Core Insights - Greenland Technologies Holding Corporation plans to deliver its HEVI GEL-5000 all-electric front loader to Maryland's Port of Baltimore in April 2024, as part of a contract won in 2023 to support the port's electrification efforts [1][3] Company Overview - Greenland Technologies is a developer and manufacturer of electric industrial vehicles and drivetrain systems for material handling machinery [4] Product Details - The HEVI GEL-5000 is a 5.0-ton rated load all-electric lithium wheeled front loader, featuring approximately 40,000 pounds of operating weight and 9 hours of operation time per charge [3] - The front loader is designed to improve working conditions, reduce ownership costs, and offers zero operating emissions, making it suitable for various applications including construction, mining, and waste management [3] Market Context - The Port of Baltimore is a significant economic hub, generating about 15,300 direct jobs and nearly 140,000 jobs overall, with an annual economic impact of approximately $3.3 billion in personal wages and salaries [2] - The port is strategically located, being the deepest harbor in Maryland's Chesapeake Bay and within an overnight drive of one-third of the U.S. population [2]

Core Viewpoint - Greenland Technologies Holding Corporation has announced a spin-off of its drivetrain systems business, aiming to separate its electric industrial vehicles and drivetrain systems segments into two independent, publicly-traded companies [1][2][3] Group 1: Spin-off Details - The Board of Directors has approved a plan for a tax-free spin-off of the drivetrain systems segment to existing shareholders [1][3] - Post-spin-off, Greenland will focus solely on its industrial electric vehicle business under the HEVI brand, while the drivetrain systems will operate as a separate publicly traded company [3] - Current shareholders will retain their shares in Greenland and receive an allocation of shares in the new spin-off company [3] Group 2: Strategic Rationale - The decision for the spin-off follows a review of the business portfolio aimed at enhancing shareholder value, concluding that a stand-alone company for the drivetrain systems is the most attractive strategic option [2] - CEO Raymond Wang indicated that the integrated business structure has not been reflected in the share price due to global exposure concerns, and the new structure will allow teams to focus on maximizing ROI in the growing industrial electric vehicle market [4] Group 3: Company Overview - Greenland Technologies is a developer and manufacturer of drivetrain systems for material handling machinery and electric vehicles, as well as electric industrial vehicles [5]

Group 1 - Greenland Technologies Holding Corporation (GTEC) is a developer and manufacturer of electric industrial vehicles and drivetrain systems for material handling machinery [2] - The company will present to investors at the Microcap Conference on January 31 and February 1, 2024, at Caesars Atlantic City Hotel & Casino [1] - The Microcap Conference is the largest independent event for microcaps, celebrating 20 years of hosting investment conferences [1] Group 2 - Information about the company's clean industrial heavy equipment division can be found at HEVI Corp [2]

EAST WINDSOR, NJ., Jan. 23, 2024 /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 that Amerit Fleet Solutions ("Amerit") has joined Greenland's HEVI Authorized Service Provider (ASP) network program to support increased demand for the Company's growing HEVI electric industrial vehicle product li ...

Greenland Technologies Holding Corporation (NASDAQ:GTEC) Q3 2023 Earnings Call Transcript November 20, 2023 8:00 AM ET Company Participants Josh Centanni - Director of Investor Relations Raymond Wang - Chief Executive Officer Jing Jin - Chief Financial Officer Conference Call Participants Theodore O'Neill - Litchfield Hills Research Graham Mattison - Water Tower Research Rommel Dionisio - Aegis Capital Operator Good day, and thank you for standing by. Welcome to the Greenland Technologies Reports Third Quar ...

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 September 30, 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) Q2 2023 Earnings Conference Call August 21, 2023 4:30 PM ET Company Participants Josh Centanni - Director of Investor Relations Raymond Wang - Chief Executive Officer Jing Jin - Chief Financial Officer Conference Call Participants Theodore O'Neill - Hill Research Rommel Dionisio - Aegis Capital Graham Mattison - Water Tower Research Operator Good day, ladies and gentlemen. Thank you for standing by, and we warmly welcome you all to the Greenland Techn ...

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 June 30, 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) Q1 2023 Results Conference Call May 19, 2023 8:00 AM ET Company Participants Raymond Wang - Chief Executive Officer Conference Call Participants Theodore O'Neill - Litchfield Hills Research Rommel Dionisio - Aegis Capital Graham Mattison - Water Tower Research Operator Good day, ladies and gentlemen. Thank you for standing by, and we warmly welcome you all to the Greenland Technologies First Quarter 2023 Earnings Conference Call. [Operator Instruction ...

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [ITEM 1. Financial Statements (unaudited)](index=5&type=section&id=ITEM%201.%20Financial%20Statements%20(unaudited)) This section presents the unaudited consolidated financial statements for Q1 2023, including Balance Sheets, Income, Equity, and Cash Flow Statements, with detailed notes [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2023, total assets increased to **$157.4 million** from **$155.1 million** at year-end 2022, with liabilities decreasing and equity growing | Balance Sheet Highlights | March 31, 2023 (Unaudited) | December 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $135,163,335 | $132,364,160 | | **Total Assets** | **$157,425,580** | **$155,115,341** | | **Total Current Liabilities** | $65,902,134 | $66,208,689 | | **Total Liabilities** | **$69,731,911** | **$70,197,578** | | **Total Equity** | **$87,693,669** | **$84,917,763** | [Consolidated Statements of Operations and Comprehensive Income (Loss)](index=8&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) For Q1 2023, revenues decreased 24.4% to **$22.1 million**, with net income attributable to the company at **$1.45 million**, resulting in diluted EPS of **$0.11** | Income Statement Highlights | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Revenues** | $22,149,360 | $29,306,957 | | **Gross Profit** | $5,523,430 | $6,367,974 | | **Income from Operations** | $2,374,150 | $3,365,987 | | **Net Income** | $2,458,574 | $2,914,798 | | **Net Income Attributable to Greenland** | $1,446,975 | $1,787,052 | | **Basic and Diluted EPS** | $0.11 | $0.16 | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2023, net cash from operations significantly improved to **$3.76 million**, with a net cash outflow from financing, increasing total cash and restricted cash to **$20.26 million** | Cash Flow Summary | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | $3,756,318 | $1,261,046 | | **Net Cash Provided by (Used in) Investing Activities** | $195,216 | $1,012 | | **Net Cash Provided by (Used in) Financing Activities** | ($3,464,491) | ($5,956,538) | | **Net Increase (Decrease) in Cash** | $487,043 | ($4,694,480) | | **Cash and Restricted Cash at End of Period** | $20,260,617 | $13,184,452 | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's structure, accounting policies, and financial items, including its core transmission business, EV expansion, customer concentration, and related party receivables - The company's main business is developing and manufacturing traditional transmission products for material handling machinery in the PRC, while also expanding into the production and sale of electric industrial vehicles in the U.S. market through its subsidiary HEVI Corp[31](index=31&type=chunk)[32](index=32&type=chunk)[35](index=35&type=chunk) | Revenue by Product (Q1 2023 vs Q1 2022) | For the three months ended March 31, 2023 | For the three months ended March 31, 2022 | | :--- | :--- | :--- | | Transmission boxes for Forklift | $20,868,739 | $25,405,541 | | Transmission boxes for Non-Forklift (EV, etc.) | $1,280,621 | $3,901,416 | | **Total** | **$22,149,360** | **$29,306,957** | - The company has significant customer concentration risk, with two customers accounting for **19.55%** and **11.49%** of total revenues for Q1 2023[110](index=110&type=chunk) - A significant related party balance of **$36.61 million** is due from Cenntro Holding Limited, the controlling shareholder, as of March 31, 2023[184](index=184&type=chunk) [ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=41&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's analysis attributes Q1 2023 revenue decline to market conditions, notes improved gross margin from product mix, and discusses liquidity [Results of Operations](index=43&type=section&id=Results%20of%20Operations) In Q1 2023, revenue fell **24.4%** to **$22.15 million** due to lower sales volume, while gross margin improved to **24.9%** from product mix, despite increased operating expenses and decreased net income | Metric | Q1 2023 | Q1 2022 | Change (%) | | :--- | :--- | :--- | :--- | | **Revenues** | $22,149,360 | $29,306,957 | (24.4)% | | **Gross Profit** | $5,523,430 | $6,367,974 | (13.3)% | | **Gross Margin** | 24.9% | 21.7% | +3.2 p.p. | | **Income from Operations** | $2,374,150 | $3,365,987 | (29.5)% | | **Net Income** | $2,458,574 | $2,914,798 | (15.7)% | - The decrease in revenue was primarily a result of a decrease in sales volume, driven by poor market conditions[199](index=199&type=chunk)[209](index=209&type=chunk) - The increase in gross margin was primarily due to a shift in the product mix towards higher value and more sophisticated products, such as hydraulic transmission products[211](index=211&type=chunk) - General and administrative expenses increased by **28.3%** year-over-year, driven by increased allowance for doubtful accounts, higher staff salaries, and increased lease costs[215](index=215&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company primarily funds operations via cash from operations, bank loans, and shareholder support, with cash and equivalents at **$15.40 million** and working capital increasing to **$69.26 million** as of March 31, 2023 - The company funds working capital and other capital requirements primarily by equity contributions, cash flow from operations, and short-term bank loans[225](index=225&type=chunk)[227](index=227&type=chunk) | Liquidity Metric | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $15,401,387 | $16,295,695 | | Restricted Cash | $4,859,230 | $3,433,361 | | Working Capital | $69,261,201 | $66,155,471 | - A significant balance of **$36.61 million** is due from the controlling shareholder, Cenntro Holding Limited, as of March 31, 2023[236](index=236&type=chunk) - Net cash from operating activities was **$3.76 million** for Q1 2023, compared to **$1.26 million** for Q1 2022[241](index=241&type=chunk) [ITEM 3. Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Greenland Technologies is not required to provide quantitative and qualitative market risk disclosures - The Company is a smaller reporting company and is therefore not required to provide the information required by this Item[262](index=262&type=chunk) [ITEM 4. Controls and Procedures](index=52&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective as of March 31, 2023, due to a material weakness in accounting personnel, with a remedial plan underway - Based on an evaluation as of March 31, 2023, the CEO and CFO concluded that the company's disclosure controls and procedures were ineffective[265](index=265&type=chunk) - A material weakness was identified due to a lack of sufficient and competent financial reporting and accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting requirements[265](index=265&type=chunk) - A remedial plan is being implemented, which includes recruiting more qualified personnel, providing training, formalizing policies, and establishing effective oversight[266](index=266&type=chunk) [PART II. OTHER INFORMATION](index=54&type=section&id=PART%20II.%20OTHER%20INFORMATION) [ITEM 1. Legal Proceedings](index=54&type=section&id=ITEM%201.%20Legal%20Proceedings) Management is not aware of any pending or threatened legal proceedings involving the company or its properties - As of the date of the report, management is not aware of any pending or threatened legal proceedings against the company[270](index=270&type=chunk) [ITEM 1A. Risk Factors](index=54&type=section&id=ITEM%201A.%20Risk%20Factors) This section outlines significant business risks including cash intensity, customer concentration, and new ventures, alongside China-specific regulatory and delisting risks, and share-related price volatility [Risks Related to Our Business and Industry](index=57&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Industry) The company's business faces risks including cash intensity, high customer concentration, intense competition, challenges in new EV product lines, and steel price volatility - The business is cash-intensive, and failure to maintain sufficient liquidity could adversely affect operations; as of March 31, 2023, cash and cash equivalents were **$15.40 million**[279](index=279&type=chunk)[280](index=280&type=chunk) - Revenues are highly dependent on a limited number of customers, with the five largest accounting for **51.79%** of revenues for Q1 2023[286](index=286&type=chunk)[287](index=287&type=chunk) - The company is introducing new lines of business, such as electric industrial heavy equipment, which presents risks due to limited experience and potential insufficient revenue to cover investments[291](index=291&type=chunk)[294](index=294&type=chunk) - A substantial balance of **$36.61 million** is due from Cenntro Holding Limited, the controlling shareholder, posing a credit risk[310](index=310&type=chunk) [Risks Related to Doing Business in China](index=63&type=section&id=Risks%20Related%20to%20Doing%20Business%20in%20China) Operating in China exposes the company to risks from changing policies, an uncertain legal system, evolving data security laws, new overseas listing rules requiring CSRC filings, 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 and adversely affect operations[325](index=325&type=chunk)[332](index=332&type=chunk) - Under the new Trial Measures effective March 31, 2023, the company is required to make filings with the China Securities Regulatory Commission (CSRC) for future offerings[336](index=336&type=chunk)[340](index=340&type=chunk) - The Holding Foreign Companies Accountable Act (HFCA) could lead to delisting if the PCAOB is unable to inspect the company's auditor for two consecutive years; its current auditor, WWC P.C., is U.S.-based and was last inspected in November 2021[382](index=382&type=chunk)[385](index=385&type=chunk)[387](index=387&type=chunk) - PRC regulations on data security, such as the Cybersecurity Review Measures, are evolving and could subject the company to review, fines, or other penalties if it is deemed a critical information infrastructure operator or holds data on over one million users[343](index=343&type=chunk)[346](index=346&type=chunk)[348](index=348&type=chunk) [Risks Related to Our Ordinary Shares](index=76&type=section&id=Risks%20Related%20to%20Our%20Ordinary%20Shares) Investment in the company's ordinary shares carries risks including price decline from future sales, reliance on price appreciation due to no expected dividends, and potential negative impact from short sellers - Future sales of ordinary shares by the company or its shareholders could cause the trading price to decline significantly[390](index=390&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[393](index=393&type=chunk) - The company may be targeted by short sellers, which could drive down the market price of its ordinary shares and require significant resources to defend against[396](index=396&type=chunk)[398](index=398&type=chunk) [ITEM 2. 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) The company confirms no unregistered sales of equity securities during Q1 2023 that were not previously disclosed - There were no unregistered sales of the Company's equity securities during the three months ended March 31, 2023 that were not previously disclosed[399](index=399&type=chunk) [ITEM 3. Defaults Upon Senior Securities](index=77&type=section&id=ITEM%203.%20Defaults%20Upon%20Senior%20Securities) The company had no senior securities issued and outstanding during Q1 2023, resulting in no defaults on such securities - No senior securities were issued and outstanding during the three-month period ended March 31, 2023[400](index=400&type=chunk) [ITEM 4. Mine Safety Disclosures](index=77&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - This item is not applicable[400](index=400&type=chunk) [ITEM 5. Other Information](index=77&type=section&id=ITEM%205.%20Other%20Information) The company reported no information for this item during the period - None[400](index=400&type=chunk) [ITEM 6. Exhibits](index=78&type=section&id=ITEM%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate documents, incentive plans, loan agreements, and CEO/CFO certifications - The exhibits filed with this report include: - Amended and Restated Memorandum and Articles of Association - 2020 and 2021 Equity Incentive Plans - A Working Capital Loan Agreement dated February 21, 2023 - Certifications pursuant to Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002[403](index=403&type=chunk)