Greenland Technologies Holding Corporation announced its audited financial results for the first quarter ended March 31, 2025, on May 15, 2025. The company reported a net income of approximately $4.56 million, an increase of $0.99 million compared to $3.57 million in the first quarter of 2024.
Revenue for the quarter was approximately $21.68 million, a modest decrease of 4.6% year-over-year from $22.72 million. However, gross profit increased by 18.0% to $6.66 million, and gross margins expanded significantly to 30.7% from 24.9% in the prior year, primarily due to a strategic shift towards higher-value and more sophisticated products.
Operating income surged by 149.6% to $4.81 million, up from $1.93 million in Q1 2024, as total operating expenses were reduced by 50.2% to $1.85 million. This performance reflects the company's operational discipline and its ability to reduce costs while investing in innovation and efficiency, contributing to a net income per basic and diluted share of $0.29, up from $0.18 in Q1 2024.
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