Greenland Technologies Q3 2024 Earnings Overview

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Greenland Technologies Holding Corporation ( (GTEC) ) has released its Q3 earnings. Here is a breakdown of the information Greenland Technologies Holding Corporation presented to its investors.

Greenland Technologies Holding Corporation is a company based in the British Virgin Islands, primarily engaged in the design, development, manufacturing, and sale of components and products for the global material handling industries, with a notable focus on transmission systems and electric industrial vehicles.

In its latest earnings report for the quarter ended September 30, 2024, Greenland Technologies Holding Corporation reported revenues of $18.8 million, down from $21.8 million in the same quarter of 2023, indicating a decline in sales. Year-to-date revenue was $64.6 million, also showing a decrease compared to $67.6 million for the same period last year. The company posted a net income of $359,293 for the third quarter, a slight increase from $194,883 in the third quarter of 2023, but experienced a net loss attributable to Greenland Technologies of $684,391.

The financial highlights reveal a drop in gross profit to $4.97 million for the third quarter from $6.27 million in the previous year, with operating expenses reduced significantly to $2.04 million. Greenland’s interest income increased significantly to $237,333, while interest expenses decreased. The company also faced a change in the fair value of warrant liability, impacting its income before taxes, which stood at $703,543 for the quarter.

Looking forward, Greenland Technologies appears focused on expanding its electric vehicle offerings, highlighted by the launch of new electric loaders in North America. The company’s management remains optimistic about the strategic partnerships and product developments that are set to drive future growth, despite the current challenges in revenue performance.

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