Greenland Technologies Holding Corporation

What they do

Through PRC subsidiaries, Greenland designs and manufactures transmission products used in 1-ton to 18-ton forklift trucks, selling directly to more than 100 forklift manufacturers in China. In 2025 it sold 166,317 sets of transmission products, up from 149,597 in 2024. Its U.S. subsidiary HEVI was formed in 2020 to build electric industrial vehicles such as lithium-powered forklifts, wheeled loaders and an electric excavator, but substantially all HEVI operations have been suspended since 2025 due to tariff-policy uncertainty.

Revenue drivers

• Transmission boxes for forklifts — The core business: $29.14 million of Q2 2026 revenue versus $21.02 million a year earlier, driven by 53,243 sets sold in the quarter (up 24.1%).
• Transmission boxes for non-forklift applications — A small adjacent line at $0.74 million in Q2 2026, roughly flat versus $0.70 million in Q2 2025.
• Product mix toward hydraulic and higher-value transmissions — Management attributed Q2 gross margin expansion to 31.9% partly to a mix shift toward higher-value, more sophisticated products including hydraulic transmission products.
• HEVI electric industrial vehicles — Historically a second product line (GEF forklifts, GEL/GEX loaders and excavators, H55L/H65L loaders, mobile DC chargers), but not currently being offered because operations are suspended.

Recent performance

For Q2 2026, revenue rose 37.6% to $29.88 million from $21.72 million, with transmission set volume up 24.1% to 53,243. Gross profit increased 65.9% to $9.54 million and gross margin expanded to 31.9% from 26.5%. Operating income was $5.98 million versus an operating loss of $2.32 million; net income was $4.94 million versus a net loss of $2.76 million, and EPS was $0.13 versus a loss of $0.20. First-half 2026 revenue rose 27.7% to $55.42 million with 99,270 sets sold (up 21.6%) and net income of $10.7 million.

Strategy

Management says it remains focused on product development, serving customers and strengthening its position in material handling, with R&D expense up 135.9% to $1.05 million in Q2 2026 on increased activity. The company is steering mix toward higher-value and more sophisticated transmission products, including hydraulic transmissions. HEVI, the U.S. electric vehicle effort, intends to resume operations once tariff policy stabilizes; it is otherwise suspended. A partnership with Lonking Holdings to develop and distribute heavy electric machinery for the U.S. market was announced in July 2024, and HEVI launched H55L and H65L electric loaders in August 2024.

Risks

• Customer concentration — The 10-K states revenues are highly dependent on a limited number of customers, so losing a major customer could materially reduce growth and revenues.
• Liquidity and working capital intensity — The 10-K flags that subsidiary operations are cash intensive and could suffer if the company fails to maintain sufficient liquidity and working capital.
• Long receivables terms — The 10-K notes the company grants relatively long payment terms on accounts receivable, which can adversely affect cash flow.
• HEVI operations suspended — Substantially all HEVI business has been suspended since 2025 due to tariff-policy uncertainty, so its electric vehicle products are not currently being offered.

Outlook

Management characterized the quarter as strong and pointed to rising volume, margin expansion and a return to profitability, and said it remains focused on product development, customers and its material handling position. HEVI intends to resume operations once the tariff policy environment stabilizes, with no timeline given. No specific forward financial guidance is provided in the excerpts.