Greenland Technologies Holding Corp.

Listed Company

GTECCIK 0001735041NasdaqNon-AcceleratedSmaller ReportingGeneral Industrial Machinery & EquipmentD8FY ends Dec 31

Period

FY 2025

Revenue

$90.69M

Net Income

$4.93M

Total Assets

$115.77M

Equity

$72.94M

Shares Out

19.03M

Op. Cash Flow

$15.61M

Business

Greenland Technologies Holding Corp. designs, develops, manufactures and sells components and products for the global material handling industries. It offers transmission systems and integrated powertrains for 1-to-15-ton forklift trucks, lithium-powered electric industrial heavy equipment (including forklifts, wheel loaders and excavators) and mobile DC charging solutions. The company operates through business units and subsidiaries including HEVI (electric industrial vehicles and charging solutions) and Zhongchai Holding with manufacturing and R&D operations for transmissions and powertrains. Greenland sells primarily to OEMs and end customers across China and the United States through direct sales, assembly sites and service networks.

Summary from filing dated 2025-03-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	91	84	90	91	99
Cost of goods sold	62	61	66	71	—
Gross profit	28	23	25	20	20
Selling expenses	2	2	2	3	2
General and administrative expenses	15	5	6	5	4
Research and development expenses	4	3	5	6	6
Total operating expenses	21	10	14	14	11
INCOME FROM OPERATIONS	8	13	11	6	8
Interest income	677,386	864,390	143,094	56,817	68,295
Interest expense	−111,663	−84,243	−250,410	—	—
Loss (gain) on disposal of property, plant, equipment	−3,999	5,863	−31,072	−1,511	1,785
Change in fair value of the warrant liability	2	2	1	−3	—
Government subsidies income	812,873	881,175	—	—	—
Other income	946,097	659,204	1	676,136	—
INCOME BEFORE INCOME TAX	12	17	−23	5	9
INCOME TAX EXPENSE	4	2	2	699,691	2
NET INCOME	9	15	−25	4	7
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST	4	1	−9	3	1
NET INCOME ATTRIBUTABLE TO GREENLAND TECHNOLOGIES HOLDING CORPORATION AND SUBSIDIARIES	5	14	−16	745,553	6
OTHER COMPREHENSIVE INCOME (LOSS):	3	−1	842,646	−6	1
Unrealized foreign currency translation income (loss) attributable to Greenland Technologies Holding Corporation and subsidiaries	2	−1	247,625	—	—
Unrealized foreign currency translation income (loss) attributable to non-controlling interest	263,588	−94,955	—	—	—
Total comprehensive income attributable to Greenland technologies holding corporation and subsidiaries	7	13	−16	−3	7
Total comprehensive income attributable to noncontrolling interest	4	992,228	−9	1	1
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING: (in Shares)	16	14	13	12	11
Basic (in Dollars per share)	0.31	1.03	−1.2	0.06	0.58
Diluted (in Dollars per share)	0.31	1.03	−1.2	0.06	0.58

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	8	7	23	16	11
Restricted cash	70,000	2	5	3	—
Short term investment	24	19	3	8	2
Notes receivable	15	23	27	29	—
Accounts receivable, net	17	16	16	14	16
Inventories, net	24	23	25	23	26
Advance to suppliers	80,000	2	290,000	412,766	—
Fixed deposit-current	3	—	—	—	—
Prepayments and other current assets	2	2	53,204	2	—
Total Current Assets	95	93	100	126	139
Property, plant, equipment and construction in progress, net	12	13	14	16	—
Land use rights, net	3	3	3	—	—
Intangible assets	68,691	89,959	189,620	—	—
Deferred tax assets	446,613	426,485	256,556	219,207	—
Right-of-use assets	—	2	2	3	80,682
Fixed deposit-non current	4	4	10	—	—
Other non-current assets	355,762	247,655	1	283,118	44,093
Total non-current assets	21	23	31	29	23
TOTAL ASSETS	116	116	130	155	163
Notes payable-bank acceptance notes	13	19	37	28	—
Accounts payable	26	23	25	25	29
Taxes payables	2	1	758,307	192,478	108,058
Contract liabilities	93,698	328,873	—	227,432	387,919
Due to related parties	5	9	—	—	—
Other current liabilities	3	4	2	2	1
Lease liabilities	—	516,673	487,695	472,182	33,308
Total current liabilities	48	58	73	66	85
Lease liabilities	—	1	2	2	47,614
Deferred revenue	1	1	2	—	—
Warrant liability	70,910	2	4	—	—
Total non-current liabilities	1	5	7	9	2
TOTAL LIABILITIES	49	62	80	76	88
COMMITMENTS AND CONTINGENCIES	—	—	—	—	—
Ordinary shares, no par value, unlimited shares authorized; 17,394,226 and 13,594,530 shares issued and outstanding as of December 31, 2025 and December 31, 2024.	—	—	—	—	—
Additional paid-in capital	33	27	30	30	—
Statutory reserves	4	4	—	—	—
Retained earnings	38	33	19	34	34
Accumulated other comprehensive loss	−1	−4	−3	−3	1
Total shareholders equity attributed to Greenland Technologies Holding Corporation and subsidiaries	73	60	50	66	62
Non-controlling interest	−7	−7	573,171	14	13
TOTAL SHAREHOLDERS EQUITY	66	53	51	79	75
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	116	116	130	155	163

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	2	2	2	—	—
Amortization of deferred subsidy	−228,357	−228,097	—	—	—
Increase (Decrease) in allowance for credit losses	15,596	−856,311	—	—	—
Increase (Decrease) in provision for inventories	1	−88,966	—	—	—
Uncollectible accounts written off	2	—	—	—	—
Stock based compensation expense	6	—	—	—	—
Deferred tax assets	−1,415	−179,486	−43,724	−90,259	—
Non-cash lease expenses	254,594	419,315	668,609	354,377	—
Accrued interest income derived from loan to related parties	−9,520	−2,385	−14,570	—	—
Accrued expense	−490,117	2	103,150	—	—
Accounts receivable	−2	1	−3	406,963	−3
Notes receivable	9	4	794,986	6	−6
Inventories	−1	689,511	−2	400,982	−10
Advance to suppliers	2	−2	122,588	—	—
Other current and noncurrent assets	−9	−11	−6	—	—
Accounts payable	1	−2	1	—	—
Contract liabilities	−239,980	195,039	−83,204	—	—
Other current liabilities	−669,329	−371,959	475,763	2	−867,079
Income tax payables	374,904	469,757	572,857	94,634	—
Due to related parties	—	5	—	—	—
Lease liabilities	−314,918	−405,758	−643,044	−333,415	—
NET CASH PROVIDED BY OPERATING ACTIVITIES	16	13	2	8	−6
Purchases of property, plant, equipment	−525,718	−2	−735,498	—	—
Loan payment to third parties	−695,652	−694,859	—	—	—
Repayment of loans lend to third parties	278,261	694,859	—	—	—
Proceeds from sale of property, plant and equipment	23,516	96,030	—	—	3,570
NET CASH USED IN INVESTING ACTIVITES	−919,593	−2	1	−775,128	−638,980
Proceeds from short-term bank loans	—	6	7	12	9
Repayments of short-term bank loans	—	−9	—	—	—
Notes payable	−7	−17	—	—	—
Dividend paid	−2	−6	−703,595	—	—
Capital reduction for non-controlling interests	—	−5	—	—	—
Proceeds from related parties	271,000	—	—	281,406	—
Repayment of loans from related parties	−6	—	—	−2	—
NET CASH USED IN FINANCING ACTIVITES	−16	−31	3	−4	14
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	−920,196	−19	6	3	8
Effect of exchange rate changes on cash	155,271	−150,308	2	−1	329,778
Income taxes paid	3	2	977,985	695,315	2
Interest paid	—	48,441	277,158	405,174	637,967

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