Planet Green Holdings Corp.
For the period ended Jun 30, 2026. Filed Aug 14, 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.
Jun 30, 2026 · Filed Aug 14, 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 2026-03-31; filed 2026-05-15.
0001213900-26-057744
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-14.
0001213900-26-090079
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 34 previous paragraphs and 49 current paragraphs.
18 unchanged; 12 reworded; 15 added; 4 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 3 previous and 4 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 (15)
Current report
Cost of Revenues. During the three months ended June 30, 2026, we experienced an increase in our cost of revenue of $731,731, in comparison to the three months ended June 30, 2025, from $1,672 to $733,403. This increase was mainly due to an increase in cost of revenue from online advertising services and sales of tea products in line with revenue.
Current report
Gross Profit. Our gross profit decreased by $704,722, to loss of $703,264 for the three months ended June 30, 2026 compared to profit of $1,458 for the three months ended June 30, 2025. Our gross margin was negative 89.0% for the three months ended June 30, 2026 compared to positive 46.6% for the three months ended June 30, 2025. The decrease in gross profit and gross margin was attributable to an increase in promotion cost. We engaged sales agents to expand the sales network of our tea product, incurred significant promotion cost to achieve small profits but quick turnover.
Current report
General and Administrative Expenses. Our general and administrative expenses for the three months ended June 30, 2026 increased by $158,888, to $454,416 compared to $295,528 for the three months ended June 30, 2025. This increase was mainly due to an increase in salary and rental expense of our new subsidiaries, as well as impairment of intangible asset.
Current report
Net Loss
Current report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025.
Current report
Operating Expenses
Current report
Research and Development Expenses. Our research and development expenses for the six months ended June 30, 2026 was $954 compared to $nil for the six months ended June 30, 2025. This increase was mainly due to an increase in research expense of our new products.
Current report
Net Loss
Current report
Our net loss was $0.65 million for the six months ended June 30, 2026, compared to $1.57 million for the six months ended June 30, 2025. This change in net loss was primarily attributable to the increase in revenue, and decrease in loss from discontinued operations. We completed the disposition of our 100% equity in Bless Chemical, which owned Hubei Bulaisi and Jingshan Sanhe, on June 15, 2026.
Current report
Net cash used in operating activities was $2,026,665 during the six months ended June 30, 2025, primarily due to net loss from continuing operations of $660,576, adjustments to reconcile net loss of $252,306, changes in net operating assets and liabilities of $146,411, and net cash used in operating activities from discontinued operations of $1,764,806.
Current report
Net cash used in investing activities from continuing operations for the six months ended June 30, 2025 was $nil. Net cash used in investing activities from discontinued operations for the six months ended June 30, 2025 was $2,463.
Current report
The net cash provided by financing activities from continuing operations was $309,800 during the six months ended June 30, 2026, mainly attributed to proceeds from related parties of $449,134, repayment of bank loans of $145,722. Net cash provided by financing activities from discontinued operations for the six months ended June 30, 2026 was $501,326.
Current report
The net cash provided by financing activities from continuing operations was $227,364 during the six months ended June 30, 2025, mainly attributed to proceeds from related parties of $227,022. Net cash provided by financing activities from discontinued operations for the six months ended June 30, 2026 was $2,274,849.
Current report
Accounts receivable, net
Current report
Accounts receivable is presented net of an allowance for credit losses. In determining the amount of the allowance for credit losses, we consider historical collectability based on past due status, the age of the accounts receivable balances, credit quality of the customers based on ongoing credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect our ability to collect from customers. Accounts receivable is written off after all collection efforts have ceased. As of June 30, 2026 and December 31, 2025, our allowance for uncollectable balances amounted to $885,380 and $784,239, respectively.
Removed paragraphs (4)
Previous report
Net Income (Loss)
Previous report
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.
Previous report
Impairment of Long-lived Assets
Previous 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.
Reworded paragraphs (12)
Previous 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:
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 Xianning Bozhuang, Hubei Shengsili and Fast Approach Inc, includes the following operations:
Previous wording
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 wording
Promotion cost. During the three months ended June 30, 2026, we incurred promotion cost of $760,064 in connection with sales of tea products by Hubei Shengsili, compared to $nil for the three months ended June 30, 2025.
Previous 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.
Current wording
*Selling and Marketing Expenses.*Our selling and marketing expenses increased by $842, to $1,985 for the three months ended June 30, 2026 from $1,143 for the three months ended June 30, 2025. This increase was mainly due to the increase in shipping and delivery expenses and business travel and meals expense.
Previous wording
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 wording
Research and Development Expenses. Our research and development expenses for the three months ended June 30, 2026 was $836, compared to $nil for the three months ended June 30, 2025. This increase was mainly due to an increase in research expense of our new products.
Previous wording
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 wording
Our net loss was $1,149,151 for the three months ended June 30, 2026, compared to a net loss of $773,581 for the three months ended June 30, 2025. This change in net loss was primarily attributable to the decrease in gross profit, as discussed above.
Previous wording
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 wording
Net Revenues. Our net revenues for the six months ended June 30, 2026 amounted to $7.09 million, reflecting an increase of approximately $7.03 million compared to $63,666 for the six months ended June 30, 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 six months ended June 30, 2026.
Previous 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.
Current wording
Cost of Revenues. During the six months ended June 30, 2026, we experienced an increase in our cost of revenue of $1.11 million, in comparison to the six months ended June 30, 2025, from $7,963 to $1.12 million. This increase was mainly due to an increase in cost of revenue from sales of tea products in line with revenue.
Previous wording
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 wording
Gross Profit. Our gross profit increased by approximately $0.77 million, to $0.83 million for the six months ended June 30, 2026 compared to $55,703 for the six months ended June 30, 2025. Our gross margin decreased by 75.8%, to 11.7% for the six months ended June 30, 2026 compared to 87.5% for the six months ended June 30, 2025. The increase in gross profit and decrease in gross margin was attributable to our acquisition of Hubei Shengsili, which engaged sales agents to expand the sales network of our tea product, incurred significant promotion cost to achieve small profits but quick turnover.
Previous 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.
Current wording
*General and Administrative Expenses.*Our general and administrative expenses for the six months ended June 30, 2026 increased by approximately $0.38 million, to $1.08 million compared to $0.70 million for the six months ended June 30, 2025. This increase was mainly due to an increase in audit expense of $0.24 million, salary and rental expense of our new subsidiaries, as well as impairment of intangible asset.
Previous 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.
Current 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 reported net loss from continuing operations of $279,375 for the six months ended June 30, 2026, and its net cash provided by operating activities from continuing operations for the six months ended June 30, 2026 was $24,080. The Company had an accumulated deficit of $175,623,596 and a working capital deficit of $6,122,619 as of June 30, 2026.
Previous 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.
Current wording
Net cash used in operating activities was $477,569 during the six months ended June 30, 2026, primarily due to net loss from continuing operations of $279,375, adjustments to reconcile net loss of $281,385, changes in net operating assets and liabilities of $22,070, and net cash used in operating activities from discontinued operations of $501,649.
Previous 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.
Current wording
Net cash used in investing activities from continuing operations for the six months ended June 30, 2026 was $12,252, primarily due to cash used for purchase of equipment of $12,689. Net cash provided by investing activities from discontinued operations for the six months ended June 30, 2026 was $323.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Net Revenues. Our net revenues for the three months ended June 30, 2026 amounted to $790,203, reflecting an increase of $787,073 compared to $3,130 for the three months ended June 30, 2025. This increase was attributable to the growth of our online advertising business and the expanded enterprise sales distribution channel of our tea products for the three months ended June 30, 2026.
Current report — wording carried from elsewhere
The following discussion should be read in conjunction with the Company’s unaudited condensed consolidated financial statements for the six months ended June 30, 2026 and 2025 and related notes.
Current report — wording carried from elsewhere
Promotion cost. During the six months ended June 30, 2026, we incurred promotion cost of $5.15 million in connection with sales of tea products by Hubei Shengsili, compared to $nil for the six months ended June 30, 2025.
Current report — wording carried from elsewhere
*Selling and Marketing Expenses.*Our selling and marketing expenses increased by $2,687, to $10,702 for the six months ended June 30, 2026 from $8,015 for the six months ended June 30, 2025. This increase was mainly due to the increase in shipping and delivery expenses and business travel and meals expense.