Exhibit 99.1

FOR IMMEDIATE RELEASE

Hollysys Automation Technologies Reports Unaudited

Financial Results for the Third Quarter and the First Nine Months Ended March 31, 2023

First Nine Months of Fiscal Year 2023 Financial Highlights

Third Quarter of Fiscal Year 2023 Financial Highlights

See the section entitled “Non-GAAP Measures” for more information about non-GAAP gross margin, non-GAAP net income attributable to Hollysys and non-GAAP diluted earnings per share.

Beijing, China – May 16, 2023 – Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) (“Hollysys,” the “Company” or “we”), a leading provider of automation and control technologies and applications in China, today announced its unaudited financial results for the third quarter and the first nine months of fiscal year 2023 ended March 31, 2023.

The Industrial Automation segment continued its growth momentum.

In the chemical and petrochemical field, Hollysys continued to provide strong support for green and low-carbon transformation and maintained our cooperation with key customers. In terms of project delivery, we successfully assisted in the full operation of a 100,000-ton green low-carbon methanol factory. We offered integrated solutions of the Distributed Control System, Safety Instrumented System, Coordination Control System, Asset Management System, Operating Data System, Gas Detection System and information security system, which can reduce carbon dioxide emissions significantly. This represents another step forward in our efforts to support the national goals of carbon peaking and carbon neutrality in China. Additionally, we reinforced the Hia Advanced Process Control (“Hia APC”) platform in one of our petrochemical customers to optimize the iso-octane unit. This has led to an improvement in the overall automation level of the system, helping to achieve the ultimate goals of energy conservation and emission reduction, while enhancing quality and efficiency and providing a strong basis for the follow-up digital transformation of the petrochemical industry. Moreover, the Sinopec Power Center Simulation Project was successfully put into operation this quarter. This project covers the entire range and the whole process of the Sinopec thermal power plant. The simulation system has overcome the limitations of traditional simulation systems, providing a diversified application platform for new employee training and control strategy verification.

In the electricity field, we provided control systems for stabilizing isolated grids. These systems are suitable for various enterprise-level grid systems and were successfully put into operation at a thermal power company in this quarter. We provided strong technical support and solved the power outage problem encountered by thermal power companies. This successful operation sets an example of multi-party cooperation and network-related cooperation for future isolated grid stability control system projects.

In the smart factory field, we successfully signed a whole-process APC control project for calcium carbide production. This project utilizes Hollysys’ whole-process APC optimization control technology to accurately control various process parameters and ensure the safe and reliable operation of calcium carbide production, achieving the goals of energy conservation and cost reduction. This project represents a breakthrough in the APC control field of calcium carbide furnaces for Hollysys, laying a solid foundation for our market development in this area and even the entire submerged arc furnace industry.

In Rail Transportation segment, Hollysys continues to expand its technology innovation skills and expedite the modernization of railway construction. Our ZPW-2000S communication coding track circuit product, which has been widely deployed on numerous domestic lines, was certified by the Safety Integrity Level 4 and the China Railway Product Certification Center. Meanwhile, our technological achievements have been recognized by the industry. Hollysys won “the First Prize of Science and Technology Award of China Railway Society of 2022” with three scientific and technological accomplishments projects.

The Mechanical and Electrical Solution segment also manifested a stable performance with smooth executions on various projects.

With our continuous dedication to the industry and the support of experienced and passionate experts, we believe that we will continue to create more value for our clients and shareholders.

Third Quarter and the First Nine months Ended March 31, 2023 Unaudited Financial Results Summary

Operational Results Analysis for the Third Quarter Ended March 31, 2023

Total revenues for the three months ended March 31, 2023 were $167.6 million, as compared to $155.7 millon for the same period of the prior fiscal year, representing an increase of 7.7%. In terms of revenues by type, integrated contracts revenue increased by 4.5% to $139.1 million, products sales revenue increased by 45.3% to $10.4 million, and services revenue increased by 17.9% to $18.1 million. Unfavorable impact from depreciation of Renminbi against the U.S. dollar has adversely affected our revenues in the past three fiscal quarters. Based on current expectations of Hollysys’ management, such unfavorable foreign exchange rate change is expected to adversely affect our full-year revenue for fiscal year 2023; however, the actual results may differ materially.

The following table sets forth the Company’s total revenues by segment for the periods indicated.

(In USD thousands, except for %)

Gross margin was 26.8% for the three months ended March 31, 2023, as compared to 30.6% for the same period of the prior fiscal year. The overall gross margin fluctuated, as the gross margin for integrated solutions contracts varied. Gross margin of integrated solutions contracts, product sales, and service rendered was 18.3%, 69.5% and 68.3% for the three months ended March 31, 2023, respectively, as compared to 25.4%, 65.9% and 59.5% for the same period of the prior fiscal year. Non-GAAP gross margin was 27.0% for the three months ended March 31, 2023, as compared to 30.8% for the same period of the prior fiscal year. Non-GAAP gross margin of integrated solutions contracts was 18.5% for the three months ended March 31, 2023, as compared to 25.7% for the same period of the prior fiscal year. See the section entitled “Non-GAAP Measures” for more information about non-GAAP gross margin and non-GAAP gross margin of integrated solutions contracts.

Selling expenses were $14.6 million for the three months ended March 31, 2023, representing an increase of $3.2 million, or 27.8%, compared to $11.4 million for the same period of the prior fiscal year. The increase in selling expenses was mainly due to the increase in sales headcount, in line with the business growth. Selling expenses as a percentage of total revenues were 8.7% and 7.3% for the three months ended March 31, 2023 and 2022, respectively.

General and administrative expenses were $11.9 million for the quarter ended March 31, 2023, representing a decrease of $2.0 million, or 14.1%, compared to $13.9 million for the same period of the prior fiscal year. The decrease was primarily attributable to a $1.4 million decrease in share-based compensation. Share-based compensation expenses were $0.7 million and $2.1 million for the three months ended March 31, 2023 and 2022, respectively. General and administrative expenses as a percentage of total revenues were 7.1% and 8.9% for the three months ended March 31, 2023 and 2022, respectively.

Research and development expenses were $15.7 million for the three months ended March 31, 2023, representing a decrease of $0.6 million, or 3.9%, compared to $16.3 million for the same period of the prior fiscal year. Research and development expenses as a percentage of total revenues were 9.3% and 10.5% for the three months ended March 31, 2023 and 2022, respectively.

The VAT refunds and government subsidies were $8.2 million for three months ended March 31, 2023, as compared to $10.9 million for the same period of the prior fiscal year, representing a $2.7 million, or 25.1%, decrease.

The income tax expenses and the effective tax rate were $3.2 million and 21.6% for the three months ended March 31, 2023, respectively, as compared to $4.0 million and 20.3% for comparable period in the prior fiscal year, respectively. The effective tax rate fluctuates, as the Company’s subsidiaries contributed different pre-tax income at different tax rates.

Net income attributable to Hollysys was $11.6 million, representing a decrease of 26.9% from $15.8 million reported in the comparable period in the prior fiscal year. Non-GAAP net income attributable to Hollysys, was $12.6 million or $0.20 per diluted share. See the section entitled “Non-GAAP Measures” for more information about non-GAAP net income attributable to Hollysys.

Diluted earnings per share was $0.19 for the three months ended March 31, 2023, a decrease of 26.9% from $0.26 reported in the comparable period in the prior fiscal year. Non-GAAP diluted earnings per share was $0.20 for the three months ended March 31, 2023, a decrease of 33.3% from $0.30 reported in the comparable period in the prior fiscal year. These were calculated based on 62.1 million and 61.6 million diluted weighted average ordinary shares outstanding for the three months ended March 31, 2023 and 2022, respectively. See the section entitled “Non-GAAP Measures” for more information about non-GAAP diluted earnings per share.

Contracts and Backlog Highlights

Hollysys achieved $216.4 million of value of new contracts for the three months ended March 31, 2023. Order backlog of contracts presents the amount of unrealized revenue to be earned from the contracts that Hollysys won. The backlog was $906.0 million as of March 31, 2023. The following table sets forth a breakdown of the value of new contracts achieved and backlog by segment.

(In USD thousands, except for %)

Cash Flow Highlights

For the three months ended March 31, 2023, the total net cash inflow was $13.4 million. The net cash used in operating activities was $13.3 million. The net cash provided by investing activities was $3.1 million, mainly consisting of $30.2 million of maturity of short-term investments, partially offset by $14.8 million purchases of short-term investments and $12.4 million purchases of property, plant and equipment. The net cash provided by financing activities was $12.8 million, mainly consisting of $13.2 million proceeds from long-term bank loans.

Balance Sheet Highlights

The total amount of cash and cash equivalents were $640.2 million, $627.6 million, and $669.8 million as of March 31, 2023, December 31, 2022, and March 31, 2022, respectively.

For the three months ended March 31, 2023, DSO was 176 days, as compared to 215 days for the comparable period of prior fiscal year and 119 days for the last fiscal quarter; inventory turnover days were 87 days, as compared to 69 days for the comparable period of prior fiscal year and 72 days for the last fiscal quarter.

About Hollysys Automation Technologies Ltd.

Hollysys is a leading automation control system solutions provider in China, with overseas operations in eight other countries and regions throughout Asia. Leveraging its proprietary technology and deep industry know-how, Hollysys empowers its customers with enhanced operational safety, reliability, efficiency, and intelligence which are critical to their businesses. Hollysys derives its revenues mainly from providing integrated solutions for industrial automation and rail transportation automation. In industrial automation, Hollysys delivers the full spectrum of automation hardware, software, and services spanning field devices, control systems, enterprise manufacturing management and cloud-based applications. In rail transportation automation, Hollysys provides advanced signaling control and SCADA (Supervisory Control and Data Acquisition) systems for high-speed rail and urban rail (including subways). Founded in 1993, with technical expertise and innovation, Hollysys has grown from a research team specializing in automation control in the power industry into a group providing integrated automation control system solutions for customers in diverse industry verticals. As of June 30, 2022, Hollysys had cumulatively carried out more than 40,000 projects for approximately 22,000 customers in various sectors including power, petrochemical, high-speed rail, and urban rail, in which Hollysys has established leading market positions.

SAFE HARBOR STATEMENTS

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are “forward-looking statements,” including statements regarding the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident,” or similar expressions, involve known and unknown risks and uncertainties. Such forward-looking statements, based upon the current beliefs and expectations of Hollysys’ management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For further information, please contact:

Hollysys Automation Technologies Ltd.

www.hollysys.com

+8610-58981386

investors@hollysys.com

HOLLYSYS AUTOMATION TECHNOLOGIES LTD.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(In USD thousands except for number of shares and per share data)

HOLLYSYS AUTOMATION TECHNOLOGIES LTD.

CONSOLIDATED BALANCE SHEETS

(In USD thousands except for number of shares and per share data)

HOLLYSYS AUTOMATION TECHNOLOGIES LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In USD thousands)

Non-GAAP Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, in evaluating our results, we use the following non-GAAP financial measures: non-GAAP gross profit and non-GAAP gross margin, non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts, non-GAAP net income attributable to Hollysys Automation Technologies Ltd., as well as non-GAAP basic and diluted earnings per share.

These non-GAAP financial measures serve as additional indicators of our operating performance and not as any replacement for other measures in accordance with U.S. GAAP. We believe these non-GAAP measures help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of the share-based compensation expenses, which are calculated based on the number of shares or options granted and the fair value as of the grant date, and amortization of acquired intangible assets. They will not result in any cash inflows or outflows. We believe that using non-GAAP measures help our shareholders to have a better understanding of our operating results and growth prospects.

Non-GAAP gross profit and non-GAAP gross margin, non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts, non-GAAP net income attributable to Hollysys Automation Technologies Ltd., as well as non-GAAP basic and diluted earnings per share should not be considered in isolation or construed as an alternative to gross profit and gross margin, gross profit and gross margin of integrated solutions contracts, net income attributable to Hollysys Automation Technologies Ltd., basic and diluted earnings per share, or any other measure of performance, or as an indicator of the Company’s operating performance. Investors are encouraged to review the historical non-GAAP financial measures to the most directly comparable GAAP measures. Non-GAAP gross profit and gross margin, non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts, non-GAAP net income attributable to Hollysys Automation Technologies Ltd., as well as non-GAAP basic and diluted earnings per share presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. The Company encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure.

We define non-GAAP gross profit and non-GAAP gross margin as gross profit and gross margin, respectively, adjusted to exclude non-cash amortization of acquired intangibles. The following table provides a reconciliation of our gross profit and gross margin to non-GAAP gross profit and non-GAAP gross margin for the periods indicated.

(In USD thousands, except for %)

We define non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts as gross profit and gross margin of integrated solutions contracts, respectively, adjusted to exclude non-cash amortization of acquired intangibles associated with integrated solutions contracts. The following table provides a reconciliation of the gross profit of integrated solutions contracts to non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts for the periods indicated.

(In USD thousands, except for %)

We define non-GAAP net income attributable to Hollysys as net income attributable to Hollysys adjusted to exclude the share-based compensation expenses and non-cash amortization of acquired intangible assets. The following table provides a reconciliation of net income attributable to Hollysys to non-GAAP net income attributable to Hollysys for the periods indicated.

(In USD thousands)

Non-GAAP basic (or diluted) earnings per share represents non-GAAP net income attributable to Hollysys divided by the weighted average number of ordinary shares outstanding during the periods (or on a diluted basis). The following table provides a reconciliation of our basic (or diluted) earnings per share to non-GAAP basic (or diluted) earnings per share for the periods indicated.

(In USD thousands, except for number of shares and per share data)