Kandi Technologies Q1: 8.2% Topline Decline, Growth Momentum In Off-Road Vehicles & More - Kandi Technologies Group (NASDAQ:KNDI)

Kandi Technologies Group Inc (NASDAQ: KNDI) reported a first-quarter FY23 sales decline of 8.2% year-on-year to $22.86 million.
The electric vehicle company registered EPS of $0.01 versus a $(0.02) loss the prior year.
The revenue decrease was primarily due to reduced EV parts and product sales. The company saw lower EV demand and shifted its focus towards off-road vehicles and associated parts with surging demand.
EV products and parts sales slumped to $0.03 million from $4 million a year ago. Off-road vehicles and associated parts sales increased by 94% Y/Y to $20.8 million.
Gross profit more than tripled Y/Y to $8.03 million, with the margin expanding sharply to 35.1%, primarily due to a product mix shift to off-road vehicles.
"As the trend towards electrification of off-road fuel vehicles continues globally, we will continue to introduce a variety of fully electric off-road vehicles. We are confident that we will achieve sustained growth in this field", Xueqin Dong, CEO of Kandi, commented.
The company held $238.6 million in cash and equivalents at quarter end.
Price Action: KNDI shares are trading lower by 0.95% at $3.12 on the last check Wednesday.