Greenland Technologies Holding Corporation Reports Second Quarter 2021 Unaudited Financial Results

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[{"type":"text","content":"- Second Quarter Revenue of $28.2 million, up 70.1% year over year\n - Second Quarter Net Income of $3.2 million, up 114.2% year over year\n - 2021 Revenue Guidance Raised to be between $90 million to $100 million\n\n\nEAST WINDSOR, N.J., Aug. 10, 2021 /PRNewswire/ -- Greenland Technologies Holding Corporation (NASDAQ: GTEC) (\"Greenland\" or the \"Company\"), a technology developer and manufacturer of electric industrial vehicles and drivetrain systems for material handling machineries and vehicles, today announced its unaudited financial results for the second quarter ended June 30, 2021.\n\n \n \n \n \n \n \n\n \nSecond Quarter 2021 Financial and Operating Highlights \nTotal revenues were $28.2 million, an increase of 70.1% from $16.6 million in the second quarter of 2020. Gross margin was 20.2%, an increase of 2.8 percentage points year over year. Net Income was $3.2 million, an increase of 114.2% from $1.5 million in the second quarter of 2020. Number of transmission products sold was 42,046 units, an increase of 48.5% compared with 28,305 units in the second quarter of 2020CEO and CFO Remarks\nMr. Raymond Wang, CEO of Greenland Technologies Holding Corporation, commented, \"We have once again achieved a record quarter with revenue generated of $28.2 million representing a 70% revenue growth and 42,046 transmissions sold representing a 49% increase on a year over year basis. We are benefitting from strong demand as forklifts are the ultimate necessity for clients moving raw materials, components, and finished goods through a global supply chain to meet accelerating growth.\" \nMr. Wang continued, \"Our team continues to do an excellent job supporting the growing markets with operational excellence and innovative solutions. Our latest electric GEF-series lithium powered forklifts offer all the competitive advantages of lithium, with longer battery life and reduced maintenance costs, as compared to traditional lead acid and propane forklifts. With deliveries starting by September in the North America market we expect this to be additive to second half of 2021 revenue and our longer-term results. This line will be promptly followed by our industry disruptive GEL-1800, an all electric 1.8T rated front loader, and GEX-8000, an all electric 8.0T rated load excavator. We are pleased with our progress to date, but even more excited...

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