Greenland Technologies Fiscal Full Year 2024 Net Income Surges to $15.15 Million
Greenland Technologies (NASDAQ: GTEC) reported strong financial results for fiscal year 2024, marking a significant turnaround with net income of $15.15 million compared to a net loss of $25.02 million in 2023. The company achieved earnings of $1.03 per share, up from a loss of $1.20 per share in the previous year.
Revenue decreased 7.1% to $83.94 million, primarily due to lower transmission product sales. However, operating expenses were reduced by 28% to $9.9 million, demonstrating improved cost efficiency. The company maintained a healthy gross margin of 26.8% despite challenging market conditions.
Under its HEVI brand, Greenland has expanded its product portfolio to include seven industrial heavy equipment models and new DC mobile charging solutions. The company's cash position stood at $6.66 million as of December 31, 2024, with operating cash flow improving to $13.34 million.
Greenland Technologies (NASDAQ: GTEC) ha riportato risultati finanziari solidi per l'anno fiscale 2024, segnando un significativo cambiamento con un reddito netto di 15,15 milioni di dollari rispetto a una perdita netta di 25,02 milioni di dollari nel 2023. L'azienda ha registrato guadagni di 1,03 dollari per azione, in aumento rispetto a una perdita di 1,20 dollari per azione nell'anno precedente.
Le entrate sono diminuite del 7,1% a 83,94 milioni di dollari, principalmente a causa di vendite inferiori di prodotti per la trasmissione. Tuttavia, le spese operative sono state ridotte del 28% a 9,9 milioni di dollari, dimostrando un miglioramento nell'efficienza dei costi. L'azienda ha mantenuto un margine lordo sano del 26,8% nonostante le difficili condizioni di mercato.
Sotto il marchio HEVI, Greenland ha ampliato il proprio portafoglio prodotti includendo sette modelli di attrezzature industriali pesanti e nuove soluzioni di ricarica mobile DC. La posizione di liquidità dell'azienda ammontava a 6,66 milioni di dollari al 31 dicembre 2024, con un flusso di cassa operativo migliorato a 13,34 milioni di dollari.
Greenland Technologies (NASDAQ: GTEC) reportó resultados financieros sólidos para el año fiscal 2024, marcando un cambio significativo con un ingreso neto de 15,15 millones de dólares en comparación con una pérdida neta de 25,02 millones de dólares en 2023. La compañía logró ganancias de 1,03 dólares por acción, mejorando desde una pérdida de 1,20 dólares por acción en el año anterior.
Los ingresos disminuyeron un 7,1% a 83,94 millones de dólares, principalmente debido a menores ventas de productos de transmisión. Sin embargo, los gastos operativos se redujeron en un 28% a 9,9 millones de dólares, demostrando una mejora en la eficiencia de costos. La compañía mantuvo un margen bruto saludable del 26,8% a pesar de las difíciles condiciones del mercado.
Bajo su marca HEVI, Greenland ha ampliado su cartera de productos para incluir siete modelos de equipos industriales pesados y nuevas soluciones de carga móvil DC. La posición de efectivo de la compañía era de 6,66 millones de dólares al 31 de diciembre de 2024, con un flujo de efectivo operativo mejorado a 13,34 millones de dólares.
그린란드 테크놀로지스 (NASDAQ: GTEC)는 2024 회계연도에 대한 강력한 재무 결과를 보고하며, 2023년의 2502만 달러의 순손실에서 1515만 달러의 순이익으로 значный 전환을 이루었습니다. 이 회사는 주당 1.03달러의 수익을 올렸으며, 이는 전년도 주당 1.20달러의 손실에서 증가한 수치입니다.
매출은 전년 대비 7.1% 감소하여 8394만 달러에 이르렀으며, 주로 전송 제품 판매 감소 때문입니다. 그러나 운영 비용은 28% 감소하여 990만 달러로, 비용 효율성이 개선되었음을 보여주었습니다. 회사는 어려운 시장 조건에도 불구하고 26.8%의 건전한 총 마진을 유지했습니다.
HEVI 브랜드 하에 그린란드는 7개 산업 중장비 모델과 새로운 DC 모바일 충전 솔루션을 포함하는 제품 포트폴리오를 확장했습니다. 2024년 12월 31일 기준으로 회사의 현금 보유액은 666만 달러였으며, 운영 현금 흐름은 1334만 달러로 개선되었습니다.
Greenland Technologies (NASDAQ: GTEC) a annoncé de solides résultats financiers pour l'exercice 2024, marquant un retournement significatif avec un bénéfice net de 15,15 millions de dollars par rapport à une perte nette de 25,02 millions de dollars en 2023. L'entreprise a réalisé un bénéfice de 1,03 dollar par action, en hausse par rapport à une perte de 1,20 dollar par action l'année précédente.
Les revenus ont diminué de 7,1% pour atteindre 83,94 millions de dollars, principalement en raison de la baisse des ventes de produits de transmission. Toutefois, les dépenses d'exploitation ont été réduites de 28% à 9,9 millions de dollars, démontrant une amélioration de l'efficacité des coûts. L'entreprise a maintenu une marge brute saine de 26,8% malgré des conditions de marché difficiles.
Sous sa marque HEVI, Greenland a élargi son portefeuille de produits pour inclure sept modèles d'équipements industriels lourds et de nouvelles solutions de recharge mobile DC. La position de trésorerie de l'entreprise s'élevait à 6,66 millions de dollars au 31 décembre 2024, avec un flux de trésorerie d'exploitation amélioré à 13,34 millions de dollars.
Greenland Technologies (NASDAQ: GTEC) hat starke Finanzergebnisse für das Geschäftsjahr 2024 gemeldet, die eine signifikante Wende darstellen, mit einem Nettogewinn von 15,15 Millionen Dollar im Vergleich zu einem Nettverlust von 25,02 Millionen Dollar im Jahr 2023. Das Unternehmen erzielte einen Gewinn von 1,03 Dollar pro Aktie, ein Anstieg von einem Verlust von 1,20 Dollar pro Aktie im Vorjahr.
Der Umsatz sank um 7,1% auf 83,94 Millionen Dollar, hauptsächlich aufgrund geringerer Verkaufszahlen von Übertragungsprodukten. Die Betriebskosten wurden jedoch um 28% auf 9,9 Millionen Dollar gesenkt, was eine verbesserte Kosteneffizienz zeigt. Das Unternehmen hielt trotz schwieriger Marktbedingungen eine gesunde Bruttomarge von 26,8% aufrecht.
Unter der Marke HEVI hat Greenland sein Produktportfolio erweitert, um sieben Modelle von schweren Industriegeräten und neue mobile DC-Ladelösungen einzuschließen. Die Liquiditätsposition des Unternehmens belief sich zum 31. Dezember 2024 auf 6,66 Millionen Dollar, während der operative Cashflow auf 13,34 Millionen Dollar anstieg.
- Net income surged to $15.15 million from a $25.02 million loss in 2023
- Operating expenses reduced by 28% to $9.9 million
- Income from operations increased 17% to $12.59 million
- Operating cash flow improved to $13.34 million from $2.45 million
- Successfully launched seven new industrial equipment models and DC charging solutions
- Revenue declined 7.1% to $83.94 million
- Gross profit decreased 8.3% to $22.53 million
- Cash and cash equivalents decreased 71% to $6.66 million
- Accounts receivable decreased 9% to $15.80 million
Insights
Greenland Technologies' fiscal year 2024 results demonstrate a remarkable financial turnaround with net income surging to $15.15 million from a previous year's loss of $25.02 million – representing a positive swing of over
The profitability improvement stems primarily from aggressive cost management, with operating expenses slashed by
While the
The expanded product portfolio – now including seven industrial heavy equipment models plus new DC mobile charging solutions – suggests Greenland is positioning itself strategically in the electric industrial vehicle space. These developments indicate the company is balancing immediate profitability improvements with longer-term market positioning in sustainable industrial equipment.
Fiscal Full Year 2024 Operating Expenses Reduced by
Full Year 2024 Financial and Operating Highlights
Greenland reduced its operating expenses28% , to$9.9 million $13.8 million - Income from operations increased
17% , reaching$12.59 million $10.8 million - The Company achieved net income of
$15.15 million $25.02 million
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
"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
Fiscal Full Year 2024 Financial Results
The total cost of goods sold decreased by approximately
Gross profit decreased by approximately
Total operating expenses were
Income from operations for the fiscal year ended December 31, 2024 was approximately
Net income was approximately
As of December 31, 2024,
As of December 31, 2024,
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
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 | ||||||||
(AUDITED, IN | ||||||||
For the years ended | ||||||||
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) | ||||||
NET INCOME (LOSS) ATTRIBUTABLE TO | $ | 14,066,972 | $ | (15,879,116) | ||||
OTHER COMPREHENSIVE INCOME (LOSS): | (1,218,261) | 842,646 | ||||||
Unrealized foreign currency translation income (loss) attributable to | (1,123,306) | 247,625 | ||||||
Unrealized foreign currency translation income (loss) attributable to non-controlling | (94,955) | 595,021 | ||||||
Total comprehensive income (loss) attributable to | 12,943,666 | (15,631,491) | ||||||
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) | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
AS OF DECEMBER 31, 2024 AND 2023 | ||||||
(AUDITED, IN | ||||||
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 | - | - | ||||
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
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