Greenland Technologies (GTEC) Q4 2025 earnings summary

Executive summary

• Revenue increased 8.0% year-over-year to $90.69 million, driven by higher sales volume of transmission products, with 166,317 sets sold in 2025 versus 149,597 in 2024.

• Gross profit rose 26.2% to $28.45 million, with gross margin improving to 31.4% from 26.8% year-over-year.

• Net income declined 43.3% to $8.60 million, primarily due to a 110.5% increase in operating expenses, notably from stock-based compensation and R&D.

• HEVI’s electric industrial vehicle operations remain suspended since 2025 due to tariff policy uncertainty, impacting diversification efforts.

Financial highlights

• Revenue: $90.69 million (2025), up from $83.94 million (2024).

• Gross profit: $28.45 million (2025), up from $22.53 million (2024).

• Net income: $8.60 million (2025), down from $15.15 million (2024).

• Operating expenses: $20.92 million (2025), up from $9.94 million (2024).

• Cash and cash equivalents: $7.78 million as of December 31, 2025.

• Working capital: $46.97 million as of December 31, 2025.

Outlook and guidance

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

• Plans to fund operations through cash flow, bank borrowings, equity financing, and shareholder support if needed.

• HEVI intends to resume electric vehicle operations once tariff policy stabilizes.