Greenland Technologies Holding Corp. Q1 FY2022 earnings call

• First quarter was successful with record revenue and units delivered despite global challenges like COVID shutdowns, supply chain issues, and high costs. - Component business benefits from strong, long - term relationships with supply partners. - Electric industrial equipment business has progress with Maryland assembly site set to open in July. - Launched new brand HEVI for clean industrial heavy equipment division. - Financial highlights: 19% year - over - year revenue growth, 19% net income growth, 30% increase in cash balance. Operating expenses increased 33% but remained at 10.2% of total revenue, with selling, general and administrative, and R&D expenses all seeing respective increases.

The component business accounted for a majority of revenue. First quarter revenue was $29.8 million with 21,902 units delivered. Cost of goods sold rose 18% to $22 million. Gross profit was $6.4 million, an increase of 25% from Q1 2021, and gross margin was 21.7% (up from 20.7% in prior year). For the electric industrial heavy equipment business, nearly three dozen units were sold, but it was impacted by supply interruptions and component shortages. The first assembly site in Maryland is expected to be operational in July, producing over 500 heavy industrial units per year once running.

• Expect global headwinds to remain in the near term but are on track for market share gains in the electric industrial vehicle market. - Maryland assembly site is expected to be operational in July and will produce over 500 heavy industrial units per year once fully running. - Committed to executing long - term strategy to capture growth in the electric industrial vehicle sector.

• Global challenges such as COVID - related shutdowns, supply constraints, and geopolitical instability in Eastern Europe can impact production and sales. - Supply interruptions and component shortages are affecting electric industrial equipment deliveries. - Labor costs and availability could be a concern, though working with Maryland's Department of Labor to address labor needs.

Q: Asks about key drivers behind 19% top line growth and supply chain management.

A: Raymond Wang mentions strong relationships with supply partners to navigate obstacles like pandemic and pricing/sourcing issues.

Q: Follows up on labor situation in Maryland.

A: Raymond Wang states Maryland has a strong support network and talented workforce, working with Maryland's Department of Labor to staff the facility, optimistic about meeting labor needs.