Greenland Technologies Reports Record First Quarter 2022 Revenue

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[{"type":"text","content":"19% Increase in 1Q22 Revenue to Record $29.3 Million Compared to 1Q21 19% Increase in 1Q22 Net Income to $2.9 Million Compared to 1Q21 Cash Balance Rises 30% to $13.2 Million EAST WINDSOR, N.J., May 16, 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 first quarter ended March 31, 2022.\n\n \n \n \n \n \n \n\n \nFirst Quarter 2022 Financial and Operating Highlights \nTotal revenues were $29.3 million, an increase of 19% from $24.6 million in the same period of 2021. Gross margin was 21.7%, an increase of 100 basis points year over year. Net Income was $2.9 million, an increase of 19% from $2.4 million in the same period of 2021. Number of transmission products sold was 41,902 units, an increase of 13% compared with 36,986 units in the same period of 2021.Mr. Raymond Wang, Chief Executive Officer of Greenland Technologies Holding Corporation, commented, \"We delivered our highest quarterly revenue to date, as we drove 19% year over year growth in first quarter revenue and a 19% year over year increase in net income. Our team continues to make impressive progress executing on our rapidly expanding industrial electric vehicle product line, while at the same time moving forward with our U.S. production expansion to ensure we have capacity to support the overwhelmingly positive customer response and expected long-term demand.\" \nMr. Wang added, \"Our ongoing strategic shift toward higher-value, feature-rich products helped drive a 100 basis points improvement in gross margin to 21.7%. Additionally, our electric industrial vehicle division is on track with our upcoming assembly facility in Baltimore County, Maryland on schedule for a July opening. Though the industry is facing continued headwinds from the pandemic lockdown in China, we remain optimistic given the long-term transformation of the industrial vehicle industry, led by demand for cleaner, greener electric vehicles and support from local legislation. With our proven track record and expanding product roadmap, we are positioned to address the growing demand for our industrial electric vehicles, as we focus on build...

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