Greenland Technologies Holding Corporation Reports Third Quarter 2021 Unaudited Financial Results

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[{"type":"text","content":"Third Quarter Revenue of $23.1 million, up 39.7% year over year Third Quarter Net Income of $1.3 million, up 172.5% year over year EAST WINDSOR, N.J., Nov. 11, 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 third quarter ended September 30, 2021.\n\n \n \n \n \n \n \n\n \nThird Quarter 2021 Financial and Operating Highlights \nTotal revenues were $23.1 million, an increase of 39.7% from $16.5 million in the third quarter of 2020. Gross margin was 22.1%, an increase of 150 basis points year over year. Net Income was $1.3 million, an increase of 172.5% from $0.5 million in the third quarter of 2020. Number of transmission products sold was 33,478 units, an increase of 11.6% compared with 29,985 units in the third quarter of 2020.CEO and CFO Remarks\nMr. Raymond Wang, CEO of Greenland Technologies Holding Corporation, commented, \"\"Greenland continues to demonstrate operation excellence and results generation by achieving $23.1 million representing a year over year growth of 39.7%. I am proud of our passionate team for their hard work and accomplishments in a difficult quarter challenged by rising material and logistic costs. The global supply chain continues to grow and Greenland is well positioned to benefit from the strong demand.\" \nMr. Wang continued, \"Despite a brief delay due to port congestion, our latest electric GEF-series lithium powered forklift trucks have arrived on US soil. The GEF-series lithium forklifts consist of three different models ranging from 1.8 tons to 3.5 tons rated load and launch prices ranging from approximately $23,999 to $34,999 with battery and charger. We have begun the sales process and expect our first batch to sell quickly. Our industry disruptive GEL-1800, an all electric 1.8 ton rated wheeled front loader, has also arrived and we have begun scheduling demonstrations to interested parties for sale. These vehicles will be followed by our GEX-8000, an all electric 8.0 ton rated load lithium excavator, scheduled to arrive in January 2022. Our electric industrial vehicle division is progressing well and will deepen the value Greenla...

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