Greenland Technologies Reports Revenue Decline and Net Loss in Q2 2025

Greenland Technologies Holding Corporation reported its financial results for the second quarter and first half of 2025, revealing a decline in revenue and a net loss compared to the same periods in 2024. For the three months ended June 30, 2025, the company generated revenues of $21.7 million, a decrease of 5.6% from $23.0 million in the prior year. The six-month revenue also fell to $43.4 million from $45.7 million, marking a decline of 5.1%. The gross profit for the second quarter was $5.8 million, down from $6.8 million, while the gross profit for the first half remained relatively stable at $12.4 million.

The company's operating expenses saw a significant increase, particularly in general and administrative costs, which rose to $6.6 million in the second quarter from $1.2 million in the same period last year. This contributed to a loss from operations of $2.3 million for the second quarter, compared to an income of $4.0 million in the prior year. The net loss attributable to Greenland Technologies was $3.2 million for the second quarter, contrasting sharply with a net income of $4.7 million in the same quarter of 2024. For the first half of 2025, the company reported a net income of $0.8 million, down from $7.2 million in the previous year.

Operationally, Greenland Technologies sold 81,642 sets of transmission products in the first half of 2025, slightly up from 80,496 sets in the same period of 2024. The company continues to serve over 100 forklift manufacturers in China, indicating stable demand for its core products. However, the company’s cash and cash equivalents decreased to $4.6 million as of June 30, 2025, down from $6.7 million at the end of 2024. The total assets increased to $123.6 million, up from $115.6 million, primarily due to an increase in non-current assets.

Strategically, Greenland Technologies has been focusing on expanding its electric vehicle offerings through its subsidiary HEVI Corp. The company launched several electric industrial vehicle models and established a partnership with Lonking Holdings Limited to enhance its market presence in the U.S. Additionally, the company opened a new assembly site in Baltimore, Maryland, to support local production and distribution. Looking ahead, Greenland Technologies anticipates continued growth in the electric vehicle sector, although it acknowledges the challenges posed by market conditions and increased operational costs. The company remains committed to its strategic initiatives aimed at enhancing its product offerings and expanding its market reach.