Kandi Technologies Group, Inc. Stock price
Is Kandi Technologies Group, Inc. a Top Scorer Stock based on the Dividend, High-Growth-Investing or Leverman Strategy?
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Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🧮 Calculation
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🧮 Calculation
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🧮 Calculation
Market Cap = $36.03m | Revenue (TTM) = $123.73m
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🧮 Calculation
Enterprise Value = $-35.19m | Revenue (TTM) = $123.73m
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF) | ex SBC
📈 What is it?
EV/FCF compares a company’s enterprise value with its free cash flow. The metric therefore shows the multiple of current free cash flow at which a company is valued. EV/FCF ex SBC additionally accounts for stock-based compensation (SBC). While SBC does not represent a direct cash outflow, issuing shares as compensation can dilute existing shareholders. Therefore, SBC is deducted from free cash flow in this adjusted version.
🧮 How is it calculated?
EV/FCF ex SBC = Enterprise Value ÷ (Free Cash Flow (TTM) − SBC)
🏛️ Why is it important?
EV/FCF provides a valuation based on free cash flow and therefore complements earnings-based valuation metrics such as the P/E ratio. The ex SBC version additionally accounts for the economic impact of stock-based compensation and provides a more conservative view from a shareholder perspective.
🎯 What does this mean for investors?
- A low EV/FCF means that enterprise value is low relative to current free cash flow. The reasons should always be considered in the context of the company and its industry.
- A high EV/FCF means that enterprise value is high relative to current free cash flow. This can, for example, reflect high growth expectations or temporarily weak cash generation.
- When SBC is positive and adjusted free cash flow remains positive, EV/FCF ex SBC is generally higher than the standard EV/FCF.
- The metric is particularly useful for companies with relatively stable and predictable cash flows.
- If free cash flow is negative or very low, EV/FCF has limited usefulness and should not be interpreted like a standard valuation multiple.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🧮 Calculation
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF) | ex SBC
📈 What is it?
Free cash flow shows how much cash remains after a company has covered its operating and capital expenditures. FCF ex SBC additionally deducts stock-based compensation (SBC) to adjust the cash flow for the effect of non-cash SBC.
🧮 How is it calculated?
Free Cash Flow ex SBC = Operating Cash Flow − SBC − Capital Expenditures (CAPEX)
🏛️ Why is it important?
FCF reflects a company’s actual financial strength – independent of reported accounting earnings. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction. FCF ex SBC also deducts stock-based compensation and shows how much cash generation remains after SBC.
🎯 What does this mean for investors?
- High free cash flow indicates that a company has strong financial strength – independent of reported earnings.
- It is often a solid basis for sustainable dividends and share buybacks.
- Declining FCF can be a warning sign, even if reported earnings remain stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🧮 Calculation
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net Margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free Cash Flow Margin | ex SBC
📈 What is it?
The Free Cash Flow Margin shows how much free cash flow a company generates relative to its revenue. In simplified terms, free cash flow is calculated as operating cash flow minus capital expenditures. The Free Cash Flow Margin ex SBC additionally accounts for stock-based compensation (SBC). While SBC does not represent a direct cash outflow, issuing shares as compensation can dilute existing shareholders. Therefore, SBC is deducted from free cash flow in this adjusted metric.
🧮 How is it calculated?
Free Cash Flow Margin ex SBC = (Free Cash Flow − SBC) ÷ Revenue × 100
🏛️ Why is it important?
The Free Cash Flow Margin shows how efficiently a company converts its revenue into free cash flow. Strong free cash flow can provide financial flexibility for dividends, share buybacks, debt repayment, or further investments. The ex SBC version additionally accounts for the economic impact of stock-based compensation and therefore provides a more conservative view of cash generation from a shareholder perspective.
🎯 What does this mean for investors?
- A high Free Cash Flow Margin shows that a company converts a high proportion of its revenue into free cash flow.
- This can provide greater financial flexibility for dividends, share buybacks, debt repayment, or investments.
- The Free Cash Flow Margin ex SBC additionally accounts for potential shareholder dilution from stock-based compensation.
- The long-term trend is particularly important. Declining margins can, for example, result from higher investments, changes in working capital, or weaker operating performance.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🧮 Calculation
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🧮 Calculation
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Revenue per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
🧮 Calculation
🎯 What does this mean for investors?
- A high revenue per employee indicates a scalable and margin-strong business model.
- A low figure may reflect labor-intensive operations or lower value-add.
- Especially helpful when comparing tech companies to industrial or service sectors.
Kandi Technologies Group, Inc. Stock Analysis
Analyst Opinions
7 Analysts have issued a Kandi Technologies Group, Inc. forecast:
Analyst Opinions
7 Analysts have issued a Kandi Technologies Group, Inc. forecast:
Kandi Technologies Group, Inc. Events
Past Events
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SEP
28
Q2 2026 Earnings Call
24 days ago
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APR
28
Q4 2025 Earnings Call
6 months ago
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StocksGuide Free
Kandi Technologies Group, Inc. — Q2 2026 Earnings Call
1. Management Discussion
Greetings, and welcome to Kandi Technologies Group, Inc. First Half 2026 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kewa Luo, Investor Relations. Please go ahead.
Thank you. Hello, everyone, and welcome to Kandi Technologies Group, Inc.'s First Half 2026 Earnings Conference Call. As a reminder, today's call is being recorded. The company's financial and operational highlights were issued in a press release earlier today and are available online. You can access the earnings press release and subscribe to the company's e-mail alerts by visiting the Investor Relations section of our website at ir.kandigroup.com.
Joining us today are Mr. Feng Chen, Chief Executive Officer; and Mr. Alan Lim, Chief Financial Officer. Before we begin, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today. Further information regarding these and other risks and uncertainties is included in the company's public filings with the SEC.
The company does not assume any obligations to update any forward-looking statements, except as required under applicable laws. Unless otherwise noted, all financial figures discussed today are in U.S. dollars.
I will now turn the call over to our CEO, Mr. Feng Chen, who will deliver his remarks in Chinese, followed immediately by English translation. Mr. Chen, please go ahead.
[Interpreted] Good day, investors and analysts. Welcome to Kandi Technologies Earnings Conference Call for the First Half of 2026. Thank you for your continued interest and support of the company. The first half of 2026 marked a new phase in Kandi's strategic transformation as our new business initiatives began to deliver tangible results. Our battery swapping business, in particular, is gaining commercial traction, showing that our earlier investment and development efforts are paying off. It is now poised to become an important growth driver, growth momentum as our core business also strengthened significantly, driving robust gains in both our top and bottom lines.
Meanwhile, we continue to build out our off-road vehicle dealer network, refine our retail partnership model and refresh and upgrade our product lineup. This financial and operational progress demonstrates that our strategy is driving improvements in operating performance and business fundamentals, reinforcing our confidence in our next phase of growth.
Our first half revenue grew 57.4% year-over-year to $57.1 million. Revenue from our core off-road electric vehicle business increased 59.4% to $54.2 million, including $6.1 million from Rawrr, the electric off-road motorcycle brand we acquired in February 2026. Higher revenue and gross profit, combined with relatively stable operating expenses drove a return to operating profitability and a significant improvement in earnings. Net income rose 452.2% year-over-year to $9.4 million.
As of June 30, our cash and cash equivalents, restricted cash and certificates of deposits totaled $285.7 million, providing a solid financial foundation to support future growth. On our full year 2025 earnings call, I outlined Kandi's store engine strategy, strengthening our core North American off-road electric vehicle businesses while cultivating new growth drivers in energy and intelligent equipment.
On the new driver side, we are advancing our battery swapping equipment and intelligent robotics business, and we broadened our energy solutions for AI data centers by acquiring a controlling stake in Xinchu New Energy. Going forward, we will continue to improve product competitiveness and sales channel efficiency in our core business while tailoring our commercialization efforts for new business to each one stage of development. Over time, this will diversify our revenue base and growth drivers.
Next, I would like to share more details on our first half progress and recent developments across each business as well as our priorities going forward. Let me begin with our new business initiatives. We have made tangible progress in commercializing our battery swapping equipment and are now in volume production. In July, our subsidiary, China Battery Exchange secured its first batch order from CATL Tianjin Energy subsidiary for heavy-duty truck battery swapping station equipment. Just 2 months later, it received another batch order.
These orders demonstrate that our investments in technology and strategic partnerships are beginning to pay off, while also providing visibility for planning, production and deliveries, we expect this business to begin generating meaningful revenue in the second half of this year, emerging as a new growth driver for Kandi. Our entry into the battery swapping equipment business marks an important step in extending Kandi's technology and manufacturing expertise to new energy infrastructure. Looking ahead, our priorities are to fulfill customer orders, improve product quality and delivery efficiency and strengthen our after-sales service capabilities.
We aim to deepen the customer relationships and secure follow-on orders by constantly meeting our project commitments. As we accumulate project delivery experience and scale manufacturing capacity, we will be better positioned to drive sustained growth in this business.
In intelligent robotics, we continue to invest in autonomous quadruped robots, focusing on security patrols, inspections and applications in logistics parks. This business remains in an early R&D stage. Our work is currently centered on aligning development with customer needs, tailoring products to specific use cases and validating their performance in real-world settings. Progress in these areas will guide our decisions on further investment.
Additionally, Xinchu New Energy in which we acquired a controlling stake in the third quarter of this year is expanding its AI data center backup power and energy storage business. In July, Xinchu became an authorized solutions reseller of Schneider Electric. By combining Schneider Electric's established UPS and data center infrastructure products with Xinchu's expertise in energy storage batteries and battery management systems, we can offer data center customers integrated orders overseas.
We expect the business to make meaningful revenue contribution this year as AI computing infrastructure continues to expand globally, we will build out our integrated solutions to meet demand for highly reliable backup power and energy storage, cultivate customer relationships and drive order conversion, further developing this new revenue stream. Turning to our core business, that is the North American off-road electric vehicle market with a portfolio spanning UTVs, golf carts and other electric off-road products. In the first half, average monthly sales through our U.S. dealer network doubled year-over-year, reflecting strong sales momentum.
This growth was driven by greater contributions from existing dealers and the addition of new partners. Looking ahead, we will deepen collaboration with existing dealers, add high-quality new partners and align these efforts with upcoming product launches to broaden our reach and improve sales performance. On the product side, we continue to clear inventory of slow selling models and old models in the first half. We expect to complete the transition to an all-new Kandi product lineup in the fourth quarter. We are closely coordinating inventory optimization, new product launches and sales channel upgrades to provide our dealers and retail partners with a more competitive product mix and help drive core business growth in 2027.
Rawrr is already contributing to our revenue, and we continue to deepen its post-acquisition integration with the group. Amid intense price competition in the electric off-road motorcycle market, we are preserving Rawrr's premier brand positioning, focusing on product performance, rider experience and brand equity to differentiate the business and support sustainable growth.
We are integrating Kandi Group's R&D, manufacturing and supply chain capabilities with Rawrr's brand assets and distribution network to develop products and respond to U.S. market demand more efficiently. We are also broadening Rawrr's product offering and strengthening channel coordination to drive sales growth across its existing network of more than 300 dealer partners. In the first half, Rawrr continued to expand its team and refine its operating system while building brand equity through professional recent events, trade shows and social media campaigns.
Rawrr is also advancing development of an all-new product lineup with launches planned for 2027. This year, we are concentrating on managing the inventory transition, preparing for new launches and optimizing our sales channels. As the benefits of integration materialize, we are confident we can convert these product and channel strengths into revenue increases and make Rawrr a stronger growth driver for our North American business.
In short, we have 4 priorities for the second half of this year. First, scale battery swapping equipment deliveries and support Xinchu New Energy in winning additional overseas orders. Second, sustain sales momentum in our North American off-road electric vehicle business while refining our sales channels and refreshing the Kandi product lineup. Third, strengthen Rawrr's team, supply chain and distribution network in preparation for its new product launches in 2027. Fourth, continue developing intelligent robotic solutions tailored to real-world applications. We remain confident about our outlook for 2027. We expect a significant upgrade to Kandi's product portfolio, new on product launches and revenue contributions from our emerging businesses to drive stronger growth.
At the same time, we will maintain a disciplined approach to capital allocation, evaluating investments in new businesses, acquisitions and capacity expansion based on commercial progress, expected payback period and associated risks and returns and aligning the pace of investment with business needs to optimize capital efficiency.
The management team and I are fully committed to strategic execution, converting the momentum in our core business and opportunities across our new business into sustainable growth and long-term value for our shareholders.
Now let me turn the call over to our CFO, Alan Lim, who will provide details on our first half 2026 financial performance. Thank you.
Thank you, Mr. Chen, and Kewa. I'm Alan Lim, CFO of Kandi Technologies, and thanks, everyone, for joining us today. I will go over the financial results for the first half of 2026.
Regarding the income statement, the net revenues were $57.1 million for the current period, up from 57.4% from $36.3 million for the same period in 2025, mainly due to an increase of sales of off-road vehicles compared to the prior year-end period as well as the additional revenue contributed by our new acquired entity, Rawrr, a subsidiary in the company acquired in February 2026. The cost of goods sold was $32.3 million in the current period, up 62.3% from $90.9 million for the same period of 2025. The increase was primarily due to the corresponding increase in sales. The gross profit was $28.8 million in the current period compared with $16.4 million for the same period of 2025.
The gross margin was 43%. It was comparable to 45.2% for the same period of 2025. The total operating expenses were $19.3 million, up 5.3% from $18.3 million for the same period of 2025. There's a breakdown of different expenses. The R&D expenses were $2.4 million, a decrease of 3.5% from $2.5 million for the same period of 2025. Regarding the selling expenses, the total amount was $5.8 million, up 10% from $4.5 million for the same period of 2025. The increase reflected the higher sales activities.
The G&A expenses were $11.9 million, up 5.4% from $11.3 million for the same period of 2025. The income from operations was $5.5 million in the current period compared with the loss from operations of $1.9 million for the same period of 2025. The net income increased 452.3% to $9.4 million from $1.7 million for the same period of 2025. The increase was primarily driven by the higher net revenues and gross profit, while the operating expenses remained relatively stable and controllable.
The basic and diluted net income attributed to the company's shareholders per share were $0.10 compared with $0.02 for the same period of 2025. Turning to our balance sheet. Our financial position remains strong. As of June 30, 2026, the company had cash and cash equivalents, restricted cash and certificates of deposits totaling $285.7 million compared with $211.9 million as of December 31, 2025. The working capital was $189.5 million as of June 30, 2026.
So that concludes my remarks. I will now hand the call back to Kewa for any final comments. Thank you, everyone.
Thank you once again for joining us today. If you have any further questions, please reach out using the contact information provided on our website. We appreciate your time and interest in Kandi Technologies. This concludes today's conference call. You may now disconnect.
Ladies and gentlemen, thank you for your participation. You may now disconnect your lines or log off the webcast, and enjoy the rest of your day.
[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]
Kandi Technologies Group, Inc. — Q4 2025 Earnings Call
1. Management Discussion
Greetings. Welcome to Kandi Technologies Full Year 2025 Financial Results Call. [Operator Instructions]. Please note, this conference is being recorded. I will now turn the conference over to Kewa Luo, IR Director. Thank you. You may begin.
Thank you. Hello, everyone, and welcome to Kandi Technologies Group Full Year 2025 Earnings Conference Call. As a reminder, today's call is being recorded. The company's financial and operational highlights were issued in our press release earlier today and available online. You can access the earnings press release and subscribe to the company's e-mail alerts by visiting the Investor Relations section of our website at ir.kandigroup.com.
Joining us today are Mr. Feng Chen, Chief Executive Officer; and Mr. Alan Lim, Chief Financial Officer. Before we begin, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today. Further information regarding these and other risks and uncertainties is included in the company's public filings with the SEC. The company does not assume any obligation to update any forward-looking statements, except as required under applicable laws. Unless otherwise noted, all financial figures discussed today are in U.S. dollars.
I will now turn the call over to our CEO, Mr. Feng Chen, who will deliver his remarks in Chinese, followed immediately by English translation. Mr. Chen, please go ahead.
[Interpreted] Good day, investors and analysts. Welcome to Kandi Technologies Earnings Conference Call for the full year 2025. Thank you for your continued interest in and support of us. 2025 was a pivotal year for Kandi. The past 2 years have been defined by a challenging macro backdrop marked by evolving geopolitical, shifting trade policies and uneven demand across our end markets, which weighed on our operating performance. We are clear-eyed about near-term revenue dynamics.
At the same time, we are encouraged by what our team delivered beneath the surface, meaningful improvements in operating quality, a stronger cash flow profile and a materially healthier balance sheet. In 2025, our gross margin improved to 42.6%, up from 30.8% in 2024. We generated $96.8 million in net cash from operating activities and ended with $211.9 million in cash on hand. These results reflect our commitment to high-quality earnings, more sustainable cash flows and stronger returns on invested capital.
Over the past 18 months, one of my key priorities as CEO together with the management team has been to review and reassess Kandi's business boundaries, growth trajectory and long-term overall direction amid the opportunities presented by technological innovation and industrial upgrading we are placing even greater emphasis on focused execution, disciplined capital allocation and the consistent delivery of major milestones.
Beginning in 2026, Kandi is entering new phase of growth. Our strategy will be anchored around 2 core engines. Our first engine is the off-road electric vehicle business centered on the North American market and spanning UTVs golf cars, electric off-road products and others. This business represents Kandi's core franchise, underpinning stable cash flows and a well-established go-to-market distribution network.
In the first quarter this year, the overall core business remained stable with continued progress in distribution channel expansion. Our dealer network continues to scale with a notable improvement in per dealer sales performance, further broadening our market coverage and brand presence in key markets and laying a solid foundation for full year growth.
In addition, as we enter 2026, we are actively advancing our North American UTV business across 4 dimensions: next-generation model development, enhanced product experience, improved channel efficiency and strengthened supply chain capabilities. We have set internal sales targets, meaningfully above historical levels and have engaged an external automotive design team with proven mass production experience to help design our next-generation UTV products.
Our ambition goes beyond simply selling more units. We are focused on boosting Kandi's product, competitiveness across the North American outdoor recreation and low-carbon mobility market. In December 2025, we signed an agreement to acquire Rawrr, a premium U.S.-based electric off-road vehicle motorcycle brand. With Rawrr now part of the Kandi family, our goal is to establish premier electric off-road motorcycles as a meaningful new growth category within our North American product portfolio by 2026.
We see strong synergies between Rawrr and Kandi's existing North American distribution network, supply chain and product lineup. As we advance the integration, our primary priorities will be brand alignment, channel coordination, supply chain optimization and product development aiming to ensure this acquisition translates into meaningful, measurable revenue contribution rather than a transaction of paper.
Our second engine comprises emerging battery swapping equipment and intelligent robotics business. Battery swapping equipment represents our most important breakthrough opportunity in 2026. In August 2025, our subsidiary, China Battery Exchange was qualified as a battery swap equipment supplier within CATL's supply chain, securing its first order for heavy truck battery swap stations equipment.
In January 2026, China Battery Exchange entered into a 3-year strategic cooperation agreement with CATL's subsidiary covering the mass production and delivery of heavy truck battery swap station equipment. Based on our current order visibility and a production schedule, we are confident in achieving meaningful revenue growth in 2026.
The battery swap equipment business represents more than an incremental revenue stream for Kandi. It demonstrates a remarkable extension of our footprint from low-carbon mobility products into the broader new energy infrastructure sector. Looking ahead, our priorities are centered on execution on heavy truck battery swap station order deliveries, ramping up our mass delivery capacity and capturing emerging commercial opportunities across ports, mining operations and long-haul freight applications.
On the intelligence robotics business front, our focus is on the deployment of autonomous quadruped robots in security, patrol and logistics park environment. We have entered a strategic partnership agreement with Hawk Robo Systems LLC to form a joint venture, KH robotics through which we are developing localized testing, validation and commercial operation capabilities in North America. We expect to complete the first functional demo by approximately June 2026, followed by field testing and initial pilot deployments in the second half of the year. This business remains at an early stage of deployment rather than providing near-term revenue guidance. We will evaluate and communicate progress through clearly defined product milestones and real-world use case validation.
Regarding supply chain capabilities, we will continue to build out our global footprint, anchored by core R&D and manufacturing in Mainland China with flexible capacity in Taiwan and local assembly and front-end distribution network in the United States. The architecture provides meaningful structural insulation against geopolitical uncertainty and trade volatility while also enabling us to respond more quickly and effectively to evolving demand in the North American market.
In sum, looking ahead to 2026. We are focused on 4 clear priorities. First, restoring sales momentum and advancing product upgrade across our UTV and low-carbon mobility lineup in the North America. Second, successfully integrating Rawrr and translating the acquisition into tangible revenue contribution. Third, advancing the battery swaps equipment business from initial order delivery to large-scale deliveries. And fourth, advancing our intelligent robotics business through the completion of functional demo followed by field testing and initial pilot deployment.
At the same time, we will maintain a disciplined approach to capital allocation. Our cash positions are not a justification for indiscriminate expansion, but rather it means to preserve flexibility in an uncertain environment. Any future investments in new business initiatives, acquisitions or capacity expansion must be guided by long-term shareholder returns and will be rigorously evaluated against clear benchmarks, including commercial progress, cash payback cycles and risk-adjusted returns.
Today, Kandi has a clear platform structure, a focused dual engine strategy, a resilient global supply chain and a solid cash position. I firmly believe that with this core competencies and strategic positioning in place. We are well equipped to translate our vision of manufacturing joy driving the future into tangible long-term value for shareholders.
Now let me turn the call over to our CFO, Alan Lim who will provide details on our full year 2025 financial performance. Thank you.
Thank you, Mr. Chen and Kewa, and thank you, everyone, for joining us today. I will go over our financial results for 2025. The net revenues were $87.4 million, a decrease of 31.5% from $127.6 million for 2024, primarily due to reduced demand for EV products in the PLC market and fewer sales of crossover golf carts and other vehicle models.
Ongoing trade uncertainties, including the potential tariffs and trade restrictions, together with persistent inflation and elevated interest rates, adversely affected consumer demand for higher price migration of vehicles, which in turn impacted sales to the Kandi's major retail customers and distributors. The cost of goods sold was $50.1 million, a decrease of 43.2% from $88.6 million for 2024. The decrease was primarily due to the corresponding decrease in sales. The gross profit was $37.3 million compared with $39.3 million for 2024. Gross margin was 42.6%, up from 30.8% for 2024. The improvement in gross margin was primarily driven by increased sales of the previously impacted inventory.
The total operating expenses were $91.5 million, a decrease of 12.6% from $108.1 million for 2024. The factors, including the research and development expenses were $7.6 million, up 52.6% from $5.8 million for 2024, mainly due to the completion of research and development projects during the current period.
Secondly, the selling and market expenses were $16.7 million, a decrease of 21.5% from $21.2 million for 2024. The decrease was mainly due to the decreases in trade expenses and commission expenses, in line with the decrease in revenue. The general administrative expenses were for $54.4 million, a decrease of 5.7% from $ 57.7 million for 2024. The decrease was mainly due to the decreased depreciation and amortization in the current period following the material impairment of long-lived assets provisioned in 2024. The loss from operations was $57.2 million, compared with $68.8 million for 2024. The net loss for the current year was $95.6 million, compared with $51.0 million for 2024. The decrease in net loss was primarily attributed to the higher other expenses resulting from the anti-dumping building expenses and increased litigation costs, compared to the prior year.
The 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.
Turning to our balance sheet. Our financial position remains healthy and stable. As of December 31, 2025, the company had cash and cash equivalents, the restricted cash and certificates of deposit totaling $211.9 million, compared with $126.3 million as of December 31, 2024.
That concludes my remarks. I will now hand the call back to Kewa for any final comments. Thank you.
Thank you once again for joining us today. If you have any further questions, please reach out using the contact information provided on our website. We appreciate your time and interest in Kandi Technologies.
This concludes today's conference call. You may now disconnect.
[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]
Financial data from Kandi Technologies Group, Inc.
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
| Dec '25 |
+/-
%
|
||
| Revenue | 124 124 |
16%
16%
100%
|
|
| - Direct Costs | 70 70 |
6%
6%
57%
|
|
| Gross Profit | 54 54 |
67%
67%
43%
|
|
| - Selling and Administrative Expenses | 87 87 |
25%
25%
70%
|
|
| - Research and Development Expense | 10 10 |
148%
148%
8%
|
|
| EBITDA | - - |
-
-
|
|
| - Depreciation and Amortization | - - |
-
-
|
|
| EBIT (Operating Income) EBIT | -43 -43 |
4%
4%
-35%
|
|
| Net Profit | -92 -92 |
80%
80%
-74%
|
|
In millions USD.
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Kandi Technologies Group, Inc. Stock News
Company Profile
Kandi Technologies Group, Inc. engages in the development, manufacture, and trade of vehicles. Its products include electric cars, tricycles, and tractors. The company was founded on March 31, 2004 and is headquartered in Jinhua, China.
StocksGuide Premium
| Head office | United States |
| CEO | Dr. Dong |
| Employees | 595 |
| Founded | 2004 |
| Website | ir.kandigroup.com |
