Greenland Technologies Reports Strong Second Quarter and First Half 2026 Financial Results
Rhea-AI Summary
Greenland Technologies (Nasdaq: GTEC) reported strong unaudited results for Q2 and the first half of 2026. Q2 revenue rose 37.6% year over year to $29.9 million, with transmission product sales volume up 24.1% to 53,243 sets. Gross profit increased 65.9% to $9.5 million, expanding gross margin to 31.9% from 26.5%. Q2 income from operations was $6.0 million, versus a prior-year operating loss, and net income reached $4.9 million, or $0.13 basic and diluted EPS.
For the first half of 2026, revenue grew 27.7% to $55.4 million, with 99,270 transmission sets sold. Gross profit rose to $18.3 million and gross margin to 33.0%. Net income was $10.7 million, with EPS of $0.35. As of June 30, 2026, cash and cash equivalents were $9.0 million, total assets $147.5 million, and total shareholders’ equity $82.9 million. Current liabilities increased to $63.7 million and total liabilities to $64.6 million.
Positive
- Q2 2026 revenue $29.9 million, up 37.6% year over year
- Q2 2026 gross profit $9.5 million, margin expanded to 31.9% from 26.5%
- Q2 2026 net income $4.9 million versus $2.8 million net loss in 2025
- First half 2026 revenue $55.4 million, up 27.7% year over year
- First half 2026 net income $10.7 million versus $1.8 million in 2025
- Total shareholders’ equity increased to $82.9 million from $66.3 million at year-end 2025
Negative
- Current liabilities increased to $63.7 million from $48.3 million at December 31, 2025
- HEVI electric industrial vehicle operations have been suspended since 2025 due to tariff policy uncertainty
News Explained
First-half operating cash was $0.09 million versus $11.66 million from financing for the six months ended June 30.
Greenland Technologies announced unaudited second-quarter and first-half results for the periods ended
For existing holders, the material structural update is the reported composition of issued equity: 20,532,482 Class A ordinary shares and 6,011,740 Class B ordinary shares were outstanding at
For the six months ended
On that same six-month basis, financing was the larger disclosed source of cash than operations, while investing was a use of cash.
Market reaction after Q2 2026 earnings report: GTEC +7.12%
Following this news, GTEC has gained 7.12%, reflecting a notable positive market reaction. Argus tracked a trough of -23.5% from its starting point during tracking. Our momentum scanner has triggered 18 alerts so far, indicating notable trading interest and price volatility. The stock is currently trading at $0.77. Trading volume is exceptionally heavy at 66.5x the average, suggesting very strong buying interest.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 15 | Q1 earnings | Positive | +11.7% | Profitability improved despite lower revenue, including margin expansion and operating expense reductions. |
| Mar 26 | FY earnings | Positive | +65.7% | Net income reversed a prior-year loss while operating expenses declined and margins remained positive. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
GTEC's two tag-matched earnings events were followed by positive 24-hour moves of 11.68% and 65.65%.
Key Terms
gross margin financial
warrant liability financial
non-controlling interest financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Q2 Revenue Increased
Q2 Gross Profit Increased
Q2 Net Income Reached
First Half Revenue Increased
Second Quarter 2026 Financial Highlights
- Revenue increased
37.6% to$29.9 million $21.7 million - Sales volume increased
24.1% to 53,243 sets of transmission products, compared with 42,908 sets in the prior-year period. - Gross profit increased
65.9% to$9.5 million 31.9% from26.5% . - Income from operations was
$6.0 million $2.3 million - Net income was
$4.9 million $2.8 million - Net income attributable to Greenland Technologies Holding Corporation and subsidiaries was
$3.5 million $3.2 million - Basic and diluted earnings per share were
$0.13 $0.20
Raymond Z. Wang, Chief Executive Officer of Greenland Technologies, commented, "We delivered strong second-quarter results, with revenue growth, higher sales volume, meaningful gross margin expansion and a return to profitability compared with the prior-year period. The increase in gross profit reflected higher sales volume and a favorable shift in product mix toward higher-value and more sophisticated products, including hydraulic transmission products."
"During the first half of 2026, we sold 99,270 sets of transmission products, up
Second Quarter 2026 Financial Results
Revenue was
Revenue from transmission boxes for forklifts was
Cost of goods sold was
Gross profit was
Total operating expenses decreased
Income from operations was
Net income was
Basic and diluted earnings per share were
First Half 2026 Financial Results
Revenue increased
Revenue from transmission boxes for forklifts was
Gross profit increased
Total operating expenses decreased to
Income from operations increased to
Net income increased to
Basic and diluted earnings per share were
Balance Sheet and Cash Flow
As of June 30, 2026, cash and cash equivalents were
Total assets were
For the six months ended June 30, 2026, net cash provided by operating activities was
About Greenland Technologies Holding Corporation
Greenland Technologies Holding Corporation (Nasdaq: GTEC) designs, develops, manufactures and sells components and products for the global material handling industries. Through its subsidiaries in the People's Republic of China, Greenland offers transmission products that are key components for forklift trucks used in manufacturing and logistics applications. Greenland also formed HEVI Corp. ("HEVI"), a wholly owned subsidiary incorporated in the State of Delaware, focused on electric industrial vehicles for the North American market; however, substantially all of HEVI's business operations have been suspended since 2025 due to uncertainty regarding tariff policy. For more information, please visit the Company's website at https://ir.gtec-tech.com.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking statements." Such statements reflect Greenland's current views with respect to future events and are subject to such risks and uncertainties, many of which are beyond the control of Greenland, including those set forth in the Risk Factors section of Greenland's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Greenland's expectations with respect to the success of Greenland's business execution, ability to unlock shareholder value or its ability to grow its business as an integrated company. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Statements contained in this news release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Greenland does not intend and does not assume any obligation to update these forward-looking statements, other than as required by law.
UNAUDITED CONSOLIDATED BALANCE SHEETS | ||||||||
AS OF JUNE 30, 2026 AND DECEMBER 31, 2025 | ||||||||
(Amounts in | ||||||||
June 30, | December 31, | |||||||
2026 | 2025 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 8,980,604 | $ | 7,775,330 | ||||
Restricted cash | - | 71,540 | ||||||
Short term investment | 23,330,932 | 24,454,701 | ||||||
Notes receivable | 22,146,768 | 14,704,079 | ||||||
Accounts receivable, net | 30,472,900 | 17,256,479 | ||||||
Inventories, net | 24,623,617 | 24,377,036 | ||||||
Due from related parties-current | 511,400 | 1,106,417 | ||||||
Advance to suppliers | 91,112 | 80,757 | ||||||
Fixed deposit-current | 3,099,212 | 2,966,386 | ||||||
Prepayments and other current assets | 12,542,769 | 2,472,387 | ||||||
Total Current Assets | $ | 125,799,314 | $ | 95,265,112 | ||||
Non-current asset | ||||||||
Property, plant and equipment, net | 12,636,194 | 11,889,147 | ||||||
Land use rights, net | 3,381,779 | 3,325,188 | ||||||
Intangible assets | 37,955 | 68,691 | ||||||
Deferred tax assets | 460,304 | 446,613 | ||||||
Fixed deposit-non current | 4,602,744 | 4,421,828 | ||||||
Other non-current assets | 607,978 | 355,762 | ||||||
Total non-current assets | $ | 21,726,954 | $ | 20,507,229 | ||||
TOTAL ASSETS | $ | 147,526,268 | $ | 115,772,341 | ||||
Current Liabilities | ||||||||
Notes payable-bank acceptance notes | $ | 20,263,519 | $ | 12,759,720 | ||||
Accounts payable | 35,032,772 | 25,604,917 | ||||||
Taxes payables | 532,521 | 1,622,509 | ||||||
Contract liabilities | 96,926 | 93,698 | ||||||
Due to related parties | 5,371,788 | 5,275,011 | ||||||
Other current liabilities | 2,440,568 | 2,941,871 | ||||||
Total current liabilities | $ | 63,738,094 | $ | 48,297,726 | ||||
Non-current liabilities | ||||||||
Deferred revenue | 875,108 | 1,083,784 | ||||||
Warrant liability | 18,900 | 70,910 | ||||||
Total non-current liabilities | $ | 894,008 | $ | 1,154,694 | ||||
TOTAL LIABILITIES | $ | 64,632,102 | $ | 49,452,420 | ||||
COMMITMENTS AND CONTINGENCIES | - | - | ||||||
Shareholders' equity | ||||||||
Ordinary shares, no par value, unlimited shares authorized; nil and 17,394,226 shares issued | - | - | ||||||
Class A Ordinary Shares, no par value, unlimited shares authorized; 20,532,482 and nil | - | - | ||||||
Class B Ordinary Shares, no par value, unlimited shares authorized; 6,011,740 and nil shares | - | - | ||||||
Additional paid-in capital | 38,602,913 | 33,017,917 | ||||||
Statutory reserves | 3,842,331 | 3,842,331 | ||||||
Retained earnings | 46,037,583 | 37,533,648 | ||||||
Accumulated other comprehensive income (loss) | 248,450 | (1,452,410) | ||||||
Total shareholders' equity attributed to Greenland Technologies Holding Corporation | $ | 88,731,277 | $ | 72,941,486 | ||||
Non-controlling interest | (5,837,111) | (6,621,565) | ||||||
TOTAL SHAREHOLDERS' EQUITY | $ | 82,894,166 | $ | 66,319,921 | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 147,526,268 | $ | 115,772,341 | ||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 | ||||||||||||||||
(Amounts in | ||||||||||||||||
For the three months | For the six months ended | |||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||
Revenues | $ | 29,877,328 | $ | 21,719,786 | $ | 55,415,673 | $ | 43,397,350 | ||||||||
Cost of goods sold | 20,335,719 | 15,969,005 | 37,114,802 | 30,985,619 | ||||||||||||
Gross profit | 9,541,609 | 5,750,781 | 18,300,871 | 12,411,731 | ||||||||||||
Selling expenses | 1,674,395 | 1,003,766 | 2,093,409 | 1,335,575 | ||||||||||||
General and administrative expenses | 837,194 | 6,626,542 | 2,679,622 | 8,065,530 | ||||||||||||
Research and development expenses | 1,046,955 | 443,720 | 1,825,174 | 525,177 | ||||||||||||
Total operating expenses | $ | 3,558,544 | $ | 8,074,028 | $ | 6,598,205 | $ | 9,926,282 | ||||||||
INCOME (LOSS) FROM OPERATIONS | $ | 5,983,065 | $ | (2,323,247) | $ | 11,702,666 | $ | 2,485,449 | ||||||||
Interest income | 23,109 | 170,917 | 396,433 | 311,957 | ||||||||||||
Interest expense | (10,453) | - | (43,833) | - | ||||||||||||
Change in fair value of the warrant liability | 104,937 | 81,739 | 52,010 | 291,033 | ||||||||||||
Other income | 79,979 | 159,739 | 825,687 | 441,820 | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAX | $ | 6,180,637 | $ | (1,910,852) | $ | 12,932,963 | $ | 3,530,259 | ||||||||
INCOME TAX EXPENSE | 1,237,631 | 848,920 | 2,241,526 | 1,727,195 | ||||||||||||
NET INCOME (LOSS) | $ | 4,943,006 | $ | (2,759,772) | $ | 10,691,437 | $ | 1,803,064 | ||||||||
LESS: NET INCOME ATTRIBUTABLE TO | 1,439,551 | 465,496 | 2,187,502 | 1,024,549 | ||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO | $ | 3,503,455 | $ | (3,225,268) | $ | 8,503,935 | $ | 778,515 | ||||||||
OTHER COMPREHENSIVE INCOME: | 1,086,162 | 940,906 | 1,900,750 | 1,389,002 | ||||||||||||
Unrealized foreign currency translation income attributable to | 975,752 | 853,622 | 1,700,860 | 1,265,758 | ||||||||||||
Unrealized foreign currency translation income attributable to | 110,410 | 87,284 | 199,890 | 123,244 | ||||||||||||
Total comprehensive income (loss) attributable to | 4,479,207 | (2,371,646) | 10,204,795 | 2,044,273 | ||||||||||||
Total comprehensive income attributable to noncontrolling | 1,549,961 | 552,780 | 2,387,392 | 1,147,793 | ||||||||||||
WEIGHTED AVERAGE ORDINARY SHARES | 26,544,222 | 16,099,824 | 24,162,323 | 14,875,091 | ||||||||||||
Basic and diluted | 0.13 | (0.20) | 0.35 | 0.05 | ||||||||||||
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SOURCE Greenland Technologies Holding Corporation