- Kandi Technologies Group Inc KNDI reported third-quarter FY21 sales of $16.8 million, a decline of 10.3% Y/Y.
- EV parts sales fell 61.9% Y/Y to $3.2 million, Off-road vehicles sales declined 23.6% to $6.8 million, while Electric Scooters, Electric Self-Balancing Scooters, and associated parts surged to $6.3 million.
- Gross profit declined 29.7% Y/Y to $2.7 million, with the margin contracting 450 basis points to 16.4%.
- The company incurred an operating loss of $(9) million versus $(2.4) million last year.
- The company held $156.77 million in cash and equivalents as of September 30, 2021.
- EPS was $(0.10) versus $(0.03) the prior year.
- "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," said Hu Xiaoming, Chairman, and CEO.
- "Within EV parts, battery pack sales were impacted by supply chain constraints hitting the whole industry," Xiaoming added.
- Price Action: KNDI shares are trading lower by 18.7% at $4.2 on the last check Tuesday.
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