Greenland [NASDAQ: GTEC] Reports 39% Revenue In Q3 2021

Greenland Technologies Holding Corporation [NASDAQ: GTEC] revealed its unaudited financial results for the third quarter completed September 30, 2021. The company has shared that its total revenue reached $23.1 million. It represents a surge of 39.7% from $16.5 million in the third quarter of 2020.

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Greenland Technologies Holding has reported that its Gross margin stood at 22.1%. It represents an increase of 150 basis points year over year. On the other hand, Greenland’s Net Income stood at $1.3 million. It represents a surge of 172.5% from $0.5 million in the third quarter of 2020. The company revealed that it has witnessed the sale of was 33,478 units of transmission products. It signifies a surge of 11.6% compared with 29,985 units in the Q3 of 2020.

Shares of Greenland Technologies Holding Corporation [NASDAQ: GTEC] surged 4.68% at the time of writing on Thursday. In the past 52-weeks of the trading session, the shares of the firm have fluctuated between the 52-weeks low range of $3.26 and a high range of $26.42. Greenland Technologies has recorded a total market capitalization of $66.68 million at the time of writing.

Furthermore, Greenland CEO believed that the company continues to show operation excellence and results in generation by reaching $23.1 million indicating year-over-year growth of 39.7%. The global supply chain continues to increase, and Greenland is well-positioned to take advantage of the strong demand.

CEO stated that its latest electric GEF-series lithium-powered forklift trucks have reached the US soil despite a brief interval due to port congestion. The GEF-series lithium forklifts comprise of three different models ranging from 1.8 tons to 3.5 tons rated load and release prices ranging from roughly $23,999 to $34,999 with battery and charger. The company has started the sales process and anticipates its first batch to sell quickly.