|Bid||0.00 x 40700|
|Ask||0.00 x 4000|
|Day's range||8.47 - 9.58|
|52-week range||2.17 - 17.40|
|Beta (5Y monthly)||2.68|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||4.59|
Kandi America announces the opening of pre-order sales and special promotional pricing in advance of its official August 18 virtual launch event.
DEADLINE TODAY: The Schall Law Firm Announces it is Investigating Claims Against Kandi Technologies Group, Inc.
• Off-road vehicles sales increased 27.3% to $6.6 million • Gross margin of 18.2% versus 17.4% year-ago • Net income increased 155.4% to $4.1 million compared to net loss of $7.3 millionJINHUA, China, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced its financial results for the second quarter of 2020.Second Quarter Highlights * Total revenues were $19.4 million for the second quarter of 2020, a decrease of 19.5% from total revenues of $24.1 million for the same period in 2019. * Electric Vehicle (“EV”) parts sales decreased by 34.1%, to $12.5 million for the second quarter of 2020, compared with EV parts sales of $19.0 million for the same period in 2019. * Revenues from sales of off-road vehicles increased by 27.3%, to $6.6 million for the second quarter of 2020, compared with revenues from sales of off-road vehicles of $5.2 million for the same period in 2019. * Gross margin for the second quarter of 2020 was 18.2%, compared to 17.4% for the same period of 2019. * Net income for the second quarter of 2020 was $4.1 million, or $0.08 earnings per fully diluted share, compared with net loss of $7.3 million, or $0.14 loss per fully diluted share for the same period in 2019. * Working capital was $75.6 million as of June 30, 2020. Cash, cash equivalents and restricted cash totaled $6.7 million as of June 30, 2020.Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “Our second quarter results were satisfactory. After the pandemic in China was effectively contained, Kandi fully resumed production and actively pushed the business forward. The COVID-19 situation significantly decreased consumer demand, yet we contained the revenue decline, improved gross margin, and achieved $4.1 million in profit. We made meaningful progress in preparing for the online car-hailing business, the launch of which is planned for Hainan soon. Our first fully automatic intelligent battery swapping equipment was delivered to the rideshare operator in Hainan on August 2. Installation has been completed, and trial operations will commence. For the first time, battery swapping stations are classified as ‘infrastructure construction’ based on the Government Work Report delivered by Premier Li Keqiang during the 2020 NPC. As such, we believe that our fully automatic smart replacement system will be favored by the market and drive sales of our electric vehicles. Furthermore, our affiliate company Fengsheng Automotive successively launched two exciting new pure electric SUVs and multi-purpose passenger vehicles and will continue to launch more pure electric vehicle models to meet the diversified travel needs of users.” Mr. Hu discussed the U.S. opportunity: “While maintaining growth of off-road vehicles, our American wholly-owned subsidiary has also prepared to launch sales of pure EVs in the United States. A live virtual event will occur on August 18 to officially kick-off pre-sales, which will be a key milestone in the Company’s history. As a technology innovator, Kandi is committed to provide high quality products with great performance and affordable price.” “As a pioneer in the electric vehicle industry and inventor of the ‘vehicle/battery separation’ swap model, Kandi is well-positioned to benefit from growing demand for EVs. The market potential of online car hailing in China is huge, and with government support for the battery swapping model, we are confident that Kandi will gain market share in China’s EV industry in the near future.” Mr. Hu concluded.Net Revenues and Gross Profit 2Q20 2Q19 Y-o-Y% Net Revenues (US$million)$19.4 $24.1 -19.5% Gross Profit (US$million)$3.5 $4.2 -15.8% Gross Margin 18.2% 17.4%- Net revenues for the second quarter of 2020 decreased by 19.5% compared to the same period last year. The decrease in revenue was mainly due to lower sales of EV parts. Due to the outbreak of COVID-19 in China, the demand for EV parts from customers was significantly affected during the first half of 2020.Income (Loss) from Operations 2Q20 2Q19 Y-o-Y% Total Operating Income (Expenses) (US$million)$8.1 ($7.2)-213.0% Income (Loss) from Operations (US$million)$11.6 ($3.0)-493.5% Operating Margin 59.8% -12.2%- Total operating income in the second quarter of 2020 were $8.1 million, compared with $7.2 million of total operating expenses in the same quarter of 2019. The increase in total operating income was mainly due to the gain on disposal of long-live asset related to the real estate repurchase agreement of our Jinhua Facility’s relocation which was $13.9 incurred during the second quarter of 2020.Net Income (Loss) 2Q20 2Q19 Y-o-Y% Net Income (Loss) (US$million)$4.1 ($7.3)-155.4% Earnings (loss) per Weighted Average Common Share$0.08 ($0.14)- Earnings (loss) per Weighted Average Diluted Share$0.08 ($0.14)- Net income was $4.1 million in the second quarter of 2020, compared with net loss of $7.3 million in the same quarter of 2019. The decrease in loss was primarily due to the gain on disposal of long-live asset which was related to the real estate repurchase agreement of our Jinhua Facility’s relocation.Financial ConditionAs of June 30, 2020, the Company had cash and cash equivalents of $3.5 million, restricted cash of $3.2 million, working capital of $75.6 million; compared to $5.5 million, $11.0 million, $63.7 million as of December 31, 2019.As of June 30, 2020, our accounts receivable was $60.0 million, compared to $61.2 million as of December 31, 2019.For the first half of 2020, cash used in operating activities was $34.3 million, as compared to cash used in operating activities of $33.1 million for the same period last year.Second Quarter 2020 Conference Call Details The Company will conduct a conference call and live webcast to discuss its second quarter 2020 financial results at 8:00 A.M. Eastern Time (8:00 P.M. Beijing Time) on August 10, 2019. Management will deliver prepared remarks to be followed by a question and answer session. Dial-in 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: http://public.viavid.com/index.php?id=1441129A 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 Vehicles Co., Ltd. ("Kandi Vehicles") and its subsidiaries including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, SC Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi in the United States and Fengsheng Automobile Technology Group Co., Ltd (formerly known as Kandi Electric Vehicles Group Co., Ltd., the “Affiliate Company”). Kandi Vehicles has established itself as one of China's leading manufacturers of pure electric vehicle parts and off-road vehicles.In 2013, Kandi Vehicles and Geely Group, China's leading automaker, jointly invested in the establishment of the Affiliate Company in order to develop, manufacture and sell pure electric vehicle ("EV") products. Geely Group (including its affiliate) and Kandi Vehicles currently holds 78% and 22% of the equity interests in the Affiliate Company, respectively. The Affiliate Company has established itself as one of the driving forces in the development and the manufacturing of pure EV products in China.More information about KNDI is available on the Company's corporate website at http://www.kandivehicle.com. The Company routinely posts important information on its website. Safe Harbor StatementThis 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_GroupFor More Information:Kandi Technologies Group, Inc.Ms. Kewa Luo Phone: +1 (212) 551-3610 Email: IR@kandigroup.comThe Blueshirt GroupU.S.: Mr. Gary Dvorchak Email: firstname.lastname@example.orgChina: Ms. Susie Wang Email: email@example.com KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET(UNAUDITED) June 30, 2020 December 31, 2019 (UNAUDITED) Current assets Cash and cash equivalents $3,457,498 $5,490,557 Restricted cash 3,221,053 11,022,078 Accounts receivable (net of allowance for doubtful accounts of $251,012 and $254,665 as of June 30, 2020 and December 31, 2019, respectively) 60,020,455 61,181,849 Inventories 28,245,267 27,736,566 Notes receivable - 42,487,225 Other receivables 42,661,342 5,019,971 Prepayments and prepaid expense 10,407,572 10,615,063 Amount due from the Affiliate Company, net 20,107,347 31,330,763 Other current assets 13,283,400 688,364 TOTAL CURRENT ASSETS 181,403,934 195,572,436 LONG-TERM ASSETS Property, plant and equipment, net 69,907,964 74,407,858 Intangible assets 3,298,384 3,654,772 Land use rights, net 8,765,196 11,272,815 Investment in the Affiliate Company 42,490,448 47,228,614 Goodwill 27,962,871 28,270,400 Other long term assets 10,529,348 10,811,501 TOTAL Long-Term Assets 162,954,211 175,645,960 TOTAL ASSETS $344,358,145 $371,218,396 CURRENT LIABILITIES Accounts payable $59,656,133 $72,093,940 Other payables and accrued expenses 4,239,760 6,078,041 Short-term loans - 25,980,364 Notes payable 2,971,053 10,765,344 Income tax payable 2,901,610 1,796,601 Advance receipts 18,497,676 - Long term loans - current portion 16,128,576 13,779,641 Other current liability 1,421,364 1,379,808 Total Current Liabilities 105,816,172 131,873,739 LONG-TERM LIABILITIES Long term loans 11,712,415 14,353,792 Deferred taxes liability 3,448,922 1,362,786 Contingent consideration liability 2,334,000 5,197,000 Other long-term liability 565,915 574,152 Total Long-Term Liabilities 18,061,252 21,487,730 TOTAL LIABILITIES 123,877,424 153,361,469 STOCKHOLDER’S EQUITY Common stock, $0.001 par value; 100,000,000 shares authorized; 56,273,102 and 56,263,102 shares issued and 54,352,158 and 52,839,441 outstanding at June 30,2020 and December 31,2019, respectively 54,352 52,839 Less: Treasury stock (487,155 shares with average price of $5.09 at June 30,2020 and December 31,2019, respectively ) (2,477,965) (2,477,965) Additional paid-in capital 262,878,585 259,691,370 Accumulated deficit (the restricted portion is $4,422,033 and $4,422,033 at June 30,2020 and December 31,2019, respectively) (14,205,339) (16,685,736) Accumulated other comprehensive loss (25,768,912) (22,723,581) TOTAL STOCKHOLDERS’ EQUITY 220,480,721 217,856,927 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $344,358,145 $371,218,396 KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 REVENUES FROM UNRELATED PARTY, NET $19,436,120 $20,056,696 $25,808,544 $36,391,659 REVENUES FROM THE AFFILIATE COMPANY AND RELATED PARTY, NET 956 4,089,534 956 5,823,031 REVENUES, NET 19,437,076 24,146,230 25,809,500 42,214,690 COST OF GOODS SOLD (15,900,298) (19,944,076) (21,105,463) (34,876,099) GROSS PROFIT 3,536,778 4,202,154 4,704,037 7,338,591 OPERATING INCOME (EXPENSES): Research and development (1,149,901) (632,590) (1,790,141) (1,170,023) Selling and marketing (763,666) (899,478) (1,641,972) (1,517,481) General and administrative (3,907,191) (5,623,798) (6,973,926) (7,663,326) Gain on disposal of long-live asset 13,907,574 - 13,907,574 - Total Operating Income (Expenses) 8,086,816 (7,155,866) 3,501,535 (10,350,830) INCOME (LOSS) FROM OPERATIONS 11,623,594 (2,953,712) 8,205,572 (3,012,239) OTHER INCOME (EXPENSES): Interest income 221,792 97,814 560,736 350,218 Interest expense (1,123,056) (429,355) (2,105,990) (868,538) Change in fair value of contingent consideration (929,000) 548,000 2,863,000 637,000 Government grants 86,799 175,319 97,898 223,043 Gain from equity dilution in the Affiliate Company - (24,131) - 4,341,259 Share of loss after tax of the Affiliate Company (2,978,529) (4,500,201) (4,081,299) (14,449,359) Other income (expenses), net 1,043,335 (174,597) 1,062,985 299,793 Total other expenses, net (3,678,659) (4,307,151) (1,602,670) (9,466,584) INCOME (LOSS) BEFORE INCOME TAXES 7,944,935 (7,260,863) 6,602,902 (12,478,823) INCOME TAX (EXPENSE) BENEFIT (3,889,889) (57,295) (4,122,502) 751,193 NET INCOME (LOSS) 4,055,046 (7,318,158) 2,480,400 (11,727,630) OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation 477,734 (4,915,589) (3,045,331) 488,439 COMPREHENSIVE INCOME (LOSS) $4,532,780 $(12,233,747) $(564,931) $(11,239,191) WEIGHTED AVERAGE SHARES OUTSTANDING BASIC 53,369,602 52,806,331 52,862,043 52,189,237 WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED 53,369,602 52,806,331 52,862,043 52,189,237 NET INCOME (LOSS) PER SHARE, BASIC $0.08 $(0.14) $0.05 $(0.22) NET INCOME (LOSS) PER SHARE, DILUTED $0.08 $(0.14) $0.05 $(0.22) KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) Number of Outstanding Shares Common Stock Treasury Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Income Total Balance, December 31, 2018 51,484,444 $51,484 $ - $254,989,657 $(9,497,009) $(19,921,258) $225,622,874 Stock issuance and award 1,096,397 1,097 - 3,387,379 - - 3,388,476 Net income (loss) - - - - (4,409,472) - (4,409,472) Foreign currency translation - - - - - 5,404,028 5,404,028 Balance, March 31, 2019 52,580,841 $52,581 $- $258,377,036 $(13,906,481) $(14,517,230) $230,005,906 Stock issuance and award 238,600 238 1,259,569 1,259,807 Net income (loss) (7,318,158) (7,318,158) Foreign currency translation (4,915,589) (4,915,589) Balance, June 30, 2019 52,819,441 52,819 - 259,636,605 (21,224,639) (19,432,819) 219,031,966 Number of Outstanding Shares Common Stock Treasury Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Income Total Balance, December 31, 2019 52,839,441 $52,839 $(2,477,965) $259,691,370 $(16,685,736) $(22,723,581) $217,856,927 Stock issuance and award 10,000 10 - 22,290 - - 22,300 Net income (loss) - - - - (1,574,646) - (1,574,646) Foreign currency translation - - - - - (3,523,065) (3,523,065) Balance, March 31, 2020 52,849,441 $52,849 $(2,477,965) $259,713,660 $(18,260,382) $(26,246,646) $212,781,516 Stock issuance and award 1,502,717 1,503 - 3,164,925 - - 3,166,428 Net income (loss) - - - - 4,055,043 - 4,055,043 Foreign currency translation - - - - - 477,734 477,734 Balance, June 30, 2020 54,352,158 54,352 (2,477,965) 262,878,585 (14,205,339) (25,768,912) 220,480,721 KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) June 30, 2020 June 30, 2019 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $2,480,400 $(11,727,630) Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 4,022,676 4,376,097 Impairments (148,054) 59,799 Allowance for doubtful accounts - 15,543 Deferred taxes 2,089,505 51,275 Share of loss after tax of the Affiliate Company 4,081,299 14,449,359 Gain from equity dilution in the Affiliate Company - (4,341,259) Gain on disposal of long-live asset (13,907,574) - Change in fair value of contingent consideration (2,863,000) (637,000) Stock compensation cost 847,546 1,314,408 Changes in operating assets and liabilities: (Increase) Decrease In: Accounts receivable (1,431,388) (16,560,338) Notes receivable - 250,593 Notes receivable from the Affiliate Company and related party - 442,223 Inventories (743,483) (7,093,904) Other receivables and other assets (11,248,701) (6,258,341) Advances to supplier and prepayments and prepaid expenses (12,586,777) 708,825 Amount due from the Affiliate Company 4,129,516 (4,128,506) Increase (Decrease) In: Accounts payable (282,560) 387,505 Other payables and accrued liabilities 736,715 7,868,402 Notes payable (10,664,922) (10,161,233) Income tax payable 1,161,312 (2,134,722) Net cash used in by operating activities $(34,327,490) $(33,118,904) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant and equipment, net (59,670) (512,707) Proceeds from disposal of long-live asset 34,696,547 - Cash received from equity sale in the Affiliate Company 15,641,886 - Advance receipts of equity transfer - 14,740,783 Net cash provided by investing activities $50,278,763 $14,228,076 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from short-term loans 24,031,625 17,541,532 Repayments of short-term loans (49,769,638) (15,920,046) Proceeds from long-term loans 394,116 - Repayments of long-term loans (284,398) (147,408) Net cash (used in) provided by financing activities $(25,628,295) $1,474,078 NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (9,677,022) (17,416,750) Effect of exchange rate changes on cash (157,062) 246,604 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR 16,512,635 22,353,071 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 6,678,551 5,182,925 -CASH AND CASH EQUIVALENTS AT END OF PERIOD 3,457,498 3,608,933 -RESTRICTED CASH AT END OF PERIOD 3,221,053 1,573,992 SUPPLEMENTARY CASH FLOW INFORMATION Income taxes paid 870,082 1,199,807 Interest paid 641,213 868,538