Greenland Technologies (GTEC) Q2 2026 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2026, increased 27.7% year-over-year to $55.42 million, driven by higher sales volume and a favorable product mix shift toward hydraulic transmission products.

• Net income for the six months ended June 30, 2026, was $10.69 million, up from $1.80 million in the prior year period, reflecting improved gross margins and operating leverage.

• Q2 2026 revenue rose 37.6% year-over-year to $29.9 million, with net income of $4.9 million, reversing a net loss of $2.8 million in the prior-year period.

• The company sold 99,270 sets of transmission products in the first half of 2026, up 21.6% from 81,642 sets in the same period of 2025.

• HEVI's electric industrial vehicle operations remain suspended due to tariff policy uncertainty, with plans to resume once the policy environment stabilizes.

Financial highlights

• Gross profit for the six months ended June 30, 2026, was $18.30 million, up 47.4% year-over-year; gross margin improved to 33.0% from 28.6%.

• Operating income rose to $11.70 million from $2.49 million year-over-year.

• Selling expenses increased 56.7% to $2.09 million, mainly due to higher after-sales service and shipping costs.

• General and administrative expenses decreased sharply due to lower stock-based compensation.

• R&D expenses rose 247.5% to $1.83 million, reflecting increased R&D activities.

• Cash and cash equivalents as of June 30, 2026, were $9.0 million, up 15.5% from December 31, 2025.

• Working capital increased to $62.06 million from $46.97 million at year-end 2025.

• Total assets as of June 30, 2026: $147.5 million; shareholders' equity: $82.9 million.

Segment performance

• Q2 sales volume of transmission products increased 24.1% to 53,243 sets.

• Revenue from forklift transmission boxes was $29.14 million in Q2; non-forklift applications contributed $0.74 million.

• First half forklift transmission revenue was $54.06 million; non-forklift $1.36 million.