Business
Kandi Technologies Reports Full Year 2020 Financial Results
- Full year revenue of $76.9 million- Electric Scooters, Electric Self-Balancing Scooters and associated parts sales was $5.8 m, up 160.5% yoy- Full year
About this update from Kandi Technologies Group, Inc.
[{"type":"text","content":"- Full year revenue of $76.9 million- Electric Scooters, Electric Self-Balancing Scooters and associated parts sales was $5.8 m, up 160.5% yoy- Full year operating income of $0.8 million, stable with 2019- Year-end working capital surplus of $223 million JINHUA, CHINA, March 30, 2021 (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, 2020. Full Year 2020 Highlights Total revenue was $76.9 million, compared to $135.7 million in 2019. EV parts sales were $40.6 million, compared to $110.7 million in 2019. Off-road vehicles sales increased by 31.1% to $29.8 million, compared to $22.7 million in 2019. EV product sales were $0.7 million, compared to $0.1 million in 2019. Electric Scooters, Electric Self-Balancing Scooters and associated parts sales increased by 160.5% to $5.8 million, compared with $2.2 million in 2019. Gross margin was 17.5%, compared to 18.7% in 2019. Operating income was $0.8 million, compared to $0.9 million in 2019. Net loss was $10.4 million, or $0.19 loss per fully diluted share, compared to a net loss of $7.2 million, or $0.14 loss per fully diluted share in 2019. As of December 31, 2020, working capital was $223.3 million; cash, cash equivalents, and restricted cash totaled $142.5 million. Two registered direct offerings were completed with $160 million raised in November 2020. Mr. Hu Xiaoming, Chairman and CEO of Kandi commented: “The lock downs and closures of stores and facilities around the world, caused by the spread of COVID-19, challenged every corner of the economy in 2020. Although our operations in China fully resumed in early March of 2020, sales of EV parts, one of our primary revenue sources, were severely impacted by several waves of the pandemic. On the positive side, this challenge resulted in relentless effort and commitment from our management and employees to explore other market opportunities that leverage our expertise. We decided to pursue product innovation in Electric Scooters and Electric Self-Balancing Scooters, which have a global market of tens of millions of units sold each year. We pursued these opportunities by expanding production of intelligent transportation products that exploit our advantages in electric motors and battery packs. This resulted in re...