Planet Green Holdings Corp.
For the period ended Mar 31, 2026. Filed May 15, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 15, 2026
PLAG$0.37+6.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001213900-25-110485
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-15.
0001213900-26-057744
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 46 previous paragraphs and 34 current paragraphs.
11 unchanged; 10 reworded; 13 added; 24 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 6 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
Net Revenues. Our net revenues for the three months ended March 31, 2026 amounted to $6.36 million, reflecting an increase of approximately $5.52 million compared to $0.84 million for the three months ended March 31, 2025. This increase was attributable to our acquisition of Hubei Shengsili in November 2025 and the expanded enterprise sales distribution channel of our tea products for the three months ended March 31, 2026.
Current report
Promotion cost. During the three months ended March 31, 2026, we incurred promotion cost of $4.39 million in connection with sales of tea products by Hubei Shengsili, compared to $nil for the three months ended March 31, 2025.
Current report
Gross Profit. Our gross profit increased by approximately $1.47 million, to $1.53 million for the three months ended March 31, 2026 compared to $0.06 million for the three months ended March 31, 2025. Our gross margin increased by 17.6%, to 24.1% for the three months ended March 31, 2026 compared to 6.5% for the three months ended March 31, 2025. The increase in gross profit and gross margin was attributable to our acquisition of Hubei Shengsili and increased revenue, as discussed above.
Current report
Research and Development Expenses. Our research and development expenses for the three months ended March 31, 2026 decreased by $3,956, to $12,382 compared to $16,338 for the three months ended March 31, 2025. This decrease was mainly due to a decrease in depreciation expense related to research equipment.
Current report
Net Income (Loss)
Current report
Our net income was $0.50 million for the three months ended March 31, 2026, compared to a net loss of $0.80 million for the three months ended March 31, 2025. This change in net income was primarily attributable to the increase in revenue, as discussed above.
Current report
Foreign Exchange Controls
Current report
A significant portion of our cash is held in RMB by our PRC subsidiaries. The RMB is not freely convertible into foreign currencies. Under the PRC’s foreign exchange regulations, payments of current account items, including profit distributions, interest payments, and trade and service-related foreign exchange transactions, can be made in foreign currencies without prior approval from the State Administration of Foreign Exchange (“SAFE”) by complying with certain procedural requirements. However, approval from or registration with appropriate government authorities is required where RMB is to be converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. These restrictions could affect our ability to utilize our PRC cash balances to fund our offshore operations or to make dividends or other distributions to our holding company.
Current report
Liquidity and Going Concern
Current report
Critical Accounting Estimates and Policies
Current report
The preparation of financial statements in conformity with the United States generally accepted accounting principles requires our management to make assumptions, estimates, and judgments that affect the amounts reported in the financial statements, including the notes to that, and related disclosures of commitments contingencies, if any.
Current report
Impairment of Long-lived Assets
Current report
We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. This evaluation requires significant judgment, including the identification of the relevant asset group, the assessment of impairment indicators, and the determination of fair value when impairment is recognized. In estimating fair value, we consider factors such as the expected future utilization of production lines and equipment, market conditions, replacement cost, physical deterioration, and functional and economic obsolescence. As of March 31, 2026, our plant and equipment, net was approximately $4.58 million, and we recognized an impairment of $132,127. Accordingly, changes in our assumptions, including whether suspended or underutilized production assets are expected to return to service and the extent of future utilization, could materially affect the amount of any future impairment charges.
Removed paragraphs (24)
Previous report
*Net Revenues.*Our net revenues for the three months ended September 30, 2025 amounted to $0.77 million, which represents a decrease of approximately $0.69 million, from $1.46 million for the three months ended September 30, 2024. The decrease in revenue can be attributed to the stagnant sales of high-grade synthetic fuel products, which decreased from $1.41 million to $0.77 million during the current period.
Previous report
Gross Profit. Our gross profit for the three months ended September 30, 2025 was $0.03 million compared to a gross profit of $0.10 million for the same period in 2024. The decrease in gross profit was attributed to a decrease in revenue, as discussed above.
Previous report
Net Loss
Previous report
Our net loss for the three months ended September 30, 2025 increased by $10.96 million, to $12.15 million from $1.19 million in the same period in 2024. This decrease was primarily attributed to the increase of net loss from discontinuing operations and the increase in general and administrative expenses.
Previous report
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024.
Previous report
*Net Revenues.*Our net revenues for the nine months ended September 30, 2025 amounted to $2.52 million, which represents a decrease of approximately $1.24 million, or 33%, from $3.75 million for the nine months ended September 30, 2024. The decrease in revenue can be attributed to the stagnant sales of high-grade synthetic fuel products, which decreased from $3.29 million to $2.45 million during the current period, and a decline in advertising service revenue from $0.38 million to $644.
Previous report
*Cost of Revenues.*During the nine months ended September 30, 2025, we experienced a decrease in cost of revenue of $0.88 million or 27%, in comparison to the nine months ended September 30, 2024, from approximately $3.31 million to $2.43 million. This change was mainly due to a decrease in sales of revenue, as discussed above.
Previous report
Gross Profit. Our gross profit for the nine months ended September 30, 2025 decreased by $0.36 million, representing an 79% decrease to $0.09 million compared to $0.45 million for the same period in 2024. The decrease was attributed to a decrease in sales of revenue, as discussed above.
Previous report
Operating Expenses
Previous report
Selling and Marketing Expenses. Our selling and marketing expenses increased by approximately $0.01 million, or 144%, to $0.02 million for the nine months ended September 30, 2025 from approximately $9,000 for the nine months ended September 30, 2024. This increase was mainly due to the increase in business travel and meals expense.
Previous report
General and Administrative Expenses. Our general andadministrative expenses for the nine months ended September 30, 2025 increased by $2.50 million, or 119%, to $4.59 million compared to the previous year’s $2.09 million for the same period. This increase was mainly due to the Company’s issuance of 1,450,000 shares of common stock under the 2025 Plan for a fair value of $2.80 million.
Previous report
Net Loss
Previous report
Our net loss for the nine months ended September 30, 2025 decreased by $9.73 million, to $13.72 million from $3.99 million in the same period in 2024. This decrease was primarily attributed to the increase of net loss from discontinuing operations and the increase in general and administrative expenses.
Previous report
Liquidity and Capital Resources
Previous report
In assessing our liquidity, we monitor and analyze our cash-on-hand and operating and capital expenditure commitments. Our liquidity needs meet our working capital requirements, operating expenses, and capital expenditure obligations. In the reporting period at September 30, 2025, our primary sources of financing have been cash generated from operations and bank loans.
Previous report
As of September 30, 2025, we had cash and restricted cash of $63,754 compared to $180,335 as of December 31, 2024. The debt to assets ratio was 104.7% and 54.0% as of September 30, 2025 and December 31, 2024, respectively. We expect to continue to finance our operations and working capital needs in 2025 from cash generated from operations and, if needed, private financings. Suppose available liquidity is insufficient to meet our operating and loan obligations as they come due. In that case, our plans include pursuing alternative financing arrangements or reducing expenditures as necessary to meet our cash requirements. However, there is no assurance that we will raise additional capital or reduce discretionary spending to provide liquidity if needed. We cannot be sure of the availability or terms of any alternative financing arrangements.
Previous report
Going Concern
Previous report
Recent Accounting Pronouncements
Previous report
In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. This guidance clarifies the assessment of whether a transaction should be accounted for as an induced conversion or extinguishment of convertible debt when changes are made to conversion features as part of an offer to settle the instrument. The amended guidance is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The guidance can be applied either prospectively or retrospectively. We are currently in the process of evaluating the impact this amended guidance may have on our consolidated financial statements.
Previous report
In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This guidance amends the effective date of Update 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of Update 2024-03 is permitted. We are currently in the process of evaluating the impact this amended guidance may have on the footnotes to our consolidated financial statements.
Previous report
In March 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. The amendments in this Update require an entity involved in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business to consider the factors in paragraphs 805-10-55-12 through 55-15 to determine which entity is the accounting acquirer. The amendments in this Update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. We are currently in the process of evaluating the impact this amended guidance may have on our consolidated financial statements.
Previous report
In April 2025, the FASB issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer. This Update is issued to reduce diversity in practice and improve the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The amendments in this Update are effective for all entities for annual reporting periods (including interim reporting periods within annual reporting periods) beginning after December 15, 2026. Early adoption is permitted. We are currently in the process of evaluating the impact this amended guidance may have on our consolidated financial statements.
Previous report
In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This Update is issued to address challenges encountered when applying the guidance in Topic 326, Financial Instruments—Credit Losses, to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. We are currently in the process of evaluating the impact this amended guidance may have on its consolidated financial statements.
Previous report
Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on our present or future financial statements.
Reworded paragraphs (10)
Previous wording
We are headquartered in Flushing, New York. After a series of acquisitions and dispositions in 2025 and 2024, our primary business, which is carried out by Jingshan Sanhe, Xianning Bozhuang and Fast Approach Inc, includes the following operations:
Current wording
We are headquartered in Flushing, New York. After a series of acquisitions and dispositions in 2026 and 2025, our primary business, which is carried out by Jingshan Sanhe, Xianning Bozhuang, Hubei Shengsili and Fast Approach Inc, includes the following operations:
Previous wording
The following discussion should be read in conjunction with the company’s unaudited condensed consolidated financial statement for the three months ended September 30, 2025, and 2024 and related notes to that.
Current wording
The following discussion should be read in conjunction with the Company’s unaudited condensed consolidated financial statements for the three months ended March 31, 2026 and 2025 and related notes.
Previous wording
*Cost of Revenues.*During the three months ended September 30, 2025, we experienced a decrease in cost of revenue of $0.62 million or 46%, in comparison to the three months ended September 30, 2024, from approximately $1.37 million to $0.74 million. This change was mainly due to a decrease in cost of revenue from sales of high-grade synthetic fuel products.
Current wording
Cost of Revenues. During the three months ended March 31, 2026, we experienced a decrease in our cost of revenue of $0.34 million, in comparison to the three months ended March 31, 2025, from approximately $0.78 million to $0.44 million. This decrease was mainly due to a decrease in cost of revenue from sales of diesel products.
Previous wording
Selling and Marketing Expenses. Our selling and marketing expenses increased by approximately $4,000, or 133%, to $7,000 for the three months ended September 30, 2025 from approximately $3,000 for the three months ended September 30, 2024. This increase was mainly due to the increase in business travel and meals expense.
Current wording
*Selling and Marketing Expenses.*Our selling and marketing expenses increased by $2,093, to $12,131 for the three months ended March 31, 2026 from $10,038 for the three months ended March 31, 2025. This increase was mainly due to the increase in shipping and delivery expenses and business travel and meals expense.
Previous wording
General and Administrative Expenses. Our general and administrative expenses for the three months ended September 30, 2025 increased by $2.88 million, or 594%, to $3.36 million compared to the previous year’s $0.48 million for the same period. This increase was mainly due to the issuance of 1,450,000 shares of common stock under the 2025 Plan for a fair value of $2.80 million.
Current wording
General and Administrative Expenses. Our general and administrative expenses for the three months ended March 31, 2026 increased by approximately $0.30 million, to $0.95 million compared to $0.65 million for the three months ended March 31, 2025. This increase was mainly due to an increase in audit expense of $0.21 million.
Previous wording
The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern; however, the Company has incurred a net loss from continuing operations of $4,698,088 for the nine months ended September 30, 2025. As of September 30, 2025 the Company had an accumulated deficit of $161,772,429, a working capital deficit of $5,537,300, its net cash used in operating activities from continuing operations for the nine months ended September 30, 2025 was $1,329,176.
Current wording
The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern; The Company has reported net income of $502,855 for the three months ended March 31, 2026. Its net cash provided by operating activities for the three months ended March 31, 2026 was $4,580,433. However, the Company had an accumulated deficit of $174,717,437 and a working capital deficit of $4,897,804 as of March 31, 2026.
Previous wording
These factors raise substantial doubt on the Company’s ability to continue as a going concern. The accompanying unaudited consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management’s plan for the Company’s continued existence is dependent upon management’s ability to execute the business plan, develop a plan to generate profit; additionally, Management may need to continue to rely on private placements or certain related parties to provide funding for investment, working capital and general corporate purposes. If management is unable to execute its plan, the Company may become insolvent.
Current wording
These factors raise substantial doubt on the Company’s ability to continue as a going concern. The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company has recently expanded its sales and marketing efforts by engaging sales agents to promote its tea products and enhance market penetration. The Company believes this sales agent model enables it to improve its profit and cash flow. Management’s plan for the Company’s continued existence is dependent upon management’s ability to execute its business plan and generate additional profits, Additionally, Management may need to continue to rely on private placements or other capital raising transactions or certain related parties to provide funding for investment, for working capital and general corporate purposes. If management is unable to execute its plan, the Company may become insolvent.
Previous wording
Net cash used in operating activities was $1.33 million during the nine months ended September 30, 2025, compared to net cash provided by operating activities of $0.44 million during the nine months ended September 30, 2024. This change was primarily due to the decrease in net loss excluding non-cash expenses, gains and losses of $0.22 million, changes in net operating assets and liabilities of $1.54 million.
Current wording
Net cash provided by operating activities was $4.58 million during the three months ended March 31, 2026, compared to $0.35 million used in operating activities during the three months ended March 31, 2025. This change was primarily due to the improvement in net income from continuing operations of $1.15 million, plus an increase in adjustments to reconcile net loss of $0.07 million, and changes in net operating assets and liabilities of $3.71 million.
Previous wording
Net cash used in investing activities was $2,474 for the nine months ended September 30, 2025, compared to $6,169 for the same period in 2024, which was primarily cash used for purchase of equipment.
Current wording
Net cash used in investing activities for the three months ended March 31, 2026 was $14,127, compared to $2,456 for the same period in 2025, which was primarily cash used for purchase of equipment.
Previous wording
The net cash provided by financing activities was $1.20 million for the nine months ended September 30, 2025, compared to net cash used in financing activities of $0.41 million for the same period in 2024. This change can be attributed to a rise in proceeds from bank loans.
Current wording
The net cash provided by financing activities was $0.77 million during the three months ended March 31, 2026, compared to $1.30 million for the same period in 2025. This change is attributed to an increase in the amount of repayments made under bank loans.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The following discussion should be read in conjunction with the company’s unaudited condensed consolidated financial statement for the nine months ended September 30, 2025, and 2024 and related notes to that.