Greenland Technologies Reports Third Quarter and First Nine Months 2023 Unaudited Financial Results
- Company Drives Year-over-Year Revenue Growth and Gross Margin Expansion
- Strengthens Balance Sheet with 90% YoY Increase in Cash and Cash Equivalents
- Company Optimistic about Outlook, with Growth Led by Key Strategic Initiatives Including its Winning
Port of Baltimore Bid , and Newly Launched HEVI Approved Service Provider Network Program
"At the same time, we continue to make significant progress with our HEVI brand of electric industrial heavy equipment. We continue to pioneer the industry of sustainable heavy machinery through inroads with supportive states, which are incentivizing both production and customer adoption. Our efforts are shining a light on the environmental benefits of electrification of this important industry and have fueled nearly 20 states into offering incentives specifically directed to the electrification of off-highway heavy equipment. We recently announced that HEVI won a bid from
Financial Highlights
For the three months ended
Cost of goods sold was approximately
Total operating expenses were
Income from operations for the three months ended
Net income was approximately
For the first nine months of 2023, revenue was approximately
For the first nine months of 2023,
Net income was approximately
Cash equivalents refers to all highly liquid investments purchased with original maturity of three months or less. As of
Restricted cash represents the amount held by a bank as security for bank acceptance notes and therefore is not available for use until the bank acceptance notes are fulfilled or expired, which typically takes less than twelve months. As of
As of
Third Quarter 2023 Results Conference Call and Webcast
https://register.vevent.com/register/BId34da1aff4fb4551bce99d2a8a3f2f9b
An archived webcast will also be available on the investor relations section of
About
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.
For more information, please contact:
Phone: +1 888-827-4832 Email: jcentanni@gtec-tech.com |
Phone: +1 914-337-8801 Email: GTEC@globalirpartners.com |
|
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
AS OF |
||||||||
(IN |
||||||||
|
|
|||||||
2023 |
2022 |
|||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ |
21,543,963 |
$ |
16,295,695 |
||||
Restricted cash |
2,803,756 |
3,433,361 |
||||||
Short Term Investment |
4,393,777 |
7,800,723 |
||||||
Notes receivable |
32,403,217 |
28,748,879 |
||||||
Accounts receivable, net of allowance for doubtful accounts of |
20,826,354 |
14,337,760 |
||||||
Inventories |
20,498,166 |
23,096,382 |
||||||
Due from related parties-current |
34,684,542 |
36,669,907 |
||||||
Advance to suppliers |
1,687,939 |
412,766 |
||||||
Prepayments and other current assets |
90,732 |
1,568,687 |
||||||
Total Current Assets |
$ |
138,932,446 |
$ |
132,364,160 |
||||
Non-current asset |
||||||||
Property, plant, equipment and construction in progress, net |
13,730,136 |
15,585,214 |
||||||
Land use rights, net |
3,376,901 |
3,639,067 |
||||||
Other intangible assets |
208,154 |
147,465 |
||||||
Long term investment |
300,000 |
250,000 |
||||||
Deferred tax assets |
279,085 |
219,207 |
||||||
Operating lease right-of-use assets |
2,253,162 |
2,627,110 |
||||||
Other non-current assets |
253,760 |
283,118 |
||||||
Total non-current assets |
$ |
20,401,198 |
$ |
22,751,181 |
||||
TOTAL ASSETS |
$ |
159,333,644 |
$ |
155,115,341 |
|
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
AS OF |
||||||||
(IN |
||||||||
|
|
|||||||
2023 |
2022 |
|||||||
Current Liabilities |
||||||||
Short-term bank loans |
$ |
6,524,123 |
$ |
8,986,255 |
||||
Notes payable-bank acceptance notes |
30,713,480 |
28,272,472 |
||||||
Accounts payable |
25,731,835 |
24,817,165 |
||||||
Taxes payables |
67,776 |
192,478 |
||||||
Customer deposits |
303,122 |
227,432 |
||||||
Due to related parties |
4,080,627 |
1,693,315 |
||||||
Other current liabilities |
2,654,935 |
1,547,390 |
||||||
Current portion of operating lease liabilities |
485,207 |
472,182 |
||||||
Total current liabilities |
$ |
70,561,105 |
$ |
66,208,689 |
||||
Long-term liabilities |
||||||||
Long term operating lease liabilities |
1,807,408 |
2,176,130 |
||||||
Other long-term liabilities |
1,577,010 |
1,812,759 |
||||||
Total long-term liabilities |
$ |
3,384,418 |
$ |
3,988,889 |
||||
TOTAL LIABILITIES |
$ |
73,945,523 |
$ |
70,197,578 |
||||
COMMITMENTS AND CONTINGENCIES |
||||||||
EQUITY |
||||||||
Ordinary shares, no par value, unlimited shares authorized; 13,594,530 and |
||||||||
Additional paid-in capital |
32,955,927 |
32,955,927 |
||||||
Statutory reserves |
3,842,331 |
3,842,331 |
||||||
Retained earnings |
40,186,954 |
37,228,261 |
||||||
Accumulated other comprehensive income (loss) |
(3,552,846) |
(2,831,419) |
||||||
Total shareholders' equity |
$ |
73,432,366 |
$ |
71,195,100 |
||||
Non-controlling interest |
11,955,755 |
13,722,663 |
||||||
TOTAL EQUITY |
$ |
85,388,121 |
$ |
84,917,763 |
||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
159,333,644 |
$ |
155,115,341 |
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
||||||||||||||||
FOR THE THREE AND NINE MONTHS ENDED |
||||||||||||||||
(UNAUDITED, IN |
||||||||||||||||
For the three months |
For the nine months |
|||||||||||||||
2023 |
2022 |
2023 |
2022 |
|||||||||||||
REVENUES |
$ |
21,836,761 |
$ |
21,786,862 |
$ |
67,555,570 |
$ |
71,696,324 |
||||||||
COST OF GOODS SOLD |
15,568,224 |
16,974,566 |
48,835,766 |
55,676,893 |
||||||||||||
GROSS PROFIT |
6,268,537 |
4,812,296 |
18,719,804 |
16,019,431 |
||||||||||||
Selling expenses |
606,649 |
521,865 |
1,568,174 |
1,679,600 |
||||||||||||
General and administrative expenses |
1,610,100 |
1,192,210 |
4,771,568 |
3,716,590 |
||||||||||||
Research and development expenses |
1,245,646 |
1,023,443 |
3,790,931 |
2,968,572 |
||||||||||||
Total operating expenses |
$ |
3,462,395 |
$ |
2,737,518 |
$ |
10,130,673 |
$ |
8,364,762 |
||||||||
INCOME FROM OPERATIONS |
$ |
2,806,142 |
$ |
2,074,778 |
$ |
8,589,131 |
$ |
7,654,669 |
||||||||
Interest income |
4,242 |
12,790 |
79,318 |
35,239 |
||||||||||||
Interest expense |
(72,952) |
(125,981) |
(218,949) |
(322,641) |
||||||||||||
Loss on disposal of property and equipment |
(204) |
(301) |
(443) |
(695) |
||||||||||||
Other income(expense) |
(1,663,423) |
655,838 |
(1,374,809) |
1,418,580 |
||||||||||||
INCOME BEFORE INCOME TAX |
$ |
1,073,805 |
$ |
2,617,124 |
$ |
7,074,248 |
$ |
8,785,152 |
||||||||
INCOME TAX |
878,922 |
518,931 |
1,480,595 |
1,392,735 |
||||||||||||
NET INCOME |
$ |
194,883 |
$ |
2,098,193 |
$ |
5,593,653 |
$ |
7,392,417 |
||||||||
LESS: NET INCOME ATTRIBUTABLE TO |
1,082,303 |
820,229 |
2,634,960 |
2,840,137 |
||||||||||||
NET INCOME(LOSS) ATTRIBUTABLE TO |
$ |
(887,420) |
$ |
1,277,964 |
$ |
2,958,693 |
$ |
4,552,280 |
||||||||
OTHER COMPREHENSIVE INCOME (LOSS): |
3,756,643 |
(4,441,025) |
(517,156) |
(8,142,567) |
||||||||||||
Unrealized foreign currency translation income (loss) |
2,251,583 |
(2,974,517) |
(721,427) |
(5,446,475) |
||||||||||||
Unrealized foreign currency translation income (loss) |
1,505,060 |
(1,466,508) |
204,271 |
(2,696,092) |
||||||||||||
Comprehensive income (loss) attributable to |
1,364,163 |
(1,696,553) |
2,237,266 |
(894,195) |
||||||||||||
Noncontrolling interest |
2,587,363 |
(646,279) |
2,839,231 |
144,045 |
||||||||||||
WEIGHTED AVERAGE ORDINARY SHARES |
||||||||||||||||
Basic and diluted |
13,594,530 |
12,222,387 |
13,307,954 |
11,628,243 |
||||||||||||
NET INCOME PER ORDINARY SHARE |
||||||||||||||||
Basic and diluted |
(0.07) |
0.10 |
0.22 |
0.39 |
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