Lucide Ledger

A filing-first public record from Lucide House.

Issue 003 | U.S. Pilot | US

GTEC

Greenland Technologies Holding Corp.

Screen state: Passing Source state: Verified 10-Q | 2026-05-13 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 79.7%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
112,999,180USD
Total Liabilities
58,084,912USD
NCAV
54,914,268USD
Cash
10,392,136USD
NCAV per share
2.07USD/share
Evidence
8 annual | 25 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
2
Unavailable
7
Requires inspection Negative OCF -1,186,337
Latest
-1,186,3372026-03-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001213900-26-055798

Supporting observation Current Ratio > 1.5 1.99
Latest
1.992026-03-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001213900-26-055798

7 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Material 1Y Share Increase 1Y share change >= +2% using the same share-count source
NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive
No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source
Non-Positive Equity ordinary shareholders equity <= 0
Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Share Count & Per-Share Comparability

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: no_split_evidence_reported_equals_adjusted | quality: verified

Display basis

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-12-31
10-K
USD
2024-12-31
10-K
USD
2023-12-31
10-K
USD
2022-12-31
10-K
USD
2021-12-31
10-K
USD
2020-12-31
10-K
USD
2019-12-31
10-K
USD
2018-11-30
10-K
USD
Revenue 90,694,007 83,944,661 90,333,240 90,830,674 98,839,900 66,864,375 52,400,844 n/a
Operating Income 7,522,078 12,594,142 10,779,227 5,958,542 8,250,068 6,708,350 6,604,078 -372,998
Net Income 4,931,543 14,066,972 -15,879,116 3,559,565 6,265,578 6,758,502 5,087,166 -66,784
Cash From Operations 15,608,957 13,341,886 2,449,040 7,313,245 -5,755,940 2,695,570 7,999,230 -426,265
Capex -525,718 -1,964,276 -735,498 n/a n/a -131,432 -1,284,972 n/a
Free Cash Flow 15,083,239 11,377,610 1,713,542 n/a n/a 2,564,138 6,714,258 n/a
Cash And Equivalents 7,775,330 6,659,142 22,981,324 16,295,695 11,062,590 7,159,015 2,123,485 644,700
Accounts Receivable 17,256,479 15,796,423 16,483,533 14,337,760 15,915,002 12,408,548 11,971,889 n/a
Inventory 24,377,036 23,378,090 24,596,795 23,096,382 25,803,474 15,380,063 9,972,877 n/a
Total Current Assets 95,265,112 92,646,759 99,790,741 132,364,160 139,305,403 107,643,434 80,239,713 729,245
Total Assets 115,772,341 115,576,195 130,476,967 155,115,341 162,568,442 131,978,737 106,483,843 45,036,632
Total Current Liabilities 48,297,726 57,537,963 72,524,516 66,208,689 85,463,224 78,808,335 55,993,321 31,278
Total Liabilities 49,452,420 62,307,307 79,823,566 70,197,578 87,723,776 81,317,275 59,521,719 1,010,765
Shareholders Equity 72,941,486 60,207,697 50,080,230 71,195,100 62,284,790 44,889,922 38,595,878 5,000,001
Shares Outstanding 17,394,226 13,594,530 13,594,530 12,978,504 11,329,530 10,225,142 10,006,142 1,906,542
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 16,145,011 13,594,530 13,229,978 11,886,876 10,840,638 10,037,249 7,932,567 1,415,310
Weighted Avg Shares Basic 16,145,011 13,594,530 13,229,978 11,886,876 10,840,638 10,037,249 7,932,567 1,415,310
Net Share Count Change (Normalized) 0.0% 0.0% 0.0% 3.2% -0.4% 2.2% 424.8% Insufficient evidence
Ownership Claim Change (Normalized) 0.0% 0.0% 0.0% -3.1% 0.4% -2.1% -80.9% Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric
2026-03-31
10-Q
USD
2025-12-31
10-K
USD
2025-12-31
10-K
USD
2025-09-30
10-Q
USD
2025-06-30
10-Q
USD
2025-03-31
10-Q
USD
2024-12-31
10-K
USD
2024-12-31
10-K
USD
2024-09-30
10-Q
USD
2024-06-30
10-Q
USD
2024-03-31
10-Q
USD
2023-12-31
10-K
USD
2023-12-31
10-K
USD
2023-09-30
10-Q
USD
2023-06-30
10-Q
USD
2023-03-31
10-Q
USD
2022-12-31
10-K
USD
2022-12-31
10-K
USD
2022-09-30
10-Q
USD
2022-06-30
10-Q
USD
2022-03-31
10-Q
USD
2021-12-31
10-K
USD
2021-12-31
10-K
USD
2021-09-30
10-Q
USD
2021-06-30
10-Q
USD
Revenue 25,538,345 23,895,060 23,895,060 23,401,597 21,719,786 21,677,564 19,369,717 19,369,717 18,834,093 23,017,260 22,723,591 22,777,670 22,777,670 21,836,761 23,569,449 22,149,360 19,134,350 19,134,350 21,786,862 20,602,505 29,306,957 22,939,906 22,939,906 23,084,793 28,204,307
Operating Income 5,719,601 -28,990 -28,990 5,065,619 -2,323,247 4,808,696 3,753,345 3,753,345 2,928,023 3,986,354 1,926,420 2,190,096 2,190,096 2,806,142 3,408,839 2,374,150 -1,696,127 -1,696,127 2,074,778 2,213,904 3,365,987 -108,280 -108,280 2,051,676 3,452,199
Net Income 5,000,480 1,645,774 -1,579,494 5,732,522 -3,225,268 4,003,783 7,598,250 7,598,250 -684,391 4,650,910 2,502,203 -18,837,809 -18,837,809 -887,420 2,399,138 1,446,975 -992,715 -992,715 1,277,964 1,487,264 1,787,052 327,909 327,909 1,028,348 2,780,753
Cash From Operations -1,186,337 7,809,923 7,809,923 8,259,031 -1,704,663 1,244,666 4,358,390 4,358,390 6,059,338 11,346,488 -8,422,330 2,007,585 2,007,585 833,171 -4,148,034 3,756,318 13,434,480 13,434,480 -4,456,210 -2,926,071 1,261,046 108,483 108,483 -5,086,002 3,219,726
Capex -172,528 n/a -260,251 -112,485 -138,611 -14,371 n/a -547,928 -134,171 -97,145 -1,185,032 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Free Cash Flow -1,358,865 n/a 7,549,672 8,146,546 -1,843,274 1,230,295 n/a 3,810,462 5,925,167 11,249,343 -9,607,362 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Cash And Equivalents 10,392,136 7,775,330 7,775,330 3,942,129 4,575,645 5,403,254 6,659,142 6,659,142 17,633,936 17,119,889 15,985,073 22,981,324 22,981,324 21,543,963 15,232,289 15,401,387 16,295,695 16,295,695 11,306,600 3,217,925 6,853,839 11,062,590 11,062,590 9,020,787 10,756,968
Total Current Assets 112,999,180 95,265,112 95,265,112 98,991,426 94,613,734 93,467,880 92,646,759 92,646,759 100,183,115 102,437,766 103,374,342 99,790,741 99,790,741 138,932,446 133,312,675 135,163,335 132,364,160 132,364,160 135,341,847 129,313,092 140,959,470 139,305,403 139,305,403 134,442,643 132,110,544
Total Liabilities 58,084,912 49,452,420 49,452,420 53,573,282 60,343,462 60,557,999 62,307,307 62,307,307 66,211,531 67,976,431 85,867,544 79,823,566 79,823,566 73,945,523 68,858,050 69,731,911 70,197,578 70,197,578 74,384,253 73,871,241 86,130,664 87,723,776 87,723,776 91,582,750 90,770,545
Shares Outstanding 26,544,222 17,394,226 17,394,226 17,394,226 17,394,226 13,594,530 13,594,530 13,594,530 13,594,530 13,594,530 13,594,530 13,594,530 13,594,530 13,594,530 12,978,504 12,978,504 12,978,504 12,978,504 12,579,530 11,329,530 11,329,530 11,329,530 11,329,530 11,371,171 11,448,327
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 21,753,958 16,145,011 17,435,528 17,394,226 16,099,824 13,594,530 13,594,530 13,594,530 13,594,530 13,594,530 13,594,530 13,229,978 13,360,174 13,594,530 12,978,504 12,978,504 11,886,876 12,647,883 12,222,387 11,329,530 11,329,530 10,840,638 10,831,635 11,371,171 10,814,479
Weighted Avg Shares Basic 21,753,958 16,145,011 17,435,528 17,394,226 16,099,824 13,594,530 13,594,530 13,594,530 13,594,530 13,594,530 13,594,530 13,229,978 13,360,174 13,594,530 12,978,504 12,978,504 11,886,876 12,647,883 12,222,387 11,329,530 11,329,530 10,840,638 10,831,635 11,371,171 10,814,479
Net Share Count Change (Normalized) 52.6% 0.0% 0.0% 0.0% 28.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 4.7% 0.0% 0.0% 3.2% 3.2% 11.0% 0.0% 0.0% -0.4% -0.4% -0.7% 12.0%
Ownership Claim Change (Normalized) -34.5% 0.0% 0.0% 0.0% -21.8% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -4.5% 0.0% 0.0% -3.1% -3.1% -9.9% 0.0% 0.0% 0.4% 0.4% 0.7% -10.7%
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 112,999,180USD us-gaap:AssetsCurrent 2026-03-31 1.00 Data Vault | sec/companyfacts/cik=0001735041/companyfacts.json
Data Vault | sec/companyfacts/cik=0001735041/companyfacts.json
Total Liabilities 58,084,912USD us-gaap:Liabilities 2026-03-31 1.00 Data Vault | sec/companyfacts/cik=0001735041/companyfacts.json
Data Vault | sec/companyfacts/cik=0001735041/companyfacts.json
Cash 10,392,136USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2026-03-31 1.00 Data Vault | sec/companyfacts/cik=0001735041/companyfacts.json
Data Vault | sec/companyfacts/cik=0001735041/companyfacts.json
Shares Outstanding 26,544,222 us-gaap:CommonStockSharesOutstanding 2026-03-31 1.00 n/a
NCAV 54,914,268USD derived 2026-03-31 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 2.07USD derived 2026-03-31 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 79.7% derived 2026-03-31 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0001735041
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001735041/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001735041/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
24
Imported At
2026-08-15T12:52:07+00:00
Rendered At
2026-08-16T03:29:48+00:00

Run Audit

Mary Run
8f67c1da7de642feb640d04491409c50
Mary As Of
2026-07-25
Accession
0001213900-26-055798
CIK
0001735041
Mary Filing Date
2026-05-13
Filing Currency
USD
Internal Discount
79.7%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=8f67c1da7de642feb640d04491409c50; mary_as_of=2026-07-25; mary_filing_date=2026-05-13; mary_accession=0001213900-26-055798; mary_cik=0001735041; gnni_supporting_filing_date=2026-05-13; internal_discount=0.797174; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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