Business
Kandi Technologies Reports Second Quarter 2021 Financial Results
--Revenue of approx. $30 million, +54% y/y----Net Income of approx. $41 million ($0.54 per fully diluted share), +900% y/y----Working Capital of approx. $300
About this update from Kandi Technologies Group, Inc.
[{"type":"text","content":"--Revenue of approx. $30 million, +54% y/y----Net Income of approx. $41 million ($0.54 per fully diluted share), +900% y/y----Working Capital of approx. $300 million, cash1 totaled $202.4 million -- JINHUA, CHINA, Aug. 09, 2021 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced financial results for the second quarter of 2021. Second Quarter Highlights Total revenues increased by 53.7% to $29.9 million, from $19.4 million in the same period of 2020.EV parts sales were $6.7 million, compared to $12.5 million in the same period of 2020. Off-road vehicles sales were $5.5 million, compared to $6.6 million in the same period of 2020. Electric Scooters, Electric Self-Balancing Scooters and associated parts sales were $16.5 million, compared to $0.4 million in the same period of 2020, This growth represents a successful strategic initiative to sell intelligent transportation products after the COVID-19 outbreak seriously impacted the EV market in 2020. Battery exchange equipment and battery exchange service sales were $0.6 million. As a new business, there was no such revenue in the same period of 2020.Gross margin was 20.4%, compared to 18.2% for the same period of 2020. Net income was $40.9 million, or $0.54 per fully diluted share primarily due to a gain on the disposal of a long-live asset recognized as part of our Jinhua facility relocation that was completed in the second quarter. This compares to a net income of $4.1 million, or $0.08 per fully diluted share for the same period of 2020. As of June 30, 2021, working capital was $297.3 million. Cash, cash equivalents, restricted cash, and certificate of deposit totaled $202.4 million. 1 Includes cash, cash equivalents, restricted cash, and certificate of deposit. Mr. Hu Xiaoming, Chairman and CEO of Kandi commented: “We are excited to see both strong revenue growth and profitability. Last year, as the Covid-19 pandemic impacted our EV business, we undertook a strategic initiative to find new markets for our industry-leading technology. This pivot to new markets is proved successful, as you can see by our strong growth in intelligent mobility sector and associated parts. Furthermore, we are with our operating cash flow as robust because we received final payments for the Jinhua Facility relocation. The vacated old ...