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Kandi Technologies Group, Inc. (KNDI)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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8.90-0.16 (-1.71%)
At close: 4:00PM EDT
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Previous close9.06
Open8.80
Bid0.00 x 40700
Ask0.00 x 4000
Day's range8.47 - 9.58
52-week range2.17 - 17.40
Volume6,615,461
Avg. volume5,393,732
Market cap470.624M
Beta (5Y monthly)2.68
PE ratio (TTM)N/A
EPS (TTM)-0.08
Earnings date10-Aug-2020
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target est4.59
  • Kandi America Announces Early Pre-Order Sales with Special Promotion
    Business Wire

    Kandi America Announces Early Pre-Order Sales with Special Promotion

    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. and Encourages Investors with Losses of $100,000 to Contact the Firm
    Business Wire

    DEADLINE TODAY: The Schall Law Firm Announces it is Investigating Claims Against Kandi Technologies Group, Inc. and Encourages Investors with Losses of $100,000 to Contact the Firm

    DEADLINE TODAY: The Schall Law Firm Announces it is Investigating Claims Against Kandi Technologies Group, Inc.

  • GlobeNewswire

    Kandi Technologies Reports Second Quarter 2020 Financial Results

    • 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: gary@blueshirtgroup.comChina: Ms. Susie Wang Email: susie@blueshirtgroup.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