Greenland Technologies Holding Corporation (GTEC) investor relations material

Executive summary

• Revenue for the six months ended June 30, 2025, decreased 5.1% year-over-year to $43.40 million, mainly due to lower sales of electric industrial equipment and transmission products.

• Net income for the six months was $1.80 million, down from $9.44 million in the prior year period, reflecting higher operating expenses and lower sales.

• Gross margin improved to 28.6% from 27.2% year-over-year, despite a decline in gross profit dollars.

• Operating income fell 58% to $2.49 million for the six months, primarily due to a significant increase in stock-based compensation and higher selling expenses.

• The company continues to focus on electric industrial vehicles and maintains a strong position in transmission products for forklift trucks in China.

Financial highlights

• Revenue for Q2 2025 was $21.72 million, down 5.6% compared to Q2 2024; six-month revenue was $43.40 million, down 5.1% year-over-year.

• Net income for the six months ended June 30, 2025, was $1.80 million, a decrease of $7.64 million from the prior year.

• Gross profit for the six months was $12.41 million, nearly flat year-over-year; gross margin increased to 28.6%.

• General and administrative expenses rose 138.4% to $8.07 million for the six months, mainly due to $6.95 million in stock-based compensation.

• Cash and cash equivalents at June 30, 2025, were $4.58 million, down 31.3% from December 31, 2024.

Outlook and guidance

• Management expects sufficient cash to operate for the next 12 months and anticipates continued positive cash flow from operations.

• The company plans to maintain its current debt structure and may seek additional financing if needed for investments or strategic actions.

• Focus remains on improving receivables collection and leveraging government-supported loans.