Greenland Technologies Reports Third Quarter 2022 Unaudited Financial Results

About this update from Greenland Technologies Holding Corporation

[{"type":"text","content":"-3Q22 Net Income Increases 67% Compared to 3Q21\nEAST WINDSOR, N.J., Nov. 9, 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 third quarter ended September 30, 2022.\n\n \n \n \n \n \n \n\n \nThird Quarter 2022 Financial and Operating Highlights \nTotal revenue was $21.8 million, compared with $23.1 million a year ago.Gross margin was 22.1%, on par with the same period of 2021. Total operating expenses was $2.7 million, 10% lower from a year ago due to improved operating efficiencies.Net income was $2.1 million, an increase of 67% from $1.3 million in the same period of 2021.Transmissions products sold were 31,303 units, slightly higher than 31,050 units last year.Mr. Raymond Wang, Chief Executive Officer of Greenland Technologies Holding Corporation, commented, \"While we are not immune to the ongoing global supply chain challenges, inflationary pressures and lockdowns in China, we made significant progress in the areas that will drive our long-term growth and build value for shareholders. For example, we are firmly on track with our capacity plans for the U.S., and we are seeing an improvement in the supply chain with lower freight costs and speed. We are also benefitting from the full support of Maryland's local and state level officials after formally opening our new Baltimore facility. They share in our leadership vision of the opportunities for electrification of industrial vehicles and the positive economic impact from job creation, related commerce and positives for the environment. This represents a significant opportunity for Greenland and the communities we operate in.\"\n\"We are also pleased with the additional innovation and further development with our strategic partners of new features for our vehicles that not only differentiate our HEVI brand but add premium value for our customers, including tracking now available with vehicle purchase. This is an essential selling point as operators laser focus on fleet ROI and asset utilization. Overall, we continue to benefit from several Greenland-specific catalysts. We are entering Q4 with a solid backlog and ex...

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