Kandi Technologies Reports Third Quarter 2022 Financial Results – GlobeNewswire
| Source: Kandi Technologies Group, Inc.
– Steady Growth in Off-road Vehicles
– Revenue growth drove significantly narrowed loss
JINHUA, China, Nov. 08, 2022 (GLOBE NEWSWIRE) — Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced its financial results for the third quarter of 2022.
Third Quarter Highlights
Mr. Hu Xiaoming, Chairman and CEO of Kandi commented, “During the third quarter, our strategic pivot enabled us to make inroads in electric off-road vehicles. With high market interest in the electrification of off-road vehicles, we successfully developed and delivered “crossover” electric golf carts that are seeing high acceptance by our customers. Growing demand, and positive market feedback gives us more confidence to invest more in electric off-road vehicles. Our next step is to launch more models in the categories of golf crossovers, utility terrain vehicles, and more. We believe that our top line growth and disciplined control of operating expenses can drive improved profitability, which will be increasingly recognized by investors.”
Q3 2022 Financial Results
Net Revenues and Gross Profit (in USD millions)
Net revenues of $33.7 million in the third quarter of 2022 increased 100.5% from the same period of 2021. The increase in revenue and gross margin was primarily due to a product mix shift to off-road vehicles, a segment with a higher gross margin that achieved significant growth in the past quarter.
Operating Income/Loss (in USD millions)
Operating expenses were $8.6 million, compared with operating expense of $11.8 million for the same period of 2021. Operating expenses decreased as the Company moved past the 2021 peak research and development effort on new products.
Net Income/Loss (in USD millions)
Net income was $1.1 million comparing to a net loss of $7.9 million for the same period of 2021. The turn to profitability was primarily due to higher total revenue and lower operating expenses.
Third Quarter 2022 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 (9:00 P.M. Beijing Time) on Tuesday, November 8, 2022. 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:
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 Economic Development Zone, 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.
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
+1 (212) 551-3610
IR@kandigroup.com
The Blueshirt Group
Mr. Gary Dvorchak, CFA
gary@blueshirtgroup.com
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