Greenland Moves Ahead on Q1 Numbers
Greenland Technologies Holding Corporation (NASDAQ: GTEC) reported its Q1 2025 financial results, showing a 61% increase in earnings per share despite a 4.6% decline in revenue to approximately $21.68 million. The company achieved a net income of about $4.56 million, up from $3.57 million in Q1 2024. CEO Raymond Wang highlighted improved gross margins and operating income, which rose nearly 150% year-over-year. GTEC shares rose 8.6% to $2.33 following the announcement.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) shares advanced Thursday. The East Windsor, New Jersey-based company, a technology developer and manufacturer of electric industrial vehicles and drivetrain systems for material handling machineries and vehicles, today announced its audited financial results for the first quarter ended March 31, 2025, with earnings per share increasing 61% compared to the first quarter of 2024.
CEO Raymond Wang said, "Our performance this quarter reflects the strength of our operational discipline and the growing impact of our shift toward higher-value products. Despite a modest decline in revenue, we expanded gross margins by 580 basis points and increased our operating income by nearly 150% year-over-year.
Greenland's revenue was approximately $21.68 million for the three months ended March 31, 2025, representing a decrease of approximately $1.05 million, or 4.6%, as compared to approximately $22.72 million for the three months ended March 31, 2024.
Net income was approximately $4.56 million for the three months ended March 31, 2025, representing an increase of approximately $0.99 million, as compared to approximately $3.57 million for the three months ended March 31, 2024. Net income per basic and diluted share was $0.29 for the three months ended March 31, 2025, as compared to $0.18 per basic and diluted share for the three months ended March 31, 2024.
GTEC shares took on 18.5 cents, or 8.6%, to $2.33.
