Kandi Technologies Reports 2023 Financial Results

- $123.6 million net revenue hits a three-year high, marking a return to profitability -

JINHUA, CHINA-- (March 14, 2024) - Kandi Technologies Group, Inc. (the “Company”, “we” or “Kandi”) (NASDAQ GS: KNDI), today announced its financial results for the full year ended December 31, 2023.

Full Year 2023 Highlights

Total net revenues increased by 4.9% to $123.6 million, from $117.8 million in 2022.

As the primary driver of total revenue, off-road vehicles and associated parts sales increased by 51.5% to $107.0 million from $70.6 million in 2022.

Gross profit increased by 112% to $41.4 million, from $19.5 million in 2022.

Net income was $1.7 million, or $0.02 income per fully diluted share, compared to a net loss of $12.9 million, or $0.17 loss per fully diluted share for 2022.

The Company has a strong working capital position. Cash and equivalents, restricted cash, certificate of deposit and notes receivable totaled $252.1 million as of December 31, 2023.

Dr. Xueqin Dong, CEO of Kandi commented, “We concluded the challenging year of 2023, and it's with great pride that we overcame the challenges in 2023 and made significant strides. In particular, the off-road EVs and related parts sector were the main driver of our record-high revenue over the past three years. In 2023, we developed and launched models such as the all-electric UTV and electric mini golf carts. We acquired Northern Group to expand our sales channels. Moreover, we further strengthened our partnership with Lowe’s, expanding to more than 10 super centers in 2024, thereby broadening our market coverage in North America. We're proud to return to profitability in 2023, marking an important milestone in our development journey.”

Dr. Dong concluded, “As we move into 2024, we will increase our R&D investment and launch more competitive all-electric off-road vehicle products, demonstrating our confidence in the future development of the company and our commitment to delivering shareholder value. We are poised to capture the burgeoning demand for fuel-to-electric conversion in off-road vehicles. Building on this confidence, we expect significant growth in 2024, aiming to increase the value we offer to our customers and shareholders.”

Full Year 2023 Financial Results

Net Revenues and Gross Profit (in USD millions)




Net Revenues




Gross Profit




Gross Margin%




In 2023, our net revenues rose to $123.6 million, an approximate 5% increase from 2022, driven by stronger sales of off-road vehicles, notably the gross profit of our new crossover golf carts sold in the U.S. surged 112% to $41.4 million, with gross margin doubling from 16.6% to 33.5%, reflecting a profitable shift in product mix towards higher-margin off-road vehicles.

Operating Loss (in USD millions)




Operating Expenses




Loss from Operations




Operating Margin%




Operating expenses climbed to $54.4 million from $47.2 million, driven by higher spending on sales and marketing for our higher volume of production exportation to U.S. The operational loss narrowed to $13.1 million, marking an improvement from 2022, primarily attributed to a higher concentration of sales from off-road vehicles with larger gross margin.

Net Income/Loss




Net Income (Loss) 

(in USD millions)




Net Income (Loss) per Share, Basic and Diluted




Net Income (Loss) per Share, Basic and Diluted $0.02 ($0.17) -

In 2023, our net income surged to $1.7 million, a remarkable turnaround from the $12.9 million loss in 2022, driven by sustained enhancements in gross profit, consistent with the trends observed in the first three quarters of 2023.

Full Year 2023 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 Friday, March 15, 2024. 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:

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=1661148&tp_key=bfab9839be

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.