Greenland Technologies Reports Fourth Quarter and Full Year 2022 Unaudited Financial Results

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[{"type":"text","content":"4Q22 Gross Margin Rises 380 Basis Points Year over YearFY22 Gross Margin Rises 200 Basis Points Year over YearCash Balance Rises 47% to $16.3 Million as of End-22EAST WINDSOR, N.J., March 30, 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 fourth quarter and full year ended December 31, 2022.\n\n \n \n \n \n \n \n\n \nFull Year 2022 Financial and Operating Highlights \nRevenue was $90.8 million, compared with $98.8 million a year ago.Gross margin was 21.8%, up 200 basis point from 19.8% in 2021 on improved product mix.Net income was $6.6 million, compared with $7.3 million in 2021.Transmissions products sold were 129,686 units, compared with 141,431 units last year.Mr. Raymond Wang, Chief Executive Officer of Greenland Technologies Holding Corporation, commented, \"Even though China's zero covid restrictions put pressure on transmission product sales in the fourth quarter and the full year, we maintained our competitive position in the sector. Looking forward, we are beginning to see demand recover following the end of China's zero covid restrictions. As a result, we anticipate revenue growth for our core transmissions business in 2023.\"\nMr. Wang continued, \"We continue to make progress with our HEVI division of all-electric industrial heavy equipment. I am proud to announce that we have multiple active product pilots and demos with flagship organizations such as United Rentals, Inc, the world's largest equipment rental company. The product demand and growth potential we have witnessed further strengthens our resolve to continue investing in HEVI infrastructure, talent and technology. We will pioneer and lead the industry's transition from heavy emission fossil fuels to cleaner alternative power.\"\nMr. Jing Jin, Chief Financial Officer of Greenland, commented: \"Despite the challenging environment, our deliberate transition towards higher value transmission products helped improve our gross margin to 19.9% in the fourth quarter and 21.8% for the full year, representing a 380 and 200 basis point improvement year over year, respectively. Additionally, our balance sh...

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