Greenland Technologies Holding Corp. (GTEC), a company that develops and manufactures transmission and drivetrain systems for material handling machinery and electric vehicles, has declined 9.91% in aftermarket trading session. Consequently, GTEC stock is trading at $8.91 at the time of the writing. The decline could be attributed to the profit-taking actor after the company surged 89.46% during Friday’s regular trading hours and closed the day at $9.89. The reason for this monumental surge was the launch of a second electric industrial vehicle line.
Why GTEC Surged on Friday?
On Friday, GTEC announced the launch of its second electric industrial vehicle line, namely the GEL-1800 Electric Loader. Before that, the company has already launched the GEF-series electric lithium forklift line. GEL-1800 Electric Loader contains a 141 KWh lithium battery, which provides environment friendliness. It boasts a rapid 2-hour charge and is capable to answer the basic issues arising in modern facility managers.
Q3 2021 Financial Highlight
On 11th November, GTEC announced the financial results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company generated revenues of $23.08 million during the quarter against $16.52 million during the same quarter of 2020. The total operating expenses of the period were $3.04 million against $1.15 million for the same period of 2020. The company generated a net income of $1.25 million during the quarter against $0.46 million for the same period of 2020. The net income per basic and diluted share for the period was $0.09 against $0.02 for the same period of 2020. The company had $9.02 in terms of cash and cash equivalents on 30th September 2021.
Outlook for FY2021
Alongside the financial results, GTEC also reported the financial outlook for the upcoming quarter. The company believes that for the full year 2021, the total revenues are expected to range between $90 million to $100 million. That is an increase of 35% to 49% year over year basis from 2020. The company also said that the outlook could change in the future, as the uncertainties could result from how the pandemic develops across the globe.
What’s Ahead for GTEC Stock?
During the last 12 months, GTEC stock has gained an increase of more than 100%. That reflects the investor interest in the company, which is finding its innovative strategies worth investing in. Hence, potential investors should keep a close eye on the developments related to GTEC stock to make their investments count soon.
