Greenland Technologies (US:GTEC)2022-11-11 18:44Business Development & Partnerships - HEVI partnered with Cyngn Inc to integrate Infinitracker asset tracking system into HEVI electric equipment[11] - HEVI equipment is compatible with Siemens EV charging stations, with over 100,000 charging stations across all 50 states[16] - Greenland opened a 54,000 square foot assembly facility in Baltimore, Maryland, with an anticipated production capacity of over 500 units per year[11, 12] Financial Performance (Q3 2022) - Revenue was $21.8 million, compared to $23.1 million in Q3 2021[19, 29] - Net income was $2.1 million, compared to $1.3 million in Q3 2021[19, 29] - Gross margin was 22.1%, on par with Q3 2021[19] Financial Performance (9M 2022) - Revenue for the first nine months of 2022 was $71.7 million[11, 29] - Net income for the first nine months of 2022 was $7.4 million[11, 29] Capital & Liquidity - Greenland closed a $10 million registered direct and private placement offering[11, 17] - Cash on hand as of September 30, 2022, was $11.3 million[31] - The company issued 1,250,000 ordinary shares and prefunded warrants to purchase up to 398,974 ordinary shares at a purchase price of $4.17 per share in a registered direct offering[17]