Revenue and Profitability - Greenland's revenue decreased by approximately $0.50 million, or 0.5%, to approximately $90.33 million for the fiscal year ended December 31, 2023, compared to $90.83 million for the fiscal year ended December 31, 2022. However, excluding the impact of exchange rate fluctuations, revenue increased by approximately 4.3%[266]. - Greenland's gross profit increased by approximately $4.75 million, or 23.9%, to approximately $24.58 million for the fiscal year ended December 31, 2023, with a gross margin of approximately 27.21% compared to 21.84% in the previous year[277]. - Income from operations for the fiscal year ended December 31, 2023 was approximately $10.78 million, representing an increase of approximately $4.82 million from approximately $5.96 million for the fiscal year ended December 31, 2022[283]. - Net loss was approximately $25.02 million for the fiscal year ended December 31, 2023, representing a decrease of approximately $28.82 million from the net income of approximately $3.8 million for the fiscal year ended December 31, 2022[295]. Costs and Expenses - The cost of goods sold decreased by approximately $5.24 million, or 7.4%, to approximately $65.76 million for the fiscal year ended December 31, 2023, from approximately $71.00 million for the fiscal year ended December 31, 2022, primarily due to a decrease in raw material costs[276]. - Operating expenses were $13.80 million for the fiscal year ended December 31, 2023, representing a decrease of 0.6% from $13.88 million for the fiscal year ended December 31, 2022[279]. - Selling expenses decreased by $0.31 million, or 11.8%, to approximately $2.32 million for the fiscal year ended December 31, 2023, from approximately $2.63 million for the fiscal year ended December 31, 2022[280]. - General and administrative expenses increased by approximately $0.59 million, or 10.9%, to approximately $6.05 million for the fiscal year ended December 31, 2023[281]. - Research and development expenses decreased by approximately $0.36 million, or 6.3%, to approximately $5.42 million for the fiscal year ended December 31, 2023[282]. Sales and Market Performance - Greenland sold an aggregate of 149,543 sets of transmission products in the fiscal year ended December 31, 2023, compared to 129,686 sets in the fiscal year ended December 31, 2022[267]. - The actual increase in revenue for the fiscal year ended December 31, 2023 was primarily driven by an increase in sales volume due to increasing market demand[275]. - Greenland is considered one of the major developers and manufacturers of transmission products for small and medium-sized forklift trucks in China[266]. Cash Flow and Financial Position - Cash and cash equivalents increased by approximately $6.68 million, or 41.03%, to approximately $22.98 million as of December 31, 2023[304]. - Accounts receivable increased by approximately $2.25 million, or 14.91%, to approximately $17.35 million as of December 31, 2023[306]. - Working capital decreased by approximately $32.43 million to approximately $27.27 million as of December 31, 2023[310]. - Net cash provided by operating activities for the fiscal year ended December 31, 2023, was approximately $2.45 million, a decrease of 69.8% from $8.12 million in 2022[313][314]. - The company reported a net increase in cash and cash equivalents of $6.39 million in 2023, compared to a net increase of $3.06 million in 2022[312]. - Cash and cash equivalents at the end of 2023 totaled $28.19 million, up from $19.73 million at the end of 2022[312]. Investments and Financing - Cash inflow from investing activities was approximately $1.07 million in 2023, primarily due to $0.44 million from the sale of short-term investments and $1.84 million from loan repayments[315]. - Financing activities generated a cash inflow of approximately $2.87 million in 2023, mainly from $6.72 million in short-term bank loans and $9.27 million in notes payable[316]. Risk Management - The company is exposed to credit risk, which is managed through credit approvals, limits, and monitoring procedures[318]. - Liquidity risk is managed by analyzing financial positions and obtaining short-term funding when necessary[320]. Corporate Developments - HEVI, a subsidiary of Greenland, focuses on the production and sale of electric industrial equipment, including various electric heavy industrial vehicles, and launched a 54,000 square foot assembly site in Baltimore, Maryland in August 2022[268]. - The company plans to explore a separation of its electric industrial vehicles and drivetrain systems segments into two independent, publicly-traded companies[271]. - The business combination with Zhongchai Holding was completed on October 24, 2019, resulting in Zhongchai Holding becoming a wholly owned subsidiary of the company[326][327]. Accounting Policies - The company recognizes revenues when goods or services are transferred to customers, following ASC Topic 606[323][324].

EAST WINDSOR, N.J., April 10, 2024 /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 completion of its initial sales delivery to Maryland's Port of Baltimore of the Company's HEVI GEL-5000 all-electric front loader. The sales are part of a bid Greenland won in 2023, under which Greenland will hel ...

EAST WINDSOR, N.J., April 2, 2024 /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 a further expansion of Greenland's fast growing HEVI Authorized Service Provider (ASP) national network program to North Carolina, with the addition of Truck and Auto Repair, which will support increased demand fo ...

EAST WINDSOR, N.J., April 1, 2024 /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, issued the following comment on Baltimore's Francis Scott Key Bridge collapse. Raymond Wang, CEO of Greenland, commented, "Our heartfelt thoughts and condolences go out to the families, the greater Baltimore community, and the he ...

EAST WINDSOR, N.J., March 21, 2024 /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 that it plans to make an initial sales delivery in April 2024 to Maryland's Port of Baltimore of the Company's HEVI GEL-5000 all-electric front loader. The sales are part of a bid Greenland won in 2023, under whi ...

EAST WINDSOR, N.J., Feb. 14, 2024 /PRNewswire/ -- Greenland Technologies Holding Corporation (Nasdaq: GTEC) ("Greenland" or the "Company") today announced that the Company's Board of Directors (the "Board") had approved a spin-off of its drivetrain systems business, and approved a plan to separate its electric industrial vehicles and drivetrain systems segments into two independent, publicly-traded companies. The Company expects to create these companies through a tax-free spin-off of its drivetrain systems ...

EAST WINDSOR, N.J., Jan. 25, 2024 /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 that its management will present to investors at the Caesars Atlantic City Hotel & Casino as part of the Microcap Conference on January 31 and February 1, 2024. The Microcap Conference is the largest independent e ...

EAST WINDSOR, NJ., Jan. 23, 2024 /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 that Amerit Fleet Solutions ("Amerit") has joined Greenland's HEVI Authorized Service Provider (ASP) network program to support increased demand for the Company's growing HEVI electric industrial vehicle product li ...

Greenland Technologies Holding Corporation (NASDAQ:GTEC) Q3 2023 Earnings Call Transcript November 20, 2023 8:00 AM ET Company Participants Josh Centanni - Director of Investor Relations Raymond Wang - Chief Executive Officer Jing Jin - Chief Financial Officer Conference Call Participants Theodore O'Neill - Litchfield Hills Research Graham Mattison - Water Tower Research Rommel Dionisio - Aegis Capital Operator Good day, and thank you for standing by. Welcome to the Greenland Technologies Reports Third Quar ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File number 001-38605 GREENLAND TECHNOLOGIES HOLDING CORPORATION (Exact name of registrant as specified in charter) | --- | --- | ...