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Greenland Technologies Fiscal Full Year 2024 Net Income Surges to $15.15 Million

Core Insights - Greenland Technologies Holding Corporation reported a significant turnaround in profitability for the fiscal year 2024, achieving net income of $15.15 million compared to a net loss of $25.02 million in 2023, resulting in earnings per share of $1.03 [3][10] Financial Performance - Revenue for the fiscal year 2024 decreased by approximately $6.39 million, or 7.1%, to approximately $83.94 million from approximately $90.33 million in 2023 [4] - Excluding exchange rate fluctuations, revenue decreased by approximately 5.6% [3][4] - Total cost of goods sold decreased by approximately $4.35 million, or 6.6%, to approximately $61.41 million [5] - Gross profit decreased by approximately $2.04 million, or 8.3%, to approximately $22.53 million, with gross margins of approximately 26.8% in 2024 compared to 27.2% in 2023 [7] - Operating expenses were reduced by 28% to $9.94 million from $13.80 million in 2023, primarily due to lower after-sales service fees, research and development expenses, and allowances for credit losses [8][5] Operational Highlights - Income from operations increased by 17% to approximately $12.59 million in 2024 from approximately $10.78 million in 2023, driven by lower operating expenses and improved operational performance [9] - The company successfully launched seven industrial heavy equipment models and introduced a new line of direct current mobile charging solutions to support electric vehicle fleets [3] Cash Flow and Assets - As of December 31, 2024, cash and cash equivalents decreased by approximately $16.32 million, or 71.02%, to approximately $6.66 million, mainly due to increased short-term investments [11] - Accounts receivable decreased by approximately $1.55 million, or 8.96%, to approximately $15.80 million, attributed to reduced sales volume [12] Shareholder Equity - Total shareholders' equity increased to approximately $53.27 million as of December 31, 2024, compared to $50.65 million in 2023, reflecting improved retained earnings [17]