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Side-by-side financial comparison of Greenland Technologies Holding Corp. (GTEC) and NaaS Technology Inc. (NAAS). Click either name above to swap in a different company.
NaaS Technology Inc. is the larger business by last-quarter revenue ($25.9M vs $23.9M, roughly 1.1× Greenland Technologies Holding Corp.). Greenland Technologies Holding Corp. runs the higher net margin — -6.6% vs -193.3%, a 186.6% gap on every dollar of revenue. On growth, NaaS Technology Inc. posted the faster year-over-year revenue change (121.2% vs 23.4%).
Greenland Technologies Holding Corp is a specialized developer and manufacturer of electric industrial vehicles, lithium-ion drivetrain systems and industrial clean energy solutions. Its core products include electric forklifts and electric construction equipment components, serving logistics, construction and industrial customers across North America and Asia Pacific.
NaaS Technology Inc. is a leading electric vehicle energy service provider based in China. It delivers one-stop solutions covering charging network operation, software and hardware support for charging station operators, and value-added services such as charging location search and payment for EV owners, serving both enterprise and individual customers across domestic and select overseas markets.
GTEC vs NAAS — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2024
| Metric | | |
|---|---|---|
| Revenue | $23.9M | $25.9M |
| Net Profit | $-1.6M | $-50.0M |
| Gross Margin | 35.4% | 29.2% |
| Operating Margin | -0.1% | -144.2% |
| Net Margin | -6.6% | -193.3% |
| Revenue YoY | 23.4% | 121.2% |
| Net Profit YoY | -120.8% | 18.4% |
| EPS (diluted) | $-0.11 | $-0.02 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $23.9M | — | ||
| Q3 25 | $23.4M | — | ||
| Q2 25 | $21.7M | — | ||
| Q1 25 | $21.7M | — | ||
| Q4 24 | $19.4M | — | ||
| Q3 24 | $18.8M | — | ||
| Q2 24 | $23.0M | $25.9M | ||
| Q1 24 | $22.7M | — |
| Q4 25 | $-1.6M | — | ||
| Q3 25 | $5.7M | — | ||
| Q2 25 | $-3.2M | — | ||
| Q1 25 | $4.0M | — | ||
| Q4 24 | $7.6M | — | ||
| Q3 24 | $-684.4K | — | ||
| Q2 24 | $4.7M | $-50.0M | ||
| Q1 24 | $2.5M | — |
| Q4 25 | 35.4% | — | ||
| Q3 25 | 32.4% | — | ||
| Q2 25 | 26.5% | — | ||
| Q1 25 | 30.7% | — | ||
| Q4 24 | 26.6% | — | ||
| Q3 24 | 26.4% | — | ||
| Q2 24 | 29.4% | 29.2% | ||
| Q1 24 | 24.9% | — |
| Q4 25 | -0.1% | — | ||
| Q3 25 | 21.6% | — | ||
| Q2 25 | -10.7% | — | ||
| Q1 25 | 22.2% | — | ||
| Q4 24 | 19.4% | — | ||
| Q3 24 | 15.5% | — | ||
| Q2 24 | 17.3% | -144.2% | ||
| Q1 24 | 8.5% | — |
| Q4 25 | -6.6% | — | ||
| Q3 25 | 24.5% | — | ||
| Q2 25 | -14.8% | — | ||
| Q1 25 | 18.5% | — | ||
| Q4 24 | 39.2% | — | ||
| Q3 24 | -3.6% | — | ||
| Q2 24 | 20.2% | -193.3% | ||
| Q1 24 | 11.0% | — |
| Q4 25 | $-0.11 | — | ||
| Q3 25 | $0.33 | — | ||
| Q2 25 | $-0.20 | — | ||
| Q1 25 | $0.29 | — | ||
| Q4 24 | $0.56 | — | ||
| Q3 24 | $-0.05 | — | ||
| Q2 24 | $0.34 | $-0.02 | ||
| Q1 24 | $0.18 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $32.2M | $24.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $72.9M | $-33.4M |
| Total Assets | $115.8M | $180.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.2M | — | ||
| Q3 25 | $33.0M | — | ||
| Q2 25 | $23.1M | — | ||
| Q1 25 | $20.2M | — | ||
| Q4 24 | $25.2M | — | ||
| Q3 24 | $24.7M | — | ||
| Q2 24 | $22.6M | $24.7M | ||
| Q1 24 | $18.8M | — |
| Q4 25 | $72.9M | — | ||
| Q3 25 | $75.4M | — | ||
| Q2 25 | $69.2M | — | ||
| Q1 25 | $64.6M | — | ||
| Q4 24 | $60.2M | — | ||
| Q3 24 | $57.1M | — | ||
| Q2 24 | $56.3M | $-33.4M | ||
| Q1 24 | $51.9M | — |
| Q4 25 | $115.8M | — | ||
| Q3 25 | $123.4M | — | ||
| Q2 25 | $123.6M | — | ||
| Q1 25 | $118.6M | — | ||
| Q4 24 | $115.6M | — | ||
| Q3 24 | $127.5M | — | ||
| Q2 24 | $126.8M | $180.2M | ||
| Q1 24 | $139.2M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $7.8M | $-25.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.8M | — | ||
| Q3 25 | $8.3M | — | ||
| Q2 25 | $-1.7M | — | ||
| Q1 25 | $1.2M | — | ||
| Q4 24 | $4.4M | — | ||
| Q3 24 | $6.1M | — | ||
| Q2 24 | $11.3M | $-25.7M | ||
| Q1 24 | $-8.4M | — |
| Q4 25 | — | — | ||
| Q3 25 | $8.0M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $1.2M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $5.8M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $-9.6M | — |
| Q4 25 | — | — | ||
| Q3 25 | 34.2% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 5.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 30.9% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -42.3% | — |
| Q4 25 | — | — | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.2% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 5.2% | — |
| Q4 25 | — | — | ||
| Q3 25 | 1.44× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.31× | — | ||
| Q4 24 | 0.57× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.44× | — | ||
| Q1 24 | -3.37× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GTEC
| Transmission Boxes For Forklift | $23.1M | 97% |
| Other | $758.3K | 3% |
NAAS
Segment breakdown not available.
