Greenland Technologies Reports Q1 2025 Financial Results with Revenue Decline but Increased Gross Profit

Greenland Technologies Holding Corporation reported its financial results for the first quarter of 2025, revealing a revenue of $21.68 million, a decrease of 4.6% from $22.72 million in the same period of 2024. Despite the decline in revenue, the company achieved a gross profit of $6.66 million, which represents a 17.9% increase from the previous year's gross profit of $5.65 million. This improvement in gross profit was attributed to a reduction in the cost of goods sold, which fell to $15.02 million from $17.08 million year-over-year.

The company's operating expenses also saw a significant reduction, totaling $1.85 million compared to $3.72 million in the prior year, leading to an income from operations of $4.81 million, up from $1.93 million in the first quarter of 2024. Net income attributable to Greenland Technologies was reported at $4.00 million, a substantial increase from $2.50 million in the same quarter last year. The company’s total comprehensive income for the quarter was $4.42 million, compared to $1.85 million in the previous year, reflecting a strong performance despite the revenue decline.

Operationally, Greenland Technologies sold 38,734 sets of transmission products in the first quarter of 2025, down from 41,866 sets in the same period of 2024. The company continues to serve over 100 forklift manufacturers in China, indicating a stable customer base. The company’s cash and cash equivalents, along with restricted cash, totaled $7.55 million at the end of the quarter, a decrease from $19.84 million at the end of the first quarter of 2024. This decline was primarily due to cash used in financing activities, including dividend payments and loan repayments.

In terms of strategic developments, Greenland Technologies has been focusing on expanding its electric industrial vehicle offerings through its subsidiary, HEVI Corp. The company launched several electric vehicle models and established a partnership with Lonking Holdings Limited to enhance its product distribution in the U.S. market. The company also opened a new assembly site in Baltimore, Maryland, to support local operations. As of March 31, 2025, the company reported a total of 13,594,530 ordinary shares outstanding, with Cenntro Holding Limited owning 45.69% of these shares.

Looking ahead, Greenland Technologies anticipates continued growth in the electric vehicle sector, driven by increasing demand for sustainable industrial solutions. The company remains cautious about potential market fluctuations and the ongoing impact of the COVID-19 pandemic on operations and demand. Management emphasized the importance of strategic investments and operational efficiencies to navigate these challenges and capitalize on emerging opportunities in the material handling industry.