Business
Kandi Technologies Reports Third Quarter 2021 Financial Results
-- Revenue ~$17 million -- Working Capital of ~$289 million, cash1 balance $211 million -- -- Sales into e-Scooter-related markets surge nearly 600% --
About this update from Kandi Technologies Group, Inc.
[{"type":"text","content":"-- Revenue ~$17 million -- Working Capital of ~$289 million, cash1 balance $211 million -- -- Sales into e-Scooter-related markets surge nearly 600% -- JINHUA, China, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced financial results for the third quarter of 2021. Third Quarter Highlights Total revenues decreased by 10.3% to $16.8 million, from $18.7 million in the same period of 2020.EV parts sales were $3.2 million, compared to $8.4 million in the same period of 2020. Off-road vehicles sales were $6.8 million, compared to $8.9 million in the same period of 2020. Electric Scooters, Electric Self-Balancing Scooters and associated parts sales were $6.3 million, compared to $0.9 million in the same period of 2020. Battery exchange equipment and battery exchange service sales were $0.2 million. This new business had no revenue in the same period of 2020. Gross margin was 16.4%, compared to 20.9% for the same period of 2020. Net loss was $7.9 million, or ($0.10) per fully diluted share due to decreased sales and increased investment in R&D, compared to net loss of $1.5 million, or ($0.03) per fully diluted share for the same period of 2020.As of September 30, 2021, working capital was $289.4 million. Cash, cash equivalents, restricted cash, and a certificate of deposit totaled $211.0 million. ________________________ 1 Includes cash, cash equivalents, restricted cash, and certificate of deposit. Hu Xiaoming, Chairman and CEO of Kandi commented: “Sales are surging in the segment of e-Scooters, electric self-balancing scooters and associated parts sales. With explosive growth again this quarter, we are increasingly confident that our traction in this market can continue. Our strategic entry into this market last year represents a great success in identifying and developing intelligent transportation products to counteract the impact to EV market demand caused by the COVID-19 outbreak in 2020. We expect the EV-related business recovery to take time. Our restructuring of this business segment resulted in lower sales of EV products and parts.” Hu continued, “Compared to the second quarter, our sales mix had a couple of notable shifts. Within EV parts, battery pack sales were impacted by supply chain constraints hitting the whole industry. Meanwhile, off-r...