Kandi Technologies Q3 Revenue Doubles Amid Steady Growth In Off-Road Vehicles

  • Kandi Technologies Group Inc KNDI reported third-quarter FY22 sales growth of 100.6% year-on-year to $33.70 million.
  • The increase in revenue and gross margin was primarily due to a product mix shift to off-road vehicles. 
  • EV products sales jumped sharply to $1.7 million, Off-road vehicles and associated parts sales increased by 217.6% to $21.7 million, and EV parts sales fell 18.7% to $2.6 million. Electric Scooters, Electric Self-Balancing Scooters, and associated parts sales declined 80.9% to $1.2 million.
  • Gross profit increased 131.6% Y/Y to $6.4 million, with the margin expanding 250 basis points to 18.9%.
  • Loss from operations was $(2.2) million versus a loss of $(9.0) million last year.
  • The company held $210.2 million in cash and equivalents as of September 30, 2022.
  • EPS was $0.01 versus a $(0.10) loss the prior year.
  • Price Action: KNDI shares are trading higher by 0.61% at $3.19 on the last check Tuesday.
  • Photo Via Company
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