Green Automotive Revenues Rise More than 100%
Green Automotive Company (OTCQB: GACR), a technology development, engineering and design company with a focus on zero and low emission vehicle solutions, has announced that revenues for its 3rd quarter ended September 30th, 2013 had broken the $1m barrier for the first time and were recorded at $1,018,823 as compared to $78,966 for the comparable quarter in 2012.
Operating losses when adjusted for the non-cash impact of share based compensation had improved dramatically from a loss of $(4,883,298) in Qtr 3 2012 to a loss of $(776,123) in Qtr 3 2013. On YTD basis, the Operating losses when adjusted for the non-cash impact of share based compensation have improved from a loss of $(5,258,639) YTD Sept 2012 to a loss of $(1,656,644) YTD Sept 2013.
Commenting on the quarterly results, Ian Hobday, CEO of Green Automotive Company, said “We continue to see growth and improvement in the company’s headline numbers. That trend will continue as our business grows organically on all fronts. It is our belief that these numbers will begin to ramp up even faster as our bus production comes fully online. Bringing that business to fruition is currently our main focus and we expect it to be a significant revenue driver for years to come.”
Other highlights from the Quarter include:
- Delivery of Company’s first Bus and completion of tooling for the entire range
- Commence full scale bus production out of Newport Coachworks Riverside plant
- Naming Ian Hobday CEO of Green Automotive Company
Mr. Hobday further stated, “As a company we are starting to see growth across the board. Electric Vehicles are no longer a fanciful trend but an important technological development that is taking hold in the consumer markets and now starting in the business markets. As a consequence of our ability to operate in several parts of this emerging market (technology development, electric bus sales, retailing electric vehicles and providing support solutions) we expect our revenues will increase accordingly. This is a very exciting time to be in this market sector.” More info at: www.thegreenautomotivecompany.com.
Category: Featured, General Update, Green
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