• · Revenue Of $127.6M up 3.2% YoY, Supported by Expanded Product Reach And Improved Geographic Balance
• · Electric Off-Road Vehicle Revenue Rose 8.9% YoY, Reinforcing Core Segment Leadership
• · Enhanced Supply Chain Flexibility with Taiwan Upgrades, While Progressing Steadily Toward U.S. Localization Goals

JINHUA, China, April 28, 2025 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company”, “we” or “Kandi”) (NASDAQ GS: KNDI), today announced its financial results for the full year ended December 31, 2024.

Full Year 2024 Highlights

•      ·  Total revenue increased to $127.6 million, a 3.2% increase from $123.6 million in 2023.
•            By segment: Sales of off-road vehicles and associated parts rose 8.9% year-over-year to $116.6 million, accounting for over 91% of total annual revenue.
•            By geography: Revenue from China grew 80% year-over-year, contributing to a more balanced and diversified geographic sales mix.
•      ·  Recorded gross profit of $39.3 million, reflecting solid overall profitability.
•      ·  Gross margin down to 30.8% from 33.5%, primarily impacted by regional and product mix shifts.
•      ·  R&D spending increased 17.1%, focusing on next-generation battery products and new electric off-road vehicle model development, further strengthening the Company’s technological foundation.
•      ·  Ended the year with a strong liquidity, including $126.3 million in cash and cash equivalents, restricted cash and certificate of deposit as of December 31, 2024.
•      ·  Drove strong growth in the electric off-road vehicle segment through new model launches, themed marketing campaigns, and deeper collaboration with local retailers and distributors in the U.S. and Canada.
•      ·  Enhanced supply chain flexibility and scalability through upgrades to the Company’s Taiwan-based manufacturing operations, supporting long-term sustainable growth.
•      ·  During 2024, the Company repurchased 1,892,568 shares of ordinary shares at an average price of $2.05 per share, demonstrating ongoing confidence in the Company's intrinsic value and long-term growth prospects.

Feng Chen, CEO of Kandi, commented, “In 2024, Kandi expanded its footprint across North America, executing with discipline to launch several new electric utility vehicles and crossover golf carts tailored to U.S. consumer preferences. Themed models, including those inspired by major sports brands, enhanced our brand visibility and strengthened appeal in the recreational segment. Supported by broader retail access and our entry into the Canadian market, these efforts helped expand customer reach and contributed to the resilience of our electric off-road vehicle portfolio amid shifting market conditions.”

Feng continued, “Complementing our product traction, we broadened our distribution network across the U.S., reinforcing our ability to meet rising demand and support long-term market penetration. This geographic and channel expansion has further solidified the foundation for sustained sales performance. On the supply chain side, our collaboration with Hartford Industrial is improving production efficiency and flexibility through enhanced Taiwan-based manufacturing capabilities, supporting greater operational resilience for our off-road vehicle business.”

Feng also highlighted, “More recently, we announced a strategic alliance with CBAK Energy to establish localized lithium battery production facilities in the United States. This initiative marks a significant milestone in Kandi’s North American strategy. By establishing local production capacity for both battery cells and packs, we are not only better positioned to meet growing demand for electric off-road and recreational vehicles but also to navigate international trade dynamics, including tariffs, more effectively. The partnership strengthens our supply chain, aligns with the clean energy incentives of the U.S. Inflation Reduction Act, and creates new runway for long-term growth.”

Looking ahead, Feng emphasized, “We are energized by the road ahead. With deeper industry partnerships, expanding infrastructure, and a focused commitment to innovation and execution, Kandi is well-positioned to seize new opportunities and deliver real, lasting value to the market.”

Full Year 2024 Financial Results

Net Revenues and Gross Profit (in USD millions)

Our net revenues increased to $127.6 million, a 3.2% rise from $123.6 million in 2023, driven by higher sales of electric off-road vehicles, which accounted for over 91% of total revenue. Notably, revenue from the China market grew 80% year-over-year, helping to partially offset a decline in U.S. sales. Gross profit reached $39.3 million, with a gross margin of 30.8%, compared to 33.5% in the prior year. The margin contraction was primarily due to regional and product mix shifts, though overall profitability remained solid.

Operating Loss (in USD millions)

Total operating expenses increased to $108.1 million, reflecting continued investment in retail expansion, organizational development, and strategic repositioning. The increase also includes a one-time, non-cash impairment loss of $24.1 million, primarily related to long-lived assets, accounting for approximately 22% of total operating expenses. Selling and marketing expenses rose to support broader distribution coverage, while administrative costs included provisions to strengthen operational discipline. These proactive investments and accounting adjustments contributed to a loss from operations of $68.8 million, compared to $13.1 million in the prior year.

Net Income/Loss

We recorded a net loss of $51.0 million, compared to a net income of $1.7 million in 2023. The shift to a net loss was primarily driven by increased operating expenses, which included a one-time, non-cash impairment loss associated with strategic business adjustments. Despite these impacts, the Company remained focused on strengthening its core electric off-road vehicle business and made forward-looking investments aimed at building long-term shareholder value.

Full Year 2024 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 Monday, April 28, 2025. 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=1717223&tp_key=6b62938ea7

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.