenance of supporting documentation for revenue transactions;

• We did not design and maintain effective controls to ensure complex and/or unusual transactions are appropriately accounted for and disclosed; and

• We did not design and maintain effective controls to prevent and/or detect errors in the accounting for and/or the disclosure of transactions.

During the quarter ended September 30, 2025, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Risk Factors

Investing in the common shares of the Company involves risk. Prospective investors should carefully consider the risks described below, together with all of the other information included in this MD&A before making an investment decision. If any of the following risks actually occurs, the business, financial condition or results of operations of the Company could be harmed. In such an event, the trading price of the common shares could decline and prospective investors may lose part or all of their investment.

Operational Risk

The Company is exposed to many types of operational risks that affect all companies. Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and/or systems. Operational risk is present in all of the Company's business activities, and incorporates exposure relating to fiduciary breaches, product liability claims, product recalls, regulatory compliance failures, legal disputes, business disruption, technology failures, business integration, damage to physical assets, employee safety, dependence on suppliers, foreign exchange fluctuations, insurance coverage and rising insurance costs.  Such risks also

include the risk of misconduct, theft or fraud by employees or others, unauthorized transactions by employees, operational or human error or not having sufficient levels or quality of staffing resources to successfully achieve the Company's strategic or operational objectives. The occurrence of an event caused by an operational risk that is material could have a material adverse effect on the Company's business, financial condition, liquidity and operating results.

Reliance on Management

The Company is relying solely on the past business success of its directors and officers. The success of the Company is dependent upon the efforts and abilities of its directors, officers and employees. The loss of any of its directors, officers or employees could have a material adverse effect upon the business and prospects of the Company.

Page 18 of 21

GreenPower Motor Company Inc. <br>Management’s Discussion and  Analysis<br>For the period ended September 30, 2025<br>Discussion dated: as of November 10, 2025

Competition in the Industry

The Company faces competition from a number of existing manufacturers of all-electric medium and heavy-duty vehicles and buses, as well as manufacturers of traditional medium and heavy-duty vehicles. The Company competes in the zero-emission, or alternative fuel segment of this market. Several of the company's competitors, both publicly listed and privately owned, have raised or have access to a significant amount of capital to invest in the growth and development of their businesses which has increased the competitive threat from several well-capitalized competitors. In addition to existing competitors in various market segments, there is the potential for future competitors to enter the market.

Reliance on Key Suppliers

Our products contain numerous purchased parts which we source globally directly from suppliers, some of which are single-source suppliers, although we attempt to qualify and obtain components from multiple sources whenever feasible. Any significant increases in our production may require us to procure additional components in a short amount of time, and in the past, we have also replaced certain suppliers because of their failure to provide components that met our quality control standards or our timing requirements. There is no assurance that we will be able to secure additional or alternate sources of supply for our components or develop our own replacements in a timely manner, if at all. If we encounter unexpected difficulties with key suppliers, and if we are unable to fill these needs from other suppliers, we could experience production delays and potential loss of access to important technology and parts for producing, servicing and supporting our products.

No Dividend Payment History

The Company has not paid any dividends and may not produce earnings or pay dividends in the immediate or foreseeable future.

Tariffs on Imported Goods

GreenPower sources components and parts to build its all-electric vehicles from suppliers globally, utilizes contract manufacturers located outside of North America for a portion of its all-electric vehicle production, and the importation of these parts, components and vehicles to North America are subject to tariffs which have recently increased and may increase further. The current US administration has significantly increased tariffs on US imports from virtually every country in the world. These tariffs have been in many cases amended, postponed, or changed in other ways since their initial announcements, and this has resulted in uncertainty over the quantum and duration of tariffs, and this lack of clarity has made it difficult to manage and mitigate the impacts of tariffs. The increase in and lack of clarity regarding tariffs on electric vehicles and certain parts and components used in the manufacture of electric vehicles that are imported to the United States from suppliers globally has increased costs for GreenPower, and led to delays on the processing and inspection of imported goods to the United States. The increased tariffs and importation delays has increased GreenPower's costs and has negatively impacted the financial results of the Company. While GreenPower's management is taking steps to mitigate the impact of planned tariff increases, including sourcing new manufacturers and contract manufacturers for certain products, this transition will take time, is subject to a number of risks, and GreenPower may not be able to mitigate the impact of any change in tariffs due to these risks.

Sales, Marketing, Government Grants and Subsidies

Presently, the initial price of the Company's products are higher than a traditional diesel bus and certain grants and subsidies are available to offset these higher prices. These grants and subsidies include but are not limited to the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project ("HVIP") from the California Air Resources Board ("CARB") in partnership with Calstart, the New Jersey Zero Emission Incentive Program ("NJZIP") operated by the New Jersey Economic Development Authority (NJEDA), the Specialty-Use Vehicle Incentive ("SUVI") Program funded by the Province of British Columbia, Canada, the Incentives for Medium and Heavy Duty Zero Emission Vehicles ("iMHZEV") program operated by the Canadian federal government, the clean trucks NYSERDA program and the New York Voucher Incentive Program in the state of New York, the South Coast AQMD funding in California, Federal Transit Authority funding for eligible transit properties across the US, and VW Mitigation Trust Funds allocated to programs throughout the US. The ability for potential purchasers to receive funding from these programs is subject to the risk of the programs being funded by governments, and the risk of the delay in the timing of advancing funds to the specific programs. To the extent that program funding is not approved, or if the funding is approved but timing of advancing of funds is delayed, subject to cancellation, or is otherwise uncertain, this could have a material adverse effect on our business, financial condition, operating results and prospects.

Page 19 of 21

GreenPower Motor Company Inc. <br>Management’s Discussion and  Analysis<br>For the period ended September 30, 2025<br>Discussion dated: as of November 10, 2025

Litigation and Legal Proceedings

The Company has filed a civil claim against the prior CEO and Director of the Company in the Province of British Columbia in 2019, and the prior CEO and Director of the Company has filed a response with a counterclaim for wrongful dismissal in the Province of British Columbia. The prior CEO and Director of the Company also filed a similar claim in the state of California in regards to this matter, and this claim has been stayed pending the outcome of the claim in British Columbia. There has not been a resolution on the British Columbia claim or counterclaim, or the California claim as at September 30, 2025. In addition, a company owned and controlled by a former employee who provided services to a subsidiary company of GreenPower until August 2013 filed a claim for breach of confidence against GreenPower in July 2020, and this claim has not been resolved as at September 30, 2025. During April 2023 the Company repossessed 28 EV Stars and 10 EV Star CC's after a lease termination due to non-payment. During May 2023 this customer filed a claim in the state of California against the Company and a subsidiary, and this matter has not been resolved as at September 30, 2025. As at March 31, 2025 the Company recorded a contingent liability of $310,000 for potential judgements for legal matters, and this amount has been recorded as a current liability as at September 30, 2025. Any actual judgement may range from no liability to the Company, to an amount that is higher than the provision booked.  In addition, Management believes that there is an additional potential liability of $437,500 related to other legal matters. Any actual liability related to these other legal matters may range from $nil to an amount higher than this amount. The Company has not booked a provision for potential liabilities related to these legal matters as management considers it less than probable that these claims will not be successfully defended by the Company.

Current requirements and regulations may change or become more onerous

The Company's products must comply with local regulatory and safety requirements in order to be allowed to operate within the relevant jurisdiction or to qualify for funding. These requirements are subject to change and one regulatory environment is not indicative of another.

Cybersecurity risks

Significant disruptions of our information technology systems or breaches of our data security could adversely affect our business. The Company has not experienced a cybersecurity incident and has therefore not been affected by its exposure to cybersecurity risks. However, our business and operations may be materially adversely affected in the event of computer system failures or security or breaches due to cyber-attacks or cyber intrusions, including ransomware, phishing attacks and other malicious intrusions.

Provision for Warranty Costs

The Company offers warranties on the medium and heavy-duty vehicles and buses it sells. Management estimates the related provision for future warranty claims based on historical warranty claim information as well as recent trends that might suggest past cost information may differ from future claims. Factors that could

impact future warranty claims include the success of the Company's productivity and quality initiatives as well as parts and labour costs. Actual warranty expense could differ from the provisions which are estimated by management, and these differences could be material and may negatively impact the company's financial results and financial position.

Reliance on Shipping

We rely on global shipping for vehicles that we produce at contract manufacturers, and for certain parts and components sourced from our global network of suppliers. We have experienced an increase in shipping costs and have experienced delays of deliveries of parts and components from our global suppliers, and on vehicles arriving from our contract manufacturers. While these delays and cost increases are not currently at a level that they have caused a material disruption or negative impact to our profitability, these delays and costs may increase to a point that they may negatively impact our financial results and ability to grow our business.

Page 20 of 21

GreenPower Motor Company Inc. <br>Management’s Discussion and  Analysis<br>For the period ended September 30, 2025<br>Discussion dated: as of November 10, 2025

Events after the reporting period

Subsequent to the end of the reporting period:

  • Subsequent to the end of the quarter, between October 1, 2025 and November 14, 2025, 1,500 stock options exercisable at a weighted average exercise price of CAD$29.37 per share were forfeited;

Page 21 of 21

GreenPower Motor Company Inc.: Exhibit 99.3 - Filed by newsfilecorp.com

Form 52-109F2 - Certification of interim filings (full interim certificate)

I, Fraser Atkinson, Chief Executive Officer of GreenPower Motor Company Inc. certify that:

  1. Review: I have reviewed the issuer's interim financial statements and interim MD&A (together the interim filings) of GreenPower Motor Company Inc. ****** (the issuer) for the interim period    ended September 30, 2025.

  2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

  3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

  4. Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR) for the issuer.

  5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings:

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 Control framework: The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is Internal Control - Integrated Framework Issued by the Committee of Sponsoring Organization of the Treadway Commission in 2013. ******

5.2 ICFR - reportable deficiency relating to design: The issuer has disclosed in its interim MD&A each material weakness relating to design existing at September 30, 2025.

(a) a description of the material weakness;

(b) the impact of the material weakness on the issuer's financial reporting and its ICFR; and

(c) the issuer's current plans, if any, or any actions already undertaken, for remediating the material weakness.

5.3 Limitation on scope of design: N/A

  1. Reporting of changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on July 1, 2025 and ended on September 30, 2025 **** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: November 10, 2025

/s/ Fraser Atkinson______________________

Fraser Atkinson

Chief Executive Officer

GreenPower Motor Company Inc.: Exhibit 99.4 - Filed by newsfilecorp.com

Form 52-109F2 - Certification of interim filings (full interim certificate)

I, Michael Sieffert, Chief Financial Officer of GreenPower Motor Company Inc. certify that:

  1. Review: I have reviewed the issuer's interim financial statements and interim MD&A (together the interim filings) of GreenPower Motor Company Inc. ****** (the issuer) for the interim period ended September 30, 2025.

  2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

  3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

  4. Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR) for the issuer.

  5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings:

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 Control framework: The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is Internal Control - Integrated Framework Issued by the Committee of Sponsoring Organization of the Treadway Commission in 2013. ******

5.2 ICFR - reportable deficiency relating to design: The issuer has disclosed in its interim MD&A each material weakness relating to design existing at September 30, 2025.

(a) a description of the material weakness;

(b) the impact of the material weakness on the issuer's financial reporting and its ICFR; and

(c) the issuer's current plans, if any, or any actions already undertaken, for remediating the material weakness.

5.3 Limitation on scope of design: N/A

  1. Reporting of changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on July 1, 2025 and ended on September 30, 2025 **** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: November 10, 2025

/s/ Michael Sieffert______________________ Michael Sieffert

Chief Financial Officer

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