UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File number 001-38605 GREENLAND TECHNOLOGIES HOLDING CORPORATION (Exact name of registrant as specified in charter) | --- | --- | |--- ...

Greenland Technologies Holding Corporation (NASDAQ:GTEC) Q4 2022 Results Conference Call March 30, 2023 8:00 AM ET Company Participants Yujia Zhai - Managing Director of the Blueshirt Group. Raymond Wang - Chief Executive Officer Jing Jin - Chief Financial Officer Conference Call Participants Graham Mattison - Water Tower Research Theodore O'Neill - Litchfield Hills Research Rommel Dionisio - Aegis Capital Operator Good day, ladies, and gentlemen. Thank you for standing by, and we warmly welcome you all to ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______ TO ______ COMMISSION FILE N ...

Greenland Technologies Holding Corporation (NASDAQ:GTEC) Q3 2022 Earnings Conference Call November 9, 2022 8:00 AM ET Company Participants Julia Qian - Managing Director, Blueshirt Group Asia Raymond Wang - Chief Executive Officer Jing Jin - Chief Financial Officer Conference Call Participants Theodore O'Neill - Litchfield Hills Research Rommel Dionisio - Aegis Capital Operator Good day, ladies and gentlemen. Thank you for standing by, and we warmly welcome you all to the Greenland Technologies Third Quarte ...

Greenland Technologies Holding Corporation (NASDAQ:GTEC) Q2 2022 Earnings Conference Call August 12, 2022 8:00 AM ET Company Participants Julia Qian - Managing Director, Blueshirt Group Asia Raymond Wang - Chief Executive Officer Jing Jin - Chief Financial Officer Conference Call Participants Operator Thank you for standing by. And welcome to the Greenland Technologies Holding Corporation reports Second Quarter and First Half 2022 Unaudited Financial Results Conference Call. All participants are in a listen ...

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements (unaudited)](index=5&type=section&id=ITEM%201.%20Financial%20Statements%20(unaudited)) This section presents Greenland Technologies Holding Corporation's unaudited consolidated financial statements for the periods ended June 30, 2022 [Consolidated Balance Sheets](index=6&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) Total assets decreased to **$150.39 million** as of June 30, 2022, from **$162.57 million** at year-end 2021, while total liabilities also decreased and equity slightly increased Consolidated Balance Sheet Highlights (in U.S. Dollars) | Account | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Current Assets** | $129,313,092 | $139,305,403 | | Cash and cash equivalents | $3,217,925 | $11,062,590 | | Notes receivable | $33,019,721 | $37,551,121 | | Inventories | $23,948,131 | $25,803,474 | | **Total Assets** | **$150,385,658** | **$162,568,442** | | **Total Current Liabilities** | $71,857,967 | $85,463,224 | | Notes payable-bank acceptance notes | $33,752,065 | $42,093,061 | | Accounts payable | $25,843,583 | $29,064,132 | | **Total Liabilities** | **$73,871,241** | **$87,723,776** | | **Total Equity** | **$76,514,417** | **$74,844,666** | [Consolidated Statements of Operations and Comprehensive Income (Loss)](index=8&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20AND%20COMPREHENSIVE%20INCOME%20(LOSS)) Revenues for the six months ended June 30, 2022, decreased to **$49.91 million**, while gross profit increased and net income slightly declined Statement of Operations Summary (in U.S. Dollars) | Metric | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | **Revenues** | $49,909,462 | $52,815,201 | | **Gross Profit** | $11,207,135 | $10,809,556 | | **Income from Operations** | $5,579,891 | $6,306,672 | | **Net Income** | $5,294,224 | $5,595,562 | | **Net Income Attributable to Greenland** | $3,274,316 | $4,909,321 | | **Basic and Diluted EPS** | $0.29 | $0.46 | Statement of Operations Summary (in U.S. Dollars) | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | | :--- | :--- | :--- | | **Revenues** | $20,602,505 | $28,204,307 | | **Gross Profit** | $4,839,161 | $5,705,169 | | **Income from Operations** | $2,213,904 | $3,452,199 | | **Net Income** | $2,379,426 | $3,152,323 | | **Net Income Attributable to Greenland** | $1,487,264 | $2,780,753 | | **Basic and Diluted EPS** | $0.13 | $0.26 | [Consolidated Statements of Shareholders' Equity](index=9&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20SHAREHOLDERS'%20EQUITY) Total shareholders' equity increased to **$76.51 million** as of June 30, 2022, primarily due to net income, offset by negative foreign currency translation - Total equity increased to **$76.51 million** as of June 30, 2022, up from **$74.84 million** at the end of 2021. This change was influenced by net income, partially offset by a significant negative foreign currency translation adjustment[27](index=27&type=chunk) [Consolidated Statements of Cash Flows](index=10&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Net cash outflow for the six months ended June 30, 2022, was **$9.27 million**, primarily due to cash used in operating and financing activities Cash Flow Summary (Six Months Ended June 30) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | **Net Cash Provided By (Used In) Operating Activities** | $(1,665,025) | $(778,421) | | **Net Cash Provided By (Used In) Investing Activities** | $178,127 | $(303,375) | | **Net Cash Provided By (Used In) Financing Activities** | $(7,784,753) | $12,068,922 | | **Net (Decrease) Increase in Cash** | $(9,271,651) | $10,987,126 | | **Cash at End of Period** | $8,037,704 | $20,524,178 | [Notes to Consolidated Financial Statements](index=12&type=section&id=NOTES%20TO%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) The notes provide detailed information on the company's business, accounting policies, customer concentration, related party transactions, and commitments and contingencies - The company's primary business is developing and manufacturing transmission products for material handling machinery in the PRC. It has launched a new division to produce and sell electric industrial vehicles in the North American market, including electric forklifts, loaders, and excavators[37](index=37&type=chunk)[39](index=39&type=chunk)[41](index=41&type=chunk) - For the six months ended June 30, 2022, two major customers accounted for **21.04%** and **12.95%** of total revenues, respectively, indicating significant customer concentration[123](index=123&type=chunk) - As of June 30, 2022, the company had a significant receivable of **$37.54 million** from its controlling shareholder, Cenntro Holding Limited. The repayment deadline has been extended to **June 30, 2024**[212](index=212&type=chunk)[213](index=213&type=chunk) - The company has pledged significant assets, including land use rights, buildings, and notes receivable, as collateral for short-term bank loans and notes payable[132](index=132&type=chunk)[137](index=137&type=chunk)[140](index=140&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and results for the first six months of 2022, highlighting revenue decline, improved gross margin, and liquidity challenges [Overview](index=42&type=section&id=Overview) The company manufactures transmission products in the PRC and is expanding into electric industrial vehicles for North America, operating as a 'controlled company' - The company's core business is manufacturing transmission products for forklifts in the PRC, serving over 100 manufacturers[227](index=227&type=chunk)[228](index=228&type=chunk) - A new division was launched in December 2020 to focus on electric industrial vehicles, including forklifts, loaders, and excavators, for the U.S. market. A new **54,000 sq ft** assembly site in Baltimore, MD is planned for **Q3 2022**[229](index=229&type=chunk) - The company is a 'controlled company' under Nasdaq rules, as Chairman Peter Zuguang Wang controls **59.42%** of the outstanding ordinary shares through Cenntro Holding Limited[230](index=230&type=chunk) [Results of Operations](index=44&type=section&id=Results%20of%20Operations) For the six months ended June 30, 2022, revenue decreased to **$49.91 million**, gross margin improved, operating expenses rose, and net income declined Financial Performance Summary (Six Months Ended June 30) | Metric | 2022 | 2021 | Change | Variance | | :--- | :--- | :--- | :--- | :--- | | Revenues | $49,909,462 | $52,815,201 | $(2,905,739) | (5.5)% | | Gross Profit | $11,207,135 | $10,809,556 | $397,579 | 3.7% | | Total Operating Expenses | $5,627,244 | $4,502,884 | $1,124,360 | 25.0% | | Income from operations | $5,579,891 | $6,306,672 | $(726,781) | (11.5)% | | Net income | $5,294,224 | $5,595,562 | $(301,338) | (5.4)% | - The decrease in revenue was primarily due to a decrease in sales volume, driven by lower market demand[257](index=257&type=chunk) - Gross margin increased from **20.5%** to **22.5%** year-over-year, attributed to a product mix shift towards higher value hydraulic transmission products[259](index=259&type=chunk) - General and administrative expenses increased by **51.8%** due to higher legal and consultancy fees for business expansion and increased staff salaries[261](index=261&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is marked by cash decreasing to **$3.22 million** as of June 30, 2022, a **$37.54 million** related-party receivable, and reliance on cash flow and bank borrowings Key Liquidity Metrics (as of June 30, 2022) | Metric | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $3.22 million | $11.06 million | | Restricted Cash | $4.82 million | $6.74 million | | Accounts Receivable, net | $18.19 million | $15.92 million | | Due from Related Party | $37.65 million | $39.68 million | | Working Capital | $57.46 million | $53.84 million | - The company has a significant receivable of **$37.54 million** from its controlling shareholder, Cenntro Holding Limited. Failure to collect this amount could materially impact the balance sheet[279](index=279&type=chunk) - For the six months ended June 30, 2022, net cash used in operating activities was **$1.67 million**, and net cash used in financing activities was **$7.78 million**, primarily due to loan and notes payable repayments[283](index=283&type=chunk)[284](index=284&type=chunk)[289](index=289&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Greenland is exempt from providing quantitative and qualitative disclosures about market risk - As a smaller reporting company, Greenland is exempt from the requirement to provide quantitative and qualitative disclosures about market risk[305](index=305&type=chunk) [Controls and Procedures](index=55&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective as of June 30, 2022, due to a material weakness in financial reporting personnel, with remedial actions planned - Management concluded that disclosure controls and procedures were ineffective as of June 30, 2022[307](index=307&type=chunk) - A material weakness was identified due to a lack of sufficient and competent financial reporting and accounting personnel with knowledge of U.S. GAAP and SEC reporting requirements[307](index=307&type=chunk) - Remedial actions include formalizing policies, recruiting more qualified personnel, providing training, and establishing better oversight for complex transactions[308](index=308&type=chunk) [PART II. OTHER INFORMATION](index=57&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=57&type=section&id=ITEM%201.%20Legal%20Proceedings) Management is not aware of any current or contemplated material legal proceedings involving the company or its affiliates - The company is not aware of any pending or threatened legal proceedings against it or its properties[312](index=312&type=chunk) [Risk Factors](index=57&type=section&id=ITEM%201A.Risk%20Factors) This section details significant investment risks, including cash-intensive operations, customer concentration, new business challenges, PRC regulatory uncertainties, and potential delisting [Risks Related to our Business and Industry](index=60&type=section&id=Risks%20Related%20to%20our%20Business%20and%20Industry) The company faces business risks including cash-intensive operations, significant related-party receivables, customer concentration, new electric vehicle challenges, and limited insurance - The business is cash-intensive and relies on maintaining sufficient liquidity. A significant risk is the **$37.54 million** owed by its controlling shareholder, Cenntro Holding Limited[321](index=321&type=chunk)[349](index=349&type=chunk) - Revenues are highly dependent on a few major customers; in 2022, the five largest customers accounted for **48.21%** of revenues[329](index=329&type=chunk) - The new electric industrial vehicle business line presents risks, as the company has limited experience and may face difficulties in development, launch, and market acceptance[332](index=332&type=chunk)[334](index=334&type=chunk)[336](index=336&type=chunk) - The company has limited insurance coverage in China for product liability, business interruption, or natural disasters[344](index=344&type=chunk) [Risks Related to Doing Business in China](index=65&type=section&id=Risks%20Related%20to%20Doing%20Business%20in%20China) Operating in China poses risks from government influence, regulatory uncertainties for overseas listings, evolving data security laws, and potential delisting under the HFCA Act - The PRC government exerts substantial influence over business activities, and changes in laws, regulations, or policies could materially affect operations[358](index=358&type=chunk)[367](index=367&type=chunk) - There is uncertainty regarding whether approval from the CSRC or other PRC authorities is required for overseas offerings. Failure to obtain such approval, if required, could result in sanctions[371](index=371&type=chunk)[374](index=374&type=chunk) - Evolving PRC laws on data security, such as the Cybersecurity Review Measures and the Data Security Law, could subject the company to review, fines, or other penalties[378](index=378&type=chunk)[381](index=381&type=chunk)[385](index=385&type=chunk) - The Holding Foreign Companies Accountable Act (HFCA Act) poses a risk of delisting from Nasdaq if the PCAOB is unable to inspect the company's auditors for two consecutive years[409](index=409&type=chunk)[411](index=411&type=chunk)[413](index=413&type=chunk) [Risks Related to Our Ordinary Shares](index=76&type=section&id=Risks%20Related%20to%20Our%20Ordinary%20Shares) Risks to ordinary shares include potential price declines from future sales, lack of active trading, no expected dividends, and vulnerability to short seller campaigns - Future sales of ordinary shares by the company or its shareholders could cause the trading price to decline[419](index=419&type=chunk) - The company does not expect to pay dividends in the foreseeable future, so investors must rely on price appreciation for any return on investment[422](index=422&type=chunk) - The company may be targeted by short sellers, which could drive down the market price of its shares and require significant resources to defend against[425](index=425&type=chunk)[427](index=427&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=77&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities occurred during the six months ended June 30, 2022, that were not previously disclosed - No unregistered sales of equity securities occurred during the period[428](index=428&type=chunk) [Defaults Upon Senior Securities](index=77&type=section&id=ITEM%203.%20Defaults%20Upon%20Senior%20Securities.) No senior securities were issued or outstanding during the six-month period ended June 30, 2022 - The company had no defaults upon senior securities as none were outstanding[428](index=428&type=chunk) [Mine Safety Disclosures](index=77&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures.) This item is not applicable to the company - Not applicable[428](index=428&type=chunk) [Other Information](index=77&type=section&id=ITEM%205.%20Other%20Information.) There is no other information to report for this item - None[428](index=428&type=chunk) [Exhibits](index=78&type=section&id=ITEM%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including articles of association, equity incentive plans, and Sarbanes-Oxley Act certifications - The report includes exhibits such as the Amended and Restated Memorandum and Articles of Association, the 2020 and 2021 Equity Incentive Plans, and CEO/CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[430](index=430&type=chunk)