Kandi Technologies Reports 2024 Financial Results

• Revenue Of $127.6M up 3.2% YoY, Supported by Expanded Product Reach And Improved Geographic Balance
• Electric Off-Road Vehicle Revenue Rose 8.9% YoY, Reinforcing Core Segment Leadership
• Enhanced Supply Chain Flexibility with Taiwan Upgrades, While Progressing Steadily Toward U.S. Localization Goals
  

JINHUA, China, April 28, 2025 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company”, “we” or “Kandi”) (NASDAQ GS: KNDI), today announced its financial results for the full year ended December 31, 2024.

Full Year 2024 Highlights

• Total revenue increased to $127.6 million, a 3.2% increase from $123.6 million in 2023.
  • By segment: Sales of off-road vehicles and associated parts rose 8.9% year-over-year to $116.6 million, accounting for over 91% of total annual revenue.
  • By geography: Revenue from China grew 80% year-over-year, contributing to a more balanced and diversified geographic sales mix.
• Recorded gross profit of $39.3 million, reflecting solid overall profitability.
• Gross margin down to 30.8% from 33.5%, primarily impacted by regional and product mix shifts.
• R&D spending increased 17.1%, focusing on next-generation battery products and new electric off-road vehicle model development, further strengthening the Company’s technological foundation.
• Ended the year with a strong liquidity, including $126.3 million in cash and cash equivalents, restricted cash and certificate of deposit as of December 31, 2024.
• Drove strong growth in the electric off-road vehicle segment through new model launches, themed marketing campaigns, and deeper collaboration with local retailers and distributors in the U.S. and Canada.
• Enhanced supply chain flexibility and scalability through upgrades to the Company’s Taiwan-based manufacturing operations, supporting long-term sustainable growth.
• During 2024, the Company repurchased 1,892,568 shares of ordinary shares at an average price of $2.05 per share, demonstrating ongoing confidence in the Company's intrinsic value and long-term growth prospects.

Feng Chen, CEO of Kandi, commented, “In 2024, Kandi expanded its footprint across North America, executing with discipline to launch several new electric utility vehicles and crossover golf carts tailored to U.S. consumer preferences. Themed models, including those inspired by major sports brands, enhanced our brand visibility and strengthened appeal in the recreational segment. Supported by broader retail access and our entry into the Canadian market, these efforts helped expand customer reach and contributed to the resilience of our electric off-road vehicle portfolio amid shifting market conditions.”

Feng continued, “Complementing our product traction, we broadened our distribution network across the U.S., reinforcing our ability to meet rising demand and support long-term market penetration. This geographic and channel expansion has further solidified the foundation for sustained sales performance. On the supply chain side, our collaboration with Hartford Industrial is improving production efficiency and flexibility through enhanced Taiwan-based manufacturing capabilities, supporting greater operational resilience for our off-road vehicle business.”

Feng also highlighted, “More recently, we announced a strategic alliance with CBAK Energy to establish localized lithium battery production facilities in the United States. This initiative marks a significant milestone in Kandi’s North American strategy. By establishing local production capacity for both battery cells and packs, we are not only better positioned to meet growing demand for electric off-road and recreational vehicles but also to navigate international trade dynamics, including tariffs, more effectively. The partnership strengthens our supply chain, aligns with the clean energy incentives of the U.S. Inflation Reduction Act, and creates new runway for long-term growth.”

Looking ahead, Feng emphasized, “We are energized by the road ahead. With deeper industry partnerships, expanding infrastructure, and a focused commitment to innovation and execution, Kandi is well-positioned to seize new opportunities and deliver real, lasting value to the market.”

Full Year 2024 Financial Results

Net Revenues and Gross Profit (in USD millions)

	2024		2023		Y-o-Y%
Net Revenues	$127.6		$123.6		3.2%
Gross Profit	$39.3		$41.4		-5.1%
Gross Margin%	30.8%		33.5%		-

Our net revenues increased to $127.6 million, a 3.2% rise from $123.6 million in 2023, driven by higher sales of electric off-road vehicles, which accounted for over 91% of total revenue. Notably, revenue from the China market grew 80% year-over-year, helping to partially offset a decline in U.S. sales. Gross profit reached $39.3 million, with a gross margin of 30.8%, compared to 33.5% in the prior year. The margin contraction was primarily due to regional and product mix shifts, though overall profitability remained solid.

Operating Loss (in USD millions)

	2024		2023		Y-o-Y%
Operating Expenses	($108.1)		($54.4)		98.5%
Loss from Operations	($68.8)		($13.1)		427.0%
Operating Margin%	-53.9%		-10.6%		-

Total operating expenses increased to $108.1 million, reflecting continued investment in retail expansion, organizational development, and strategic repositioning. The increase also includes a one-time, non-cash impairment loss of $24.1 million, primarily related to long-lived assets, accounting for approximately 22% of total operating expenses. Selling and marketing expenses rose to support broader distribution coverage, while administrative costs included provisions to strengthen operational discipline. These proactive investments and accounting adjustments contributed to a loss from operations of $68.8 million, compared to $13.1 million in the prior year.

Net Income/Loss

	2024		2023		Y-o-Y%
Net (Loss) Income  (in USD millions)	($51.0	)	$1.7		N/M
Net (Loss) Income per Share, Basic and Diluted	($0.59	)	$0.02		-

We recorded a net loss of $51.0 million, compared to a net income of $1.7 million in 2023. The shift to a net loss was primarily driven by increased operating expenses, which included a one-time, non-cash impairment loss associated with strategic business adjustments. Despite these impacts, the Company remained focused on strengthening its core electric off-road vehicle business and made forward-looking investments aimed at building long-term shareholder value.

Full Year 2024 Conference Call Details

The Company has scheduled a conference call and live webcast to discuss its financial results at 8:00 A.M. Eastern Time (8:00 P.M. Beijing Time) on Monday, April 28, 2025. Management will deliver prepared remarks to be followed by a question and answer session. 

The dial-in details for the conference call are as follows:

• Toll-free dial-in number: [phone]
• International dial-in number: + 1-201-493-6780
• Webcast and replay: 
  https://viavid.webcasts.com/starthere.jsp?ei=1717223&tp_key=6b6293 ...

The live audio webcast of the call can also be accessed by visiting Kandi's Investor Relations page on the Company's website at http://www.kandivehicle.com. An archive of the webcast will be available on the Company's website following the live call.

About Kandi Technologies Group, Inc.

Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua New Energy Vehicle Town, Zhejiang Province, is engaged in the research, development, manufacturing, and sales of various vehicular products. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Technologies Group Co., Ltd. (“Zhejiang Kandi Technologies”), formerly, Zhejiang Kandi Vehicles Co., Ltd. and its subsidiaries including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, and SC Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi in the United States, and its wholly-owned subsidiary, Kandi America Investment, LLC. Zhejiang Kandi Technologies has established itself as one of China's leading manufacturers of pure electric vehicle parts and off-road vehicles. For more information, please visit http://www.kandivehicle.com.

Safe Harbor Statement

This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.

Follow us on Twitter: @ Kandi_Group

Contacts:

Kandi Technologies Group, Inc.
Ms. Kewa Luo
[phone]
[e-mail]

The Blueshirt Group
Mr. Gary Dvorchak, CFA
[e-mail]

- Tables Below -

KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
		December 31, 2024			December 31, 2023
CURRENT ASSETS
Cash and cash equivalents		$	37,307,867		$	33,756,941
Restricted cash			83,530,443			59,873,127
Certificate of deposit			5,481,329			33,947,212
Accounts receivable (net of allowance for doubtful accounts of $3,680,803 and $2,886,223 as of December 31, 2024 and December 31, 2023, respectively)			26,462,884			18,951,745
Inventories			51,268,075			61,551,268
Notes receivable			346,202			124,473,111
Other receivables			144,721,398			6,476,542
Prepayments and prepaid expense			4,967,736			1,909,094
Advances to suppliers			562,094			2,609,098
TOTAL CURRENT ASSETS			354,648,028			343,548,138
NON-CURRENT ASSETS
Property, plant and equipment, net			63,503,610			98,803,772
Intangible assets, net			3,893,128			6,395,825
Land use rights, net			2,586,628			2,754,442
Deferred tax assets			6,496,863			814,610
Long-term investment			1,413,065			-
Goodwill			31,182,116			33,146,682
Other long-term assets			10,173,183			9,993,130
TOTAL NON-CURRENT ASSETS			119,248,593			151,908,461
TOTAL ASSETS		$	473,896,621		$	495,456,599
CURRENT LIABILITIES
Accounts payable		$	25,475,725		$	28,744,854
Other payables and accrued expenses			8,544,046			7,252,814
Short-term loans			37,528,831			9,072,336
Notes payable			41,620,702			24,071,461
Income tax payable			1,430,612			2,130,083
Other current liabilities			5,794,987			5,402,081
TOTAL CURRENT LIABILITIES			120,394,903			76,673,629
NON-CURRENT LIABILITIES
Long-term loans			5,706,510			8,389,163
Deferred taxes liability			524,903			963,691
Contingent consideration liability			-			2,693,000
Other long-term liabilities			640,839			227,024
TOTAL NON-CURRENT LIABILITIES			6,872,252			12,272,878
TOTAL LIABILITIES			127,267,155			88,946,507
STOCKHOLDER’S EQUITY
Ordinary Shares, $0.001 par value; 100,000,000 shares authorized; 87,552,800 and 87,532,800 shares issued and 85,475,666 and 87,348,234 outstanding at December 31,2024 and December 31,2023, respectively			87,553			87,533
Less: Treasury stock (2,077,134 shares with average price of $2.11 and 184,566 shares with average price of $2.75 at December 31, 2024 and December 31, 2023, respectively )			(4,385,882	)		(507,013	)
Additional paid-in capital			463,922,873			457,847,155
Accumulated deficit (the restricted portion is $4,422,033 and $4,422,033 at December 31, 2024 and December 31, 2023, respectively)			(66,828,296	)		(16,332,633	)
Accumulated other comprehensive loss			(48,097,215	)		(36,970,066	)
TOTAL KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS’ EQUITY			344,699,033			404,124,976
Non-controlling interests			1,930,433			2,385,116
TOTAL STOCKHOLDERS’ EQUITY			346,629,466			406,510,092
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	473,896,621		$	495,456,599

KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022
		Years Ended
		December 31, 2024			December 31, 2023			December 31, 2022
REVENUES, NET		$	127,569,613			123,599,232			117,813,049
COST OF GOODS SOLD			(88,299,242	)		(82,229,209	)		(98,295,323	)
GROSS PROFIT			39,270,371			41,370,023			19,517,726
OPERATING EXPENSE:
Research and development			(4,995,940	)		(4,265,176	)		(6,029,608	)
Selling and marketing			(21,237,864	)		(13,335,950	)		(5,501,475	)
General and administrative			(57,683,262	)		(35,381,496	)		(32,325,889	)
Impairment of goodwill			-			(496,981	)		(642,665	)
Impairment of long-lived assets			(24,135,226	)		(942,591	)		(2,697,521	)
TOTAL OPERATING EXPENSE			(108,052,292	)		(54,422,194	)		(47,197,158	)
LOSS FROM OPERATIONS			(68,781,921	)		(13,052,171	)		(27,679,432	)
OTHER INCOME (EXPENSE):
Interest income			10,046,204			9,984,558			6,427,502
Interest expense			(2,195,618	)		(1,327,341	)		(707,488	)
Change in fair value of contingent consideration			2,693,000			1,803,000			4,196,995
Government grants			1,620,632			2,017,551			1,639,328
Other income, net			537,966			4,047,074			2,784,561
TOTAL OTHER INCOME, NET			12,702,184			16,524,842			14,340,898
(LOSS) INCOME BEFORE INCOME TAXES			(56,079,737	)		3,472,671			(13,338,534	)
INCOME TAX BENEFIT (EXPENSE)			5,129,391			(1,802,904	)		487,510
NET (LOSS) INCOME			(50,950,346	)		1,669,767			(12,851,024	)
LESS: NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS			(454,683	)		1,662,635			(727,361	)
NET (LOSS) INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS			(50,495,663	)		7,132			(12,123,663	)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment			(11,127,149	)		(8,636,827	)		(28,585,025	)
COMPREHENSIVE LOSS		$	(62,077,495	)	$	(6,967,060	)	$	(41,436,049	)
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC			86,317,058			78,781,094			75,571,702
WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED			86,317,058			79,902,891			75,571,702
NET (LOSS) INCOME PER SHARE, BASIC		$	(0.59	)	$	0.02		$	(0.17	)
NET (LOSS) INCOME PER SHARE, DILUTED		$	(0.59	)	$	0.02		$	(0.17	)
NET (LOSS) INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS PER SHARE, BASIC		$	(0.59	)	$	0.00		$	(0.16	)
NET (LOSS) INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS PER SHARE, DILUTED		$	(0.59	)	$	0.00		$	(0.16	)

KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022
		Number of Outstanding Shares			Common Stock			Treasury Stock			Additional Paid-in Capital			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss）			Non-controlling interests			Total
BALANCE AS OF DECEMBER 31, 2021			77,385,130		$	77,385		$	(2,392,203	)	$	449,479,461		$	(4,216,102	)	$	251,786		$	-		$	443,200,327
Stock issuance and award			283,600			284			-			746,636			-			-			-			746,920
Stock based compensation			-			-			-			1,231,566			-			-			-			1,231,566
Stock buyback			-			-			(7,415,617	)		(84,018	)		-			-			-			(7,499,635	)
Capital contribution from shareholder			-			-			-			-			-			-			1,449,842			1,449,842
Net loss			-			-			-			-			(12,123,663	)		-			(727,361	)		(12,851,024	)
Foreign currency translation			-			-			-			-			-			(28,585,025	)		-			(28,585,025	)
BALANCE AS OF DECEMBER 31, 2022			77,668,730		$	77,669		$	(9,807,820	)	$	451,373,645		$	(16,339,765	)	$	(28,333,239	)	$	722,481		$	397,692,971
Stock issuance and award			11,685,968			11,686			-			9,357,192			-			-			-			9,368,878
Stock based compensation			-			-			-			3,476,058			-			-			-			3,476,058
Stock buyback			-			-			(507,013	)		(3,731	)		-			-			-			(510,744	)
Cancellation of the Treasury Stock			(3,488,559	)		(3,489	)		9,807,820			(9,804,331	)		-			-			-			-
Stock option exercise			1,666,661			1,667			-			3,448,322			-			-			-			3,449,989
Net income			-			-			-			-			7,132			-			1,662,635			1,669,767
Foreign currency translation			-			-			-			-			-			(8,636,827	)		-			(8,636,827	)
BALANCE AS OF DECEMBER 31, 2023			87,532,800		$	87,533		$	(507,013	)	$	457,847,155		$	(16,332,633	)	$	(36,970,066	)	$	2,385,116		$	406,510,092
Stock issuance and award			20,000			20			-			4,532,762			-			-			-			4,532,782
Stock based compensation			-			-			-			1,584,443			-			-			-			1,584,443
Stock buyback			-			-			(3,878,869	)		(41,487	)		-			-			-			(3,920,356	)
Net loss			-			-			-			-			(50,495,663	)		-			(454,683	)		(50,950,346	)
Foreign currency translation			-			-			-			-			-			(11,127,149	)		-			(11,127,149	)
BALANCE AS OF DECEMBER 31, 2024			87,552,800		$	87,553		$	(4,385,882	)	$	463,922,873		$	(66,828,296	)	$	(48,097,215	)	$	1,930,433		$	346,629,466

KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022
		Years Ended
		December 31, 2024			December 31, 2023			December 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$	(50,950,346	)	$	1,669,767		$	(12,851,024	)
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Depreciation and amortization			12,021,015			11,913,647			12,427,973
Impairments			45,499,258			1,439,573			3,340,186
Provision of allowance for doubtful accounts			884,134			656,330			(542,801	)
Deferred taxes			(6,140,342	)		203,236			(461,045	)
(Gain) Loss from long-term Investment			(419,114	)		141,389			-
Loss from disposal of a subsidiary			2,826,213			-			-
Change in fair value of contingent consideration			(2,693,000	)		(1,803,000	)		(4,196,995	)
Stock award and stock based compensation expense			7,114,524			11,059,801			1,926,376
Changes in operating assets and liabilities:
Accounts receivable			(29,770,703	)		10,560,521			(20,965,140	)
Notes receivable			131,350,242			(123,992,862	)		4,726,570
Inventories			(11,581,779	)		(21,531,323	)		(9,145,298	)
Other receivables and other assets			(141,311,335	)		5,165,337			(4,932,463	)
Advances to supplier and prepayments and prepaid expenses			(1,095,052	)		1,491,762			16,275,678
Increase (Decrease) In:
Accounts payable			79,040,317			38,603,301			62,592,477
Other payables and accrued liabilities			3,315,701			(5,062,494	)		7,842,715
Notes payable			(55,334,895	)		(32,629,627	)		(24,533,127	)
Income tax payable			(575,250	)		954,006			(25,171	)
Net cash (used in) provided by operating activities		$	(17,820,412	)	$	(101,160,636	)	$	31,478,911
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment, net			(934,985	)		(13,172,512	)		(3,690,235	)
Payment for construction in progress			-			(75,185	)		(129,894	)
Certificate of deposit			27,831,121			45,244,390			(31,210,986	)
Acquisition (Disposal) of NGI			(157,211	)		282,135			-
Long-term Investment			(1,015,836	)		-			-
Net cash provided by (used in) investing activities		$	25,723,089		$	32,278,828		$	(35,031,115	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term loans			66,203,360			23,420,534			30,765,776
Repayments of short-term loans			(37,489,677	)		(19,709,663	)		(28,357,211	)
Repayments of long-term loans			(2,284,081	)		(46,426	)		-
Proceeds from long-term loans			-			8,225,000			-
Contribution from non-controlling shareholder			-			-			757,981
Purchase of treasury stock			(3,920,356	)		(510,745	)		(7,499,634	)
Proceeds from exercises stock options, stock awards and other financing			-			3,449,988			-
Net cash provided by (used in) financing activities		$	22,509,246		$	14,828,688		$	(4,333,088	)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		$	30,411,923		$	(54,053,120	)	$	(7,885,292	)
Effect of exchange rate changes		$	(3,203,681	)	$	(3,357,083	)	$	(9,750,444	)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR		$	93,630,068		$	151,040,271		$	168,676,007
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD		$	120,838,310		$	93,630,068		$	151,040,271
-CASH AND CASH EQUIVALENTS AT END OF PERIOD			37,307,867			33,756,941			84,063,717
-RESTRICTED CASH AT END OF PERIOD			83,530,443			59,873,127			66,976,554
SUPPLEMENTARY CASH FLOW INFORMATION
Income taxes paid		$	859,673		$	311,504		$	350,002
Interest paid		$	1,737,738		$	965,025		$	345,451
SUPPLEMENTAL NON-CASH DISCLOSURES:
Contribution from non-controlling shareholder by inventories, fixed assets and intangible assets		$	-		$	-		$	393,986
Ordinary Shares issued for settlement of payables related to acquisitions (see Note 19)		$	-		$	1,812,005		$	-