Greenland Technologies — Second Quarter and First Half 2026 Earnings Summary

Financial Performance

• Q2 2026 revenue increased 37.6% year-over-year to $29.9 million (from $21.7 million in Q2 2025); H1 2026 revenue increased 27.7% to $55.4 million (from $43.4 million in H1 2025).
• Q2 2026 gross profit rose 65.9% to $9.5 million with gross margin expanding to 31.9% (from 26.5%); H1 2026 gross profit increased 47.4% to $18.3 million with gross margin at 33.0% (from 28.6%).
• Q2 2026 net income was $4.9 million compared to a net loss of $2.8 million in the prior-year period; H1 2026 net income reached $10.7 million (from $1.8 million).
• Q2 2026 net income attributable to Greenland Technologies Holding Corporation and subsidiaries was $3.5 million (vs. $3.2 million loss); H1 2026 attributable net income was $8.5 million (from $0.78 million).
• Q2 2026 basic and diluted earnings per share were $0.13 (vs. $0.20 loss); H1 2026 EPS were $0.35 (from $0.05).
• Q2 2026 income from operations was $6.0 million (vs. $2.3 million operating loss); H1 2026 income from operations increased to $11.7 million (from $2.49 million).
• Total operating expenses decreased 55.9% to $3.56 million in Q2 2026 (from $8.07 million); H1 2026 total operating expenses decreased to $6.60 million (from $9.93 million).
• Q2 2026 general and administrative expenses decreased 87.4% to $0.84 million (from $6.63 million); R&D expenses increased 135.9% to $1.05 million (from $0.44 million).
• As of June 30, 2026, cash and cash equivalents were $8.98 million (up from $7.78 million at Dec 31, 2025); total assets were $147.53 million (up from $115.77 million).
• Total shareholders' equity was $82.89 million as of June 30, 2026 (up from $66.32 million at Dec 31, 2025).
• For H1 2026, net cash provided by operating activities was $0.09 million (vs. $0.46 million used in H1 2025); net cash used in investing activities was $10.64 million; net cash provided by financing activities was $11.66 million.
• Accounts receivable, net, increased to $30.47 million as of June 30, 2026 (from $17.26 million at Dec 31, 2025).
• Notes payable-bank acceptance notes increased to $20.26 million as of June 30, 2026 (from $12.76 million at Dec 31, 2025).

Business Segments and Product Lines

• Q2 2026 sales volume of transmission products increased 24.1% to 53,243 sets (from 42,908 sets); H1 2026 sales volume increased 21.6% to 99,270 sets (from 81,642 sets).
• Revenue from transmission boxes for forklifts was $29.14 million in Q2 2026 (from $21.02 million) and $54.06 million in H1 2026 (from $41.95 million).
• Revenue from transmission boxes for non-forklift applications was $0.74 million in Q2 2026 (from $0.70 million) and $1.36 million in H1 2026 (from $1.45 million).
• Gross profit growth was driven by a favorable shift in product mix toward higher-value and more sophisticated products, including hydraulic transmission products.
• Selling expenses increased to $1.67 million in Q2 2026 (from $1.00 million) primarily due to higher after-sales service fees.

Market and Competitive Landscape

• The company focuses on serving customers and strengthening its position in the material handling industry.
• Greenland Technologies designs, develops, manufactures, and sells components for the global material handling industries, including transmission products for forklift trucks used in manufacturing and logistics.
• HEVI Corp., a wholly owned subsidiary focused on electric industrial vehicles for the North American market, has had substantially all business operations suspended since 2025 due to uncertainty regarding tariff policy.

Risks and Challenges

• Forward-looking statements are subject to risks and uncertainties, including those related to business execution, unlocking shareholder value, and growth as an integrated company.
• Uncertainty regarding tariff policy has led to the suspension of HEVI Corp.'s operations.
• Actual results may vary materially from forward-looking statements due to risks beyond the company's control.

Management Commentary and Tone

• CEO Raymond Z. Wang stated the company delivered strong second-quarter results with revenue growth, higher sales volume, meaningful gross margin expansion, and a return to profitability.
• Management noted the increase in gross profit reflected higher sales volume and a favorable shift in product mix toward higher-value and more sophisticated products.
• The company remains focused on product development, serving customers, and strengthening its position in the material handling industry.

Other Key Points

• The press release includes unaudited consolidated balance sheets and statements of operations for the three and six months ended June 30, 2026 and 2025.
• Weighted average ordinary shares outstanding were 26,544,222 for Q2 2026 and 24,162,323 for H1 2026.
• The company has Class A and Class B Ordinary Shares issued and outstanding as of June 30, 2026, with no Class A or B shares issued as of December 31, 2025.
• Non-controlling interest net income was $1.44 million in Q2 2026 and $2.19 million in H1 2026.
• Unrealized foreign currency translation income attributable to Greenland Technologies Holding Corporation and subsidiaries was $975,752 in Q2 2026 and $1.70 million in H1 2026.