UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Delaware 35-2177773 (I.R.S. Employer Identification No.) 501 Merritt 7, Norwalk, CT. 06851 (Address of principal executive offices) (Zip Code) (800) 997-3337 (Registrant's telep ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ 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: 001-35570 SONNET BIOTHERAPEUTICS HOLDINGS, INC. (Exact Name of Registrant as Specified in Its Charter) | Delaware | 20-2 ...

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For quarterly period ended June 30, 2025 ◻ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from _______________ to ________________ Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q | | | Name of each exchange on which | | --- | --- | --- | | Title of each class | Trading Symbols | registered | | Common Stock | FUNC | Nasdaq Sto ...

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 ☐ 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: 001-41424 Thunder Power Holdings, Inc. (Exact name of registrant as specified in its charter) | Delaware | 87-4620515 | | --- | --- | | (State or Other Jurisdiction of | (I.R.S. Employer | | ...

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, 2025 OR ☐ 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: 001-41424 Thunder Power Holdings, Inc. (Exact name of registrant as specified in its charter) | Delaware | 87-4620515 | | --- | --- | | (State ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 2025 ☐ 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: 001-42474 Ribbon Acquisition Corporation (Exact Name of Registrant as Specified in Its Charter) Cayman Islands N/A (State or other jurisdiction ...

PART I. FINANCIAL INFORMATION This section presents the unaudited consolidated financial statements and management's analysis of financial condition [ITEM 1. Financial Statements (unaudited)](index=5&type=section&id=ITEM%201.%20Financial%20Statements%20%28unaudited%29) This section presents Greenland Technologies Holding Corporation's unaudited consolidated financial statements and notes for the periods ended June 30, 2025 and 2024 [Consolidated Balance Sheets](index=6&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) The company's total assets increased by 6.92% to $123.57 million as of June 30, 2025, primarily driven by an increase in non-current assets, while total liabilities decreased by 3.15% **Consolidated Balance Sheet Highlights (June 30, 2025 vs. December 31, 2024)** | Metric | June 30, 2025 | Dec 31, 2024 | Change ($) | Change (%) | | :----------------------------------- | :-------------- | :------------- | :----------- | :--------- | | Total Current Assets | $94,613,734 | $92,646,759 | $1,966,975 | 2.12% | | Total Non-current assets | $28,955,904 | $22,929,436 | $6,026,468 | 26.29% | | **TOTAL ASSETS** | **$123,569,638** | **$115,576,195** | **$7,993,443** | **6.92%** | | Total Current Liabilities | $56,228,968 | $57,537,963 | $(1,308,995) | (2.27)% | | Total Non-current liabilities | $4,114,494 | $4,769,344 | $(654,850) | (13.73)% | | **TOTAL LIABILITIES** | **$60,343,462** | **$62,307,307** | **$(1,963,845)** | **(3.15)%** | | Total Shareholders' Equity | $63,226,176 | $53,268,888 | $9,957,288 | 18.70% | | TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $123,569,638 | $115,576,195 | $7,993,443 | 6.92% | **Selected Balance Sheet Items (June 30, 2025 vs. December 31, 2024)** | Metric | June 30, 2025 | Dec 31, 2024 | Change ($) | Change (%) | | :----------------------------------- | :-------------- | :------------- | :----------- | :--------- | | Cash and cash equivalents | $4,575,645 | $6,659,142 | $(2,083,497) | (31.29)% | | Restricted cash | $496,422 | $1,952,653 | $(1,456,231) | (74.58)% | | Accounts receivable, net | $22,135,119 | $15,796,423 | $6,338,696 | 40.13% | | Notes receivable | $20,063,499 | $22,736,700 | $(2,673,201) | (11.76)% | | Inventories, net | $24,391,574 | $23,378,090 | $1,013,484 | 4.33% | | Fixed deposit | $11,070,485 | $4,130,514 | $6,939,971 | 168.02% | | Notes payable-bank acceptance notes | $18,044,000 | $19,366,241 | $(1,322,241) | (6.83)% | | Accounts payable | $29,631,773 | $23,102,944 | $6,528,829 | 28.26% | | Warrant liability | $2,047,190 | $2,338,223 | $(291,033) | (12.45)% | [Consolidated Statements of Operations and Comprehensive Loss (Income)](index=8&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20AND%20COMPREHENSIVE%20LOSS%20%28INCOME%29) For the three months ended June 30, 2025, the company reported a net loss of $2.76 million, a significant decline from a net income of $5.87 million in the prior year, primarily due to increased operating expenses, particularly general and administrative expenses driven by stock-based compensation **Consolidated Statements of Operations Highlights (Three Months Ended June 30)** | Metric | 2025 | 2024 | Change ($) | Change (%) | | :----------------------------------- | :-------------- | :------------- | :----------- | :--------- | | Revenues | $21,719,786 | $23,017,260 | $(1,297,474) | (5.6)% | | Cost of Goods Sold | $15,969,005 | $16,243,205 | $(274,200) | (1.7)% | | Gross Profit | $5,750,781 | $6,774,055 | $(1,023,274) | (15.1)% | | Selling expenses | $1,003,766 | $465,146 | $538,620 | 115.8% | | General and administrative expenses | $6,626,542 | $1,199,492 | $5,427,050 | 452.4% | | Research and development expenses | $443,720 | $1,123,063 | $(679,343) | (60.5)% | | Total Operating Expenses | $8,074,028 | $2,787,701 | $5,286,327 | 189.6% | | Loss (income) from operations | $(2,323,247) | $3,986,354 | $(6,309,601) | (158.3)% | | Net loss (income) | $(2,759,772) | $5,873,184 | $(8,632,956) | (147.0)% | | Basic and diluted EPS | $(0.20) | $0.34 | $(0.54) | (158.8)% | | Gross Margin | 26.5% | 29.4% | -2.9% | - | **Consolidated Statements of Operations Highlights (Six Months Ended June 30)** | Metric | 2025 | 2024 | Change ($) | Change (%) | | :----------------------------------- | :-------------- | :------------- | :----------- | :--------- | | Revenues | $43,397,350 | $45,740,851 | $(2,343,501) | (5.1)% | | Cost of Goods Sold | $30,985,619 | $33,319,727 | $(2,334,108) | (7.0)% | | Gross Profit | $12,411,731 | $12,421,124 | $(9,393) | (0.1)% | | Selling expenses | $1,335,575 | $1,014,642 | $320,933 | 31.6% | | General and administrative expenses | $8,065,530 | $3,382,921 | $4,682,609 | 138.4% | | Research and development expenses | $525,177 | $2,110,787 | $(1,585,610) | (75.1)% | | Total Operating Expenses | $9,926,282 | $6,508,350 | $3,417,932 | 52.5% | | Income from operations | $2,485,449 | $5,912,774 | $(3,427,325) | (58.0)% | | Net Income | $1,803,064 | $9,442,432 | $(7,639,368) | (80.9)% | | Basic and diluted EPS | $0.05 | $0.53 | $(0.48) | (90.6)% | | Gross Margin | 28.6% | 27.2% | 1.4% | - | [Consolidated Statements of Change in Shareholders' Equity](index=9&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CHANGE%20IN%20SHAREHOLDERS%27%20EQUITY) Shareholders' equity increased from $53.27 million as of December 31, 2024, to $63.23 million as of June 30, 2025, primarily driven by an increase in additional paid-in capital due to the issuance of incentive common stocks - Total shareholders' equity increased by **$9.96 million (18.70%)** from **$53.27 million** as of December 31, 2024, to **$63.23 million** as of June 30, 2025[18](index=18&type=chunk) - The increase in shareholders' equity was mainly due to the issuance of 3,799,696 ordinary shares as incentive common stock awards, contributing **$6,953,444** to additional paid-in capital[22](index=22&type=chunk) - The company reported a net loss of **$3,225,268** attributable to Greenland Technologies Holding Corporation and subsidiaries for the three months ended June 30, 2025, impacting retained earnings[22](index=22&type=chunk) [Consolidated Statements of Cash Flows](index=10&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For the six months ended June 30, 2025, the company experienced a net cash outflow from operating activities of $0.46 million, a significant shift from a $2.92 million inflow in the prior year **Consolidated Statements of Cash Flows Highlights (Six Months Ended June 30)** | Metric | 2025 | 2024 | Change ($) | Change (%) | | :----------------------------------- | :-------------- | :------------- | :----------- | :--------- | | Net cash (used in) provided by operating activities | $(459,997) | $2,924,158 | $(3,384,155) | (115.73)% | | Net cash used in investing activities | $(566,627) | $(1,975,178) | $1,408,551 | (71.31)% | | Net cash used in financing activities | $(2,856,589) | $(7,486,177) | $4,629,588 | (61.84)% | | Net decrease in cash and cash equivalents and restricted cash | $(3,883,213) | $(6,537,197) | $2,653,984 | (40.60)% | | Cash and cash equivalents and restricted cash at end of period | $5,072,067 | $21,026,027 | $(15,953,960) | (75.88)% | - Operating cash flow shifted from a positive **$2.92 million** in 2024 to a negative **$0.46 million** in 2025, primarily due to changes in operating assets and liabilities, including an increase in accounts payable and a decrease in due to related parties[24](index=24&type=chunk)[248](index=248&type=chunk) - Investing activities used **$0.57 million**, mainly for purchases of long-term assets and loans to third parties, a decrease from **$1.98 million** used in 2024[27](index=27&type=chunk)[250](index=250&type=chunk) - Financing activities used **$2.86 million**, primarily for repayment of related party loans and notes payable, a significant reduction from **$7.49 million** used in 2024[27](index=27&type=chunk)[252](index=252&type=chunk) [Notes to Consolidated Financial Statements](index=12&type=section&id=NOTES%20TO%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) These notes provide detailed information on the company's business, accounting policies, and specific financial accounts, including recent accounting pronouncements [NOTE 1 – Organization and Principal Activities](index=12&type=section&id=NOTE%201%20%E2%80%93%20Organization%20and%20Principal%20Activities) Greenland Technologies Holding Corporation designs, develops, manufactures, and sells components for material handling industries, primarily transmission products for forklift trucks in China - Greenland designs, develops, manufactures, and sells components and products for global material handling industries, with a focus on transmission products for forklift trucks in the PRC[30](index=30&type=chunk)[31](index=31&type=chunk) - The company sold **81,642 sets** of transmission products in the first six months of 2025, up from **80,496 sets** in the same period of 2024, to over 100 forklift manufacturers in the PRC[32](index=32&type=chunk) - HEVI Corp., a wholly-owned subsidiary formed in January 2020, focuses on electric industrial vehicles (e.g., electric forklifts, wheeled loaders, excavators) for the U.S. market, including a new assembly site in Baltimore, Maryland, launched in August 2022[33](index=33&type=chunk) - In July 2024, HEVI partnered with Lonking Holdings Limited to develop and distribute heavy electric machinery for the U.S. market, and launched new H55L and H65L all-electric wheeled front-end loaders in August 2024[33](index=33&type=chunk) - As of June 30, 2025, Trendway Capital Limited, controlled by Mr. Peter Zuguang Wang (Chairman), owned **35.71%** of Greenland's outstanding ordinary shares[36](index=36&type=chunk) - Zhongchai Holding's equity interest in Zhejiang Zhongchai was redistributed, with Zhongchai Holding owning **89.47%** and Jiuxin owning **10.53%** as of June 30, 2025, following Jiuhe's withdrawal of investment[39](index=39&type=chunk) [NOTE 2 – Summary of Significant Accounting Policies](index=15&type=section&id=NOTE%202%20%E2%80%93%20Summary%20of%20Significant%20Accounting%20Policies) The company prepares its financial statements under U.S. GAAP, consolidating subsidiaries, with key policies covering estimates, foreign currency translation, and revenue recognition upon product control transfer - The company's financial statements are prepared in accordance with U.S. GAAP and include the consolidation of the Company and its subsidiaries[47](index=47&type=chunk)[48](index=48&type=chunk) - The functional currency is Renminbi (RMB), with financial statements translated into USD, and translation adjustments reported under other comprehensive income (loss)[52](index=52&type=chunk) - Revenue is recognized at a point in time when the customer obtains control over the product, typically upon formal acknowledgment of receipt, net of VAT[84](index=84&type=chunk) **Disaggregation of Revenue by Major Products (Six Months Ended June 30)** | Major Products | 2025 | 2024 | | :----------------------------------- | :-------------- | :------------- | | Transmission boxes for Forklift | $41,952,327 | $42,810,331 | | Transmission boxes for Non-Forklift (Electric Vehicles, etc.) | $1,445,023 | $2,930,520 | | **Total** | **$43,397,350** | **$45,740,851** | - Research and development expenses decreased significantly by **75.1%** to **$0.53 million** for the six months ended June 30, 2025, compared to **$2.11 million** in the prior year[92](index=92&type=chunk) - The company adopted ASU 2023-07, Segment Reporting, on January 1, 2024, which did not have a material impact on financial disclosures[117](index=117&type=chunk) [NOTE 3 – Short Term Investment](index=29&type=section&id=NOTE%203%20%E2%80%93%20Short%20Term%20Investment) The company's short-term investments, primarily bank management products, remained stable at approximately $18.52 million as of June 30, 2025 **Short Term Investment (As of)** | Date | Amount | | :--- | :------------- | | June 30, 2025 | $18,522,562 | | December 31, 2024 | $18,535,354 | [NOTE 4 – Concentration on Revenues and Cost of Goods Sold](index=30&type=section&id=NOTE%204%20%E2%80%93%20Concentration%20on%20Revenues%20and%20Cost%20of%20Goods%20Sold) The company continues to have significant customer concentration, with its top two customers accounting for 25.04% of total revenues for the six months ended June 30, 2025 **Major Customers Representing More Than 10% of Revenues (Six Months Ended June 30)** | Customer | 2025 Revenue | % of Total Revenue | 2024 Revenue | % of Total Revenue | | :------- | :----------- | :----------------- | :----------- | :----------------- | | Company A | $7,087,393 | 16.33% | $6,750,913 | 14.76% | | Company B | $3,778,792 | 8.71% | $5,424,577 | 11.86% | | **Total** | **$10,866,185** | **25.04%** | **$12,175,490** | **26.62%** | - Accounts receivable from major customers constituted **38.02%** of total accounts receivable as of June 30, 2025, and **36.65%** as of December 31, 2024[128](index=128&type=chunk)[132](index=132&type=chunk) - No single supplier accounted for more than **10%** of the company's total purchases for the six months ended June 30, 2025 and 2024[129](index=129&type=chunk) [NOTE 5 – Accounts Receivable](index=30&type=section&id=NOTE%205%20%E2%80%93%20Accounts%20Receivable) Accounts receivable, net, increased by 40.13% to $22.14 million as of June 30, 2025, with no allowance for expected credit losses recorded for the period **Accounts Receivable, Net (As of)** | Date | Amount | | :--- | :------------- | | June 30, 2025 | $22,135,119 | | December 31, 2024 | $15,796,423 | [NOTE 6 – Inventories, Net](index=31&type=section&id=NOTE%206%20%E2%80%93%20Inventories%2C%20Net) Net inventories increased by 4.33% to $24.39 million as of June 30, 2025, primarily due to increases in work-in-progress and finished goods **Inventories, Net (As of)** | Category | June 30, 2025 | December 31, 2024 | | :-------------------------- | :-------------- | :---------------- | | Raw materials | $9,425,581 | $9,686,506 | | Revolving material | $1,132,609 | $1,096,125 | | Consigned processing material | $30,873 | $27,998 | | Work-in-progress | $2,206,277 | $1,739,535 | | Finished goods | $12,142,609 | $11,369,347 | | Less: inventory impairment | $(546,375) | $(541,421) | | **Inventories, net** | **$24,391,574** | **$23,378,090** | [NOTE 7 – Notes Receivable](index=31&type=section&id=NOTE%207%20%E2%80%93%20Notes%20Receivable) Notes receivable decreased by 11.76% to $20.06 million as of June 30, 2025, with a portion pledged as security for bank acceptance notes **Notes Receivable (As of)** | Category | June 30, 2025 | December 31, 2024 | | :-------------------------- | :-------------- | :---------------- | | Bank notes receivable | $19,309,009 | $21,377,522 | | Commercial notes receivable | $754,490 | $1,359,178 | | **Total** | **$20,063,499** | **$22,736,700** | - As of June 30, 2025, **$9.44 million** of notes receivable were pledged to Bank of Hangzhou as security for **$3.59 million** in bank acceptance notes[135](index=135&type=chunk) [NOTE 8 – Property, Plant and Equipment and Construction in Progress](index=32&type=section&id=NOTE%208%20%E2%80%93%20Property%2C%20Plant%20and%20Equipment%20and%20Construction%20in%20Progress) Net property, plant, and equipment decreased slightly to $12.58 million as of June 30, 2025, with depreciation expense for the six months ended June 30, 2025, at $0.93 million **Property, Plant and Equipment, Net (As of)** | Category | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :-------------- | :---------------- | | Total property plant and equipment, at cost | $34,697,131 | $33,922,611 | | Less: accumulated depreciation | $(22,116,422) | $(20,787,963) | | Property, plant and equipment, net | $12,580,709 | $13,134,648 | | Construction in process | - | $5,886 | | **Total** | **$12,580,709** | **$13,140,534** | - Depreciation expense for the six months ended June 30, 2025, was **$0.93 million**, with **$0.55 million** included in cost of revenue and inventories[138](index=138&type=chunk) [NOTE 9 – Land Use Rights](index=32&type=section&id=NOTE%209%20%E2%80%93%20Land%20Use%20Rights) Net land use rights increased slightly to $3.29 million as of June 30, 2025, with an amortization expense of $0.09 million for the six-month period **Land Use Rights, Net (As of)** | Category | June 30, 2025 | December 31, 2024 | | :-------------------------- | :-------------- | :---------------- | | Land use rights, cost | $4,294,852 | $4,215,007 | | Less: Accumulated amortization | $(1,005,858) | $(945,008) | | **Land use rights, net** | **$3,288,994** | **$3,269,999** | - Amortization expense for land use rights was **$0.09 million** for both the six months ended June 30, 2025 and 2024[140](index=140&type=chunk) [NOTE 10 – Fixed Deposit](index=33&type=section&id=NOTE%2010%20%E2%80%93%20Fixed%20Deposit) Fixed deposits significantly increased by 168.02% to $11.07 million as of June 30, 2025, held in PRC local banks with terms of three years and interest rates ranging from 2.65% to 2.85% **Fixed Deposit (As of)** | Date | Amount | | :--- | :------------- | | June 30, 2025 | $11,070,485 | | December 31, 2024 | $4,130,514 | [NOTE 11 – Notes Payable](index=33&type=section&id=NOTE%2011%20%E2%80%93%20Notes%20Payable) Notes payable, primarily bank acceptance notes, decreased by 6.83% to $18.04 million as of June 30, 2025, and are interest-free, secured by restricted cash and notes receivable **Notes Payable (As of)** | Date | Amount | | :--- | :------------- | | June 30, 2025 | $18,044,000 | | December 31, 2024 | $19,366,241 | [NOTE 12 – Accounts Payable](index=33&type=section&id=NOTE%2012%20%E2%80%93%20Accounts%20Payable) Accounts payable increased by 28.26% to $29.63 million as of June 30, 2025, mainly driven by an increase in procurement of materials **Accounts Payable (As of)** | Category | June 30, 2025 | December 31, 2024 | | :-------------------------- | :-------------- | :---------------- | | Procurement of Materials | $28,976,100 | $22,804,612 | | Infrastructure & Equipment | $251,882 | $209,899 | | Freight fee | $403,791 | $88,433 | | **Total** | **$29,631,773** | **$23,102,944** | [NOTE 13 – Other Current Liabilities](index=34&type=section&id=NOTE%2013%20%E2%80%93%20Other%20Current%20Liabilities) Other current liabilities decreased by 45.52% to $2.17 million as of June 30, 2025, primarily due to a significant decrease in employee payables and accrued expenses **Other Current Liabilities (As of)** | Category | June 30, 2025 | December 31, 2024 | | :-------------------------- | :-------------- | :---------------- | | Employee payables | $124,901 | $1,049,994 | | Other tax payables | $269,327 | $272,632 | | Other payable* | $987,155 | $834,753 | | Accrued expenses | $789,754 | $1,827,629 | | **Total** | **$2,171,137** | **$3,985,008** | [NOTE 14 – Deferred Revenue](index=34&type=section&id=NOTE%2014%20%E2%80%93%20Deferred%20Revenue) Deferred revenue, consisting mainly of government subsidies, decreased slightly to $1.17 million as of June 30, 2025, due to the timing of incurring qualifying expenses **Deferred Revenue (As of)** | Category | June 30, 2025 | December 31, 2024 | | :------- | :-------------- | :---------------- | | Subsidy | $1,172,549 | $1,263,180 | | **Total** | **$1,172,549** | **$1,263,180** | [NOTE 15 – Leases](index=35&type=section&id=NOTE%2015%20%E2%80%93%20Leases) The company leases its assembly site under operating leases, with total operating lease liabilities decreasing to $1.43 million as of June 30, 2025 **Lease Information (As of)** | Metric | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :-------------- | :---------------- | | Right-of-use assets | $1,413,307 | $1,624,290 | | Total operating lease liabilities | $1,432,987 | $1,684,614 | | Weighted average remaining lease term (in years) | 2.42 | 2.92 | | Weighted average discount rate | 4.46% | 4.36% | [NOTE 16 – Warrant Liability](index=36&type=section&id=NOTE%2016%20%E2%80%93%20Warrant%20Liability) The warrant liability decreased by 12.45% to $2.05 million as of June 30, 2025, due to a non-cash gain from the change in fair value **Warrant Liability and Fair Value (As of)** | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------- | :-------------- | :---------------- | | Number of ordinary share warrants | 4,530,000 | 4,530,000 | | Fair value of the warrants | $2,047,190 | $2,338,223 | - The warrants, with an exercise price of **$4.49** per share, were anti-dilutive for the six months ended June 30, 2025 and 2024, as their exercise price was higher than the average ordinary share price[168](index=168&type=chunk) [NOTE 17 – Shareholder's Equity](index=37&type=section&id=NOTE%2017%20%E2%80%93%20Shareholder%27s%20Equity) As of June 30, 2025, the company had 17,394,226 ordinary shares outstanding, an increase from 13,594,530 shares at December 31, 2024, primarily due to the grant of 3,799,696 ordinary shares to key employees under equity incentive plans - As of June 30, 2025, there were **17,394,226** ordinary shares issued and outstanding, compared to **13,594,530** as of December 31, 2024[160](index=160&type=chunk) - On May 1, 2025, the company granted a total of **3,799,696** ordinary shares to key employees under its 2020 and 2021 Equity Incentive Plans[161](index=161&type=chunk) - As of June 30, 2025, there were no warrants outstanding, indicating the expiration or exercise of previous warrants[164](index=164&type=chunk) [NOTE 18 – Earnings Per Share](index=38&type=section&id=NOTE%2018%20%E2%80%93%20Earnings%20Per%20Share) Basic and diluted net loss per share was $(0.20) for the three months ended June 30, 2025, a decrease from $0.34 income per share in the prior year **Basic and Diluted Earnings Per Share (EPS)** | Period | 2025 EPS | 2024 EPS | | :----------------------------------- | :------- | :------- | | Three months ended June 30 | $(0.20) | $0.34 | | Six months ended June 30 | $0.05 | $0.53 | [NOTE 19 – Geographical Sales and Segments](index=38&type=section&id=NOTE%2019%20%E2%80%93%20Geographical%20Sales%20and%20Segments) The company operates as a single reportable operating segment, with domestic sales decreasing slightly and international sales seeing a significant decline for both the three and six months ended June 30, 2025 - The company's chief operating decision maker considers all operations to be aggregated into one reportable operating segment[169](index=169&type=chunk) **Geographical Sales (Six Months Ended June 30)** | Sales Type | 2025 | 2024 | | :-------------------------- | :-------------- | :------------- | | Domestic Sales | $42,515,008 | $44,052,573 | | International Sales | $882,342 | $1,688,278 | | **Total** | **$43,397,350** | **$45,740,851** | [NOTE 20 – Income Taxes](index=38&type=section&id=NOTE%2020%20%E2%80%93%20Income%20Taxes) The effective tax rate for the six months ended June 30, 2025, was 48.93%, significantly higher than the PRC statutory rate of 25%, primarily due to non-deductible stock-based expenses - The effective tax rate for the six months ended June 30, 2025, was **48.93%**, higher than the PRC tax rate of **25.0%**, mainly due to non-deductible stock-based expenses[172](index=172&type=chunk) - Zhejiang Zhongchai, a PRC subsidiary, enjoys a reduced statutory income tax rate of **15%** due to its 'high-tech enterprise' status, which is subject to reevaluation in late 2025[210](index=210&type=chunk) - The effective tax rate for the six months ended June 30, 2024, was **4.98%**, lower than the PRC rate due to the China Super R&D deduction[173](index=173&type=chunk) [NOTE 21 – Commitments and Contingencies](index=40&type=section&id=NOTE%2021%20%E2%80%93%20Commitments%20and%20Contingencies) The company has lease commitments for its assembly site, with future minimum lease payments totaling $29,700 for the year ending June 30, 2026 **Aggregate Non-Cancellable Future Minimum Lease Payments (Operating Leases, as of June 30, 2025)** | Year Ending June 30, | Operating Leases | | :------------------- | :--------------- | | 2026 | $29,700 | | **Total lease payments** | **$29,700** | - Management is not aware of any legal proceedings contemplated by any governmental authority or other party involving the company or its properties[279](index=279&type=chunk) [NOTE 22 – Related Party Transactions](index=40&type=section&id=NOTE%2022%20%E2%80%93%20Related%20Party%20Transactions) Balances due to related parties decreased significantly to $3.86 million as of June 30, 2025, primarily due to the withdrawal of investment by Xinchang County Jiuhe Investment Management Partnership (LP) **Summary of Balances with Related Parties (As of)** | Category | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :-------------- | :---------------- | | Due to related parties | $3,860,152 | $9,037,543 | | Due from related parties-current | $1,240,189 | $235,497 | - The decrease in 'Due to related parties' is largely due to the nil balance from Xinchang County Jiuhe Investment Management Partnership (LP) as of June 30, 2025, following its investment termination and refund[180](index=180&type=chunk)[182](index=182&type=chunk) - The increase in 'Due from related parties' includes a **$1.00 million** loan to Cenntro Inc. with a **7.5%** annual interest rate, maturing before April 14, 2026[184](index=184&type=chunk) **Dividend Payment to Related Parties (Six Months Ended June 30)** | Related Party | 2025 | 2024 | | :----------------------------------- | :------- | :--- | | Xinchang County Jiuxin Investment Management Partnership (LP) | $188,222 | - | [NOTE 23 – Subsequent Events](index=42&type=section&id=NOTE%2023%20%E2%80%93%20Subsequent%20Events) Management has evaluated subsequent events through August 13, 2025, and confirmed that all events requiring recognition as of June 30, 2025, have been incorporated, with no other subsequent events requiring disclosure - Management evaluated subsequent events through August 13, 2025, the date financial statements were available for issuance[187](index=187&type=chunk) - All subsequent events requiring recognition as of June 30, 2025, have been incorporated, and no other subsequent events require disclosure[187](index=187&type=chunk) [ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section analyzes Greenland Technologies Holding Corporation's financial condition and results of operations for the periods ended June 30, 2025, highlighting revenue decline and increased operating expenses [Overview](index=43&type=section&id=Overview) Greenland Technologies Holding Corporation manufactures and sells transmission products for forklift trucks in China and electric industrial vehicles through its HEVI Corp. subsidiary in the U.S - Greenland's revenue decreased from approximately **$45.74 million** for the six months ended June 30, 2024, to **$43.40 million** for the six months ended June 30, 2025, a **5.1%** decline[191](index=191&type=chunk) - The revenue decrease was primarily due to a **$1.07 million** reduction in sales volume of electric industrial equipment for the six months ended June 30, 2025[191](index=191&type=chunk) - The company sold **81,642 sets** of transmission products in the first six months of 2025, compared to **80,496 sets** in the same period of 2024[192](index=192&type=chunk) - HEVI Corp. continues to expand its electric industrial vehicle product line in the U.S., including new loaders launched in August 2024 and a partnership with Lonking Holdings Limited[193](index=193&type=chunk) [Results of Operations](index=44&type=section&id=Results%20of%20Operations) For the three months ended June 30, 2025, the company reported a net loss of $2.76 million, a significant decline from a net income of $5.87 million in the prior year, primarily due to increased operating expenses, particularly general and administrative expenses driven by stock-based compensation **Key Financial Results (Three Months Ended June 30)** | Metric | 2025 | 2024 | Change ($) | Change (%) | | :----------------------------------- | :-------------- | :------------- | :----------- | :--------- | | Revenues | $21,719,786 | $23,017,260 | $(1,297,474) | (5.6)% | | Gross Profit | $5,750,781 | $6,774,055 | $(1,023,274) | (15.1)% | | Total Operating Expenses | $8,074,028 | $2,787,701 | $5,286,327 | 189.6% | | Loss (income) from operations | $(2,323,247) | $3,986,354 | $(6,309,601) | (158.3)% | | Net loss (income) | $(2,759,772) | $5,873,184 | $(8,632,956) | (147.0)% | **Key Financial Results (Six Months Ended June 30)** | Metric | 2025 | 2024 | Change ($) | Change (%) | | :----------------------------------- | :-------------- | :------------- | :----------- | :--------- | | Revenues | $43,397,350 | $45,740,851 | $(2,343,501) | (5.1)% | | Gross Profit | $12,411,731 | $12,421,124 | $(9,393) | (0.1)% | | Total Operating Expenses | $9,926,282 | $6,508,350 | $3,417,932 | 52.5% | | Income from operations | $2,485,449 | $5,912,774 | $(3,427,325) | (58.0)% | | Net Income | $1,803,064 | $9,442,432 | $(7,639,368) | (80.9)% | - General and administrative expenses increased significantly by **452.4%** (three months) and **138.4%** (six months) due to a **$6.95 million** stock-based compensation expense recorded on May 1, 2025[203](index=203&type=chunk)[223](index=223&type=chunk) - Research and development expenses decreased by **60.5%** (three months) and **75.1%** (six months) due to a significant reduction in R&D activities[204](index=204&type=chunk)[224](index=224&type=chunk) [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) The company's working capital increased to $38.38 million as of June 30, 2025, with cash and cash equivalents decreasing by 31.29% to $4.58 million, and restricted cash decreasing by 74.58% - Working capital increased by **$3.28 million** to **$38.38 million** as of June 30, 2025, primarily due to an increase in accounts receivable[245](index=245&type=chunk) **Cash and Cash Equivalents & Restricted Cash (As of)** | Metric | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :----------------------------------- | :-------------- | :---------------- | :----------- | :--------- | | Cash and cash equivalents | $4,575,645 | $6,659,142 | $(2,083,497) | (31.29)% | | Restricted cash | $496,422 | $1,952,653 | $(1,456,231) | (74.58)% | - Net cash used in operating activities was **$0.46 million** for the six months ended June 30, 2025, a decrease from **$2.92 million** provided in the prior year[247](index=247&type=chunk)[248](index=248&type=chunk) - Net cash used in investing activities decreased to **$0.57 million** in 2025 from **$1.98 million** in 2024[250](index=250&type=chunk)[251](index=251&type=chunk) - Net cash used in financing activities decreased to **$2.86 million** in 2025 from **$7.49 million** in 2024[252](index=252&type=chunk)[253](index=253&type=chunk) - The company plans to fund operations through cash flow, renewal of bank borrowings, additional equity financing, and financial support from shareholders and affiliates[235](index=235&type=chunk) [Critical Accounting Policies and Estimates](index=54&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) The company's critical accounting policies involve significant estimates and judgments, including revenue recognition, business combinations, inventories, and income taxes, all adhering to U.S. GAAP principles - Revenue recognition follows ASC Topic 606, recognizing revenue when control of goods or services is transferred to customers, typically upon customer acceptance or consumption[260](index=260&type=chunk)[262](index=262&type=chunk) - The Business Combination in October 2019 was accounted for as a reverse merger, with Zhongchai Holding considered the accounting acquirer[265](index=265&type=chunk) - Inventories are stated at the lower of cost or net realizable value, with cost calculated using the weighted average method[267](index=267&type=chunk) - Income taxes are accounted for using the liability method (FASB ASC 740), determining deferred tax assets and liabilities based on differences between financial reporting and tax bases[268](index=268&type=chunk) [Off Balance Sheet Arrangements](index=57&type=section&id=Off%20Balance%20Arrangements) The company reported no off-balance sheet arrangements as of June 30, 2025 - The company has no off-balance sheet arrangements[270](index=270&type=chunk) [ITEM 3. Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Greenland Technologies Holding Corporation is not required to provide quantitative and qualitative disclosures about market risk - The company is not required to provide quantitative and qualitative disclosures about market risk as it is a smaller reporting company[271](index=271&type=chunk) [ITEM 4. Controls and Procedures](index=57&type=section&id=ITEM%204.%20Controls%20and%20Procedures) As of June 30, 2025, the company's disclosure controls and procedures were deemed ineffective due to a material weakness in internal control over financial reporting related to a lack of sufficient and competent financial reporting and accounting personnel with U.S. GAAP and SEC reporting knowledge - As of June 30, 2025, disclosure controls and procedures were ineffective due to a material weakness in internal control over financial reporting[273](index=273&type=chunk) - The material weakness stems from a lack of sufficient and competent financial reporting and accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting requirements[273](index=273&type=chunk) - Remedial actions include developing formal policies, recruiting more qualified personnel, providing training, acquiring additional resources, and establishing effective oversight for financial reporting[277](index=277&type=chunk) - Despite the material weakness, the unaudited financial statements fairly present the company's financial position, results of operations, and cash flows in conformity with U.S. GAAP[275](index=275&type=chunk) PART II. OTHER INFORMATION This section provides other information not included in the financial statements, such as legal proceedings, risk factors, and exhibits [ITEM 1. Legal Proceedings](index=59&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 this Quarterly Report - Management is not aware of any legal proceedings contemplated by governmental authorities or other parties involving the company or its properties[279](index=279&type=chunk) - No director, officer, or affiliate is a party adverse to the company or has an adverse interest in any legal proceedings[279](index=279&type=chunk) [ITEM 1A. Risk Factors](index=59&type=section&id=ITEM%201A.%20Risk%20Factors) This section outlines significant risks associated with an investment in the company's ordinary shares, covering business, industry, operations in China, and the shares themselves, including regulatory and market challenges [Risks Related to Our Business and Industry](index=59&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Industry) The company faces risks such as cash-intensive operations, long payment terms for receivables, intense competition, and high dependence on a limited number of customers - The company's business operations are cash intensive, and failure to maintain sufficient liquidity and working capital could adversely affect the business[285](index=285&type=chunk) - Granting relatively long payment terms for accounts receivable can adversely affect cash flow, and there's a risk of uncollectible receivables[287](index=287&type=chunk) - The company faces intense competition, with many competitors being larger and having greater financial resources, which could impact profitability[289](index=289&type=chunk)[290](index=290&type=chunk) - Revenues are highly dependent on a limited number of customers; the top five customers contributed **39.57%** of revenues for the six months ended June 30, 2025[291](index=291&type=chunk) - New lines of business, such as electric industrial heavy equipment through HEVI, carry risks of development difficulties and market acceptance, potentially affecting financial results[294](index=294&type=chunk)[295](index=295&type=chunk) - Volatile steel prices, a principal raw material, can cause significant fluctuations in operating results if price increases cannot be passed on to customers[296](index=296&type=chunk)[297](index=297&type=chunk) - The company has limited insurance coverage for its PRC operations, exposing it to losses from product liability claims, business interruption, or natural disasters[301](index=301&type=chunk) - Failure to make adequate contributions to employee benefit plans as required by PRC regulations may subject the company to penalties[302](index=302&type=chunk) [Risks Related to Doing Business in China](index=60&type=section&id=Risks%20Related%20to%20Doing%20Business%20in%20China) Operating primarily in China exposes the company to significant risks from changes in economic, political, and social conditions, as well as uncertainties in the PRC legal system and government policies - The company's business is significantly influenced by political, economic, and social conditions in China, including government involvement and policies[314](index=314&type=chunk)[315](index=315&type=chunk) - Uncertainties in the evolving PRC legal system, including interpretations and enforcement of laws, could adversely affect the company's operations and the value of its ordinary shares[317](index=317&type=chunk)[318](index=318&type=chunk) - The PRC government exerts substantial control over business activities, and new, stricter regulations or interpretations could require additional expenditures or adversely affect operations[320](index=320&type=chunk)[321](index=321&type=chunk)[322](index=322&type=chunk) - Future overseas offerings may require CSRC filings and compliance with other PRC rules, with uncertainties regarding approval timelines and potential sanctions for non-compliance[324](index=324&type=chunk)[328](index=328&type=chunk) - Funds in PRC/Hong Kong entities may not be available for use outside due to government restrictions on capital transfer and currency conversion[329](index=329&type=chunk)[333](index=333&type=chunk) - Improper use or appropriation of customer personal information or failure to comply with evolving PRC data security laws (e.g., Cyber Security Law, Data Security Law, Data Security Regulations) could result in penalties, business disruption, and reputational damage[334](index=334&type=chunk)[335](index=335&type=chunk)[338](index=338&type=chunk)[342](index=342&type=chunk)[343](index=343&type=chunk) - If classified as a 'Resident Enterprise' of China, the company could be subject to a **25%** EIT rate on worldwide income, and dividends to non-PRC shareholders might face a **10%** or **20%** PRC withholding tax[348](index=348&type=chunk)[349](index=349&type=chunk) - PRC regulations on loans and direct investments by offshore holding companies may delay or prevent the use of future financing proceeds for PRC subsidiaries[350](index=350&type=chunk) - The company relies on dividends from PRC subsidiaries for cash needs, and limitations on their ability to pay dividends could materially affect business operations[351](index=351&type=chunk) - Fluctuations in RMB exchange rates against the USD could adversely impact results of operations and investment value, with limited hedging options available[356](index=356&type=chunk)[357](index=357&type=chunk)[358](index=358&type=chunk) - U.S. regulatory bodies may face limitations in conducting investigations or inspections of the company's operations in China due to PRC laws[361](index=361&type=chunk) - The company's ordinary shares may be delisted under the Holding Foreign Companies Accountable Act if the PCAOB is unable to inspect its auditors for two consecutive years, significantly impairing or rendering the shares worthless[362](index=362&type=chunk)[364](index=364&type=chunk) [Risks Related to Our Ordinary Shares](index=61&type=section&id=Risks%20Related%20to%20Our%20Ordinary%20Shares) Risks related to the company's ordinary shares include potential price declines due to future sales by the company or existing shareholders, difficulty in sustaining an active trading market, and the absence of expected dividends - Future sales of ordinary shares by the company or existing shareholders could cause the stock price to decline[366](index=366&type=chunk) - An active trading market for ordinary shares may not be sustained, making it difficult for investors to sell shares without depressing the market price[367](index=367&type=chunk) - The company does not expect to pay dividends in the foreseeable future, requiring investors to rely on price appreciation for returns[369](index=369&type=chunk)[370](index=370&type=chunk) - Techniques employed by short sellers, including publishing negative opinions, could drive down the market price of ordinary shares and divert management resources[371](index=371&type=chunk)[373](index=373&type=chunk) [ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=80&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of the company's equity securities during the six months ended June 30, 2025, that were not previously disclosed - No unregistered sales of equity securities occurred during the six months ended June 30, 2025, that were not previously disclosed[374](index=374&type=chunk) [ITEM 3. Defaults Upon Senior Securities](index=80&type=section&id=ITEM%203.%20Defaults%20Upon%20Senior%20Securities) No senior securities were issued and outstanding during the six-month period ended June 30, 2025 - No senior securities were issued and outstanding during the six-month period ended June 30, 2025[375](index=375&type=chunk) [ITEM 4. Mine Safety Disclosures](index=80&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is not applicable[376](index=376&type=chunk) [ITEM 5. Other Information](index=80&type=section&id=ITEM%205.%20Other%20Information) No other information is reported under this item - No other information is reported under this item[377](index=377&type=chunk) [ITEM 6. Exhibits](index=81&type=section&id=ITEM%206.%20Exhibits) This section lists all exhibits filed with the Quarterly Report, including organizational documents, certifications, and XBRL-related documents - Exhibits include Memorandum and Articles of Association, certifications (Rule 13a-14(a) or 15d-14(a), 18 U.S.C. Section 1350), and Inline XBRL documents[378](index=378&type=chunk) [Signatures](index=82&type=section&id=Signatures) The report was duly signed on behalf of Greenland Technologies Holding Corp. by Raymond Z. Wang, Chief Executive Officer and President, on August 13, 2025 - The report was signed by Raymond Z. Wang, Chief Executive Officer and President, on August 13, 2025[381](index=381&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 2025 ☐ 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: 001-42474 Ribbon Acquisition Corporation (I.R.S. Employer Identification No.) Central Park Tower LaTour Shinjuku Room 3001 6-15-1 Nishi Shinjuku ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Exact Name of Registrant as Specified in Its Charter) Cayman Islands N/A (State or other jurisdiction of incorporation or organization) 300 Park Avenue, 2nd Floor New York, New York 10022 (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the trans ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Address of principal executive offices) (Zip Code) (212) 430-4340 (Registrant's telephone number, including area code) Not Applicable For the transition period from to Commission file number: 001-42046 ...