Kandi Technologies Group Inc KNDI reported a Q3 FY23 sales increase of 8.2% Y/Y to $36.4 million.
Gross margin expanded sharply to 30.0% from 18.9% the prior year. Operating expenses rose to $14.5 million from $8.6 million in the same period of 2022.
Net income was $1.3 million, an improvement compared to $1.1 million during the same period in 2022, led by product transformation initiative.
The electric vehicle company registered an EPS of $0.02 versus $0.01 the prior year.
As of September 30, 2023, cash and cash equivalents, restricted cash, and certificate of deposit totaled $244.5 million.
Xueqin Dong, CEO, said, "Our strategic adjustments in recent years paved the way for this positive performance in the all-electric off-road vehicle market. Recently, we showcased our new electric off-road vehicle products at the Mid-States Rendezvous and received positive feedback, which has further solidified our market presence across various channels."
"Looking ahead to 2024, our primary focus is to increase our market share in the North American market...We are confident that our sales and production in 2024 will grow substantially compared to those of this year."
Price Action: KNDI shares are trading higher by 0.30% at $3.36 on the last check Wednesday.
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