Kandi Technologies Reports Full Year 2025 Financial Results
JINHUA, China, April 28, 2026 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (“Kandi” or the “Company”) (NASDAQ GS: KNDI), a global innovator in intelligent equipment and a technology-driven platform company, today announced its financial results for the full year ended December 31, 2025.
Full Year 2025 Financial Highlights
Recent Developments
Management Remarks
Mr. Feng Chen, CEO of Kandi, commented, “In 2025, amid a complex and rapidly evolving global macroeconomic environment, Kandi formally initiated its transformation from a single-product manufacturer into a technology-driven platform company, advancing a systematic upgrade across its business structure, organizational capabilities, and industry positioning. This transformation represents both a proactive response to external shifts and a deliberate initiative aimed at driving long-term value creation.
“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 $96.8 million in net cash from operating activities and ended with $211.9 million in cash on hand. This strong liquidity position gives us the flexibility and confidence for the execution on our dual-engine strategy. On the innovation front, the Company has established a strategic partnership with CATL, becoming a designated equipment supplier for its battery-swapping station network, while also steadily advancing its intelligent robotics initiative and embodied intelligence rollout in North America.
“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 $87.4 million, a decrease of 31.5% from $127.6 million for 2024. This decrease was mainly due to reduced demand for EV products in the PRC market and fewer sales of crossover golf carts and other vehicle models. Ongoing trade uncertainties, including potential tariffs and trade restrictions, together with persistent inflation and elevated interest rates, adversely affected consumer demand for higher-priced recreational vehicles, which in turn impacted sales to Kandi’s major retail customers and distributors.
COST OF GOODS SOLD
Cost of goods sold was $50.1 million, a decrease of 43.2% from $88.3 million for 2024. The decrease was primarily due to the corresponding decrease in sales.
GROSS PROFIT
Gross profit was $37.3 million, compared with $39.3 million for 2024. Gross margin was 42.6%, compared with 30.8% for 2024. The improvement in gross margin was primarily driven by sales of inventory that was previously impaired under our inventory obsolescence reserve.
OPERATING EXPENSES
Total operating expenses were $94.5 million, a decrease of 12.6% from $108.1 million for 2024.
Research and development expenses were $7.6 million, an increase of 52.6% from $5.0 million for 2024. The increase was mainly due to the completion of research and development projects during the current period.
Selling and marketing expenses were $16.7 million, a decrease of 21.5% from $21.2 million for 2024. The decrease was mainly due to decreases in freight expenses and commission expenses, in line with the decrease in revenue.
General and administrative expenses were $54.4 million, a decrease of 5.7% from $57.7 million for 2024. The decrease was mainly due to decreased depreciation and amortization in 2025 following the material impairment of long-lived assets provisioned in 2024.
LOSS FROM OPERATIONS
Loss from operations was $57.2 million, compared with $68.8 million for 2024.
NET LOSS
Net loss was $95.6 million, compared with $51.0 million for 2024. The increase in net loss was primarily attributable to higher other expenses resulting from anti-dumping duty expenses and increased litigation costs compared to the prior year.
Basic and diluted net loss attributable to the Company’s shareholders per share were $1.12, compared with basic and diluted net loss per share of $0.59 for 2024.
BALANCE SHEET AND CASH FLOW
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 of December 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.
Conference Call
The Company’s management will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on April 28, 2026, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the full year of 2025.
The dial-in and webcast details for the conference call are as follows:
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 Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (NASDAQ: KNDI) is a global innovator in intelligent equipment and a technology-driven platform company. It leverages technological innovation, a global supply chain, and advanced manufacturing to transform industries and expand real-world applications, bringing technology closer to people’s everyday lives. Guided by a “one core, two growth engines” strategic framework, the Company anchors its business in all-domain intelligent vehicles, with battery swapping equipment and intelligent robotics as two strategic growth pillars. Driven by its mission to bring joy to daily life, Kandi fosters shared success and sustainable, long-term growth through open collaboration and mutually beneficial partnerships, creating enduring industrial and societal value while building a globally respected brand.
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:
Kandi Technologies Group, Inc.
Kewa Luo
Tel: +1 (212) 551-3610
Email: IR@kandigroup.com
Piacente Financial Communications
Brandi Piacente
Tel: +86-10-6508-0677
Email: Kandi@thepiacentegroup.com
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