Greenland Technologies (GTEC) investor relations material

Executive summary

• Q3 2026 revenue rose 6.2% YoY to $24.86M; operating income increased 24.5% to $6.31M, while net income fell 3.8% to $6.34M.

• 9M revenue advanced 20.2% to $80.28M and net income more than doubled to $17.03M, supported by higher transmission-product volumes and a richer product mix.

• 9M operating cash flow was negative $6.93M despite positive earnings, primarily reflecting growth in receivables and short-term investments; financing cash inflow was $21.45M.

Financial highlights

• Q3 revenue was $24.86M (+6.2% YoY), gross profit $8.34M (+10.1%), operating income $6.31M (+24.5%) and net income $6.34M (-3.8%).

• 9M revenue was $80.28M (+20.2% YoY), gross profit $26.64M (+33.3%), operating income $18.01M (+138.5%) and net income $17.03M (+103.0%).

• 9M net income attributable to shareholders was $14.17M; basic and diluted EPS was $0.57 vs. $0.41 YoY.

• Q3 net income attributable to shareholders was $5.67M; basic and diluted EPS was $0.21 vs. $0.33 YoY.

• Adjusted for the prior-year $6.95M stock-based compensation charge, 9M G&A fell 64.7% to $3.38M; 9M R&D rose 145.6% to $2.67M.

Outlook and guidance

• Management expects operating cash flow to improve during the remainder of 2026 and turn positive in subsequent periods, assuming receivable collections, continued transmission-sales growth and access to short-term borrowing.

• Existing funding sources are expected to cover operations for the next 12 months; management cites approximately $58.08M in cash, restricted cash, short-term investments and fixed deposits at September 30, 2026.

• HEVI intends to resume electric industrial vehicle operations when tariff policy stabilizes; timing and successful restart remain uncertain.

• Potential future funding sources include operating cash flow, renewed bank borrowings, equity financing and support from shareholders or affiliates; additional cash may be needed if collections or business conditions deteriorate.