• 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:

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
+1 (212) 551-3610
[email protected]

The Blueshirt Group
Mr. Gary Dvorchak, CFA
[email protected]

- 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 $ -