Greenland Technologies Holding Corp (GTEC)

Greenland Technologies Holding Corp Stock (GTEC) dropped by 14.37% from $3.34 to $2.86 in the trading on Monday November 20, 2023. The reasons why GTEC stock down today is due to the missed Q3 FY23 results. Jing Jin, Chief Financial Officer of Greenland, cited the results to the continued adverse impact on the business of logistical and supply chain challenges.

• Revenue of $21.84 million missed the consensus estimate of $24.27 million. For the first nine months of 2023, GTEC sold 112,414 sets of transmission products vs. 102,144 the prior year.
• EPS loss of $(0.07), missing the analyst consensus of EPS of $0.06. As of September 30, 2023, Greenland had cash and cash equivalents worth around $21.54 million.