SEC 8-K filings with transcript text
Aug 14, 2026
May 15, 2025
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Exhibit 99.1
Greenland Technologies Reports Fiscal First Quarter 2025 Results
Revenue of 21.7 Million Compared to $22.7 Million in 1Q24
● Expanded Gross Margin by 580 Basis Points Year Over Year
● Reduces Operating Expenses by 50% Year Over Year
● Earnings Per Share Increases 61% Year Over Year
EAST WINDSOR, NJ – May 15, 2025 – Greenland Technologies Holding Corporation (Nasdaq: GTEC) (“Greenland” or the “Company”), a technology developer and manufacturer of electric industrial vehicles and drivetrain systems for material handling machineries and vehicles, today announced its audited financial results for the first quarter ended March 31, 2025, with earnings per share increasing 61% compared to the first quarter of 2024.
Raymond Wang, Chief Executive Officer of Greenland Technologies, commented, “Our performance this quarter reflects the strength of our operational discipline and the growing impact of our shift toward higher-value products. Despite a modest decline in revenue, we expanded gross margins by 580 basis points and increased our operating income by nearly 150% year-over-year. We believe that these results demonstrate our ability to execute strategically, reduce costs without compromising quality, and deliver strong bottom-line growth. As we continue investing in innovation and efficiency, I am more confident than ever in our trajectory for sustained, long-term value creation for shareholders.”
“I’m especially proud of how our team responded to market challenges with agility and precision. We reduced operating expenses by over 50%, improved our cost structure, and maintained our commitment to delivering excellence to our customers. Our strategic transition toward sophisticated, high-margin products in both our electric industrial vehicles and hydraulic transmission systems is already delivering impressive results. We believe this momentum is sustainable over the long-term, and it serves as a clear signal that we are building a more resilient, more profitable, and more innovative company for the future.”
“In today’s challenging macro environment, we understand that our customers face increasing complexity, including the evolving tariff dynamics. That’s why we are strengthening our role as a trusted partner, working closely with our customers, supply chain partners and service network to provide tailored, efficient solutions that help all of us stay competitive. At the same time, we are managing our global inventory and supply chain with discipline and foresight, ensuring that we remain agile, cost-effective, and well-positioned to meet customer demand.”
Fiscal First Quarter 2025 Financial Results
Greenland’s revenue was approximately $21.68 million for the three months ended March 31, 2025, representing a decrease of approximately $1.05 million, or 4.6%, as compared to approximately $22.72 million for the three months ended March 31, 2024. The decrease in revenue was primarily the result of a decrease of approximately $0.84 million in the Company’s sales volume of transmission products for the three months ended March 31, 2025. Excluding the impact of exchange rate fluctuation, our revenue for the three months ended March 31, 2025 decreased by approximately 4.5% as compared to the three months ended March 31, 2024.
The total cost of goods sold decreased by approximately $2.06 million, or 12.1%, to approximately $15.02 million for the three months ended March 31, 2025, as compared to approximately $17.08 million for the three months ended March 31, 2024.
Gross profit increased by approximately $1.01 million, or 18.0%, to approximately $6.66 million for the three months ended March 31, 2025, as compared to approximately $5.65 million for the three months ended March 31, 2024. For the three months ended March 31, 2025 and 2024, Greenland’s gross margins were approximately 30.7% and 24.9%, respectively. The increase in gross margins in the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily due to a shift in Greenland’s product mix towards higher value and more sophisticated products.
Total operating expenses were $1.85 million, a decrease of 50.2% from $3.72 million in the first quarter of 2024. The decrease was primarily due to lower advertising and marketing expenses, shipping fees, general and administrative expenses, and research and development expenses.
Income from operations for the three months ended March 31, 2025 was approximately $4.81 million, an increase of 149.6%, as compared to approximately $1.93 million for the three months ended March 31, 2024.
Net income was approximately $4.56 million for the three months ended March 31, 2025, representing an increase of approximately $0.99 million, as compared to approximately $3.57 million for the three months ended March 31, 2024. Net income per basic and diluted share was $0.29 for the three months en
Aug 11, 2021
2 ea145538ex99-1_greenlandtech.htm GREENLAND TECHNOLOGIES HOLDING CORPORATION REPORTS SECOND QUARTER 2021 UNAUDITED FINANCIAL RESULTS
Exhibit 99.1
Greenland Technologies Holding Corporation Reports Second Quarter 2021 Unaudited Financial Results
- Second Quarter Revenue of $28.2 million, up 70.1% year over year
- Second Quarter Net Income of $3.2 million, up 114.2% year over year
- 2021 Revenue Guidance Raised to be between $90 million to $100 million
EAST WINDSOR, N.J., August 10, 2021 /PRNewswire/ -- Greenland Technologies Holding Corporation (NASDAQ: GTEC) (“Greenland” or the “Company”), a technology developer and manufacturer of electric industrial vehicles and drivetrain systems for material handling machineries and vehicles, today announced its unaudited financial results for the second quarter ended June 30, 2021.
Second Quarter 2021 Financial and Operating Highlights
●Total revenues were $28.2 million, an increase of 70.1% from $16.6 million in the second quarter of 2020.
●Gross margin was 20.2%, an increase of 2.8 percentage points year over year.
●Net Income was $3.2 million, an increase of 114.2% from $1.5 million in the second quarter of 2020.
●Number of transmission products sold was 42,046 units, an increase of 43.6% compared with 29,281 units in the second quarter of 2020
CEO and CFO Remarks
Mr. Raymond Wang, CEO of Greenland Technologies Holding Corporation, commented, “We have once again achieved a record quarter with revenue generated of $28.2 million representing a 70% revenue growth and 42,046 transmissions sold representing a 44% increase on a year over year basis. We are benefitting from strong demand as forklifts are the ultimate necessity for clients moving raw materials, components, and finished goods through a global supply chain to meet accelerating growth.”
Mr. Wang continued, “Our team continues to do an excellent job supporting the growing markets with operational excellence and innovative solutions. Our latest electric GEF-series lithium powered forklifts offer all the competitive advantages of lithium, with longer battery life and reduced maintenance costs, as compared to traditional lead acid and propane forklifts. With deliveries starting by September in the North America market we expect this to be additive to second half of 2021 revenue and our longer-term results. This line will be promptly followed by our industry disruptive GEL-1800, an all electric 1.8T rated front loader, and GEX-8000, an all electric 8.0T rated load excavator. We are pleased with our progress to date, but even more excited about Greenland’s future, as we expand our global business and build shareholder value.”
Mr. Jing Jin, Greenland Technologies’ Chief Financial Officer commented: “In the first half of 2021, we generated a total revenue of $52.8 million and net income of $5.6 million, doubling the revenue and tripling net income from the previous year. Our gross margin was 20.2% in the second quarter of 2021, an increase of 280 basis points from the second quarter of last year. These strong financial results demonstrate our market leading position to satisfy growing demands for high quality transmission products and our ability to navigate supply chain challenges. In June, we successfully raised $7 million for the strategic execution of new electric vehicle products launched in the U.S. With strong cash flow and a track record for delivering excellent revenue results, we are well positioned to lead in commercial vehicle electrification.”
Recent Developments and Strategic Highlights:
●Debut of New GEF-Series Electric Lithium Forklifts
In July 2021, Greenland launched its brand new GEF-series EV forklifts, one of the industry’s first lithium-powered EV forklift trucks. The GEF-series is designed with variously rated load capabilities and suited for a wide spectrum of applications, including logistics, warehousing, manufacturing, etc. Deliveries of this innovative series will commence in September 2021 in the North American market.
●Completion of $7 Million Underwritten Public Offering
In June 2021, Greenland closed the public offering of 857,844 ordinary shares and raised $7 million for strategic execution in operations
●Forming Major Strategic Partnership with Shandong Zhongcha Heavy Industry Machinery
In June 2021, Greenland entered a major strategic partnership with Shandong Zhongcha Heavy Industry Machinery Co. (“Shandong”), a multinational heavy machinery and automotive manufacturing company, to boost revenue and strengthen leadership position as a first mover.
The companies will jointly launch a lithium-powered forklift, which features Greenland’s new integrated drivetrain system and will be available for sale in the U.S. by Greenland. They will also combine R&D resources to develop the next stage of lithium-powered forklifts to ensure market leadership for both maintains in the long term.
●Launch of EV Pre-booking Service
On June 15, 2021, Greenland announced t
May 12, 2021
2 ea140679ex99-1_greenland.htm GREENLAND TECHNOLOGIES TO REPORT FIRST QUARTER 2021 UNAUDITED FINANCIAL RESULTS ON WEDNESDAY, MAY 12, 2021
Exhibit 99.1
Greenland Technologies to Report First Quarter 2021 Unaudited Financial Results on Wednesday, May 12, 2021
EAST WINDSOR, N.J., May 7, 2021 /PRNewswire/ -- Greenland Technologies Holding Corporation (NASDAQ: GTEC) ("Greenland"), a technology developer and manufacturer of electric industrial vehicles and drivetrain systems for material handling machineries and vehicles, today announced that it will report its first quarter 2021 unaudited financial results on Wednesday, May 12, 2021, before the U.S. market opens.
Greenland’s management team will host an earnings conference call at 8:30 AM on Wednesday, May 12, 2021, U.S. Eastern Time (8:30 PM on May 12, 2021, Beijing/Hong Kong Time).
Please register in advance for the conference using the link provided below and dial in 10 minutes before the conference is scheduled to begin. Conference access information will be provided upon registration.
Participant Online Registration: http://apac.directeventreg.com/registration/event/8952138
A replay of the conference call may be accessed by phone at the following numbers until May 20, 2021. To access the replay, please reference the conference ID 8952138.
Phone Number
International +61 2 8199-0299
United States +1 (855) 452-5696
China Hong Kong +852 800963117
Mainland China +86 4006322162
+86 8008700205
A live and archived webcast of the conference call will be available at https://edge.media-server.com/mmc/p/7wjbeogk
About Greenland Technologies Holding Corporation
Greenland Technologies Holding Corporation (NASDAQ: GTEC) is a developer and a manufacturer of drivetrain systems for material handling machineries and electric vehicles, as well as electric industrial vehicles. For more information visit www.gtec-tech.com.
Mar 31, 2021
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Exhibit 99.1
Greenland Technologies Reports Full Year 2020 Results
Highlights (Full Year 2020 compared to Full Year 2019)
●27.6% Increase in Revenue
●3.5% Expansion of Gross Profit
●34% Increase in Selling Expenses to Drive Growth
●19.6% Increase in Net Income Per Basic and Diluted Share on Nearly 2.1 Million Higher Year-Over-Year Share Count
EAST WINDSOR, N.J., March 30, 2021 – Greenland Technologies Holding Corporation (NASDAQ: GTEC) ("Greenland"), a technology developer and manufacturer of electric industrial vehicles and drivetrain systems for material handling machineries and vehicles, today announced audited results for the full year 2020 ended December 31, 2020.
Raymond Wang, CEO of Greenland Technologies Holding Corporation, commented, “Despite unprecedented challenges with the global pandemic, we achieved 27.6% growth in revenue for the full year 2020 compared to the prior year, as we executed on our operating strategy, focused on our long-term plan and supported our customers. Our team did an excellent job hitting our product roadmap benchmarks on time, with innovative lithium battery powered solutions such as electric industrial vehicles and other solutions to add value and further differentiate Greenland in the market. At the same time, we made significant progress on our manufacturing capacity expansion with multiple initiatives, including planning a major U.S. manufacturing expansion that will establish our U.S. market manufacturing footprint and increase our total worldwide capacity, and announcing a cooperation with strategic partner Fujian South China Heavy Machinery Manufacture Co. Ltd.”
Mr. Wang continued, “The expansion of Greenland from a critical component provider to a fully integrated electric industrial vehicle company, will expand the potential value of our addressable market opportunities on a major scale. To facilitate our success, we leveraged our robust R&D capabilities, strategic supply chain partners, and expertise in the development of our new line of electric industrial vehicles. We expect to have our first production-ready electric industrial vehicle this summer, which will be a compact electric loader vehicle with a payload capacity of approximately 1,800 kilograms (or 3,968 lbs.). This new line of electric industrial vehicles will offer customers a better return on investment when compared to traditional internal combustion vehicles. Following the first electric loader product, we plan to expand into other industrial vehicles and sizes, as we work to meet customer demand and build greater value for shareholders.”
Jing Jin, CFO of Greenland Technologies Holding Corporation, added, “While we are pleased with our revenue growth and higher profitability, our 19.6% year over year increase in net income per share to $0.67 for the full year 2020 would have been approximately $0.20 per share higher absent the dilution impact from the 2.08 million share increase in shares outstanding related to the Company’s offering process last year. Our successful offering provided capital to increase our investments in revenue generating areas and R&D, while reducing non-revenue generating general and administrative expenses. For example, we ended 2020 with about 270 employees across production, R&D, and sales and marketing, compared to about only 40 in management and administration. As a result, we ended 2020 in a strong financial position, and made the strategic decision to proactively increase our inventory level to ensure we could meet our customers’ needs during Chinese New Year, which typically affects production and transportation of materials. Overall, we remain focused on our long-term growth strategy and on driving both financial and operational improvements.”
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Full Year 2020 Results
Greenland’s revenue was approximately $66.9 million for the twelve months ended December 31, 2020, representing an increase of approximately $14.5 million, or 27.6%, as compared to approximately $52.4 million for the twelve months ended December 31, 2019. The year over year increase reflects ongoing customer demand growth and the fulfillment of backlog orders from the first half of 2020, and underscores the Company’s understanding that it is one of the major developers and manufacturers of transmission products for the small and medium sized forklift trucks.
The total cost of goods sold was approximately $54.1 million for the twelve months ended December 31, 2020, representing an increase by approximately $14.0 million, or 35.1%, as compared to approximately $40.1 million for the twelve months ended December 31, 2019. The year over year increase was due to the Company’s higher sales volume.
The Company’s gross profit was approximately $12.8 million for the twelve months ended December 31, 2020, representing an increase by approximately $0.04 million, or 3.5%, as compared to approximatel
Nov 23, 2020
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Exhibit 99.1
Greenland Technologies Holding Corporation Reports Third Quarter 2020 Results
Highlights (3Q 2020 compared to 3Q 2019)
●38% Increase in Revenue
●70% Expansion of Gross Profit
●390 Basis Improvement in Gross Margin
●122% Increase in Income from Operations
November 23, 2020 – Greenland Technologies Holding Corporation (NASDAQ: GTEC) ("Greenland"), a technology developer and manufacturer of forklift transmission and drivetrain systems, today announced financial results for the third quarter ended September 30, 2020.
Raymond Wang, CEO of Greenland Technologies Holding Corporation, commented, “We are pleased with the strong growth of our business and significant expansion of gross profit and income from operations. COVID-19 has continued to affect business and manufacturing activities worldwide, with government mandated shutdowns complicating production and logistics. While we implemented a temporary suspension of manufacturing activities for most of February, we were able to restart and rebound as we moved through the year. Given the uncertain market environment, however, we made the strategic decision to delay the launch of our robotic cargo carriers. We believe this segment represents a major, long-term growth opportunity for the Company and we are committed to moving forward with this new product line. We expect our robotic cargo carriers will serve as a multi-year driver of our revenue growth and expansion of profitability due to the acceleration underway in companies seeking to implement higher levels of automation in all areas of their operations in an effort to reduce human operator exposure to COVID-19 and to avoid costly shutdowns.”
Jing Jin, CFO of Greenland Technologies Holding Corporation, said, “Our operations team has done an excellent job working with our supply chain to secure inventory, while trying to reduce the impact COVID-19 has had on higher costs and lower component availability. We ended the third quarter of 2020 in a stronger financial position, with an improved balance sheet, enabling us to invest in the growth opportunities that will help us achieve our long-term financial targets, as we work to build increased value for the Company and shareholders.”
Third Quarter 2020 Results
Greenland’s revenue was approximately $16.52 million for the three months ended September 30, 2020, representing an increase of approximately $4.57 million, or 38.2%, as compared to approximately $11.95 million for the three months ended September 30, 2019. The year over year increase reflects ongoing customer demand growth and the fulfillment of backlog orders from the first quarter of 2020 when the Company implemented a COVID-19 related shutdown.
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The total cost of goods sold was approximately $13.12 million for the three months ended September 30, 2020, representing an increase by approximately $3.17 million, or 31.9%, as compared to approximately $9.95 million for the three months ended September 30, 2019. The year over year increase was due to the Company’s higher sales volume.
The Company’s gross profit was approximately $3.40 million for the three months ended September 30, 2020, representing an increase by approximately $1.40 million, or 69.8%, as compared to approximately $2.00 million for the three months ended September 30, 2019. Gross margin was approximately 20.6% and 16.7%, respectively, for the three months ended September 30, 2020 and for the three months ended September 30, 2019.
Income from operations for the three months ended September 30, 2020 was approximately $2.24 million, representing an increase of approximately $1.23 million, as compared to approximately $1.01 million for the three months ended September 30, 2019.
Net income was approximately $0.46 million for the three months ended September 30, 2020, representing an increase of approximately $0.22 million, as compared to approximately $0.24 million for the three months ended September 30, 2019.
Business Outlook
Looking forward, Mr. Wang, CEO of Greenland Technologies Holding Corporation, continued, “Despite near term uncertainties related to COVID-19, we are very positive about the Company’s outlook for growth and profit expansion given our differentiated market position, track record of execution and innovation, large and growing global demand, and our robust financial position. Equally important, we are well under way in our product roadmap, including robotic cargo carriers and lithium battery powered innovations, to meet the growing long-term demand from customers seeking clean energy solutions, longer battery life, lower maintenance and overall improved performance.”
About Greenland Technologies Holding Corporation
Greenland Technologies Holding Corporation (NASDAQ: GTEC) is a developer and a manufacturer of transmission and drivetrain systems for material handling machineries and electric vehicles,
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