Greenland Nearly Doubles 2Q 2024 YoY Net Income

August 16, 2024

DENVER, Colo., Aug 16, 2024 (247marketnews.com)- Greenland Technologies Holding Corporation (Nasdaq: GTEC) stated that its unaudited second quarter financial results

Raymond Wang, Greenland’s CEO, commented, “We achieved a near 100% increase net income in the second quarter of 2024 compared to the year ago period, demonstrating the considerable scalability in our business and the momentum we are building. Our continued focus on expanding growth of our higher profit, higher return on investment opportunities is clearly paying off, which we expect to accelerate as we move forward. We are also strategically expanding our partner ecosystem to make it easier for customers to purchase and operate our electric industrial vehicles. In addition to further expanding our HEVI Authorized Service Provider (“ASP”) national network, we announced an exciting new financing program agreement. Taken together, our growth plans remain firmly on track, which we believe will help us unlock far greater value for shareholders as we continue to successfully execute.

“In line with our strategic focus and portfolio assessment, on June 28, 2024, the Company’s board of directors held a board meeting, during which the directors of the Company unanimously approved a decision to terminate its previously announced plan of spinning off its drivetrain systems segment. After due diligence review, the Company’s board of directors has identified that the spin-off would likely not generate significant value to its shareholders due to changing market conditions. We have achieved significant milestones over our history as an integrated company and look forward to now working to accelerate growth as still integrated and unified company.”

Although Greenland’s second quarter revenue decreased approximately $0.55 million, compared to the second quarter of 2023, to approximately $23 million, its net second quarter 2024 income grew to approximately $5.87 million, an increase of 99.66% from approximately $2.94 million for the second quarter of 2023. While its net second quarter 2024 income per basic and diluted share was $0.34 compared to $0.18 for the second quarter of 2023.

Jing Jin, Greenland’s CFO, added, “Despite the market fluctuations and challenges, we exited the first half of 2024 in a strong financial position with a healthy balance sheet and positive outlook. We are particularly encouraged with the earnings per share (“EPS”) growth we delivered with an 88.89% increase in the second quarter of 2024 compared to the second quarter of 2023, and an equally impressive 76.67% increase in EPS for the six months ended June 30, 2024, as compared to the six months ended June 30, 2023. We do not believe our stock price accurately reflects this strong profit growth, the strength of our core business or the size of the opportunities ahead of us over both the near- and long-term.”

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