$GTEC

Greenland Technologies Holding Corp.

CIK:0001735041|SEC Filings

Unaudited Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
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 (in Dollars per share)	$ 0.13	$ (0.2)	$ 0.35	$ 0.05
Diluted (in Dollars per share)	$ 0.13	$ (0.2)	$ 0.35	$ 0.05

Unaudited Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 10,691,437	$ 1,803,064
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,049,338	1,038,100
Amortization of deferred revenue	(239,175)	(113,154)
Increase in allowance for credit losses	40,732
Write-off of inventory provision due to sale of previously impaired inventory	(181,901)
Change in fair value of warrant liability	(52,010)	(291,033)
Stock based compensation expense		6,953,444
Non-cash lease expenses		308,448
Accrued interest income derived from loan to related parties	(2,012)	(3,682)
Accrued expense	(684,310)	(1,993,483)
Decrease (Increase) In:
Accounts receivable	(12,587,207)	(5,982,647)
Notes receivable	(6,913,170)	3,065,813
Inventories	667,615	(600,730)
Advance to suppliers	(7,791)	284,926
Other current and noncurrent assets	765,936	(5,981,813)
Increase (Decrease) In:
Accounts payable	8,545,643	6,043,296
Contract liabilities	624	33,953
Other current liabilities	113,477	147,602
Income tax payable	(1,115,877)	389,305
Due to related parties		(5,212,314)
Lease liabilities		(349,092)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	91,349	(459,997)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of long-term assets	(1,350,490)	(152,982)
Loan payment to third parties	(11,410,026)	(689,408)
Repayment of loans lend to third parties	2,122,861	275,763
NET CASH USED IN INVESTING ACTIVITIES	(10,637,655)	(566,627)
CASH FLOWS FROM FINANCING ACTIVITIES:
Notes payable	7,032,525	(1,668,367)
Proceeds from related parties	597,029
Repayment of loans from related parties	(94,442)	(1,000,000)
Dividend paid	(1,457,216)	(188,222)
Proceeds from equity and debt financing	5,584,996
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	11,662,892	(2,856,589)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	1,116,586	(3,883,213)
Effect of exchange rate changes on cash	17,148	343,485
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	7,846,870	8,611,795
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	8,980,604	5,072,067
Bank balances and cash at end of period	8,980,604	4,575,645
Bank balances and cash included in assets classified as restricted cash at end of period		496,422
Supplemental Disclosure of Cash Flow Information
Income taxes paid	3,357,980	1,691,619
Interest paid	$ 31,792

Unaudited Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
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
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
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, value
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
Related Party
Current assets
Due from related parties-current	511,400	1,106,417
Current Liabilities
Due to related parties	5,371,788	5,275,011
Class A Ordinary Shares
Shareholders’ equity
Ordinary shares, value
Class B Ordinary Shares
Shareholders’ equity
Ordinary shares, value