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Highlights

  • 28% reduction in operating expenses, down to $9.9 million from $13.8 million in 2023.

  • Income from operations rose 17% to $12.59 million, up from $10.8 million in 2023.

  • Net income surged to $15.15 million, a remarkable turnaround from a $25.02 million net loss in 2023.

  • Revenue declined by 7.1% to $83.94 million, primarily due to lower transmission product sales.

Greenland Technologies Holding Corporation (Nasdaq:GTEC) has announced its audited financial results for the fiscal year ending December 31, 2024, highlighting a significant improvement in profitability driven by cost reductions and enhanced operational performance.

Financial Performance Overview

Despite a 7.1% revenue decline, Greenland successfully optimized its cost structure, leading to a 6.6% reduction in the cost of goods sold. This helped cushion the impact of lower sales volumes. The company’s gross profit stood at $22.53 million, reflecting a slight margin decrease to 26.8% from 27.2% in 2023.

Operating expenses fell by 28%, driven by lower after-sales service fees, reduced R&D spending, and a decrease in credit loss allowances. This cost discipline significantly boosted profitability, turning a $25.02 million net loss in 2023 into a $15.15 million net income in 2024.