Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b–2
of the Securities Exchange Act of 1934 (§ 240.12b–2 of this chapter).
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On August 14, 2026, the Company issued a press
release announcing its financial results for the quarter ended June 30, 2026. The full text of the press release is furnished as Exhibit
99.1 to this report.
The information in Exhibit 99.1 shall not be deemed
“filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or
otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities
Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in
such filing.
(d) Exhibits. The following exhibits are included
in this report:
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Exhibit 99.1
Greenland
Technologies Reports Strong Second Quarter and First Half 2026 Financial Results
Q2 Revenue Increased 37.6% Year Over Year
to $29.9 Million
Q2 Gross Profit Increased 65.9% to $9.5 Million;
Gross Margin Expanded to 31.9%
Q2 Net Income Reached $4.9 Million, Compared
with a Net Loss of $2.8 Million in the Prior-Year Period
First Half Revenue Increased 27.7% to $55.4
Million; Net Income Reached $10.7 Million
HANGZHOU, China, August 14, 2026 /PRNewswire/
-- Greenland Technologies Holding Corporation (Nasdaq: GTEC) (“Greenland” or the “Company”), a developer and manufacturer
of drivetrain systems for material handling machinery and electric vehicles, as well as electric industrial vehicles, today announced
its unaudited financial results for the second quarter and six months ended June 30, 2026.
Second Quarter 2026 Financial Highlights
| ● | Revenue increased 37.6% to $29.9 million, compared with $21.7
million in the second quarter of 2025. |
| ● | 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; gross margin
expanded to 31.9% from 26.5%. |
| ● | Income from operations was $6.0 million, compared with an
operating loss of $2.3 million in the prior-year period. |
| ● | Net income was $4.9 million, compared with a net loss of
$2.8 million in the prior-year period. |
| ● | Net income attributable to Greenland Technologies Holding
Corporation and subsidiaries was $3.5 million, compared with a net loss attributable to the Company of $3.2 million in the prior-year
period. |
| ● | Basic and diluted earnings per share were $0.13, compared
with a loss per share of $0.20 in the prior-year period. |
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 21.6% year over year, while gross margin expanded to 33.0%. We remain focused on product development,
serving our customers and strengthening our position in the material handling industry.”
Second Quarter 2026 Financial Results
Revenue was $29.88 million for the three
months ended June 30, 2026, an increase of $8.16 million, or 37.6%, from $21.72 million in the prior-year period. The increase was primarily
attributable to higher sales volume of transmission products. The Company sold 53,243 sets of transmission products during the quarter,
compared with 42,908 sets in the second quarter of 2025, an increase of 24.1%.
Revenue from transmission boxes for forklifts
was $29.14 million, compared with $21.02 million in the prior-year period. Revenue from transmission boxes for non-forklift applications
was $0.74 million, compared with $0.70 million.
Cost of goods sold was $20.34 million,
an increase of 27.3% from $15.97 million in the prior-year period, primarily attributable to increased sales volume.
Gross profit was $9.54 million, an increase
of 65.9% from $5.75 million. Gross margin was 31.9%, compared with 26.5%. The increase in gross profit was primarily attributable to increased
sales volume and a shift in product mix toward higher-value and more sophisticated products, such as hydraulic transmission products.
Total operating expenses decreased 55.9%
to $3.56 million from $8.07 million. Selling expenses increased to $1.67 million from $1.00 million, primarily due to higher after-sales
service fees. General and administrative expenses decreased 87.4% to $0.84 million from $6.63 million, primarily due to lower stock-based
compensation expense. Research and development expenses increased 135.9% to $1.05 million from $0.44 million, primarily due to increased
R&D activities.
Income from operations was $5.98 million,
compared with an operating loss of $2.32 million in the prior-year period.
Net income was $4.94 million, compared
with a net loss of $2.76 million. Net income attributable to Greenland Technologies Holding Corporation and subsidiaries was $3.50 million,
compared with a net loss attributable to the Company of $3.23 million.
Basic and diluted earnings per share were $0.13,
compared with a basic and diluted loss per share of $0.20 in the prior-year period.
First Half 2026 Financial Results
Revenue increased 27.7% to $55.42 million
from $43.40 million for the six months ended June 30, 2025. The Company sold 99,270 sets of transmission products, compared with 81,642
sets in the prior-year period, an increase of 21.6%.
Revenue from transmission boxes for forklifts
was $54.06 million, compared with $41.95 million in the prior-year period. Revenue from transmission boxes for non-forklift applications
was $1.36 million, compared with $1.45 million.
Gross profit increased 47.4% to $18.30
million from $12.41 million. Gross margin expanded to 33.0% from 28.6%, primarily due to increased sales volume and a shift in product
mix toward higher-value and more sophisticated products, such as hydraulic transmission products.
Total operating expenses decreased to $6.60
million from $9.93 million. Research and development expenses increased to $1.83 million from $0.53 million.
Income from operations increased to $11.70
million from $2.49 million.
Net income increased to $10.69 million
from $1.80 million. Net income attributable to Greenland Technologies Holding Corporation and subsidiaries increased to $8.50 million
from $0.78 million.
Basic and diluted earnings per share were $0.35,
compared with $0.05 in the prior-year period.
Balance Sheet and Cash Flow
As of June 30, 2026, cash and cash equivalents
were $8.98 million, compared with $7.78 million as of December 31, 2025.
Total assets were $147.53 million as of June 30,
2026, compared with $115.77 million as of December 31, 2025. Total shareholders’ equity was $82.89 million, compared with $66.32
million at year-end 2025.
For the six months ended June 30, 2026, net cash
provided by operating activities was $0.09 million, compared with net cash used in operating activities of $0.46 million in the prior-year
period. Net cash used in investing activities was $10.64 million, and net cash provided by financing activities was $11.66 million.
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.
GREENLAND TECHNOLOGIES HOLDING CORPORATION AND
SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2026 AND DECEMBER 31, 2025
(Amounts in U.S. dollars, except share and per
share data)
| | |
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 and outstanding as of June 30, 2026 and December 31, 2025. | |
| - | | |
| - | |
| Class A Ordinary Shares, no par value, unlimited shares authorized; 20,532,482 and nil shares issued and outstanding as of June 30, 2026 and December 31, 2025. | |
| - | | |
| - | |
| Class B Ordinary Shares, no par value, unlimited shares authorized; 6,011,740 and nil shares issued and outstanding as of June 30, 2026 and December 31, 2025. | |
| - | | |
| - | |
| 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 and subsidiaries | |
$ | 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 | |
GREENLAND TECHNOLOGIES HOLDING CORPORATION AND
SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME（LOSS）
FOR THE THREE AND SIX MONTHS ENDED JUNE 30,
2026 AND 2025
(Amounts in U.S. dollars, except share and per
share data)
| | |
For the three months ended
June 30, | | |
For the six months ended
June 30, | |
| | |
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 NONCONTROLLING INTEREST | |
| 1,439,551 | | |
| 465,496 | | |
| 2,187,502 | | |
| 1,024,549 | |
| NET INCOME (LOSS) ATTRIBUTABLE TO GREENLAND TECHNOLOGIES HOLDING CORPORATION AND SUBSIDIARIES | |
$ | 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 Greenland Technologies Holding Corporation and subsidiaries | |
| 975,752 | | |
| 853,622 | | |
| 1,700,860 | | |
| 1,265,758 | |
| Unrealized foreign currency translation income attributable to non-controlling interest | |
| 110,410 | | |
| 87,284 | | |
| 199,890 | | |
| 123,244 | |
| Total comprehensive income (loss) attributable to Greenland technologies holding corporation and subsidiaries | |
| 4,479,207 | | |
| (2,371,646 | ) | |
| 10,204,795 | | |
| 2,044,273 | |
| Total comprehensive income attributable to noncontrolling interest | |
| 1,549,961 | | |
| 552,780 | | |
| 2,387,392 | | |
| 1,147,793 | |
| WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING: | |
| 26,544,222 | | |
| 16,099,824 | | |
| 24,162,323 | | |
| 14,875,091 | |
| Basic and diluted | |
| 0.13 | | |
| (0.20 | ) | |
| 0.35 | | |
| 0.05 | |
Investor Relations Contact
Greenland Technologies Holding Corporation
Investor Relations
