Greenland Technologies Reports Fourth Quarter and Full Year 2021 Unaudited Financial Results

About this update from Greenland Technologies Holding Corporation

[{"type":"text","content":"- 48% Increase in FY21 Revenue to $98.8 Million Compared to FY20- 14% Increase in FY21 Net Income to $7.3 Million Compared to FY20- Cash Balance Nearly Doubles to $17.8 Million - Company Expects Continued Growth in 2022 as Production Ramps \n EAST WINDSOR, N.J., March 28, 2022 /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 fourth quarter and full year ended December 31, 2021.\n\n \n \n \n \n \n \n\n \nFull Year 2021 Financial and Operating Highlights \nTotal revenues were $98.8 million, an increase of 48% from $66.9 million in 2020. Gross margin was 19.8%, an increase of 70 basis points year over year. Net Income was $7.3 million, an increase of 14% from $6.4 million in 2020. Number of transmission products sold was 141,431 units, an increase of 30% compared with 108,913 units in 2020.Mr. Raymond Wang, Chief Executive Officer of Greenland Technologies Holding Corporation, commented, \"This was a record year for Greenland as our team drove 48% growth in full year 2021 revenue compared to last year, while expanding our gross margin another 70 basis points to 19.8%. We introduced a series of popular new electric industrial vehicle models, expanded our new vehicle pipeline to reach additional categories in the industrial market and made major progress on our manufacturing strategy.\" \nMr. Wang added, \"Our long-term vision remains for Greenland to be the global standard for electric industrial vehicles, which we believe deliver superior performance and a faster return on investment than traditional industrial vehicles. To that end, we recently announced a new distribution agreement with a minimum potential market value of $5 million to $8.4 million; and we announced new strategic partnerships for lithium battery solutions and autonomous vehicle technology. As a result, while we are pleased with our continued success and progress, we are even more excited about the Company's future, as we leverage our advantaged market position to capture an increased share of the growth opportunities in front of us.\" \nMr. Jing Jin, Chief Financial Officer of Greenland, commented: \"We cont...

More updates from Greenland Technologies Holding Corporation