- Greenland Technologies Holding Corp (NASDAQ:GTEC) reported a fourth-quarter FY21 revenue decline of 4.2% to $22.9 million, missing the estimate of $24.06 million.
- The decline was due to the recognition of orders that accumulated during the pandemic but were not fulfilled until 4Q20, combined with the adverse impact of ongoing supply chain constraints.
- Transmission products sold totaled 31,349 units, compared with 37,164 units in 4Q20.
- The gross margin was 16.1%, compared with 19.3% a year ago, reflecting lower revenue and higher raw material prices.
- EPS dropped to $0.03 compared to $0.31 in 4Q20, missing the estimate of $0.11.
- GTEC reported a loss from operations of $(0.1) million versus income from operations of $2.7 million a year ago.
- The cash balance at the end of the quarter was $17.8 million.
- FY22 Outlook: The company expects to deliver between 100 to 150 vehicles.
- Price Action: GTEC shares are trading lower by 8.83% at $5.37 during the premarket session on Monday.
