Greenland Technologies Holding Corp.

Previous wording

Through its PRC subsidiaries, Greenland offers transmission products, which are key components for forklift trucks used in manufacturing and logistic applications, such as factories, workshops, warehouses, fulfilment centers, shipyards, and seaports. Forklifts play an important role in the logistic systems of many companies across different industries in China and globally. Generally, industries with the largest demand for forklifts include the transportation, warehousing logistics, electrical machinery, and automobile industries. Greenland’s revenue increased from approximately $64.57 million for the nine months ended September 30, 2024 to $66.80 million for the nine months ended September 30, 2025. The increase in revenue was primarily the result of an increase of approximately $2.22 million in the Company’s sales volume of transmission products for the nine months ended September 30, 2025. Based on the revenues for the nine months ended September 30, 2025 and 2024, Greenland believes that it is one of the major developers and manufacturers of transmission products for small and medium-sized forklift trucks in China.

Current wording

Through its subsidiaries in the PRC, Greenland offers transmission products, which are key components for forklift trucks used in manufacturing and logistic applications, such as factories, workshops, warehouses, fulfilment centers, shipyards, and seaports. Forklifts play an important role in the logistic systems of many companies across different industries in China and globally. Generally, industries with the largest demand for forklifts include transportation, warehousing logistics, electrical machinery, and automobile industries. Greenland’s revenue increased from approximately $21.68 million for the three months ended March 31, 2025 to $25.54 million for the three months ended March 31, 2026. The increase in revenue was primarily the result of an increase of approximately $3.99 million in the Company’s sales volume of transmission products for the three months ended March 31, 2026. Based on its revenues for the three months ended March 31, 2026 and 2025, Greenland believes that it is one of the major developers and manufacturers of transmission products for small and medium-sized forklift trucks in China.

Previous wording

Greenland’s transmission products are used in 1-ton to 15-tons forklift trucks, some with mechanical shift and some with automatic shift. Greenland sells these transmission products directly to forklift-truck manufacturers. For the nine months ended September 30, 2025 and 2024, Greenland sold an aggregate of 123,856 and 114,075 sets of transmission products, respectively, to more than 100 forklift manufacturers in the PRC.

Current wording

Greenland’s transmission products are used in 1-ton to 15-tons forklift trucks, some with mechanical shift and some with automatic shift. Greenland sells these transmission products directly to forklift-truck manufacturers. For the three months ended March 31, 2026 and 2025, Greenland sold an aggregate of 46,027 and 38,734 sets of transmission products, respectively, to more than 100 forklift manufacturers in the PRC.

Previous wording

In January 2020, Greenland formed HEVI to focus on the production and sale of electric industrial vehicles to meet the increasing demand for electric industrial vehicles and machinery powered by sustainable energy in order to reduce air pollution and lower carbon emissions. HEVI is a wholly owned subsidiary of Greenland incorporated under the laws of the State of Delaware. HEVI’s electric industrial vehicle products currently include GEF-series electric forklifts, a series of lithium powered forklifts with three models ranging in size from 1.8 tons to 3.5 tons, GEL-1800, a 1.8 ton rated load lithium powered electric wheeled front loader, GEX-8000, an all-electric 8.0 ton rated load lithium powered wheeled excavator, and GEL-5000, an all-electric 5.0 ton rated load lithium wheeled front loader. In addition, HEVI introduced a line of mobile DC battery chargers that support DC powered EV applications. These products are currently available for purchase in the U.S. In August 2022, Greenland launched a 54,000 square foot industrial electric vehicle assembly site in Baltimore, Maryland to support local services, assembly and distribution of its electric industrial heavy equipment products line. In July 2024, HEVI announced a partnership with Lonking Holdings Limited to develop and distribute heavy electric machinery and related technology specialized for the U.S. market. In August 2024, HEVI launched its H55L all-electric wheeled front-end loader, which can lift up to six tons in indoor and outdoor applications without the mess and emissions of diesel, and the H65L all-electric wheeled front-end loader, a lithium battery powered electric wheel loader commercially available in North America.

Current wording

In January 2020, Greenland formed HEVI to focus on the production and sale of electric industrial vehicles to meet the increasing demand for electric industrial vehicles and machinery powered by sustainable energy to reduce air pollution and lower carbon emissions. HEVI is a wholly owned subsidiary of Greenland incorporated under the laws of the State of Delaware. Prior to 2025, HEVI had been manufacturing and selling electric industrial vehicle products. However, substantially all of HEVI’s business operations have been suspended since 2025 due to uncertainty regarding tariff policy. HEVI intends to resume operations once the policy environment stabilizes. HEVI’s electric industrial vehicle products (which are not currently being offered as a result of the suspension of its operations) include GEF-series electric forklifts, a series of lithium powered forklifts with three models ranging in size from 1.8 tons to 3.5 tons, GEL-1800, a 1.8-ton rated load lithium powered electric wheeled front loader, GEX-8000, an all-electric 8.0 ton rated load lithium powered wheeled excavator, and GEL-5000, an all-electric 5.0 ton rated load lithium wheeled front loader. In addition, in April 2023, HEVI introduced a line of mobile DC battery chargers that support DC powered EV applications in the North America market. In July 2024, HEVI announced a partnership with Lonking Holdings Limited to develop and distribute heavy electric machinery and related technology specialized for the U.S. market. In August 2024, HEVI launched its H55L all-electric wheeled front-end loader, which can lift up to six tons in indoor and outdoor applications without the mess and emissions of diesel, and the H65L all-electric wheeled front-end loader, a lithium battery wheeled front-end loader.

Previous wording

Greenland serves as the parent company of HEVI and Greenland Holding, a company incorporated in the State of Delaware and a wholly-owned subsidiary of Greenland, which in turns holds 100% of the equity interests in Zhongchai Holding, a holding company formed under the laws of Hong Kong. Zhongchai Holding’s subsidiaries include Zhejiang Zhongchai, Hangzhou Greenland, and Hengyu Capital. Through Zhongchai Holding and its subsidiaries, Greenland develops and manufactures traditional transmission products for material handling machineries in the PRC.

Current wording

Greenland is the parent company of HEVI and Greenland Holding Enterprises Inc. (“Greenland Holding”), a holding company formed in the State of Delaware on August 28, 2023, which in turn acts as the holding company for Zhongchai Holding (Hong Kong) Limited, a holding company formed under the laws of Hong Kong on April 23, 2009 (“Zhongchai Holding”). Zhongchai Holding’s subsidiaries include Zhejiang Zhongchai Machinery Co. Ltd., an operating company formed under the laws of the PRC in 2005, Hangzhou Greenland Energy Technologies Co., Ltd. (“Hangzhou Greenland”), an operating company formed under the laws of the PRC in 2019, and Hengyu Capital Limited, a company formed in Hong Kong on August 16, 2022 (“Hengyu Capital”). Through Zhongchai Holding and its subsidiaries, Greenland develops and manufactures traditional transmission products for material handling machinery in the PRC.

Previous wording

Greenland was incorporated on December 28, 2017 as a British Virgin Islands company with limited liability. Following the Business Combination (as described and defined below) in October 2019, the Company changed its name from Greenland Acquisition Corporation to Greenland Technologies Holding Corporation.

Current wording

Greenland was incorporated on December 28, 2017 as a British Virgin Islands business company with limited liability. Following the Business Combination (as described and defined below) in October 2019, the Company changed its name from Greenland Acquisition Corporation to Greenland Technologies Holding Corporation.

Previous wording

Greenland’s revenue was approximately $66.80 million for the nine months ended September 30, 2025, representing an increase of approximately $2.23 million, or 3.4%, as compared to that of approximately $64.57 million for the nine months ended September 30, 2024. The increase in revenue was primarily a result of the increase in the Company’s sales volume of transmission products for the nine months ended September 30, 2025. On an RMB basis, our revenue for the nine months ended September 30, 2025 increased by approximately 4.2% as compared to that for the nine months ended September 30, 2024.

Current wording

Greenland’s revenue was approximately $25.54 million for the three months ended March 31, 2026, representing an increase of approximately $3.86 million, or 17.8%, as compared to that of approximately $21.68 million for the three months ended March 31, 2025. The increase in revenue was primarily a result of the increase of approximately $3.99 million in the Company’s sales volume of transmission products for the three months ended March 31, 2026. For the three months ended March 31, 2026, the Company sold an aggregate of 46,027 sets of transmission products, compared to 38,734 sets sold in the three months ended March 31, 2025. This represents an increase of approximately 7,293 units, or approximately 18.8%. The sales volume growth was driven by sustained demand from the Company’s customer base in the material handling sector.

Previous wording

Greenland’s cost of goods sold consists primarily of material costs, freight charges, purchasing and receiving costs, inspection costs, internal transfer costs, wages, employee compensation, amortization, depreciation and related costs, which are directly attributable to the Company’s manufacturing activities. The write down of inventory using the net realizable value impairment test is also recorded in cost of goods sold. The total cost of goods sold was approximately $15.83 million for the three months ended September 30, 2025, representing an increase by approximately $1.96 million, or 14.1%, as compared to that of approximately $13.87 million for the three months ended September 30, 2024. Cost of goods sold increased due to the increase in our sales volume.

Current wording

Greenland’s cost of goods sold consists primarily of material costs, freight charges, purchasing and receiving costs, inspection costs, internal transfer costs, wages, employee compensation, amortization, depreciation and related costs, which are directly attributable to the Company’s manufacturing activities. The write down of inventory using the net realizable value impairment test is also recorded in cost of goods sold. The total cost of goods sold was approximately $16.78 million for the three months ended March 31, 2026, representing an increase of approximately $1.76 million, or 11.7%, as compared to that of approximately $15.02 million for the three months ended March 31, 2025. Cost of goods sold increased due to the increase in our sales volume.

Previous wording

Greenland’s gross profit was approximately $7.57 million for the three months ended September 30, 2025, representing an increase by approximately $2.61 million, or 52.5%, as compared to that of approximately $4.97 million for the three months ended September 30, 2024. For the three months ended September 30, 2025 and 2024, Greenland’s gross margins were approximately 32.4% and 26.4%, respectively. The increase in gross profit in the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was primarily due to the increase in our sales volume and a decrease in raw material costs.

Current wording

Greenland’s gross profit was approximately $8.76 million for the three months ended March 31, 2026, representing an increase of approximately $2.10 million, or 31.5%, as compared to that of approximately $6.66 million for the three months ended March 31, 2025. For the three months ended March 31, 2026 and 2025, Greenland’s gross margins were approximately 34.3% and 30.7%, respectively. The increase in gross profit in the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily due to the increase in our sales volume and a shift in Greenland’s product mix towards higher value and more sophisticated products, such as hydraulic transmission products.

Previous wording

Selling expenses mainly comprise of operating expenses such as sales staff payroll, traveling expenses, and transportation expenses. Our selling expenses were approximately $0.43 million for the three months ended September 30, 2025, representing an increase of approximately $0.03 million, or 8.8%, as compared to approximately $0.40 million for the three months ended September 30, 2024. The increase in selling expenses was mainly due to an increase in the after-sales service fees for the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

Current wording

Selling expenses mainly comprise of operating expenses such as sales staff payroll, traveling expenses, and transportation expenses. Our selling expenses were approximately $0.42 million for the three months ended March 31, 2026, representing an increase of approximately $0.09 million, or 26.3%, as compared to approximately $0.33 million for the three months ended March 31, 2025. The increase in selling expenses was mainly due to an increase in the shipping expenses for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Previous wording

General and administrative expenses comprise of management and staff salaries, employee benefits, depreciation for office facility and office furniture and equipment, travel and entertainment expenses, legal and accounting fees, financial consulting fees, and other office expenses. General and administrative expenses were approximately $1.51 million for the three months ended September 30, 2025, representing an increase of approximately $0.31 million, or 26.0%, as compared to that of approximately $1.20 million for the three months ended September 30, 2024. The increase in general and administrative expenses was mainly due to the increase of approximately $0.20 million in employee compensation and the increase of approximately $0.11 million in professional fees for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024.

Current wording

General and administrative expenses comprise of management and staff salaries, employee benefits, depreciation for office facility and office furniture and equipment, travel and entertainment expenses, legal and accounting fees, financial consulting fees, and other office expenses. General and administrative expenses were approximately $1.84 million for the three months ended March 31, 2026, representing an increase of approximately $0.40 million, or 28.0%, as compared to that of approximately $1.44 million for the three months ended March 31, 2025. The increase in general and administrative expenses was mainly due to an increase of approximately $0.53 million in consultancy fees offset by a decrease of approximately $0.09 million in employee salary for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025.

Previous wording

R&D expenses consist of R&D personnel compensation, costs of materials used in R&D projects, and depreciation costs for research-related equipment. R&D expenses were approximately $0.56 million for the three months ended September 30, 2025, representing an increase of approximately $0.12 million, or 28.0%, as compared to that of approximately $0.44 million for the three months ended September 30, 2024. Such increase was primarily attributable to a significant increase in the Company’s R&D activities during the three months ended September 30, 2025.

Current wording

R&D expenses consist of R&D personnel compensation, costs of materials used in R&D projects, and depreciation costs for research-related equipment. R&D expenses were approximately $0.78 million for the three months ended March 31, 2026, representing an increase of approximately $0.70 million, or 855.4%, as compared to that of approximately $0.08 million for the three months ended March 31, 2025. Such increase was primarily attributable to a significant increase in the Company’s R&D activities during the three months ended March 31, 2026.

Previous wording

Income from operations for the three months ended September 30, 2025 was approximately $5.07 million, representing an increase of approximately $2.14 million, as compared to that of approximately $2.93 million for the three months ended September 30, 2024.

Current wording

Income from operations for the three months ended March 31, 2026 was approximately $5.72 million, representing an increase of approximately $0.91 million, as compared to that of approximately $4.81 million for the three months ended March 31, 2025.

Previous wording

Greenland’s interest income was approximately $0.43 million for the three months ended September 30, 2025, representing an increase of approximately $0.19 million, or 80.8%, as compared to that of approximately $0.24 million for the three months ended September 30, 2024. The increase in interest income was because more cash was deposited in banks during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024.

Current wording

Greenland’s interest income was approximately $0.52 million for the three months ended March 31, 2026, representing an increase of approximately $0.38 million, or 268.6%, as compared to that of approximately $0.14 million for the three months ended March 31, 2025. The increase in interest income was because more cash was deposited in banks during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.

Previous wording

Greenland’s interest expenses were nil for the three months ended September 30, 2025, representing a decrease of approximately $0.01 million, or 100.0%, as compared to that of approximately $0.01 million for the three months ended September 30, 2024. The decrease was primarily due to a decrease in the aggregate amount of our short-term loans for the three months ended September 30, 2025, compared to that for the three months ended September 30, 2024.

Current wording

Greenland’s interest expenses were approximately $0.03 million for the three months ended March 31, 2026, representing an increase of approximately $0.03 million, or 100.0%, as compared to nil for the three months ended March 31, 2025. The increase was primarily due to an increase in interest expense on the discounted note for the three months ended March 31, 2026, compared to those for the three months ended March 31, 2025.

Previous wording

Greenland’s other income was approximately $0.49 million for the three months ended September 30, 2025, representing an increase of approximately $0.28 million, or 132.8%, as compared to approximately $0.21 million for the three months ended September 30, 2024. The increase was primarily due to an increase in grant income for the three months ended September 30, 2025, compared to those for the three months ended September 30, 2024.

Current wording

Greenland’s other income was approximately $0.60 million for the three months ended March 31, 2026, representing an increase of approximately $0.32 million, or 112.4%, as compared to approximately $0.28 million for the three months ended March 31, 2025. The increase was primarily due to an increase in grant income for the three months ended March 31, 2026, compared to those for the three months ended March 31, 2025.

Previous wording

Greenland’s income tax was approximately $0.92 million for the three months ended September 30, 2025, as compared to that of approximately $0.34 million for the three months ended September 30, 2024.

Current wording

Greenland’s income tax was approximately $1.00 million for the three months ended March 31, 2026, as compared to that of approximately $0.88 million for the three months ended March 31, 2025.

Previous wording

Zhejiang Zhongchai obtained a “high-tech enterprise” status near the end of the fiscal year of 2022. Such status allows Zhejiang Zhongchai to enjoy a reduced statutory income tax rate of 15%, rather than the standard PRC corporate income tax rate of 25%. Income tax for the three months ended September 30, 2025 and 2024 were calculated based on a rate of 15%. The “high-tech enterprise” status is reevaluated by relevant Chinese government agencies every three years. Zhejiang Zhongchai’s “high-tech enterprise” status has been recently renewed and will be subject to re-evaluation at end of 2028.

Current wording

Zhejiang Zhongchai obtained a “high-tech enterprise” status near the end of the fiscal year of 2022. Such status allows Zhejiang Zhongchai to enjoy a reduced statutory income tax rate of 15%, rather than the standard PRC corporate income tax rate of 25%. Income tax for the three months ended March 31, 2026 and 2025 were calculated based on a rate of 15%. The “high-tech enterprise” status is reevaluated by relevant Chinese government agencies every three years. Zhejiang Zhongchai’s current “high-tech enterprise” status will be reevaluated near the end of 2028.

Previous wording

On March 26, 2024, the Company entered into a share exchange agreement with Greenland Holding Enterprises Inc. and Zhongchai Holding (the “2024 Share Exchange Agreement”). Pursuant to the 2024 Share Exchange Agreement, Greenland Holding Enterprises Inc. issued 100 shares of common stock to the Company, par value $0.01 per share, representing all issued and outstanding share capital of Greenland Holding Enterprises Inc., in exchange for 100% of the equity interest of Zhongchai Holding. Greenland Holding Enterprises Inc. is a holding company registered on August 28, 2023 in the State of Delaware with no material operations. Since Greenland Holding Enterprises Inc. was established in 2023, the one-time transition tax did not have any impact on the Company’s tax provision and there was no undistributed accumulated earnings and profits as of September 30, 2025.

Current wording

On March 26, 2024, the Company entered into a share exchange agreement with Greenland Holding Enterprises Inc. and Zhongchai Holding (the “2024 Share Exchange Agreement”). Pursuant to the 2024 Share Exchange Agreement, Greenland Holding Enterprises Inc. issued 100 shares of common stock to the Company, par value $0.01 per share, representing all issued and outstanding share capital of Greenland Holding Enterprises Inc., in exchange for 100% of the equity interest of Zhongchai Holding. Greenland Holding Enterprises Inc. is a holding company registered on August 28, 2023 in the State of Delaware with no material operations. Since Greenland Holding Enterprises Inc. was established in 2023, the one-time transition tax did not have any impact on the Company’s tax provision and there was no undistributed accumulated earnings and profits as of as of March 31, 2026.

Previous wording

Our net income was approximately $6.59 million for the three months ended September 30, 2025, representing an increase of approximately $6.23 million, as compared to that of approximately $0.36 million for the three months ended September 30, 2024.

Current wording

Our net income was approximately $5.75 million for the three months ended March 31, 2026, representing an increase of approximately $1.19 million, as compared to that of approximately $4.56 million for the three months ended March 31, 2025.

Previous wording

For the nine months ended September 30, 2025, our PRC subsidiary, Zhejiang Zhongchai, paid off approximately $1.00 million of loans from related parties, lent approximately $0.69 million to third parties, and maintained $33.04 million cash on hand. We plan to maintain the current debt structure and rely on governmentally supported loans with lower cost, if necessary.

Current wording

For the three months ended March 31, 2026, our PRC subsidiary, Zhejiang Zhongchai, paid approximately $1.44 million in dividends, extended approximately $4.00 million in loans to third parties, and maintained approximately $10.61 million in cash on hand. We plan to maintain the current debt structure and rely on government-supported loans at lower cost, if necessary.

Previous wording

Government subsidies mainly consist of an incentive granted by the Chinese government to encourage transformation of fixed assets in China and other miscellaneous subsidies from the Chinese government. Government subsidies are recognized when there is reasonable assurance that the subsidy will be received, and all conditions be completed. Total government subsidies recorded under long-term liabilities were $1.12 million and $1.26 million as of September 30, 2025 and December 31, 2024, respectively.

Current wording

Government subsidies mainly consist of an incentive granted by the Chinese government to encourage transformation of fixed assets in China and other miscellaneous subsidies from the Chinese government. Government subsidies are recognized when there is reasonable assurance that the subsidy will be received, and all conditions be completed. Total government subsidies recorded under long-term liabilities were $1.04 million and $1.08 million as of March 31, 2026 and December 31, 2025, respectively.

Previous wording

We believe that the Company has sufficient cash, even with uncertainty in the Company’s manufacturing and sale of electric industrial heavy equipment in the future and decline on sale of transmission products. However, our capital contribution from existing funding sources, to operate for the next 12 months will be sufficient. We remain confident and expect to continue to generate positive cash flow from our operations.

Current wording

We believe that the Company has sufficient cash, even with uncertainty in the Company’s manufacturing and sale of electric industrial heavy equipment in the future and potential fluctuations in demand for our transmission products. We believe our existing funding sources will be sufficient to fund our operations for the next 12 months. We remain confident and expect to continue to generate positive cash flow from our operations.

Previous wording

We may need additional cash resources in the future, if the Company experiences failure in collecting account receivables, changes in business condition, changes in financial condition, or other developments. We may also need additional cash resources, if the Company wishes to pursue opportunities for investment, acquisition, strategic cooperation, or other similar actions. If the Company’s management and its board of directors determine that the cash required for specific corporate activities exceed Greenland’s cash and cash equivalents on hand, the Company may issue debt or equity securities to raise cash.

Current wording

We may need additional cash resources in the future, if the Company experiences failure in collecting account receivables, changes in business conditions, changes in financial conditions, or other developments. We may also need additional cash resources, if the Company wishes to pursue opportunities for investment, acquisition, strategic cooperation, or other similar actions. If the Company’s management and its board of directors determine that the cash required for specific corporate activities exceed Greenland’s cash and cash equivalents on hand, the Company may issue debt or equity securities to raise cash.

Previous wording

Cash equivalents refers to all highly liquid investments purchased with original maturity of three months or less. As of September 30, 2025, Greenland had approximately $3.94 million of cash and cash equivalents, representing a decrease of approximately $2.72 million, or 40.80%, as compared to approximately $6.66 million as of December 31, 2024. The decrease in cash and cash equivalents was mainly due to an increase in short-term investment, as compared to that as of December 31, 2024.

Current wording

Cash equivalents refer to all highly liquid investments purchased with original maturity of three months or less. As of March 31, 2026, Greenland had approximately $10.39 million of cash and cash equivalents, representing an increase of approximately $2.62 million, or 33.66%, as compared to approximately $7.78 million as of December 31, 2025. The increase of cash and cash equivalents was mainly due to a decrease in short-term investment, as compared to that as of December 31, 2025.

Previous wording

Restricted cash represents the amount held by a bank as security for bank acceptance notes and therefore is not available for use until the bank acceptance notes are fulfilled or expired, which typically takes less than twelve months. As of September 30, 2025, Greenland had nil of restricted cash, representing a decrease of approximately $1.95 million, or 100.00%, as compared to that of approximately $1.95 million as of December 31, 2024. The decrease in restricted cash was due to a decrease in notes payable collateralized by cash.

Current wording

Restricted cash represents the amount held by a bank as security for bank acceptance notes and therefore is not available for use until the bank acceptance notes are fulfilled or expired, which typically takes less than twelve months. As of March 31, 2026, Greenland had approximately $0.22 million of restricted cash, representing an increase of approximately $0.14 million, or 200.59%, as compared to that of approximately $0.07 million as of December 31, 2025. The increase in restricted cash was due to an increase in notes payable collateralized by cash.

Previous wording

As of September 30, 2025, Greenland had approximately $21.55 million of accounts receivables, an increase of approximately $5.75 million, or 36.43%, as compared to approximately $15.80 million as of December 31, 2024. The increase in accounts receivables was due to our slowed-down efforts in receivables collections.

Current wording

As of March 31, 2026, Greenland had approximately $25.89 million of accounts receivables, an increase of approximately $8.63 million, or 50.00%, as compared to approximately $17.26 million as of December 31, 2025. The increase in accounts receivable was due to the increase in our sales volume and our slowed-down efforts in receivables collections.

Previous wording

Greenland recorded approximately nil of allowance for expected credit losses as of September 30, 2025 and December 31, 2024. Greenland conducted an aging analysis of each customer’s delinquent payments to determine whether allowance for expected credit losses is adequate. In establishing the allowance for expected credit losses, Greenland considers historical experience, economic environment, and expected collectability of past due receivables. An estimate of expected credit losses is recorded when collection of the full amount is no longer probable. When bad debts are identified, such debts are written off against the allowance for expected credit losses. Greenland will continuously assess its expected credit losses based on the credit history of and relationships with its customers on a regular basis to determine whether its allowance for expected credit losses on its accounts receivables is adequate. Greenland believes that its collection policies are generally in line with the transmissions industry’s standard in the PRC.

Current wording

Greenland recorded approximately $0.02 million and $0.02 million of allowance for expected credit losses as of March 31, 2026 and December 31, 2025, respectively. Greenland conducted an aging analysis of each customer’s delinquent payments to determine whether allowance for expected credit losses is adequate. In establishing the allowance for expected credit losses, Greenland considers historical experience, economic environment, and expected collectability of past due receivables. An estimate of expected credit losses is recorded when collection of the full amount is no longer probable. When bad debts are identified, such debts are written off against the allowance for expected credit losses. Greenland will continuously assess its expected credit losses based on the credit history of and relationships with its customers on a regular basis to determine whether its allowance for expected credit losses on its accounts receivable is adequate. Greenland believes that its collection policies are generally in line with the transmissions industry’s standard in the PRC.

Previous wording

Due from related party was $1.08 million and $0.24 million as of September 30, 2025 and December 31, 2024, respectively. The balance of due from related parties as of September 30, 2025 and December 31, 2024 consisted primarily of other receivable from Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) of $0.24 million as of September 30, 2025 and December 31, 2024, representing a loan with an annual interest rate of 4.785% and other receivable from Cenntro Inc. was $0.84 million and nil as of September 30, 2025 and December 31, 2024, respectively, representing a loan with an annual interest rate of 7.5% that will mature before April 14, 2026.

Current wording

Due from related parties was $0.51 million and $1.11 million as of March 31, 2026 and December 31, 2025, respectively. The balance of due from related parties as of March 31, 2026 and December 31, 2025 consisted primarily of the following: (i) other receivable from Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) of nil and $0.25 million as of March 31, 2026 and December 31, 2025, respectively, representing a loan with an annual interest rate of 4.785%; (ii) other receivable from Cenntro Inc. was $0.49 million and $0.84 million as of March 31, 2026 and December 31, 2025, respectively, representing a loan with an annual interest rate of 7.5% that will mature before April 14, 2026; and (iii) other receivable from Cenntro Enterprise Limited was $0.02 million and $0.02 million as of March 31, 2026 and December 31, 2025, respectively, representing expenses paid on behalf of the related party.

Previous wording

As of September 30, 2025, Greenland had approximately $16.46 million of notes receivables, which Greenland expects to collect within the next twelve months. The decrease was approximately $6.27 million, or 27.59%, as compared to approximately $22.74 million as of December 31, 2024.

Current wording

As of March 31, 2026, Greenland had approximately $18.73 million of notes receivable, which Greenland expects to collect within the next twelve months. The increase was approximately $4.03 million, or 27.40%, as compared to approximately $14.70 million as of December 31, 2025.

Previous wording

Our working capital was approximately $47.81 million as of September 30, 2025, as compared to $35.11 million as of December 31, 2024. The increase in working capital of $12.70 million was primarily contributed to an increase in accounts receivable and short-term investment.

Current wording

Our working capital was approximately $56.08 million as of March 31, 2026, as compared to $46.97 million as of December 31, 2025. The increase in working capital of $9.11 million was primarily attributable to an increase in accounts receivable and prepayments and other current assets.

Previous wording

Net cash provided by operating activities for the nine months ended September 30, 2024 was approximately $8.98 million, primarily attributable to net income of approximately $9.80 million, adjusted for non-cash item of depreciation and amortization expenses of approximately $1.65 million, change in accrued expense of approximately $1.01 million and changes in operating assets and liabilities including: (i) an increase of approximately $3.07 million in inventories because we reduced the prepared goods, (ii) a decrease of approximately $4.10 million in accounts receivable due to our slowed-down efforts in receivables collections, and (iii) a decrease of approximately $1.80 million in other current and non-current assets because we deposited cash into fixed deposits.

Current wording

Net cash used in operating activities for the three months ended March 31, 2026 was approximately $1.19 million, resulting primarily from net income of approximately $5.75 million, adjusted for non-cash item of depreciation and amortization expenses of approximately $0.52 million, change in fair value of warrant liability of approximately $0.05 million, change in accrued expense of approximately $(1.82) million and changes in operating assets and liabilities including: (i) an increase of approximately $8.36 million in accounts receivable due to the increase in our sales volume, (ii) an increase of approximately $3.81 million in notes receivables, and (iii) an increase of approximately $7.58 million in accounts payable because we extended the payment cycle.

Previous wording

Net cash provided by operating activities for the nine months ended September 30, 2025 was approximately $7.80 million, primarily attributable to net income of approximately $8.39 million, adjusted for non-cash item of depreciation and amortization expenses of approximately $1.56 million, stock-based compensation expense of approximately $6.95 million and changes in operating assets and liabilities including: (i) an increase of approximately $3.94 million in accounts payable because we extended the payment cycle, (ii) a decrease of approximately $5.30 million in accounts receivable due to our slowed-down efforts in receivables collections, and (iii) a decrease of approximately $12.08 million in other current and non-current assets because we deposited cash into short-term investment.

Current wording

Net cash provided by operating activities for the three months ended March 31, 2025 was approximately $1.24 million, primarily attributable to net income of approximately $4.56 million, adjusted for non-cash item of depreciation and amortization expenses of approximately $0.52 million, change in fair value of warrant liability of approximately $(0.21) million, change in accrued expense of approximately $(2.59) million and changes in operating assets and liabilities including: (i) an increase of approximately $6.06 million in accounts payable because we extended the payment cycle, (ii) an increase of approximately $5.53 million in accounts receivable due to our slowed-down efforts in receivables collections, (iii) a decrease of approximately $2.18 million in notes receivables because we prioritized collecting cash rather than accepting notes receivables, and (ⅳ) a decrease of approximately $5.22 million due to related parties.

Previous wording

Net cash used in investing activities resulted in cash outflow of approximately $2.11 million for the nine months ended September 30, 2024. Cash used in investing activities for the nine months ended September 30, 2024 was mainly due to approximately $1.42 million used for purchases of long-term assets and approximately $0.69 million in loans to third parties.

Current wording

Net cash used in investing activities resulted in cash outflow of approximately $4.17 million for the three months ended March 31, 2026. Cash used in investing activities for the three months ended March 31, 2026 was mainly due to approximately $0.17 million used for purchases of long-term assets and approximately $4.00 million loaned to third parties.

Previous wording

Net cash used in investing activities resulted in cash outflow of approximately $0.68 million for the nine months ended September 30, 2025. Cash used in investing activities for the nine months ended September 30, 2025 was mainly due to approximately $0.27 million used for purchases of long-term assets and approximately $0.69 million loaned to third parties.

Current wording

Net cash used in investing activities resulted in cash outflow of approximately $0.70 million for the three months ended March 31, 2025. Cash used in investing activities for the three months ended March 31, 2025 was mainly due to approximately $0.01 million used for purchases of long-term assets and approximately $0.69 million loaned to third parties.

Previous wording

Net cash used in financing activities resulted a cash outflow of approximately $14.39 million for the nine months ended September 30, 2024, which was mainly attributable to approximately $8.56 million in repayment of short-term bank loans and approximately $11.39 million in repayment of notes payable. Such amounts were further offset by approximately $5.56 million in proceeds from short-term bank loans.

Current wording

Net cash provided by financing activities resulted in a cash inflow of approximately $8.14 million for the three months ended March 31, 2026, which was mainly attributable to approximately $3.49 million change in notes payable and approximately $5.59 million proceeds from equity and debt financing offset by approximately $1.44 million in dividend.

Previous wording

Net cash used in financing activities resulted a cash outflow of approximately $12.26 million for the nine months ended September 30, 2025, which was mainly attributable to approximately $6.26 million in repayment of loans from related parties and approximately $5.48 million in repayment of notes payable.

Current wording

Net cash used in financing activities resulted in a cash outflow of approximately $1.77 million for the three months ended March 31, 2025, which was mainly attributable to approximately $1.00 million in repayment of loans from related parties and approximately $0.58 million change in notes payable.

Previous wording

Assets that potentially subject the Company to significant concentration of credit risk primarily consist of cash and cash equivalents. The maximum exposure of such assets to credit risk is their carrying amount as at the balance sheet dates. As of June 30, 2025, cash and cash equivalents of $10,831,342 were deposited in financial institutions in the PRC, and each bank account is insured by the PRC government with the maximum limit of RMB500,000 (equivalent $69,800). To limit exposure to credit risk relating to deposits, the Company primarily places cash and cash equivalent with large financial institutions in China which management believes are of high credit quality and the Company also continually monitors their credit worthiness.

Current wording

Assets that potentially subject the Company to significant concentration of credit risk primarily consist of cash and cash equivalents. The maximum exposure of such assets to credit risk is their carrying amount as at the balance sheet dates. As of March 31, 2026, cash and cash equivalents of $40,412,787 were deposited in financial institutions in the PRC, and each bank account is insured by the PRC government with the maximum limit of RMB500,000 (equivalent to $69,800). To limit exposure to credit risk relating to deposits, the Company primarily places cash and cash equivalent with large financial institutions in China which management believes are of high credit quality and the Company also continually monitors their credit worthiness.

Previous wording

A majority of the Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC as well as by the general state of the PRC’s economy. In addition, the Company’s business may be influenced by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, rates and methods of taxation among other factors.

Current wording

A significant portion of the Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC as well as by the general state of the PRC’s economy. In addition, the Company’s business may be influenced by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, rates and methods of taxation among other factors.

Previous wording

Accounts receivable are typically unsecured and derived from goods sold to customers that are located primarily in China, thereby exposed to credit risk. The risk is mitigated by the Company’s assessment of customers’ creditworthiness and its ongoing monitoring of outstanding balances. The Company has a concentration of its receivables with specific customers. As of June 30, 2025, no customer accounted for more than 10% of total accounts receivable. As of December 31, 2024, two customers accounted for 12.78% and 10.33% of total accounts receivable, respectively.

Current wording

Accounts receivable are typically unsecured and derived from goods sold to customers that are located primarily in China, thereby exposed to credit risk. The risk is mitigated by the Company’s assessment of customers’ creditworthiness and its ongoing monitoring of outstanding balances. The Company has a concentration of its receivables with specific customers. As of March 31, 2026, one customer accounted for 16.44% of total accounts receivable. As of December 31, 2025, three customers accounted for 11.24%, 10.24% and 10.12% of total accounts receivable, respectively. No other customers accounted for more than 10% of the Company’s total accounts receivable as of March 31, 2026 and December 31, 2025.

Previous wording

For the nine months ended September 30, 2025, one customer accounted for 15.31% of total revenue. For the nine months ended September 30, 2024, two customers accounted for 13.81% and 12.55% of total revenue, respectively.

Current wording

For the three months ended March 31, 2026, one customer accounted for 16.69% of total revenue. For the three months ended March 31, 2025, one customer accounted for 17.77% of total revenue. No other customers accounted for more than 10% of the Company’s total revenue for the three months ended March 31, 2026 and 2025.