8-K
Greenland Technologies Holding Corp. (GTEC)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 15, 2025
GREENLAND TECHNOLOGIES HOLDING CORPORATION
(Exact name of registrant as specified in its charter)
| British Virgin Islands | 001-38605 | N/A |
|---|---|---|
| (State or other jurisdiction<br><br>of incorporation) | (Commission File Number) | (IRS Employer<br><br>Identification No.) |
| 50 Millstone Road, Building 400 Suite 130East Windsor, NJ, United States | 08512 | |
| --- | --- | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number including area code:
1 (888)827-4832
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b–2 of the Securities Exchange Act of 1934 (§ 240.12b–2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Ordinary shares, no par value | GTEC | The Nasdaq Stock Market LLC |
Item 2.02 Results of Operations and Financial Condition.
On May 15, 2025, Greenland Technologies Holding Corporation issued a press release to announce financial results for its fiscal year 2025 first quarter, ended March 31, 2025. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release dated May 15, 2025 |
| 104 | Cover Page Interactive<br> Data File (embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Greenland Technologies Holding Corporation | ||
|---|---|---|
| Dated: May 15, 2025 | By: | /s/ Raymond Z. Wang |
| --- | --- | --- |
| Name: | Raymond Z. Wang | |
| Title: | Chief Executive Officer |
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Exhibit 99.1
Greenland Technologies Reports Fiscal First Quarter 2025 Results
● 1Q25Revenue of 21.7 Million Compared to $22.7 Million in 1Q24
● Expanded Gross Margin by 580 Basis Points Year Over Year
● Reduces Operating Expenses by 50% Year Over Year
● Earnings Per Share Increases 61% Year Over Year
EAST WINDSOR, NJ – May 15, 2025 – 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 audited financial results for the first quarter ended March 31, 2025, with earnings per share increasing 61% compared to the first quarter of 2024.
Raymond Wang, Chief Executive Officer of Greenland Technologies, commented, “Our performance this quarter reflects the strength of our operational discipline and the growing impact of our shift toward higher-value products. Despite a modest decline in revenue, we expanded gross margins by 580 basis points and increased our operating income by nearly 150% year-over-year. We believe that these results demonstrate our ability to execute strategically, reduce costs without compromising quality, and deliver strong bottom-line growth. As we continue investing in innovation and efficiency, I am more confident than ever in our trajectory for sustained, long-term value creation for shareholders.”
“I’m especially proud of how our team responded to market challenges with agility and precision. We reduced operating expenses by over 50%, improved our cost structure, and maintained our commitment to delivering excellence to our customers. Our strategic transition toward sophisticated, high-margin products in both our electric industrial vehicles and hydraulic transmission systems is already delivering impressive results. We believe this momentum is sustainable over the long-term, and it serves as a clear signal that we are building a more resilient, more profitable, and more innovative company for the future.”
“In today’s challenging macro environment, we understand that our customers face increasing complexity, including the evolving tariff dynamics. That’s why we are strengthening our role as a trusted partner, working closely with our customers, supply chain partners and service network to provide tailored, efficient solutions that help all of us stay competitive. At the same time, we are managing our global inventory and supply chain with discipline and foresight, ensuring that we remain agile, cost-effective, and well-positioned to meet customer demand.”
Fiscal First Quarter 2025 Financial Results
Greenland’s revenue was approximately $21.68 million for the three months ended March 31, 2025, representing a decrease of approximately $1.05 million, or 4.6%, as compared to approximately $22.72 million for the three months ended March 31, 2024. The decrease in revenue was primarily the result of a decrease of approximately $0.84 million in the Company’s sales volume of transmission products for the three months ended March 31, 2025. Excluding the impact of exchange rate fluctuation, our revenue for the three months ended March 31, 2025 decreased by approximately 4.5% as compared to the three months ended March 31, 2024.
The total cost of goods sold decreased by approximately $2.06 million, or 12.1%, to approximately $15.02 million for the three months ended March 31, 2025, as compared to approximately $17.08 million for the three months ended March 31, 2024.
Gross profit increased by approximately $1.01 million, or 18.0%, to approximately $6.66 million for the three months ended March 31, 2025, as compared to approximately $5.65 million for the three months ended March 31, 2024. For the three months ended March 31, 2025 and 2024, Greenland’s gross margins were approximately 30.7% and 24.9%, respectively. The increase in gross margins in the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily due to a shift in Greenland’s product mix towards higher value and more sophisticated products.
Total operating expenses were $1.85 million, a decrease of 50.2% from $3.72 million in the first quarter of 2024. The decrease was primarily due to lower advertising and marketing expenses, shipping fees, general and administrative expenses, and research and development expenses.
Income from operations for the three months ended March 31, 2025 was approximately $4.81 million, an increase of 149.6%, as compared to approximately $1.93 million for the three months ended March 31, 2024.
Net income was approximately $4.56 million for the three months ended March 31, 2025, representing an increase of approximately $0.99 million, as compared to approximately $3.57 million for the three months ended March 31, 2024. Net income per basic and diluted share was $0.29 for the three months ended March 31, 2025, as compared to $0.18 per basic and diluted share for the three months ended March 31, 2024.
As of March 31, 2025, Greenland had approximately $5.40 million of cash and cash equivalents, representing a decrease of approximately $1.26 million, or 18.86%, as compared to approximately $6.66 million as of December 31, 2024. The decrease of cash and cash equivalents was mainly due to an increase in accounts receivables and fixed deposit, as compared to as of December 31, 2024. As of March 31, 2025, Greenland had approximately $2.14 million of restricted cash, representing an increase of approximately $0.19 million, or 9.78%, as compared to approximately $1.95 million as of December 31, 2024.
As of March 31, 2025, Greenland had approximately $21.42 million of accounts receivables, an increase of approximately $5.63 million, or 35.63%, as compared to approximately $15.80 million as of December 31, 2024. The increase in accounts receivables was due to our slowed-down efforts in receivables collections.
As of March 31, 2025, Greenland had approximately $20.68 million of notes receivables, which Greenland expects to collect within the next twelve months. The decrease was approximately $2.05 million, or 9.04%, as compared to approximately $22.74 million as of December 31, 2024.
Greenland’s working capital was approximately $37.29 million as of March 31, 2025, as compared to $35.11 million as of December 31, 2024. The increase in working capital of $2.18 million was primarily due to an increase in accounts receivable.
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About Greenland Technologies Holding Corporation
Greenland Technologies Holding Corporation (Nasdaq: GTEC) is a developer and a manufacturer of drivetrain systems for material handling machineries and electric vehicles, as well as electric industrial vehicles. Information on the Company’s clean industrial heavy equipment division can be found at HEVI Corp.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking statements.” Such statements reflect Greenland’s current views with respect to future events and are subject to such risks and uncertainties, many of which are beyond the control of Greenland, including those set forth in the Risk Factors section of Greenland’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”). Copies are available on the SEC’s website, www.sec.gov. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Greenland’s expectations with respect to the success of Greenland’s business execution, ability to unlock shareholder value or its ability to grow its business as an integrated company. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Statements contained in this news release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Greenland does not intend and does not assume any obligation to update these forward-looking statements, other than as required by law.
For more information, please contact:
Global IR Partners
David Pasquale
Phone: +1 914-337-8801
Email: GTEC@globalirpartners.com
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GREENLAND TECHNOLOGIES HOLDING CORPORATION ANDSUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONSAND COMPREHENSIVE INCOME (LOSS)
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND2024
(UNAUDITED, IN U.S. DOLLARS)
| For the <br><br>three months ended<br><br> March 31, | |||||
|---|---|---|---|---|---|
| 2025 | 2024 | ||||
| Revenues | $ | 21,677,564 | $ | 22,723,591 | |
| Cost of goods sold | 15,016,614 | 17,076,522 | |||
| Gross profit | 6,660,950 | 5,647,069 | |||
| Selling expenses | 331,809 | 549,496 | |||
| General and administrative expenses | 1,438,988 | 2,183,429 | |||
| Research and development expenses | 81,457 | 987,724 | |||
| Total operating expenses | $ | 1,852,254 | $ | 3,720,649 | |
| INCOME FROM OPERATIONS | $ | 4,808,696 | $ | 1,926,420 | |
| Interest income | 141,040 | 169,213 | |||
| Interest expense | - | (43,840 | ) | ||
| Change in fair value of the warrant liability | 209,294 | 1,035,306 | |||
| Other income | 282,081 | 296,148 | |||
| INCOME BEFORE INCOME TAX | $ | 5,441,111 | $ | 3,383,247 | |
| INCOME TAX EXPENSE (BENEFIT) | 878,275 | (186,001 | ) | ||
| NET INCOME | $ | 4,562,836 | $ | 3,569,248 | |
| LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | 559,053 | 1,067,045 | |||
| NET INCOME ATTRIBUTABLE TO GREENLAND TECHNOLOGIES HOLDING CORPORATION AND SUBSIDIARIES | $ | 4,003,783 | $ | 2,502,203 | |
| OTHER COMPREHENSIVE INCOME (LOSS): | 448,096 | (908,762 | ) | ||
| Unrealized foreign currency translation income (loss) attributable to Greenland Technologies Holding Corporation and subsidiaries | 412,136 | (653,808 | ) | ||
| Unrealized foreign currency translation income (loss) attributable to non-controlling interest | 35,960 | (254,954 | ) | ||
| Total comprehensive income attributable to Greenland Technologies Holding Corporation and subsidiaries | 4,415,919 | 1,848,395 | |||
| Total comprehensive income attributable to noncontrolling interest | 595,013 | 812,091 | |||
| WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING: | 13,594,530 | 13,594,530 | |||
| Basic and diluted | 0.29 | 0.18 |
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GREENLAND TECHNOLOGIES HOLDING CORPORATION ANDSUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2025 AND DECEMBER 31, 2024
(IN U.S. DOLLARS)
| March 31, | December 31, | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 5,403,254 | $ | 6,659,142 | ||
| Restricted cash | 2,143,594 | 1,952,653 | ||||
| Short Term Investment | 14,758,761 | 18,535,354 | ||||
| Notes receivable | 20,681,710 | 22,736,700 | ||||
| Accounts receivable, net | 21,424,889 | 15,796,423 | ||||
| Inventories, net | 23,944,050 | 23,378,090 | ||||
| Due from related parties-current, net | 1,237,831 | 235,497 | ||||
| Advance to suppliers | 1,927,020 | 1,810,157 | ||||
| Prepayments and other current assets | 1,946,771 | 1,542,743 | ||||
| Total Current Assets | $ | 93,467,880 | $ | 92,646,759 | ||
| Non-current asset | ||||||
| Property, plant, equipment and construction in progress, net | 12,758,311 | 13,140,534 | ||||
| Land use rights, net | 3,267,997 | 3,269,999 | ||||
| Intangible assets | 66,729 | 89,959 | ||||
| Deferred tax assets | 428,989 | 426,485 | ||||
| Right-of-use assets | 1,540,415 | 1,624,290 | ||||
| Fixed deposit | 6,932,149 | 4,130,514 | ||||
| Other non-current assets | 187,127 | 247,655 | ||||
| Total non-current assets | $ | 25,181,717 | $ | 22,929,436 | ||
| TOTAL ASSETS | $ | 118,649,597 | $ | 115,576,195 | ||
| Current Liabilities | ||||||
| Notes payable-bank acceptance notes | $ | 18,901,153 | $ | 19,366,241 | ||
| Accounts payable | 29,300,324 | 23,102,944 | ||||
| Taxes payables | 1,476,209 | 1,200,681 | ||||
| Customer deposits | 399,088 | 328,873 | ||||
| Due to related parties | 3,831,580 | 9,037,543 | ||||
| Other current liabilities | 1,746,387 | 3,985,008 | ||||
| Lease liabilities | 527,361 | 516,673 | ||||
| Total current liabilities | $ | 56,182,102 | $ | 57,537,963 | ||
| Non-current liabilities | ||||||
| Lease liabilities | 1,032,918 | 1,167,941 | ||||
| Deferred revenue | 1,214,050 | 1,263,180 | ||||
| Warrant liability | 2,128,929 | 2,338,223 | ||||
| Total non-current liabilities | $ | 4,375,897 | $ | 4,769,344 | ||
| TOTAL LIABILITIES | $ | 60,557,999 | $ | 62,307,307 | ||
| COMMITMENTS AND CONTINGENCIES | - | - | ||||
| Shareholders’ equity | ||||||
| Ordinary shares, no par value, unlimited shares authorized; 13,594,530 and 13,594,530 shares issued and outstanding as of March 31, 2025 and December 31, 2024. | - | - | ||||
| Additional paid-in capital | 27,470,361 | 27,470,361 | ||||
| Statutory reserves | 3,842,331 | 3,842,331 | ||||
| Retained earnings | 36,605,888 | 32,602,105 | ||||
| Accumulated other comprehensive loss | (3,294,964 | ) | (3,707,100 | ) | ||
| Total shareholders’ equity | $ | 64,623,616 | $ | 60,207,697 | ||
| Non-controlling interest | (6,532,018 | ) | (6,938,809 | ) | ||
| TOTAL SHAREHOLDERS’ EQUITY | $ | 58,091,598 | $ | 53,268,888 | ||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 118,649,597 | $ | 115,576,195 |
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