Cash flow generation remains inconsistent, evidenced by a $1.4 million free cash flow outflow in 2026Q1 and historical working capital swings that reached a $12.7 million outflow in 2024Q1.
| Cash from Operations | 13.18M | 15.61M | 13.34M | 2.45M | 7.31M | -5.76M | 2.7M | 8M | 3.06M | 4.48M |
| Operating CF Margin % | - | 17.21% | 15.89% | 2.71% | 8.05% | -5.82% | 4.03% | 15.27% | 5.08% | 9.12% |
| Operating CF Growth % | -194.84% | 16.99% | 444.78% | -66.51% | 227.06% | -313.53% | -66.3% | 161.75% | -31.71% | - |
| Net Income | 5.93M | 8.6M | 15.15M | -25.02M | 3.8M | 7.27M | 6.37M | 5.09M | 6.62M | -3.26M |
| Depreciation & Amortization | 2.41M | 2.41M | 2.25M | 2.19M | 2.44M | 2.51M | 2.44M | 2.3M | 1.58M | 1.29M |
| Stock-Based Compensation | -1.41M | 5.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.12M |
| Deferred Taxes | -1.42K | -1.42K | -179.49K | -43.72K | -90.26K | 20.4K | 370.03K | 55.36K | -76.95K | 0 |
| Other Non-Cash Items | 8.6M | 27.14K | -366.84K | 34.35M | 3.14M | -127.42K | -188.94K | 262.12K | 427.28K | 5.72M |
| Working Capital Changes | -5.46M | -970.29K | -3.51M | -9.03M | -1.98M | -15.43M | -6.29M | 296.4K | -5.51M | -2.39M |
| Change in Receivables | -1.74M | 7.09M | 4.82M | -1.89M | 6.48M | -8.97M | 486.79K | -2.21M | -2.74M | -153.15K |
| Change in Inventory | -1.61M | -1.06M | 689.51K | -2.4M | 400.98K | -9.97M | -4.33M | 2.23M | -4.14M | -2.96M |
| Change in Payables | 2.97M | 1.45M | -1.52M | 1.16M | -2.08M | 6.46M | 5.94M | -16.12K | 709.45K | 0 |
| Cash from Investing | -4.39M | -919.59K | -1.87M | 1.07M | 33.69K | -638.98K | -822.77K | -1.6M | -5.98M | -10.62M |
| Capital Expenditures | -172.53K | 0 | 0 | 0 | 0 | 0 | -1.08M | -2.19M | -6.69M | -8.76M |
| CapEx % of Revenue | 0.18% | - | - | - | - | - | 1.62% | 4.19% | 11.11% | 17.86% |
| Acquisitions | 0 | 0 | 0 | -50K | -250K | 0 | 260.87K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -4.22M | -919.59K | -1.87M | 676.75K | 283.69K | -638.98K | 0 | 593.16K | 709.84K | -1.86M |
| Cash from Financing | -5.71M | -15.61M | -30.9M | 2.87M | -4.28M | 14.46M | 2.31M | -9.64M | -157.94K | 8.82M |
| Debt Issued (Net) | -8.09M | -13.66M | -19.58M | 3.57M | -13.76M | 226.04K | 5.92M | -14.51M | -4.39M | -3.25M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 9.2M | 8.21M | -3.86M | 0 | 0 | 0 |
| Dividends Paid | -1.44M | -2.22M | -5.93M | -703.6K | 0 | 0 | 0 | -159.61K | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -3.86M | 0 | 0 | 0 |
| Other Financing | 3.82M | 271K | -5.39M | 0 | 281.41K | 6.03M | 246.8K | 5.02M | 4.23M | 12.07M |
| Net Change in Cash | 3.06M | -764.92K | -19.58M | 8.46M | 1.93M | 8.4M | 3.69M | -3.25M | -2.92M | 2.57M |
| Free Cash Flow | 13.01M | 15.61M | 13.34M | 2.45M | 7.31M | -5.76M | 1.61M | 7.87M | -3.63M | -4.29M |
| FCF Margin % | 13.75% | 17.21% | 15.89% | 2.71% | 8.05% | -5.82% | 2.41% | 15.01% | -6.03% | -8.74% |
| FCF Growth % | -43.48% | 16.99% | 444.78% | -66.51% | 227.06% | -457.08% | -79.51% | 316.66% | 15.34% | - |
| FCF per Share | 0.60 | 0.97 | 0.98 | 0.19 | 0.62 | -0.53 | 0.16 | 0.99 | -0.48 | -4.29 |
| FCF Conversion (FCF/Net Income) | 2.19x | 3.17x | 0.95x | -0.15x | 9.81x | -0.92x | 0.40x | 1.79x | 0.51x | -1.37x |
| Interest Paid | 0 | 0 | 48.44K | 277.16K | 405.17K | 637.97K | 1.14M | 2.22M | 1.77M | 0 |
| Taxes Paid | 2.1M | 3.09M | 1.59M | 977.99K | 695.32K | 1.63M | 3.06M | 791.76K | 2.65M | 0 |
Working Capital Volatility
As reported in financial statements, GTEC's operating cash flow to net income ratio has fluctuated wildly, ranging from -8.85 in 2024Q3 to 2.44 in 2024Q2, which suggests that reported net income is a poor proxy for the actual cash-generating capability of the underlying industrial manufacturing operations.
The extreme variance in the OCF/NI ratio indicates that non-cash items and significant accrual adjustments are frequently decoupling accounting profits from cash reality. Investors should interpret these swings as a signal that the company's earnings quality is highly sensitive to timing differences in revenue recognition and expense accruals.
Based on GTEC's reported figures, working capital changes have been the primary driver of cash flow volatility, with quarterly fluctuations reaching as high as a $12.7 million outflow in 2024Q1, indicating that inventory management and collection cycles remain significant hurdles to achieving consistent operating cash flow.
The frequent, large-scale shifts in working capital suggest that the company's cash position is highly vulnerable to the timing of customer payments and inventory build-ups associated with the HEVI product line. This pattern implies that operational cash flow is currently more a function of balance sheet management than core manufacturing efficiency.
According to recent SEC filings, GTEC's free cash flow trajectory has been inconsistent, oscillating between a $11.3 million inflow in 2024Q2 and a $8.4 million outflow in 2024Q1, which highlights the difficulty the firm faces in maintaining a self-sustaining cash generation profile during its current expansion phase.
The lack of a stable FCF trend suggests that the company is struggling to balance its growth-oriented capital requirements with the cash-generative needs of its legacy drivetrain business. This inconsistency warrants further investigation into whether the current business model can support long-term scaling without recurring external financing or cash depletion.
As indicated by the provided data, GTEC maintains a remarkably low capital expenditure profile, with CapEx/Revenue ratios often below 1%, which suggests that the company may be relying on a fully depreciated asset base rather than investing in modernizing its manufacturing infrastructure for the HEVI transition.
While low capital intensity preserves cash in the short term, it may indicate an under-investment in the specialized equipment required to scale electric vehicle production effectively. Analysts should monitor whether this low spending level is sustainable or if a significant catch-up in capital investment will be required to remain competitive.
Quick answers to the most common questions about buying GTEC stock.
Greenland Technologies Holding Corporation (GTEC) generated $15.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Greenland Technologies Holding Corporation (GTEC) generated $15.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Greenland Technologies Holding Corporation (GTEC) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Greenland Technologies Holding Corporation (GTEC) returned $2.2M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.