- Kandi Technologies Group Inc KNDI reported second-quarter FY21 revenue growth of 54.1% year-on-year, to $29.88 million, beating the analyst consensus of $20.80 million.
- EV parts sales fell 46.4% Y/Y to $6.7 million, Off-road vehicles sales declined 16.7% to $5.5 million, while Electric Scooters, Electric Self-Balancing Scooters, and associated parts surged to $16.5 million.
- Gross profit rose 74.2% Y/Y to $6.1 million with a profit margin expanding 220 basis points to 20.4%.
- Operating income for the quarter rose 373.3% to $38.3 million.
- The company held $148.2 million in cash and equivalents as of June 30, 2021.
- EPS was $0.54 versus $0.08 the prior year.
- Kandi intends to sell the K32 premium UTV, which features pure electric four-wheel-drive propulsion and a fully enclosed cockpit with air conditioning, in the U.S. by year-end.
- Price action: KNDI shares are trading higher by 10.9% at $5.40 on the last check Monday.
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