- Greenland Technologies Holding Corp (NASDAQ:GTEC) reported a first-quarter FY22 revenue increase of 19% to $29.3 million, beating the consensus of $24.36 million.
- The company attributed the top-line growth to higher sales volume, driven by continued product demand and effective supply chain management.
- The number of transmission products sold was 41,902 units, up 13% Y/Y.
- The gross margin expanded by 100 bps to 21.7%. The operating income increased by 17.9% Y/Y to $3.36 million, margin declined 10 bps to 11.5%.
- EPS dropped to $0.16 compared to $0.21 in 1Q21, beating the estimate of $0.09.
- The cash balance at the end of the quarter was $17.3 million.
- Separately, Greenland Technologies announced that it had selected Baltimore County, Maryland, for the next phase of its major U.S. expansion.
- Greenland is moving forward with an ~54,000 square-foot manufacturing facility located at White Marsh, Maryland, where it plans to create new full-time jobs. GTEC expects to open the facility in July 2022, and it is central to the strategy of supporting increased customer demand for its expanding line of electrical industrial vehicles.
- Price Action: GTEC shares are trading higher by 19.2% at $3.29 on the last check Monday.
