Greenland Technologies Fiscal Full Year 2024 Net Income Surges to $15.15 Million
Fiscal Full Year 2024 Operating Expenses Reduced by 28% YoY; Earnings Per Share Jumps to $1.03 Per Basic and Diluted Share From a Loss of $1.20 Per Basic and Diluted Share
EAST WINDSOR, N.J., March 26, 2025 /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 audited financial results for the fiscal full year ended December 31, 2024.
Full Year 2024 Financial and Operating Highlights
-- Greenland reduced its operating expenses 28%, to $9.9 million for the
fiscal full year 2024, compared to $13.8 million for the fiscal full
year 2023, demonstrating a strong commitment to cost efficiency.
-- Income from operations increased 17%, reaching $12.59 million for the
fiscal full year 2024, up from $10.8 million for the fiscal full year
2023, driven by lower operating expenses and enhanced operational
performance.
-- The Company achieved net income of $15.15 million for the fiscal full
year 2024, increased from a net loss of $25.02 million for the fiscal
full year 2023.
Raymond Wang, Chief Executive Officer of Greenland Technologies, commented, "While we were impacted by broader market and economic challenges along with our customers, we are definitely encouraged by the relative stability of our revenue and resiliency of our business. We achieved an impressive rebound in profitability, delivering net income of $1.03 per basic and diluted share for the fiscal full year 2024, compared to a loss of $1.20 per basic and diluted share for the fiscal full year 2023, as we work to accelerate more widespread commercialization of our vehicles and product lines. We have both expanded and diversified our product line, which we believe is an important step to strengthen our market position and ability to support customers. In addition to transmission systems and integrated powertrains, our portfolio of electric industrial heavy equipment now includes a wide array of all-electric clean and sustainable alternatives to traditional heavy-emission systems in the industrial heavy equipment industry under the Company's HEVI brand."
"We have now successfully launched seven industrial heavy equipment models, with strong enthusiasm from customers and ecosystem partners. I am also excited to report that HEVI developed and is now selling an exciting new line of direct current ("DC") mobile charging solutions that are designed for easy, flexible and cost-effective charging integration to support a DC-powered electric vehicle fleet at any powered work site. We believe these solutions will create a seamless adoption of HEVI's electric heavy equipment or any compatible DC-powered EV into any existing fleet operation, while creating another revenue stream for the HEVI business. In addition, we believe our manufacturing process is now contributing to greater efficiency and cost-effectiveness. Specifically, a combination of modern operational and management systems, advanced manufacturing equipment, experienced manufacturing know-how, skilled workforce, and flexible manufacturing system allows us to shorten the time to market for new products. Moreover, the combination allows us to timely adjust product lines in anticipation of changes in market demands, as we drive growth and build greater value for all shareholders."
Jing Jin, Chief Financial Officer of Greenland Technologies, commented, "Our team quickly adjusted to the broader market volatility and took decisive steps to ensure the Company's financial strength and market position. Excluding the impact of exchange rate fluctuation, our revenue for the fiscal year ended December 31, 2024 decreased by approximately 5.6% compared to the fiscal year ended December 31, 2023, while we reduced operating expenses by 28% for the fiscal full year 2024. This helped us achieve a remarkable turnaround, with net income of $15.15 million for the fiscal full year 2024 compared to a loss of $25.02 million for the fiscal full year 2023. We remain committed to further strengthening our balance sheet as we continue to invest in our product roadmap, revenue generation capabilities and customer support, to achieve Greenland's long-term strategic objectives."
Fiscal Full Year 2024 Financial Results
Greenland's revenue decreased by approximately $6.39 million, or approximately 7.1%, to approximately $83.94 million for the fiscal year ended December 31, 2024, from approximately $90.33 million for the fiscal year ended December 31, 2023. Excluding the impact of exchange rate fluctuation, our revenue for the fiscal year ended December 31, 2024 decreased by approximately 5.6% compared to the fiscal year ended December 31, 2023. The decrease in revenue was primarily a result of the decrease of approximately $6.17 million in the Company's sales volume of transmission products for the year ended December 31, 2024.
The total cost of goods sold decreased by approximately $4.35 million, or approximately 6.6%, to approximately $61.41 million for the fiscal year ended December 31, 2024, from approximately $65.76 million for the fiscal year ended December 31, 2023. Cost of goods sold decreased in fiscal year 2024 compared to fiscal year 2023 due to the decrease in our sales volume.
Gross profit decreased by approximately $2.04 million, or 8.3%, to approximately $22.53 million for the fiscal year ended December 31, 2024, from approximately $24.58 million for the fiscal year ended December 31, 2023. For the fiscal years ended December 31, 2024 and 2023, Greenland's gross margin was approximately 26.8% and 27.2%, respectively. The decrease in gross profit in fiscal year 2024 compared to fiscal year 2023 was primarily due to the decrease in our sales volume.
Total operating expenses were $9.94 million for the fiscal year ended December 31, 2024, representing a decrease of 28.0% from $13.80 million for the fiscal year ended December 31, 2023. The decrease in operating expenses was primarily due to a decrease in the after-sales service fees, research and development expenses and allowance for credit losses in fiscal year 2024 compared to fiscal year 2023.
Income from operations for the fiscal year ended December 31, 2024 was approximately $12.59 million, representing an increase of approximately $1.81 million, from approximately $10.78 million for the fiscal year ended December 31, 2023.
Net income was approximately $15.15 million for the fiscal year ended December 31, 2024, representing an increase of approximately $40.17 million, from the net loss of approximately $25.02 million for the fiscal year ended December 31, 2023. Net income per basic and diluted share was $1.03 for the fiscal year ended December 31, 2024, as compared to a loss of $1.20 per basic and diluted share for the fiscal year ended December 31, 2023.
As of December 31, 2024, Greenland had approximately $6.66 million of cash and cash equivalents, a decrease of approximately $16.32 million, or 71.02%, as compared to approximately $22.98 million as of December 31, 2023. The decrease of cash and cash equivalents was mainly due to an increase in short term investment, as compared to that as of December 31, 2023. As of December 31, 2024, Greenland had approximately $1.95 million of restricted cash, a decrease of approximately $3.26 million, or 62.51%, as compared to approximately $5.21 million as of December 31, 2023. The decrease of restricted cash was due to a decrease in notes payable.
As of December 31, 2024, Greenland had approximately $15.80 million of accounts receivables, a decrease of approximately $1.55 million, or 8.96%, as compared to approximately $17.35 million as of December 31, 2023. The decrease in accounts receivables was due to the decrease in our sales volume.
Greenland's net cash provided by operating activities was approximately $13.34 million and $2.45 million for the fiscal years ended December 31, 2024 and 2023, respectively.
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. Information on the Company's clean industrial heavy equipment division can be found at HEVI Corp.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking statements." Such statements reflect Greenland's current views with respect to future events and are subject to such risks and uncertainties, many of which are beyond the control of Greenland, including those set forth in the Risk Factors section of Greenland's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Greenland's expectations with respect to the success of Greenland's business execution, ability to unlock shareholder value or its ability to grow its business as an integrated company. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Statements contained in this news release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Greenland does not intend and does not assume any obligation to update these forward-looking statements, other than as required by law.
GREENLAND TECHNOLOGIES HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(AUDITED, IN U.S. DOLLARS)
For the years ended
December 31,
2024 2023
Revenues $
83,944,661 $
90,333,240
Cost of goods sold 61,411,693 65,757,237
Gross profit 22,532,968 24,576,003
Selling expenses 2,148,659 2,319,835
General and administrative expenses 4,853,768 6,052,541
Research and development expenses 2,936,399 5,424,400
Total operating expenses $
9,938,826 $
13,796,776
INCOME FROM OPERATIONS $
12,594,142 $
10,779,227
Interest income 864,390 143,094
Interest expense (84,243) (250,410)
Loss (gain) on disposal of property, plant, equipment 5,863 (31,072)
Impairment for investments (300,000)
Change in fair value of the warrant liability 1,746,382 1,398,774
Allowance for expected credit loss-related parties receivable (34,462,992)
Remeasurement loss from change in functional currency (2,490,646)
Government subsidies income 881,175 692,443
Other income 659,204 1,212,354
INCOME (LOSS) BEFORE INCOME TAX $
16,666,913 $
(23,309,228)
INCOME TAX EXPENSE 1,512,758 1,708,262
NET INCOME (LOSS) $
15,154,155 $
(25,017,490)
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING 1,087,183 (9,138,374)
INTEREST
NET INCOME (LOSS) ATTRIBUTABLE TO GREENLAND TECHNOLOGIES $
14,066,972 $
(15,879,116)
HOLDING CORPORATION AND SUBSIDIARIES
OTHER COMPREHENSIVE INCOME (LOSS): (1,218,261) 842,646
Unrealized foreign currency translation income (loss) attributable to Greenland (1,123,306) 247,625
Technologies Holding Corporation and subsidiaries
Unrealized foreign currency translation income (loss) attributable to non-controlling (94,955) 595,021
interest
Total comprehensive income (loss) attributable to Greenland technologies holding 12,943,666 (15,631,491)
corporation and subsidiaries
Total comprehensive income (loss) attributable to noncontrolling interest 992,228 (8,543,353)
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING: 13,594,530 13,229,978
Basic and diluted 1.03 (1.20)
GREENLAND TECHNOLOGIES HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2024 AND 2023
(AUDITED, IN U.S. DOLLARS)
December 31, December 31,
2024 2023
ASSETS
Current assets
Cash and cash equivalents $
6,659,142 $
22,981,324
Restricted cash 1,952,653 5,208,063
Short Term Investment 18,535,354 2,818,068
Notes receivable 22,736,700 27,135,249
Accounts receivable, net 15,796,423 16,483,533
Inventories, net 23,378,090 24,596,795
Due from related parties-current, net 235,497 225,927
Advance to suppliers 1,810,157 288,578
Prepayments and other current assets 1,542,743 53,204
Total Current Assets $
92,646,759 $
99,790,741
Non-current asset
Property, plant, equipment and construction in progress, net 13,140,534 13,698,997
Land use rights, net 3,269,999 3,448,505
Intangible assets 89,959 189,620
Deferred tax assets 426,485 256,556
Right-of-use assets 1,624,290 2,125,542
Fixed deposit 4,130,514 9,916,308
Other non-current assets 247,655 1,050,698
Total non-current assets $
22,929,436 $
30,686,226
TOTAL ASSETS $
115,576,195 $
130,476,967
Current Liabilities
Short-term bank loans
$ $
3,042,296
Notes payable-bank acceptance notes 19,366,241 36,712,562
Accounts payable 23,102,944 25,272,528
Taxes payables 1,200,681 758,307
Customer deposits 328,873 137,985
Due to related parties 9,037,543 3,831,636
Other current liabilities 3,985,008 2,281,507
Lease liabilities 516,673 487,695
Total current liabilities $
57,537,963 $
72,524,516
Non-current liabilities
Lease liabilities 1,167,941 1,684,614
Deferred revenue 1,263,180 1,529,831
Warrant liability 2,338,223 4,084,605
Total non-current liabilities $
4,769,344 $
7,299,050
TOTAL LIABILITIES $
62,307,307 $
79,823,566
COMMITMENTS AND CONTINGENCIES
Shareholders' equity
Ordinary shares, no par value, unlimited shares authorized; 13,594,530 and
13,594,530 shares issued and outstanding as of December 31, 2024 and
December 31, 2023.
Additional paid-in capital 27,470,361 30,286,560
Statutory reserves 3,842,331 3,842,331
Retained earnings 32,602,105 18,535,133
Accumulated other comprehensive loss (3,707,100) (2,583,794)
Total shareholders' equity $
60,207,697 $
50,080,230
Non-controlling interest (6,938,809) 573,171
TOTAL SHAREHOLDERS' EQUITY $
53,268,888 $
50,653,401
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $
115,576,195 $
130,476,967
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SOURCE Greenland Technologies Holding Corporation
