Business
Kandi Technologies Reports 2022 Financial Results
Revamped strategy leads to highest revenue in 3 yearsOptimistic outlook due to strong balance sheet and diversified business model JINHUA, China, March 15,
About this update from Kandi Technologies Group, Inc.
[{"type":"text","content":"Revamped strategy leads to highest revenue in 3 yearsOptimistic outlook due to strong balance sheet and diversified business model JINHUA, China, March 15, 2023 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company”, “we” or “Kandi”) (NASDAQ GS: KNDI), today announced its financial results for the full year ended December 31, 2022. Full Year 2022 Highlights Total revenues increased by 28.8% to $117.8 million, from $91.5 million in 2021.Off-road vehicles and associated parts sales increased by 140.7% to $70.6 million, compared to $29.3 million in 2021.EV products sales increased to $7.9 million from $1.5 million in 2021.EV parts sales were $9.0 million, compared to $25.3 million in 2021.Electric Scooters, Electric Self-Balancing Scooters and associated parts sales were $4.6 million, compared with $30.0 million in 2021.Lithium-ion cells increased to $24.0 million from $4.5 million in 2021.Net loss was $12.9 million, or $0.17 loss per fully diluted share, compared to a net income of $22.9 million, or $0.30 income per fully diluted share for 2021.The decrease in 2022 was due to the absence of gains from disposal of long-lived assets and equity sales that totaled $66.2 million in 2021.Working capital totaled $247.8 million as of December 31, 2022.Cash and equivalents, restricted cash, and certificate of deposit totaled $232.2 million as of December 31, 2022. Dr. Xueqin Dong, Chief Executive Officer of Kandi commented, “Over the past year, the management of Kandi has made concerted efforts to adapt to changing market conditions and adjust our development strategies accordingly. As a result, we have effectively avoided the risks of potential losses in the market for electric vehicles. Additionally, we have successfully leveraged the technology of our all-electric vehicles to expand into the off-road vehicle sector, which has yielded significant results. This dedication and innovation paid off, as our total revenue reached a three-year high in 2022. We remain committed to this positive momentum and aim to introduce new and competitive products to meet evolving customer demands.” Dr. Dong concluded, “Our achievements are the result of our focus on developing highly competitive products, as well as the strong support of our strategic partners and the trust of our customers. We are grateful for the support and trust of our value...