Greenland Technologies Reports Second Quarter and First Half 2023 Unaudited Financial Results
- Revenue increased by 14% YoY to $23.6 million
- Gross margin improved by 590 basis points to 29.4%
- Net income increased by 24% to $2.9 million
- Cash and cash equivalents grew by 373% YoY to $15.2 million
- None.
- 2Q23 Revenue Increased
- 2Q23 Gross Margin Improved 590 Basis Points Year-over-Year
- 2Q23 Net Income Increased
- Cash and Cash Equivalents Grew
Second Quarter 2023 Financial and Operating Highlights
- Revenue was
, an increase of$23.6 million 14% from a year ago.$20.6 million - Gross margin was
29.4% , up 590 basis points from23.5% a year ago on improved product mix. - Net income was
, an increase of$2.9 million 24% from in the second quarter of 2022.$2.4 million - Transmissions products sold were 38,256 units, an increase of
32% from 28,939 units a year ago.
First Half 2023 Financial and Operating Highlights
- Revenue was
, compared with$45.7 million a year ago.$49.9 million - Gross margin was
27.2% , up 470 basis points from22.5% a year ago on improved product mix. - Net income was
, a slight increase of$5.4 million 2% from in the first half of 2022.$5.3 million - Transmissions products sold were 75,097 units, an increase of
6% from 70,841 units a year ago.
"We are pleased to deliver strong second quarter results as our core markets in
Mr. Jing Jin, Chief Financial Officer of
Second Quarter 2023 Financial Results
Revenue was
Costs of goods sold were
Gross profit was
Total operating expenses were
Income from operations was
Net income was
Basic and diluted net income per ordinary share were both
First Half 2023 Financial Results
Revenue was
Costs of goods sold were
Gross profit was
Total operating expenses were
Income from operations was
Net income was
Basic and diluted net income per ordinary share were both
Conference Call
Greenland Technologies management will host an earnings conference call at 4:30 PM on Monday, August 21, 2023,
Participant Registration
Investors and analysts interested in participating in
Participant Online Pre-Registration:
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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
Statement Regarding Preliminary Unaudited Financial Information
The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited financial information.
CONSOLIDATED BALANCE SHEETS | ||||||||
AS OF JUNE 30, 2023 AND DECEMBER 31, 2022 | ||||||||
(IN | ||||||||
June 30, | December 31, | |||||||
2023 | 2022 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 15,232,289 | $ | 16,295,695 | ||||
Restricted cash | 3,815,661 | 3,433,361 | ||||||
Short Term Investment | 5,653,055 | 7,800,723 | ||||||
Notes receivable | 31,366,381 | 28,748,879 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $1,104,705 and | 20,908,968 | 14,337,760 | ||||||
Inventories | 20,216,673 | 23,096,382 | ||||||
Due from related parties-current | 34,675,437 | 36,669,907 | ||||||
Advance to suppliers | 1,068,716 | 412,766 | ||||||
Prepayments and other current assets | 375,495 | 1,568,687 | ||||||
Total Current Assets | $ | 133,312,675 | $ | 132,364,160 | ||||
Non-current asset | ||||||||
Property, plant, equipment and construction in progress, net | 14,132,165 | 15,585,214 | ||||||
Land use rights, net | 3,418,932 | 3,639,067 | ||||||
Other intangible assets | 120,947 | 147,465 | ||||||
Long term investment | 300,000 | 250,000 | ||||||
Deferred tax assets | 277,222 | 219,207 | ||||||
Operating lease right-of-use assets | 2,379,271 | 2,627,110 | ||||||
Other non-current assets | 255,977 | 283,118 | ||||||
Total non-current assets | $ | 20,884,514 | $ | 22,751,181 | ||||
TOTAL ASSETS | $ | 154,197,189 | $ | 155,115,341 |
CONSOLIDATED BALANCE SHEETS | ||||||||
AS OF JUNE 30, 2023 AND DECEMBER 31, 2022 (Continued) | ||||||||
(IN | ||||||||
June 30, | December 31, | |||||||
2023 | 2022 | |||||||
Current Liabilities | ||||||||
Short-term bank loans | $ | 7,309,034 | $ | 8,986,255 | ||||
Notes payable-bank acceptance notes | 28,120,761 | 28,272,472 | ||||||
Accounts payable | 24,983,677 | 24,817,165 | ||||||
Taxes payables | - | 192,478 | ||||||
Customer deposits | 217,674 | 227,432 | ||||||
Due to related parties | 1,690,031 | 1,693,315 | ||||||
Other current liabilities | 2,433,957 | 1,547,390 | ||||||
Current portion of operating lease liabilities | 533,157 | 472,182 | ||||||
Total current liabilities | $ | 65,288,291 | $ | 66,208,689 | ||||
Long-term liabilities | ||||||||
Long term operating lease liabilities | 1,928,680 | 2,176,130 | ||||||
Other long-term liabilities | 1,641,079 | 1,812,759 | ||||||
Total long-term liabilities | $ | 3,569,759 | $ | 3,988,889 | ||||
TOTAL LIABILITIES | $ | 68,858,050 | $ | 70,197,578 | ||||
COMMITMENTS AND CONTINGENCIES | ||||||||
EQUITY | ||||||||
Ordinary shares, no par value, unlimited shares authorized; 12,978,504 and | - | - | ||||||
Additional paid-in capital | 32,955,927 | 32,955,927 | ||||||
Statutory reserves | 3,842,331 | 3,842,331 | ||||||
Retained earnings | 41,074,374 | 37,228,261 | ||||||
Accumulated other comprehensive income (loss) | (5,804,429) | (2,831,419) | ||||||
Total shareholders' equity | $ | 72,068,203 | $ | 71,195,100 | ||||
Non-controlling interest | 13,270,936 | 13,722,663 | ||||||
TOTAL EQUITY | $ | 85,339,139 | $ | 84,917,763 | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 154,197,189 | $ | 155,115,341 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022 | ||||||||||||||||
(UNAUDITED, IN | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
REVENUES | $ | 23,569,449 | $ | 20,602,505 | $ | 45,718,809 | $ | 49,909,462 | ||||||||
COST OF GOODS SOLD | 16,641,612 | 15,763,344 | 33,267,542 | 38,702,327 | ||||||||||||
GROSS PROFIT | 6,927,837 | 4,839,161 | 12,451,267 | 11,207,135 | ||||||||||||
Selling expenses | 574,040 | 518,088 | 961,525 | 1,157,735 | ||||||||||||
General and administrative expenses | 1,519,564 | 1,244,634 | 3,161,468 | 2,524,380 | ||||||||||||
Research and development expenses | 1,425,394 | 862,535 | 2,545,285 | 1,945,129 | ||||||||||||
Total operating expenses | $ | 3,518,998 | $ | 2,625,257 | $ | 6,668,278 | $ | 5,627,244 | ||||||||
INCOME FROM OPERATIONS | $ | 3,408,839 | $ | 2,213,904 | $ | 5,782,989 | $ | 5,579,891 | ||||||||
Interest income | 44,683 | 9,887 | 75,076 | 22,449 | ||||||||||||
Interest expense | (79,504) | (91,651) | (145,997) | (196,660) | ||||||||||||
Loss on disposal of property and equipment | (239) | 10 | (239) | (394) | ||||||||||||
Other income | (128,768) | 501,710 | 288,614 | 762,742 | ||||||||||||
INCOME BEFORE INCOME TAX | $ | 3,245,011 | $ | 2,633,860 | $ | 6,000,443 | $ | 6,168,028 | ||||||||
INCOME TAX | 304,815 | 254,434 | 601,673 | 873,804 | ||||||||||||
NET INCOME | $ | 2,940,196 | $ | 2,379,426 | $ | 5,398,770 | $ | 5,294,224 | ||||||||
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING | 541,058 | 892,162 | 1,552,657 | 2,019,908 | ||||||||||||
NET INCOME ATTRIBUTABLE TO | $ | 2,399,138 | $ | 1,487,264 | $ | 3,846,113 | $ | 3,274,316 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS): | (4,591,131) | (4,075,452) | (4,273,799) | (3,701,542) | ||||||||||||
Unrealized foreign currency translation income (loss) | (3,185,362) | (2,720,040) | (2,973,010) | (2,471,958) | ||||||||||||
Unrealized foreign currency translation income (loss) | (1,405,769) | (1,355,412) | (1,300,789) | (1,229,584) | ||||||||||||
Comprehensive income (loss) | (786,224) | (1,232,776) | 873,103 | 802,358 | ||||||||||||
Noncontrolling interest | (864,711) | (463,250) | 251,868 | 790,324 | ||||||||||||
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING: | ||||||||||||||||
Basic and diluted | 12,978,504 | 11,329,530 | 12,978,504 | 11,329,530 | ||||||||||||
NET INCOME PER ORDINARY SHARE ATTRIBUTABLE TO | ||||||||||||||||
Basic and diluted | 0.18 | 0.13 | 0.30 | 0.29 |
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SOURCE Greenland Technologies Holding Corporation