Business
Kandi Technologies Reports First Quarter 2023 Financial Results
Successful Pivot to Fully Electric Off-road Vehicles Continued to Boost RevenueHigh Gross Margin Driven by Fully Electric Crossover Golf Carts JINHUA, CHINA,
About this update from Kandi Technologies Group, Inc.
[{"type":"text","content":"Successful Pivot to Fully Electric Off-road Vehicles Continued to Boost RevenueHigh Gross Margin Driven by Fully Electric Crossover Golf Carts JINHUA, CHINA, May 10, 2023 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company”, “we” or “Kandi”) (NASDAQ GS: KNDI), today announced its financial results for the first quarter of 2023. First Quarter Highlights Total revenues of $22.9 million compared to $24.9 million in the same period of 2022.Off-road vehicles and associated parts sales increased by 94.0% to $20.8 million, compared to $10.7 million in the same period of 2022.EV products and parts sales totaled $0.03 million, compared with $4.0 million total for the first quarter of 2022, attributed to the Company's shift in focus towards production of off-road vehicles with higher demand and better margins.Electric Scooters, Electric Self-Balancing Scooters and associated parts sales were $0.1 million, compared with $2.1 million in the same period of 2022.Battery exchange equipment and battery exchange service sales were $0.10 million, compared with $0.03 million in the same period of 2022.Lithium-ion cells sales of $1.8 million compared to $8.0 million in the same period of 2022.Net income was $0.6 million, or $0.01 income per fully diluted share, compared to a net loss of $1.6 million, or $0.02 loss per fully diluted share for the same period of 2022. Working capital totaled $253.1 million as of March 31, 2023.Cash and equivalents, restricted cash, and certificate of deposit totaled $238.6 million as of March 31, 2023. Dr. Xueqin Dong, CEO of Kandi commented, “We are pleased to report that sales of our off-road vehicles have significantly contributed to our overall revenue and gross margin. Our all-electric crossover golf cart has been successfully launched and well received by customers, enabling our company to maintain a strong growth momentum in the rapidly expanding market for all-electric off-road vehicles. As the trend towards electrification of off-road fuel vehicles continues globally, we will continue to introduce a variety of fully electric off-road vehicles. We are confident that we will achieve sustained growth in this field.” Dr. Dong continued, “Our successful transition in the fully electric off-road vehicles demonstrates our commitment to innovation and development. We are confident in our continued focus...