Greenland Technologies (GTEC) Registration Filing summary

Company overview and business model

• Designs, manufactures, and sells transmission products for forklift trucks and electric industrial vehicles, primarily through PRC subsidiaries.

• Transmission products are sold to over 100 forklift manufacturers in China; electric vehicle operations in the U.S. are currently suspended due to tariff uncertainty.

• Corporate structure includes subsidiaries in the U.S., Hong Kong, and China, with the parent company incorporated in the British Virgin Islands.

• HEVI, the U.S. electric vehicle subsidiary, plans to resume operations once the policy environment stabilizes.

Financial performance and metrics

• Revenue for the nine months ended September 30, 2025 was $66.8M, up 3.4% from $64.6M in the prior year period; gross margin increased to 29.9%.

• Fiscal year 2024 revenue was $83.9M, down 7.1% from $90.3M in 2023; net income for 2024 was $15.2M, a turnaround from a $25.0M net loss in 2023.

• Cash and cash equivalents as of September 30, 2025 were $3.9M; working capital was $47.8M.

• Accounts receivable increased to $21.6M as of September 30, 2025, with major customers accounting for 39% of receivables.

• No dividends have been paid; all earnings are retained for business growth.

Use of proceeds and capital allocation

• Net proceeds of approximately $5.16M from the offering are intended for working capital and general corporate purposes.

• Management has broad discretion over the use of proceeds, which may be allocated to purposes other than those currently contemplated.