Kandi Technologies Reports First Half of 2026 Unaudited Financial Results
JINHUA, China, Sept. 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 unaudited financial results for the six months ended June 30, 2026.
First Half 2026 Financial Highlights
Recent Developments
Management Remarks
Mr. Feng Chen, CEO of Kandi, commented, “In the first half of 2026, Kandi delivered strong revenue growth and returned to operating profitability, reflecting improved operating leverage. Our North American off-road electric vehicle business was a key contributor to this growth, supported by increased sales momentum and the additional revenue contribution from Rawrr. We will continue to build on this progress by broadening our channel network, upgrading our product portfolio and deepening Rawrr’s integration to reinforce our competitive position.
“Beyond our core business, we are leveraging our technology and manufacturing expertise to pursue opportunities in energy and intelligent equipment. Our battery-swapping equipment business is gaining commercial traction and our expansion into AI data center backup power and energy storage is opening new markets. Our current priority is on fulfilling customer orders, building customer relationships and validating solutions in real-world applications. We will continue to tailor these efforts to each initiative’s stage of development as we build a more diversified revenue base.
“Looking beyond 2026, we expect upgrades to Kandi’s product lineup, new Rawrr product launches and contributions from emerging businesses to support continued growth. Backed by a solid financial position, we intend to pursue these initiatives with a disciplined approach to capital allocation, aligning investment with commercial progress to optimize capital efficiency, propel sustainable growth and create long-term shareholder value.”
First Half 2026 Financial Results
REVENUES
Net revenues were $57.1 million, representing an increase of 57.4% from $36.3 million for the same period of 2025. This increase was mainly due to an increase in sales of off-road vehicles compared to the prior period, as well as the additional revenue contributed by Rawrr, which the Company acquired in February 2026.
COST OF GOODS SOLD
Cost of goods sold was $32.3 million, representing an increase of 62.3% from $19.9 million for the same period of 2025. The increase was primarily due to the corresponding increase in sales.
GROSS PROFIT
Gross profit was $24.8 million, compared with $16.4 million for the same period of 2025. Gross margin was 43.5%, compared with 45.2% for the same period of 2025.
OPERATING EXPENSES
Total operating expenses were $19.3 million, representing an increase of 5.3% from $18.3 million for the same period of 2025.
Research and development expenses were $2.4 million, representing a decrease of 3.5% from $2.5 million for the same period of 2025.
Selling and marketing expenses were $5.0 million, representing an increase of 10.0% from $4.5 million for the same period of 2025. The increase reflected higher sales activity.
General and administrative expenses were $11.9 million, representing an increase of 5.4% from $11.3 million for the same period of 2025.
INCOME (LOSS) FROM OPERATIONS
Income from operations was $5.5 million, compared with loss from operations of $1.9 million for the same period of 2025.
NET INCOME
Net income was $9.4 million, compared with $1.7 million for the same period of 2025. The increase was primarily driven by higher net revenues and gross profit, while operating expenses remained relatively stable.
Basic and diluted net income attributable to the Company’s shareholders was $0.10 per share, compared with $0.02 per share for the same period of 2025.
BALANCE SHEET
As of June 30, 2026, the Company had cash and cash equivalents, restricted cash, and certificates of deposit totaling $285.7 million, compared with $211.9 million as of December 31, 2025. Working capital was $189.5 million as of June 30, 2026.
Conference Call
The Company’s management will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on September 28, 2026, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the first half of 2026.
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 GS: 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” framework, the Company anchors its business in all-domain intelligent vehicles, with battery swapping equipment and intelligent robotics as two growth pillars. Driven by its mission to bring joy to daily life, Kandi Technologies 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. The Company provides important updates on its website.
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