Q2 Revenue Increased 37.6% Year Over Year to
Q2 Gross Profit Increased 65.9% to
Q2 Net Income Reached
First Half Revenue Increased 27.7% to
Second Quarter 2026 Financial Highlights
- Revenue increased 37.6% to
$29.9 million , compared with$21.7 million in the second quarter of 2025. - Sales volume increased 24.1% to 53,243 sets of transmission products, compared with 42,908 sets in the prior-year period.
- Gross profit increased 65.9% to
$9.5 million ; gross margin expanded to 31.9% from 26.5%. - Income from operations was
$6.0 million , compared with an operating loss of$2.3 million in the prior-year period. - Net income was
$4.9 million , compared with a net loss of$2.8 million in the prior-year period. - Net income attributable to
Greenland Technologies Holding Corporation and subsidiaries was$3.5 million , compared with a net loss attributable to the Company of$3.2 million in the prior-year period. - Basic and diluted earnings per share were
$0.13 , compared with a loss per share of$0.20 in the prior-year period.
"During the first half of 2026, we sold 99,270 sets of transmission products, up 21.6% year over year, while gross margin expanded to 33.0%. We remain focused on product development, serving our customers and strengthening our position in the material handling industry."
Second Quarter 2026 Financial Results
Revenue was
Revenue from transmission boxes for forklifts was
Cost of goods sold was
Gross profit was
Total operating expenses decreased 55.9% to
Income from operations was
Net income was
Basic and diluted earnings per share were
First Half 2026 Financial Results
Revenue increased 27.7% to
Revenue from transmission boxes for forklifts was
Gross profit increased 47.4% to
Total operating expenses decreased to
Income from operations increased to
Net income increased to
Basic and diluted earnings per share were
Balance Sheet and Cash Flow
As of
Total assets were
For the six months ended
About Greenland Technologies Holding Corporation
Greenland Technologies Holding Corporation (Nasdaq: GTEC) designs, develops, manufactures and sells components and products for the global material handling industries. Through its subsidiaries in the People's Republic of China, Greenland offers transmission products that are key components for forklift trucks used in manufacturing and logistics applications. Greenland also formed HEVI Corp. ("HEVI"), a wholly owned subsidiary incorporated in the State of Delaware, focused on electric industrial vehicles for the North American market; however, substantially all of HEVI's business operations have been suspended since 2025 due to uncertainty regarding tariff policy. For more information, please visit the Company's website at https://ir.gtec-tech.com.
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.
UNAUDITED CONSOLIDATED BALANCE SHEETS | ||||||||
AS OF | ||||||||
(Amounts in | ||||||||
2026 | 2025 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 8,980,604 | $ | 7,775,330 | ||||
Restricted cash | - | 71,540 | ||||||
Short term investment | 23,330,932 | 24,454,701 | ||||||
Notes receivable | 22,146,768 | 14,704,079 | ||||||
Accounts receivable, net | 30,472,900 | 17,256,479 | ||||||
Inventories, net | 24,623,617 | 24,377,036 | ||||||
Due from related parties-current | 511,400 | 1,106,417 | ||||||
Advance to suppliers | 91,112 | 80,757 | ||||||
Fixed deposit-current | 3,099,212 | 2,966,386 | ||||||
Prepayments and other current assets | 12,542,769 | 2,472,387 | ||||||
Total Current Assets | $ | 125,799,314 | $ | 95,265,112 | ||||
Non-current asset | ||||||||
Property, plant and equipment, net | 12,636,194 | 11,889,147 | ||||||
Land use rights, net | 3,381,779 | 3,325,188 | ||||||
Intangible assets | 37,955 | 68,691 | ||||||
Deferred tax assets | 460,304 | 446,613 | ||||||
Fixed deposit-non current | 4,602,744 | 4,421,828 | ||||||
Other non-current assets | 607,978 | 355,762 | ||||||
Total non-current assets | $ | 21,726,954 | $ | 20,507,229 | ||||
TOTAL ASSETS | $ | 147,526,268 | $ | 115,772,341 | ||||
Current Liabilities | ||||||||
Notes payable-bank acceptance notes | $ | 20,263,519 | $ | 12,759,720 | ||||
Accounts payable | 35,032,772 | 25,604,917 | ||||||
Taxes payables | 532,521 | 1,622,509 | ||||||
Contract liabilities | 96,926 | 93,698 | ||||||
Due to related parties | 5,371,788 | 5,275,011 | ||||||
Other current liabilities | 2,440,568 | 2,941,871 | ||||||
Total current liabilities | $ | 63,738,094 | $ | 48,297,726 | ||||
Non-current liabilities | ||||||||
Deferred revenue | 875,108 | 1,083,784 | ||||||
Warrant liability | 18,900 | 70,910 | ||||||
Total non-current liabilities | $ | 894,008 | $ | 1,154,694 | ||||
TOTAL LIABILITIES | $ | 64,632,102 | $ | 49,452,420 | ||||
COMMITMENTS AND CONTINGENCIES | - | - | ||||||
Shareholders' equity | ||||||||
Ordinary shares, no par value, unlimited shares authorized; nil and 17,394,226 shares issued | - | - | ||||||
Class A Ordinary Shares, no par value, unlimited shares authorized; 20,532,482 and nil | - | - | ||||||
Class B Ordinary Shares, no par value, unlimited shares authorized; 6,011,740 and nil shares | - | - | ||||||
Additional paid-in capital | 38,602,913 | 33,017,917 | ||||||
Statutory reserves | 3,842,331 | 3,842,331 | ||||||
Retained earnings | 46,037,583 | 37,533,648 | ||||||
Accumulated other comprehensive income (loss) | 248,450 | (1,452,410) | ||||||
Total shareholders' equity attributed to | $ | 88,731,277 | $ | 72,941,486 | ||||
Non-controlling interest | (5,837,111) | (6,621,565) | ||||||
TOTAL SHAREHOLDERS' EQUITY | $ | 82,894,166 | $ | 66,319,921 | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 147,526,268 | $ | 115,772,341 | ||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
FOR THE THREE AND SIX MONTHS ENDED | ||||||||||||||||
(Amounts in | ||||||||||||||||
For the three months | For the six months ended | |||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||
Revenues | $ | 29,877,328 | $ | 21,719,786 | $ | 55,415,673 | $ | 43,397,350 | ||||||||
Cost of goods sold | 20,335,719 | 15,969,005 | 37,114,802 | 30,985,619 | ||||||||||||
Gross profit | 9,541,609 | 5,750,781 | 18,300,871 | 12,411,731 | ||||||||||||
Selling expenses | 1,674,395 | 1,003,766 | 2,093,409 | 1,335,575 | ||||||||||||
General and administrative expenses | 837,194 | 6,626,542 | 2,679,622 | 8,065,530 | ||||||||||||
Research and development expenses | 1,046,955 | 443,720 | 1,825,174 | 525,177 | ||||||||||||
Total operating expenses | $ | 3,558,544 | $ | 8,074,028 | $ | 6,598,205 | $ | 9,926,282 | ||||||||
INCOME (LOSS) FROM OPERATIONS | $ | 5,983,065 | $ | (2,323,247) | $ | 11,702,666 | $ | 2,485,449 | ||||||||
Interest income | 23,109 | 170,917 | 396,433 | 311,957 | ||||||||||||
Interest expense | (10,453) | - | (43,833) | - | ||||||||||||
Change in fair value of the warrant liability | 104,937 | 81,739 | 52,010 | 291,033 | ||||||||||||
Other income | 79,979 | 159,739 | 825,687 | 441,820 | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAX | $ | 6,180,637 | $ | (1,910,852) | $ | 12,932,963 | $ | 3,530,259 | ||||||||
INCOME TAX EXPENSE | 1,237,631 | 848,920 | 2,241,526 | 1,727,195 | ||||||||||||
NET INCOME (LOSS) | $ | 4,943,006 | $ | (2,759,772) | $ | 10,691,437 | $ | 1,803,064 | ||||||||
LESS: NET INCOME ATTRIBUTABLE TO | 1,439,551 | 465,496 | 2,187,502 | 1,024,549 | ||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO | $ | 3,503,455 | $ | (3,225,268) | $ | 8,503,935 | $ | 778,515 | ||||||||
OTHER COMPREHENSIVE INCOME: | 1,086,162 | 940,906 | 1,900,750 | 1,389,002 | ||||||||||||
Unrealized foreign currency translation income attributable to | 975,752 | 853,622 | 1,700,860 | 1,265,758 | ||||||||||||
Unrealized foreign currency translation income attributable to | 110,410 | 87,284 | 199,890 | 123,244 | ||||||||||||
Total comprehensive income (loss) attributable to | 4,479,207 | (2,371,646) | 10,204,795 | 2,044,273 | ||||||||||||
Total comprehensive income attributable to noncontrolling | 1,549,961 | 552,780 | 2,387,392 | 1,147,793 | ||||||||||||
WEIGHTED AVERAGE ORDINARY SHARES | 26,544,222 | 16,099,824 | 24,162,323 | 14,875,091 | ||||||||||||
Basic and diluted | 0.13 | (0.20) | 0.35 | 0.05 | ||||||||||||
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