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Greenland Technologies Reports First Quarter 2023 Unaudited Financial Results
- 1Q23 Gross Margin Improves 320 Basis Points Year-over-Year- Cash and Cash Equivalents Rises 125% Year-over-Year to $15.4 Million EAST WINDSOR, N.J., May 19,
About this update from Greenland Technologies Holding Corporation
[{"type":"text","content":"- 1Q23 Gross Margin Improves 320 Basis Points Year-over-Year- Cash and Cash Equivalents Rises 125% Year-over-Year to $15.4 Million\nEAST WINDSOR, N.J., May 19, 2023 /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 first quarter ended March 31, 2023.\n\n \n \n \n \n \n \n\n \nFirst Quarter 2023 Financial and Operating Highlights \nRevenue was $22.1 million, compared with $29.3 million a year ago.Gross margin was 24.9%, up 320 basis point from 21.7% a year ago on improved product mix. Net income was $2.5 million, compared with $2.9 million in the first quarter of 2022.Transmissions products sold were 36,841 units, compared with 41,902 units last year.Mr. Raymond Wang, Chief Executive Officer of Greenland Technologies Holding Corporation, commented, \"We delivered results in line with our expectations. Demand remained soft in the first quarter as a result of our clients ramping up their production after the end of China's zero COVID policies and significant pent-up travel demand during this year's Chinese New Year holiday. However we continued to drive higher profitability through improved mix of higher value products and increased operational efficiencies. We expect demand to improve in the second half of the year and continue to anticipate revenue growth for our core transmission business in 2023.\"\nMr. Wang continued, \"Our HEVI division of all-electric industrial heavy equipment continues to make progress in establishing our foundation, expanding market awareness and developing the team. I am pleased to announce that we have hired Dana Hopkins to lead our HEVI division as the Chief Operating Officer. Dana brings extensive senior leadership experience in the commercial industrial and material handling machinery industry and will be instrumental in helping us grow this new market and HEVI's industry-leading position. Brand awareness and product interest continues to grow from potential customers, partners or authorities through our active participation in a series of trade shows along with our ongoing product pilots and demos. Overall, we believe 2023 will be a strong year ...
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