Business
Kandi Technologies Reports Second Quarter 2020 Financial Results
• Off-road vehicles sales increased 27.3% to $6.6 million • Gross margin of 18.2% versus 17.4% year-ago • Net income increased 155.4% to $4.1 million
About this update from Kandi Technologies Group, Inc.
[{"type":"text","content":" • Off-road vehicles sales increased 27.3% to $6.6 million • Gross margin of 18.2% versus 17.4% year-ago • Net income increased 155.4% to $4.1 million compared to net loss of $7.3 million\n JINHUA, China, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced its financial results for the second quarter of 2020. Second Quarter Highlights Total revenues were $19.4 million for the second quarter of 2020, a decrease of 19.5% from total revenues of $24.1 million for the same period in 2019. Electric Vehicle (“EV”) parts sales decreased by 34.1%, to $12.5 million for the second quarter of 2020, compared with EV parts sales of $19.0 million for the same period in 2019. Revenues from sales of off-road vehicles increased by 27.3%, to $6.6 million for the second quarter of 2020, compared with revenues from sales of off-road vehicles of $5.2 million for the same period in 2019. Gross margin for the second quarter of 2020 was 18.2%, compared to 17.4% for the same period of 2019. Net income for the second quarter of 2020 was $4.1 million, or $0.08 earnings per fully diluted share, compared with net loss of $7.3 million, or $0.14 loss per fully diluted share for the same period in 2019. Working capital was $75.6 million as of June 30, 2020. Cash, cash equivalents and restricted cash totaled $6.7 million as of June 30, 2020. Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “Our second quarter results were satisfactory. After the pandemic in China was effectively contained, Kandi fully resumed production and actively pushed the business forward. The COVID-19 situation significantly decreased consumer demand, yet we contained the revenue decline, improved gross margin, and achieved $4.1 million in profit. We made meaningful progress in preparing for the online car-hailing business, the launch of which is planned for Hainan soon. Our first fully automatic intelligent battery swapping equipment was delivered to the rideshare operator in Hainan on August 2. Installation has been completed, and trial operations will commence. For the first time, battery swapping stations are classified as ‘infrastructure construction’ based on the Government Work Report delivered by Premier Li Keqiang during the 2020 NPC. As such, we believe that our fully automa...