Here is why Greenland Technologies Holding Corporation (GTEC) stock skyrocketed on Friday?

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TaaS Companies
TaaS Companies

Greenland Technologies Holding Corporation (GTEC) shares plunged 9.91% in after-hours on Friday, November 19, 2021, and closed the weekly trading at $8.91. However, in the regular trading session, GTEC’s stock skyrocketed and gained 89.46%. GTEC shares have risen 106.04% over the last 12 months, and they have moved up by 68.77% in the past week. Over the past three months, the stock has gained 59.00%, while over the past six months, it has soared 26.15%.

Let’s have a look at its latest developments.


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GTEC launched GEL-1800

On November 19, 2021, Greenland Technologies Holding Corporation (GTEC) launched its second, zero operating emissions, electric industrial vehicle line, the GEL-1800 Electric Loader. This follows the successful launch of the GEF-series electric lithium forklift line.

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Greenland’s new GEL-1800 Electric Loader runs on a 141 KWh lithium battery which gives nine hours of operating time on a single charge, which takes 2 hours. The GEL-1800 solved the emission and noise problem with lower maintenance costs compared to diesel internal combustion vehicles.

GTEC latest financial results

On November 11, 2021, Greenland Technologies Holding Corporation (GTEC) released its unaudited financial results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • GTEC reported total revenue of $23.1 million in Q3 2021 compared to $16.5 million in the third quarter of 2020.
  • The cost of revenue was $18.0 million in Q3 2021 compared to $13.1 million in the third quarter of 2020.
  • Gross profit was $5.1 million in Q3 2020, compared to $3.4 million in Q3 2020.
  • Total operating expenses were $3.0 million in Q3 2020, compared to $1.2 million in the third quarter of 2020.
  • It earned a net income of $1.3 million in Q3 2021 compared to $0.5 million in Q3 2020.
  • Basic and diluted net income per ordinary share was $0.09 in Q3 2021 compared to $0.02in the third quarter of 2020.

FY 2021 financial outlook

For the full year of 2021, the Company maintained its guidance and expecting, total revenues to be between $90 million to $100 million.

GTEC EV forklift

On November 4, 2021, Greenland Technologies Holding Corporation (GTEC) announced the arrival of its innovative new zero-emissions GEF-series EV forklift, which is one of the industry’s first lithium-powered EV forklift trucks. The promotional launch prices range from approximately $23,999 to $34,999 based on model configuration.

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Conclusion

The recent launch of an electric loader by the company was the reason behind its exceptional surge in regular trading on Friday. the minor loss in the after-hours after such a high gain is negligible.

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