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Greenland Technologies Holding Corporation (GTEC-3.28%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenues to $18,834,093 from $21,836,761 in the same quarter the previous year. The decrease is attributed to a reduction in sales volume of transmission products.
Cost of goods sold for the quarter was $13,868,406, compared to $15,568,224 in the same quarter of the previous year. This decrease is due to the reduced sales volume.
The company reported a gross profit of $4,965,687 for the quarter, compared to $6,268,537 in the previous year, with the decline attributed to reduced sales.
Selling expenses decreased to $397,444 from $606,649, primarily due to reduced advertising and marketing expenses.
General and administrative expenses decreased to $1,202,242 from $1,610,100, due to a decrease in provision for inventory and professional fees.
Research and development expenses were $437,978, down from $1,245,646, reflecting a decrease in R&D activities.
Net income for the quarter was $359,293, up from $194,883 in the previous year. The increase is attributed to lower operating expenses.
Cash provided by operating activities was $8,983,496, while cash used in investing and financing activities was $2,111,014 and $14,388,504, respectively.
Greenland had a working capital of $40,490,000 as of September 30, 2024. The company acknowledges its dependence on maintaining sufficient liquidity and working capital for operations.
The filing also discusses the impact of geopolitical instability and inflationary pressures on the company's operations and financial condition.
Greenland continues to focus on expanding its electric industrial vehicle product line and highlights its dependence on a limited number of customers for a significant portion of its sales.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Greenland Technologies Holding Corporation quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.