Greenland Technologies Holding Corporation (GTEC) Financial Statements (2023 and earlier)

Company Profile

Business Address 50 MILLSTONE ROAD, BUILDING 400
EAST WINDSOR, NJ 08512
State of Incorp.
Fiscal Year End December 31
Industry (SIC) 356 - General Industrial Machinery And Equipment (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)
Annual | Quarterly

6/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
11/30/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments24,09613,1697,1592,123645
Cash and cash equivalents16,29611,0637,1592,123645
Short-term investments7,8012,106   
Restricted cash and investments3,4336,7382,2443,594 
Receivables28,74937,55130,80416,157 
Inventory, net of allowances, customer advances and progress billings23,09625,80315,3809,973 
Inventory23,09625,80315,3809,973 
Prepaid expense     
Other current assets1,56915665328 
Other undisclosed current assets51,42056,02951,39248,06585
Total current assets:132,364139,305107,64380,240729
Noncurrent Assets
Operating lease, right-of-use asset2,627814,0353,863✕
Property, plant and equipment15,58518,95820,13520,630 
Long-term investments and receivables250  430 
Due from related parties    430 
Long-term investments250    
Intangible assets, net (including goodwill)147449 
Goodwill  444 
Intangible assets, net (excluding goodwill)147  5 
Asset, held-in-trust     44,307
Deferred income tax assets    514✕
Other noncurrent assets283442798 
Other undisclosed noncurrent assets3,8584,177158  
Total noncurrent assets:22,75123,26324,33526,24444,307
TOTAL ASSETS:155,115162,568131,979106,48445,037
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities, including:24,81729,17222,005 31
Taxes payable✕✕108   
Accounts payable24,81729,06422,005  
Other undisclosed accounts payable and accrued liabilities     31
Deferred revenue227388366 ✕
Debt37,2598,95919,285  
Due to related parties 1,6933,6199,051  
Other liabilities1,5471,1982,212  
Other undisclosed current liabilities66542,12625,88955,993 
Total current liabilities:66,20985,46378,80855,99331
Noncurrent Liabilities
Long-term debt and lease obligation, including:1,8132,2611663,528 
Long-term debt, excluding current maturities1,8132,2131661,350 
Other undisclosed long-term debt and lease obligation    2,179 
Liabilities, other than long-term debt2,176    
Operating lease, liability2,17648  ✕
Other undisclosed noncurrent liabilities  (48)2,34355,993979
Total noncurrent liabilities:3,9892,2612,50959,522979
Other undisclosed liabilities    (55,993) 
Total liabilities:70,19887,72481,31759,5221,011
Temporary equity, carrying amount     39,026
Equity
Equity, attributable to parent, including:71,19562,28544,89038,5965,000
Common stock     5,067
Additional paid in capital32,95623,75913,70715,227 
Accumulated other comprehensive income (loss)(2,831)1,014(63)(361) 
Retained earnings (accumulated deficit)37,22833,66926,72819,864(67)
Other undisclosed equity, attributable to parent3,8423,8424,5173,867 
Equity, attributable to noncontrolling interest13,72312,5605,7728,366 
Total equity:84,91874,84550,66146,9625,000
TOTAL LIABILITIES AND EQUITY:155,115162,568131,979106,48445,037

Income Statement (P&L) ($ in thousands)
Annual | Quarterly

6/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
11/30/2018
Revenues90,83198,84066,86452,401 
Cost of revenue(70,996)(79,246)(54,051)(40,022) 
Cost of goods and services sold(91,190)(98,840)(66,864)(52,401) 
Gross profit:19,83519,59412,81312,379 
Operating expenses(13,876)(11,344)(6,105)(5,775)(373)
Operating income (loss):5,9598,2506,7086,604(373)
Nonoperating income (expense)57681,943152 
Investment income, nonoperating57683152 
Gain, foreign currency transaction, before tax   1,941  
Other nonoperating income     
Interest and debt expense(403)(587)(931)(1,289) 
Income (loss) from continuing operations before equity method investments, income taxes:5,6127,7317,7215,466(373)
Other undisclosed income from continuing operations before income taxes1,7041,380923468 
Income (loss) from continuing operations before income taxes:7,3169,1118,6455,935(373)
Income tax expense(700)(1,843)(2,273)(847) 
Other undisclosed loss from continuing operations    (623) 
Income (loss) from continuing operations:6,6177,2686,3724,465(373)
Income (loss) before gain (loss) on sale of properties:✕7,2686,3724,465(373)
Net income (loss):6,6177,2686,3724,465(373)
Net income (loss) attributable to noncontrolling interest(3,057)(1,003)387(623) 
Other undisclosed net income attributable to parent    1,245306
Net income (loss) attributable to parent:3,5606,2666,7595,087(67)
Preferred stock dividends and other adjustments     (271)
Other undisclosed net income available to common stockholders, basic  1,003   
Net income (loss) available to common stockholders, diluted:3,5607,2686,7595,087(338)

Comprehensive Income ($ in thousands)
Annual | Quarterly

6/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
11/30/2018
Net income (loss):6,6177,2686,3724,465(373)
Other comprehensive loss(5,740)    
Comprehensive income (loss):8777,2686,3724,465(373)
Comprehensive loss, net of tax, attributable to noncontrolling interest(1,163)(1,402)(253)(468) 
Other undisclosed comprehensive income (loss), net of tax, attributable to parent  1,477938(67) 
Comprehensive income (loss), net of tax, attributable to parent:(286)7,3437,0573,930(373)

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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