Greenland Technologies reports Q3 EPS (7c) vs. 10c last year

Reports Q3 revenue $21.84M vs. $21.79M last year. Raymond Wang, CEO of Greenland Technologies, said, “We have made considerable progress in our business expansion over the past year and are very optimistic in our outlook based on several catalysts. In our advancement, propelled by our expertise in catering to the expanding global material handling sector through groundbreaking products, our commitment to research and development remains a driving force for growth. We are extending our innovative product offerings into underserved market segments, enabling Greenland to provide cutting-edge products to our customers and achieve higher profit margins for the business. At the same time, we continue to make significant progress with our HEVI brand of electric industrial heavy equipment. We continue to pioneer the industry of sustainable heavy machinery through inroads with supportive states, which are incentivizing both production and customer adoption. Our efforts are shining a light on the environmental benefits of electrification of this important industry and have fueled nearly 20 states into offering incentives specifically directed to the electrification of off-highway heavy equipment. We recently announced that HEVI won a bid from Maryland’s Port of Baltimore, under which Greenland will help facilitate the Port of Baltimore’s ambitious plan to electrify port equipment, including planned sales of our new GEL-5000 all-electric front loader. This is the first step towards market penetration with many more to come as the industry becomes more comfortable and educated on the compelling advantages of our product offerings. As the first company in the U.S. to commercially offer electric off-highway heavy equipment, we will continue to develop and explore the right strategies to penetrate the market and support cleaner job sites for our local communities.” Jing Jin, CFO of Greenland, commented, “We achieved revenue of approximately $67.6 million for the first nine months of 2023, which represents only a single-digit decrease year over year, despite the continued adverse impact on our business of logistical and supply chain challenges. Given the challenging operating environment, we continue to focus on improving efficiencies and reducing costs wherever possible. We also continue to execute on our product mix shift towards higher value and more sophisticated products, which helped drive an expansion in gross margin to 27.7% from 22.3% for the first nine months of 2023 compared to the first nine months of 2022. Our balance sheet remains strong, with a 90% year over year increase in cash and cash equivalents after paying off an $8.81 million bank loan, and we have a $21 million accounts receivable balance to be collected over the coming quarters.”