reports
- Graham Mattison
Another HEVI Product Win; Planned Corporate Spin-Off Looks to Unlock V...
HEVI to be a standalone pure-play industrial EV company. The company announced plans to spin off its drivetrain systems business into a separate, independently managed, and publicly traded company on the OTC market. Shareholders will receive shares in the new drivetrain company (expected to be tax-free), leaving Greenland Technologies to focus on the industrial EV market through its HEVI brand. Spin-off will allow investors to value each business independently. Based on consensus, the current c...
- Graham Mattison
The Addition of Another Approved Service Provider Should Help Support ...
HEVI announced the addition of Amerit Fleet Solutions as an Authorized Service Provider to support the company’s electric powered heavy industrial equipment. Amerit Fleet Solutions, which has more than 800 locations nationwide, joins Mid-Atlantic-focused Quality Truck Center as the second multi-location service company that has partnered with HEVI to support customers with its equipment. The addition of another service provider should help boost the growth of HEVI’s products. In addition to expa...
- Graham Mattison
Fireside Chat Highlights Product Traction and Optimistic Outlook for 2...
We recently hosted President and Chief Executive Officer Raymond Wang for a fireside chat, which included a discussion of the milestones reached in 2023, the strength of the core transmission business, and the improving outlook for 2024 in both the transmission and HEVI businesses. A replay of the event is available on-demand and the full transcript is included in this report. CEO’s conviction levels have “never been higher”. On the call, Wang stated that his conviction levels for the company’s ...
- Graham Mattison
Strong Margin Growth Helps Offset FX Headwinds; HEVI Win Should Boost ...
3Q23 results. The company reported revenue of $21.8 million, in line with 3Q22, due to foreign exchange headwinds. On a constant currency basis, revenue was up 5%. Continued strong margins in the transmission business drove operating income up 35% Y/Y, while other income losses pushed EPS to ($0.07) for the quarter versus $0.10 in 3Q22. Another quarter of strong gross margins with potential for further growth. Gross margins in 3Q23 were 29%, up from 22% in 3Q22, as the company’s transmission pro...
- Graham Mattison
Significant Win from Port of Baltimore Should Jumpstart HEVI Sales Ram...
Greenland Technologies announced it has won a bid from the Port of Baltimore to help facilitate the Port’s plan to electrify its operating equipment. This will include sales of the HEVI GEL-5000, a five-ton rated all-electric wheeled front loader with a nine-hour operating cycle and a two-hour rapid charge time. The first major sales win for HEVI, and one that we expect will accelerate product adoption. The Port award is the cumulation of more than two years of the company doing demonstrations ...
- Graham Mattison
Strong 2Q Results as Transmission Business Accelerates; HEVI Division ...
Reported EPS of $0.18 on revenues of $3.6 million, up from $0.13 in 2Q22 and $0.11 in 1Q23. The performance was driven by increased traction in the recovering China/Asian market and higher-margin products contributing more to the overall revenue mix. Excluding the impact of FX headwinds, revenues would have been up 19% Y/Y. Another quarter of record gross margins as product mix evolution continues to take hold. Gross margins again hit record levels of 29.4%, up from 23.5% in 2Q22 and 25% in 1Q23...
- Graham Mattison
Water Tower Hour Recap-CEO's Passion Drives the Shift to All-Electric ...
Greenland Technologies President and CEO Raymond Wang joined WTR’s Tim Regan and Graham Mattison for a discussion of the company’s transmission business and its evolution to selling all-electric powered industrial equipment in the US through its HEVI division. Here are a number of highlights from our podcast episode. All-electric HEVI front loaders and excavators match a comparable diesel's performance. The HEVI products are designed to last a full 9-hour shift and then can be recharged using st...
- Graham Mattison
Fireside Chat Highlights HEVI's EV Products and Growth
We recently hosted Dana Hopkins, the Chief Operating Officer of HEVI Corp. Greenland Technologies’ wholly-owned EV subsidiary, for a fireside chat, which included a discussion of the competitive positioning of HEVI’s all-electric-powered industrial equipment, his experience in growing the market for a new technology, and feedback from HEVI end-users. A transcript of the fireside chat is included in this report. A replay of the event can also be accessed on demand. A 30+ year industry veteran em...
- Graham Mattison
Open Market Purchase by CEO Shows Confidence in Outlook
GTEC CEO Raymond Wang has purchased 66,500 shares in the open market at a cost of $1.50 per share, with the Form 4 filing made after the close on May 23. The shares acquired represent slightly more than one half a percent of the total shares outstanding and have increased the CEO's ownership by more than 55%. We note that these shares are not part of an incentive program or corporate grant. Reaffirms GTEC's bullish outlook. The CEO stated that his belief in the outlook for the company has never ...
- Graham Mattison
Solid 1Q Results Show Further Recovery in Transmission Business; HEVI ...
Reported 1Q EPS of $0.11 on revenue of $22.1 million, up from the prior quarter's loss of $0.08 per share on $19.34 million in revenue. The performance topped the results of the past three quarters, showing the continued recovery of the transmission business in China, which had been affected by the severe COVID restrictions and shutdowns. This is particularly encouraging as 1Q is typically the seasonally weakest quarter due to the Chinese New Year holiday and manufacturing restocking. Record gro...
Greenland Technologies Holding Corporation Featured in Syndicated Broa...
Greenland Technologies Holding Corporation Featured in Syndicated Broadcast Covering Launch of Lithium Powered GEL-5000 Electric Front Loader LOS ANGELES, July 29, 2022 (GLOBE NEWSWIRE) -- via -- Greenland Technologies Holding Corporation (NASDAQ: GTEC), a technology developer and manufacturer of electric industrial vehicles and drivetrain systems for material handling machineries and vehicles, today announces that it has been featured in a broadcast via NetworkNewsAudio (“NNA”), a solution that delivers additional visibility, recognition and brand awareness in the investment community v...
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