- Nine-Month Revenue of Nearly $90M, with Off-Road Vehicles as the Core Revenue Driver
- Strong Financial Position with $260M in Liquidity
- New Leadership to Drive Technology Innovation and Expand Growth, Boosting Market Edge and Launching a Fresh Chapter for the Company
JINHUA, China, Nov. 18, 2024 (GLOBE NEWSWIRE) — Kandi Technologies Group, Inc. (the Company, we or Kandi) (NASDAQ GS: KNDI), today announced its financial results for the third quarter of 2024.
Third Quarter and Nine Months 2024 Financial Highlights
- Q3 revenues decreased to $29.9 million, from $36.4 million in the same period of 2023.
- Nine-month revenues of $89.8 million slipped 5.7% year-over-year.
- Off-road vehicles and associated parts in Q3 were the primary source of revenue, decreasing by 9.2% y/y to $27.5 million, compared to $30.2 million in the same period of 2023.
- Nine-month revenue from off-road vehicles and associated parts decreased by 1.0% y/y to $81.5 million, compared to $82.3 million in the same period of 2023.
- Nine-month net loss was $1.8 million, or $0.02 loss per fully diluted share, compared to a net income of $6.3 million, or $0.08 income per fully diluted share for the same period of 2023.
- Solid financial standing with $260 million in cash and cash equivalents, restricted cash, short term investment, and certificate of deposit as of September 30, 2024.
Feng Chen, Kandi’s newly appointed CEO, stated, Revenue temporarily declined this year due to changes in the sales model for our fully-electric off-road vehicles. In response, the new management team has developed a comprehensive 2025-2029 growth plan, tailored to our current position and approved by the Board. With disciplined execution of our strategic and operational plans, we are confident that each business segment is positioned to reach new height.
We see significant growth potential in the all-electric off-road vehicle segment. Over the past few years, we’ve built a solid foundation in technology, product offerings, and market presence. Our golf carts and other models are highly competitive, well-regarded by consumers, and supported by strong partnerships with key clients like Lowe’s (NYSE:). Notably, the recent launch of our NFL-branded golf carts, featuring all 32 NFL teams and available exclusively at Lowe’s, has further strengthened the Kandi brand. Moving forward, we will build on our advantages in technological innovation, product enhancement, and distribution to grow our market share.
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