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Kaixin Auto Holdings Announces Unaudited First Half 2023 Financial Results
BEIJING, Nov. 03, 2023 (GLOBE NEWSWIRE) -- Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN), a leading new energy vehicle manufacturer and one
About this update from Kaixin Holdings
[{"type":"text","content":"BEIJING, Nov. 03, 2023 (GLOBE NEWSWIRE) -- Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN), a leading new energy vehicle manufacturer and one of the premium imported cars and used cars platform in China, today announced its unaudited financial results for the six months ended June 30, 2023. First Half of 2023 Highlights Total net revenues were US$18.9 million, representing a decrease of 43% from US$33.3 million in the first half of 2022.Gross profit was US$0.2 million, keeping stable with that of US$0.2 million in the first half of 2022.Loss from operations was US$4.1 million, substantially less than the loss from operations of US$32.8 million in the first half of 2022Net loss attributable to the Company was US$4.5 million, substantially improved over the net loss attributable to the Company of US$70.6 million in the first half of 2022. Adjusted loss from operations (non-GAAP)1 was US$2.8 million, compared to an adjusted loss from operations of US$2.9 million in the first half of 2022. Adjusted net loss (non-GAAP)2 was US$3.3 million, compared to an adjusted net loss of US$3.8 million in the first half of 2022. First Half 2023 Results Total net revenues were US$18.9 million, representing a decrease of 43% from US$33.3 million in the first half of 2022. The revenue decrease was mainly due to the Company’s used-car sales decline. Cost of revenues was US$18.7 million, compared to that of US$33.1 million in the first half of 2022. The decrease in cost of revenues was in line with the decrease in revenues. Gross profit was US$0.2 million, keeping stable with that of US$0.2 million in the first half of 2022. Operating expenses were US$4.2 million, significantly lower than that of US$33.0 million in the first half of 2022. The difference in operating expenses between the two periods was largely due to the $29.9 million share-based compensation expense recognized in the first half of 2022. Selling and marketing expenses were US$257 thousand, compared to $334 thousand in the first half of 2022. General and administrative expenses were US$4.0 million, compared to that of US$32.7 million in the first half of 2022. The decrease was primarily due to the large amount of share-based compensation expense recognized from vesting employee stock incentive awards in the first half of 2022. Loss from operations was US$4.1 million, co...