Business
Greenland Technologies Reports Second Quarter and First Half 2023 Unaudited Financial Results
- 2Q23 Revenue Increased 14% Year-over-Year- 2Q23 Gross Margin Improved 590 Basis Points Year-over-Year- 2Q23 Net Income Increased 24% Year-over-Year- Cash
About this update from Greenland Technologies Holding Corporation
[{"type":"text","content":"- 2Q23 Revenue Increased 14% Year-over-Year- 2Q23 Gross Margin Improved 590 Basis Points Year-over-Year- 2Q23 Net Income Increased 24% Year-over-Year- Cash and Cash Equivalents Grew 373% Year-over-Year to $15.2 Million\nEAST WINDSOR, N.J., Aug. 21, 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 second quarter and first half ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nSecond Quarter 2023 Financial and Operating Highlights \nRevenue was $23.6 million, an increase of 14% from $20.6 million a year ago.Gross margin was 29.4%, up 590 basis points from 23.5% a year ago on improved product mix. Net income was $2.9 million, an increase of 24% from $2.4 million in the second quarter of 2022.Transmissions products sold were 38,256 units, an increase of 32% from 28,939 units a year ago.First Half 2023 Financial and Operating Highlights \nRevenue was $45.7 million, compared with $49.9 million a year ago.Gross margin was 27.2%, up 470 basis points from 22.5% a year ago on improved product mix. Net income was $5.4 million, a slight increase of 2% from $5.3 million in the first half of 2022.Transmissions products sold were 75,097 units, an increase of 6% from 70,841 units a year ago.\"We are pleased to deliver strong second quarter results as our core markets in China have largely returned to a new-normal following years of COVID disruptions\", said Mr. Raymond Wang, Chief Executive Officer of Greenland Technologies. \"Demand for our transmission products increased significantly from the second quarter of last year and drove revenue growth of 14%. On a constant currency basis, our revenue growth was even stronger at 19% year-over-year, after excluding the impact of FX. Further, our strategic focus on higher value products continued to pay off and drove our gross margin to improve nearly 600 basis points to 29.4%, which is a record high for us over the last few years. Looking into the second half of the year, we expect demand to remain strong and we continue to anticipate revenue growth for our core transmission business in 2023.\"\nMr. Jing Jin, Chief Financial Officer of Greenla...
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