Business
Kandi Technologies Reports Third Quarter 2022 Financial Results
- Steady Growth in Off-road Vehicles - Revenue growth drove significantly narrowed loss JINHUA, China, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Kandi Technologies
About this update from Kandi Technologies Group, Inc.
[{"type":"text","content":"- Steady Growth in Off-road Vehicles - Revenue growth drove significantly narrowed loss JINHUA, China, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced its financial results for the third quarter of 2022. Third Quarter Highlights Total revenues of $33.7 million compared to $16.8 million in the same period of 2021.Off-road vehicles and associated parts sales increased by 217.6% to $21.7 million, compared to $6.8 million in the same period of 2021.EV products sales increased significantly to $1.7 million from $0.3 million in the same period of 2021.EV parts sales were $2.6 million, compared to $3.2 million in the same period of 2021.Electric Scooters, Electric Self-Balancing Scooters and associated parts sales were $1.2 million, compared with $6.3 million in the same period of 2021.Net income was $1.1 million, or $0.01 income per fully diluted share, compared to a net loss of $7.9 million, or $0.10 loss per fully diluted share for the same period of 2021. A turn to profitability from loss was largely attributed to higher total revenue, resulted from highly performed off-road vehicles and associated parts sales, and lower operating expenses.Working capital totaled $252.9 million as of September 30, 2022Cash and equivalents, restricted cash, and certificate of deposit totaled $210.2 million as of September 30, 2022 Mr. Hu Xiaoming, Chairman and CEO of Kandi commented, “During the third quarter, our strategic pivot enabled us to make inroads in electric off-road vehicles. With high market interest in the electrification of off-road vehicles, we successfully developed and delivered “crossover” electric golf carts that are seeing high acceptance by our customers. Growing demand, and positive market feedback gives us more confidence to invest more in electric off-road vehicles. Our next step is to launch more models in the categories of golf crossovers, utility terrain vehicles, and more. We believe that our top line growth and disciplined control of operating expenses can drive improved profitability, which will be increasingly recognized by investors.” Q3 2022 Financial Results Net Revenues and Gross Profit (in USD millions) Q3 2022Q3 2021Y-o-Y%Net Revenues$33.7$16.8100.5%Gross Profit$6.4$2.7131.6%Gross Margin%18.9%16.4%- Net revenues of $33.7 million ...