- Gross margin expanded to 42.6%, up 11.8 percentage points year over year
- Maintained strong financial position with
$212M in cash, restricted cash, and time deposits
Full Year 2025 Financial Highlights
- Total net revenues were
$87.4 million , compared with$127.6 million for 2024. - Gross margin increased to 42.6% from 30.8% for 2024.
- As of
December 31, 2025 , the Company had cash and cash equivalents, restricted cash, and certificates of deposit totaling$211.9 million , compared with$126.3 million as ofDecember 31, 2024 . - Net cash provided by operating activities was
$96.8 million , compared with net cash used in operating activities of$17.8 million for 2024.
Recent Developments
- Kandi’s subsidiary,
China Battery Exchange (Zhejiang) Technology Co., Ltd (“China Battery Exchange”), has entered into a three-year strategic cooperation agreement with CATL’s subsidiary, under which it has been designated as a strategic supplier for the mass production and delivery of heavy-truck battery swap station equipment. As a partner in CATL’s “Ten Thousand Station Plan,” China Battery Exchange will leverage its R&D and manufacturing expertise to support the standardized, large-scale deployment of battery swap infrastructure. - Kandi has entered into a strategic partnership with
HawkRobo Systems LLC to establish KH Robotics, a joint venture, aimed at commercializing autonomous quadruped security robots in the North American market. KH Robotics will initially focus on logistics parks, delivering integrated autonomous security solutions with commercial deployments anticipated within 2026.
Management Remarks
Mr.
“Within the Company’s core business, the Off-Road Electric Vehicle business delivered meaningful gross margin expansion through streamlined inventory management and technology-driven efficiency gains. This year we generated
“Looking ahead, Kandi will strengthen its core capabilities in intelligent equipment manufacturing, with battery-swapping systems and intelligent robotics serving as milestone growth incubation pillars. Supported by a global production network, the Company will continue to build out its industrial capability and solution ecosystem in line with the megatrends of electrification and intelligization, enhancing its resilience and global competitiveness and creating sustainable value.”
Full Year 2025 Financial Results
REVENUES
Net revenues were
COST OF GOODS SOLD
Cost of goods sold was
GROSS PROFIT
Gross profit was
OPERATING EXPENSES
Total operating expenses were
Research and development expenses were
Selling and marketing expenses were
General and administrative expenses were
LOSS FROM OPERATIONS
Loss from operations was
NET LOSS
Net loss was
Basic and diluted net loss attributable to the Company’s shareholders per share were
BALANCE SHEET AND CASH FLOW
As of
Net cash provided by operating activities was
Conference Call
The Company’s management will hold an earnings conference call at
The dial-in and webcast details for the conference call are as follows:
- Toll-free dial-in number: +1-877-407-3982
- International dial-in number: + 1-201-493-6780
Webcast and replay: https://viavid.webcasts.com/starthere.jsp?ei=1761045&tp_key=b7396bb841
A live and archived webcast of the conference call will also be available on the Company’s investor relations website at ir.kandigroup.com.
About
For more information, please visit ir.kandigroup.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.
For investor and media inquiries, please contact:
Tel: +1 (212) 551-3610
Email: IR@kandigroup.com
Tel: +86-10-6508-0677
Email: Kandi@thepiacentegroup.com
– Tables Below –
CONSOLIDATED BALANCE SHEETS | ||||||||
2025 | 2024 | |||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 35,531,096 | $ | 37,307,867 | ||||
| Restricted cash | 93,495,277 | 83,530,443 | ||||||
| Certificate of deposit | 82,917,554 | 5,481,329 | ||||||
| Accounts receivable (net of allowance for doubtful accounts of | 22,478,579 | 26,462,884 | ||||||
| Inventories | 26,360,506 | 51,268,075 | ||||||
| Notes receivable | 183,230 | 346,202 | ||||||
| Other receivables | 32,805,705 | 144,721,398 | ||||||
| Prepayments and prepaid expense | 2,613,301 | 4,967,736 | ||||||
| Advances to suppliers | 4,692,318 | 562,094 | ||||||
| TOTAL CURRENT ASSETS | 301,077,566 | 354,648,028 | ||||||
| NON-CURRENT ASSETS | ||||||||
| Property, plant and equipment, net | 58,604,740 | 63,503,610 | ||||||
| Intangible assets, net | 318,263 | 3,893,128 | ||||||
| Land use rights, net | 2,613,115 | 2,586,628 | ||||||
| Construction in progress | 61,651 | - | ||||||
| Deferred tax assets | 2,762,416 | 6,496,863 | ||||||
| Long-term investment | 1,856,536 | 1,413,065 | ||||||
| 22,491,482 | 31,182,116 | |||||||
| Other long-term assets | 9,876,537 | 10,173,183 | ||||||
| TOTAL NON-CURRENT ASSETS | 98,584,740 | 119,248,593 | ||||||
| TOTAL ASSETS | $ | 399,662,306 | $ | 473,896,621 | ||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 22,106,022 | $ | 25,475,725 | ||||
| Other payables and accrued expenses | 51,744,834 | 8,544,046 | ||||||
| Short-term loans | 30,750,924 | 37,528,831 | ||||||
| Notes payable | 16,477,037 | 41,620,702 | ||||||
| Income tax payable | 1,103,942 | 1,430,612 | ||||||
| Other current liabilities | 6,233,456 | 5,794,987 | ||||||
| TOTAL CURRENT LIABILITIES | 128,416,215 | 120,394,903 | ||||||
| NON-CURRENT LIABILITIES | ||||||||
| Long-term loans | - | 5,706,510 | ||||||
| Deferred taxes liability | 857,370 | 524,903 | ||||||
| Other long-term liabilities | 328,373 | 640,839 | ||||||
| TOTAL NON-CURRENT LIABILITIES | 1,185,743 | 6,872,252 | ||||||
| TOTAL LIABILITIES | 129,601,958 | 127,267,155 | ||||||
| STOCKHOLDER’S EQUITY | ||||||||
| Ordinary Shares, | 84,782 | 87,553 | ||||||
| Less: | (4,385,882 | ) | (4,385,882 | ) | ||||
| Additional paid-in capital | 470,810,948 | 463,922,873 | ||||||
| Accumulated deficit (the restricted portion is | (160,712,269 | ) | (66,828,296 | ) | ||||
| Accumulated other comprehensive loss | (35,736,487 | ) | (48,097,215 | ) | ||||
| TOTAL | 270,061,092 | 344,699,033 | ||||||
| Non-controlling interests | (744 | ) | 1,930,433 | |||||
| TOTAL STOCKHOLDERS’ EQUITY | 270,060,348 | 346,629,466 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 399,662,306 | $ | 473,896,621 | ||||
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY FOR THE YEARS ENDED | |||||||||||||||||||||||||||||||
| Number of Outstanding Shares | Ordinary Shares | Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Non- controlling interests | Total | ||||||||||||||||||||||||
| BALANCE AS OF | 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 | 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 | 87,552,800 | $ | 87,553 | $ | (4,385,882 | ) | $ | 463,922,873 | $ | (66,828,296 | ) | $ | (48,097,215 | ) | $ | 1,930,433 | $ | 346,629,466 | |||||||||||||
| Stock issuance and award | 1,181,067 | 1,180 | - | 6,451,152 | - | - | - | 6,452,332 | |||||||||||||||||||||||
| Stock-based compensation | - | - | - | 1,025,646 | - | - | - | 1,025,646 | |||||||||||||||||||||||
| Cancellation of the escrow shares | (3,951,368 | ) | (3,951 | ) | - | 3,951 | - | - | - | - | |||||||||||||||||||||
| Acquisition of non-controlling interests | - | - | - | (592,674 | ) | - | - | (245,208 | ) | (837,882 | ) | ||||||||||||||||||||
| Net loss | - | - | - | - | (93,883,973 | ) | - | (1,685,969 | ) | (95,569,942 | ) | ||||||||||||||||||||
| Foreign currency translation | - | - | - | - | - | 12,360,728 | - | 12,360,728 | |||||||||||||||||||||||
| BALANCE AS OF | 84,782,499 | $ | 84,782 | $ | (4,385,882 | ) | $ | 470,810,948 | $ | (160,712,269 | ) | $ | (35,736,487 | ) | $ | (744 | ) | $ | 270,060,348 | ||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) FOR THE YEARS ENDED | ||||||||||||
| Years Ended | ||||||||||||
2025 | 2024 | 2023 | ||||||||||
| REVENUES, NET | $ | 87,439,981 | 127,569,613 | 123,599,232 | ||||||||
| COST OF GOODS SOLD | (50,148,318 | ) | (88,299,242 | ) | (82,229,209 | ) | ||||||
| GROSS PROFIT | 37,291,663 | 39,270,371 | 41,370,023 | |||||||||
| OPERATING EXPENSE: | ||||||||||||
| Research and development | (7,621,559 | ) | (4,995,940 | ) | (4,265,176 | ) | ||||||
| Selling and marketing | (16,674,434 | ) | (21,237,864 | ) | (13,335,950 | ) | ||||||
| General and administrative | (54,392,589 | ) | (57,683,262 | ) | (35,381,496 | ) | ||||||
| Impairment of goodwill | (9,716,799 | ) | - | (496,981 | ) | |||||||
| Impairment of long-lived assets | (6,061,289 | ) | (24,135,226 | ) | (942,591 | ) | ||||||
| TOTAL OPERATING EXPENSE | (94,466,670 | ) | (108,052,292 | ) | (54,422,194 | ) | ||||||
| LOSS FROM OPERATIONS | (57,175,007 | ) | (68,781,921 | ) | (13,052,171 | ) | ||||||
| OTHER INCOME (EXPENSE): | ||||||||||||
| Interest income | 8,690,914 | 10,046,204 | 9,984,558 | |||||||||
| Interest expense | (1,886,319 | ) | (2,195,618 | ) | (1,327,341 | ) | ||||||
| Change in fair value of contingent consideration | - | 2,693,000 | 1,803,000 | |||||||||
| Government grants | 1,873,209 | 1,620,632 | 2,017,551 | |||||||||
| Other (loss) income, net | (43,135,872 | ) | 537,966 | 4,047,074 | ||||||||
| TOTAL OTHER INCOME , NET | (34,458,068 | ) | 12,702,184 | 16,524,842 | ||||||||
| (LOSS) INCOME BEFORE INCOME TAXES | (91,633,075 | ) | (56,079,737 | ) | 3,472,671 | |||||||
| INCOME TAX (EXPENSE) BENEFIT | (3,936,867 | ) | 5,129,391 | (1,802,904 | ) | |||||||
| NET (LOSS) INCOME | (95,569,942 | ) | (50,950,346 | ) | 1,669,767 | |||||||
| LESS: NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | (1,685,969 | ) | (454,683 | ) | 1,662,635 | |||||||
| NET (LOSS) INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS | (93,883,973 | ) | (50,495,663 | ) | 7,132 | |||||||
| OTHER COMPREHENSIVE LOSS | ||||||||||||
| Foreign currency translation adjustment | 12,360,728 | (11,127,149 | ) | (8,636,827 | ) | |||||||
| COMPREHENSIVE LOSS | $ | (83,209,214 | ) | $ | (62,077,495 | ) | $ | (6,967,060 | ) | |||
| WEIGHTED AVERAGE SHARES OUTSTANDING BASIC | 83,611,267 | 86,317,058 | 78,781,094 | |||||||||
| WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED | 83,611,267 | 86,317,058 | 79,902,891 | |||||||||
| NET (LOSS) INCOME PER SHARE, BASIC | $ | (1.14 | ) | $ | (0.59 | ) | $ | 0.02 | ||||
| NET (LOSS) INCOME PER SHARE, DILUTED | $ | (1.14 | ) | $ | (0.59 | ) | $ | 0.02 | ||||
| NET (LOSS) INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS PER SHARE, BASIC | $ | (1.12 | ) | $ | (0.59 | ) | $ | 0.00 | ||||
| NET (LOSS) INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS PER SHARE, DILUTED | $ | (1.12 | ) | $ | (0.59 | ) | $ | 0.00 | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED | ||||||||||||
| Years Ended | ||||||||||||
2025 | 2024 | 2023 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
| Net income | $ | (95,569,942 | ) | $ | (50,950,346 | ) | $ | 1,669,767 | ||||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities | ||||||||||||
| Depreciation and amortization | 5,701,609 | 12,021,015 | 11,913,647 | |||||||||
| Impairments | 15,778,088 | 45,499,258 | 1,439,573 | |||||||||
| Provision of allowance for doubtful accounts | (812,236 | ) | 884,134 | 656,330 | ||||||||
| Deferred taxes | 3,735,568 | (6,140,342 | ) | 203,236 | ||||||||
| Loss from long-term Investment | 1,486,851 | (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 | ) | |||||||
| Stock award and stock-based compensation expense | 7,121,078 | 7,114,524 | 11,059,801 | |||||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Accounts receivable | 4,855,109 | (29,770,703 | ) | 10,560,521 | ||||||||
| Notes receivable | (596,732 | ) | 131,350,242 | (123,992,862 | ) | |||||||
| Inventories | 25,651,304 | (11,581,779 | ) | (21,531,323 | ) | |||||||
| Other receivables and other assets | 115,160,725 | (141,311,335 | ) | 5,165,337 | ||||||||
| Advances to supplier and prepayments and prepaid expenses | (1,557,572 | ) | (1,095,052 | ) | 1,491,762 | |||||||
| Increase (Decrease) In: | ||||||||||||
| Accounts payable | 54,279,618 | 79,040,317 | 38,603,301 | |||||||||
| Other payables and accrued liabilities | 41,864,485 | 3,315,701 | (5,062,494 | ) | ||||||||
| Notes payable | (79,804,260 | ) | (55,334,895 | ) | (32,629,627 | ) | ||||||
| Income tax payable | (486,351 | ) | (575,250 | ) | 954,006 | |||||||
| Net cash provided by (used in) operating activities | $ | 96,807,342 | $ | (17,820,412 | ) | $ | (101,160,636 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
| Purchases of property, plant and equipment, net | (428,840 | ) | (934,985 | ) | (13,172,512 | ) | ||||||
| Payment for construction in progress | (41,878 | ) | - | (75,185 | ) | |||||||
| Certificate of deposit | (75,138,798 | ) | 27,831,121 | 45,244,390 | ||||||||
| Acquisition (Disposal) of NGI | - | (157,211 | ) | 282,135 | ||||||||
| (1,858,990 | ) | (1,015,836 | ) | - | ||||||||
| Net cash (used in) provided by investing activities | $ | (77,468,506 | ) | $ | 25,723,089 | $ | 32,278,828 | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
| Proceeds from short-term loans | 21,371,060 | 66,203,360 | 23,420,534 | |||||||||
| Repayments of short-term loans | (29,508,010 | ) | (37,489,677 | ) | (19,709,663 | ) | ||||||
| Repayments of long-term loans | (5,706,510 | ) | (2,284,081 | ) | (46,426 | ) | ||||||
| Proceeds from long-term loans | - | - | 8,225,000 | |||||||||
| Acquisition of non-controlling interests | (709,644 | ) | - | - | ||||||||
| Purchase of treasury stock | - | (3,920,356 | ) | (510,745 | ) | |||||||
| Proceeds from exercises stock options, stock awards and other financing | - | - | 3,449,988 | |||||||||
| Net cash (used in) provided by financing activities | $ | (14,553,104 | ) | $ | 22,509,246 | $ | 14,828,688 | |||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | $ | 4,785,732 | $ | 30,411,923 | $ | (54,053,120 | ) | |||||
| Effect of exchange rate changes | $ | 3,402,331 | $ | (3,203,681 | ) | $ | (3,357,083 | ) | ||||
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR | $ | 120,838,310 | $ | 93,630,068 | $ | 151,040,271 | ||||||
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ | 129,026,373 | $ | 120,838,310 | $ | 93,630,068 | ||||||
| -CASH AND CASH EQUIVALENTS AT END OF PERIOD | 35,531,096 | 37,307,867 | 33,756,941 | |||||||||
| -RESTRICTED CASH AT END OF PERIOD | 93,495,277 | 83,530,443 | 59,873,127 | |||||||||
| SUPPLEMENTARY CASH FLOW INFORMATION | ||||||||||||
| Income taxes paid | $ | 687,649 | $ | 859,673 | $ | 311,504 | ||||||
| Interest paid | $ | 1,648,877 | $ | 1,737,738 | $ | 965,025 | ||||||
| SUPPLEMENTAL NON-CASH DISCLOSURES: | ||||||||||||
| Ordinary Shares issued for settlement of payables related to acquisitions (see Note 18) | $ | - | $ | - | $ | 1,812,005 | ||||||
Source: