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Greenland Technologies Holding (Nasdaq: GTEC) announced a 64% year-over-year increase in net income per share for Q1 2024, attributed to strategic investments in electric industrial vehicles and HEVI Authorized Service Provider network expansion.
Revenue rose 2.6% to $22.72 million, driven by increased sales volume. Gross profit increased 2.2% to $5.65 million, while total operating expenses rose 18.1% due to higher shipping fees and staffing costs.
Net income was $3.57 million, up from $2.46 million in Q1 2023. Cash reserves decreased by 30.44% to $15.99 million due to increases in notes receivables and fixed deposits.