Kandi Technologies Reports First Half of 2026 Unaudited Financial Results
Off-road vehicles and associated parts brought in $54.2 million, up 59.4% from the comparable 2025 period.
Rhea-AI Summary
Kandi Technologies (KNDI) reported unaudited first-half 2026 results, with revenue rising 57.4% year over year to $57.1 million.
Net income rose to $9.4 million from $1.7 million, and operating income reached $5.5 million versus a $1.9 million loss a year earlier. Gross margin fell to 43.5% from 45.2%. Cash, restricted cash and certificates of deposit totaled $285.7 million at June 30, up from $211.9 million at December 31, 2025.
Kandi completed its acquisition of Rawrr on February 6 and, in the third quarter, completed its purchase of a 51% stake in Xinchu for RMB20 million (approximately US$2.9 million). In July, its China Battery Exchange subsidiary received an order from CATL’s QIJI Energy for 18 battery-swap stations under a three-year agreement. Another subsidiary signed an exclusive five-year agreement with Zhejiang Greentown Community Business Group to deploy electric sightseeing vehicles in Chinese residential communities.
Positive
- Revenue rose 57.4% year over year to $57.1 million.
- Net income rose to $9.4 million from $1.7 million.
- Operating income reached $5.5 million versus a $1.9 million loss.
- Cash, restricted cash and certificates of deposit rose to $285.7 million.
- Completed purchase of 51% of Xinchu for RMB20 million.
Negative
- Gross margin fell to 43.5% from 45.2%.
- Cash and cash equivalents fell to $14.641 million from $35.531 million.
News Explained
Production began in
Details
Market move: KNDI +7.14% vs previous close. First-half 2026 earnings report
On Sep 28, the day this news came out, the latest delayed price for KNDI is 7.14% above the previous close. Argus tracked a peak move of +36.5% during the session. Argus tracked a trough of -23.7% from its starting point during tracking. Our momentum scanner has recorded 54 alerts for this stock so far that day. The latest delayed price is $0.63.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
- Net revenue
- $57.1M (+57.4% year over year)
- Six months ended June 30, 2026; $36.3M in the prior-year period
- Net income
- $9.4M (+452.2% year over year)
- Six months ended June 30, 2026; $1.7M in the prior-year period
- Cash, restricted cash and certificates of deposit
- $285.7M
- As of June 30, 2026; compared with $211.9M as of December 31, 2025
- Income from operations
- $5.5M
- Six months ended June 30, 2026; compared with a $1.9M operating loss in the prior-year period
- Net income per share
- $0.10
- Basic and diluted, six months ended June 30, 2026; compared with $0.02 in the prior-year period
- Gross margin
- 43.5%
- Six months ended June 30, 2026; compared with 45.2% in the prior-year period
- Off-road vehicles and associated parts revenue
- $54.2M (+59.4%)
- Six months ended June 30, 2026; compared with $34.0M in the prior-year period
Previous Earnings Reports
-
Revenue and net income declined year over year, while gross margin improved in first-half results.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
restricted cash financial
certificates of deposit financial
gross margin financial
working capital financial
battery management systems technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Revenue increased
57.4% year over year to$57.1M - Net income increased
452.2% year over year to$9.4M - Strengthened balance sheet with
$286M in cash, restricted cash and time deposits
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
- Total net revenues increased
57.4% year over year to$57.1 million from$36.3 million . - Net income increased
452.2% year over year to$9.4 million from$1.7 million . - Cash and cash equivalents, restricted cash, and certificates of deposit totaled
$285.7 million as of June 30, 2026, compared with$211.9 million as of December 31, 2025. - Revenue from off-road vehicles and associated parts increased
59.4% to$54.2 million , compared with$34.0 million for the same period of 2025.
Recent Developments
- On February 6, 2026, Kandi completed its acquisition of Rawrr, a premium electric off-road motorcycle brand in the United States. The acquisition reinforces Kandi’s presence in the North American sustainable mobility market and represents a pivotal milestone in the Company’s long-term multi-brand expansion strategy. Rawrr’s electric off-road motorcycles have expanded Kandi’s product portfolio, which also includes LSPTVs (Low-Speed Personal Transportation Vehicles), UTVs (Utility Terrain Vehicles), and other off-road vehicles, enabling the Company to serve a broader customer base with a more comprehensive suite of low-carbon mobility solutions across community transportation, outdoor recreation, and sports leisure applications.
- In June 2026, Kandi entered into an agreement to acquire a
51% controlling stake in Hangzhou Xinchu New Energy Technology Co., Ltd. (“Xinchu”) for RMB20 million (approximately US$2.9 million ), marking its entry into the rapidly growing AI data center backup power and energy storage market. Founded by an experienced team with deep expertise across Southeast Asia, the Middle East, and Africa, Xinchu designs and manufactures lithium battery backup power and battery management systems for AI data centers, telecom base stations, and high-density GPU computing environments. The transaction was completed in the third quarter of 2026.
- In July 2026, Kandi’s subsidiary, Kandi Electric Vehicles (Hainan) Co., Ltd. (“Kandi Hainan”), entered into an exclusive five-year cooperation agreement with Zhejiang Greentown Community Business Group Co., Ltd. to deploy electric sightseeing vehicles, classified as low-speed electric vehicles (“LSVs”), across residential communities in China. By leveraging Greentown’s extensive nationwide property management network, the partnership is expected to expand Kandi’s domestic off-road EV business and establish a scalable, recurring-revenue community mobility model.
- In July 2026, Kandi’s subsidiary, China Battery Exchange, secured an equipment procurement order from CATL’s QIJI Energy for 18 battery swap stations, representing the first batch order under the parties’ three-year cooperation agreement entered into in January 2026. Covering end-to-end services spanning equipment manufacturing, delivery, site deployment, and after-sales maintenance, this order marks the partnership’s transition from pilot phase into active commercial deployment, reinforcing China Battery Exchange’s position within CATL’s heavy-truck battery swap supplier ecosystem.
- In July 2026, China Battery Exchange commenced production at its newly established battery swap equipment manufacturing base in Lin’an, Zhejiang Province. The facility is expected to reach an annual production capacity of up to 200 heavy-duty truck battery swap stations, supporting the Company’s efforts to expand standardized battery swap equipment manufacturing. The commencement of production is directly supported by growing commercial momentum, including the 18-station equipment procurement order from CATL’s QIJI Energy.
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
COST OF GOODS SOLD
Cost of goods sold was
GROSS PROFIT
Gross profit was
OPERATING EXPENSES
Total operating expenses were
Research and development expenses were
Selling and marketing expenses were
General and administrative expenses were
INCOME (LOSS) FROM OPERATIONS
Income from operations was
NET INCOME
Net income was
Basic and diluted net income attributable to the Company’s shareholders was
BALANCE SHEET
As of June 30, 2026, the Company had cash and cash equivalents, restricted cash, and certificates of deposit totaling
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:
- 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=1777400&tp_key=03eb3b36c5
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
| KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
| (All amounts in thousands) | ||||||||
| June 30, 2026 | December 31, 2025 | |||||||
| (Unaudited) | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 14,641 | $ | 35,531 | ||||
| Restricted cash | 62,065 | 93,495 | ||||||
| Short term investment | 100 | - | ||||||
| Certificate of deposit | 208,999 | 82,918 | ||||||
| Accounts receivable | 13,280 | 22,479 | ||||||
| Inventories | 28,021 | 26,361 | ||||||
| Notes receivable | 117 | 183 | ||||||
| Other receivables | 4,927 | 32,806 | ||||||
| Prepayments and prepaid expense | 4,159 | 2,613 | ||||||
| Advances to suppliers | 3,743 | 4,692 | ||||||
| TOTAL CURRENT ASSETS | 340,052 | 301,078 | ||||||
| NON-CURRENT ASSETS | ||||||||
| Property, plant and equipment, net | 58,538 | 58,605 | ||||||
| Intangible assets, net | 8,594 | 318 | ||||||
| Land use rights, net | 2,647 | 2,613 | ||||||
| Construction in progress | 133 | 62 | ||||||
| Deferred tax assets | 2,778 | 2,762 | ||||||
| Long-term investment | 1,086 | 1,857 | ||||||
| Goodwill | 35,946 | 22,491 | ||||||
| Other long-term assets | 11,656 | 9,877 | ||||||
| TOTAL NON-CURRENT ASSETS | 121,378 | 98,585 | ||||||
| TOTAL ASSETS | $ | 461,430 | $ | 399,663 | ||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 22,588 | $ | 22,106 | ||||
| Other payables and accrued expenses | 49,356 | 51,745 | ||||||
| Short-term loans | 43,322 | 30,751 | ||||||
| Notes payable | 26,952 | 16,477 | ||||||
| Income tax payable | 753 | 1,104 | ||||||
| Other current liabilities | 7,603 | 6,233 | ||||||
| TOTAL CURRENT LIABILITIES | 150,574 | 128,416 | ||||||
| NON-CURRENT LIABILITIES | ||||||||
| Deferred taxes liability | 2,815 | 857 | ||||||
| Other long-term liabilities | 328 | 328 | ||||||
| TOTAL NON-CURRENT LIABILITIES | 3,143 | 1,185 | ||||||
| TOTAL LIABILITIES | 153,717 | 129,601 | ||||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Kandi Technologies Group, Inc. shareholders’ equity | 307,702 | 270,063 | ||||||
| Non-controlling interests | 11 | (1 | ) | |||||
| TOTAL SHAREHOLDERS’ EQUITY | 307,713 | 270,062 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 461,430 | $ | 399,663 | ||||
| KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) | ||||||||
| (All amounts in thousands, except for share and per share data) | ||||||||
| Six Months Ended | ||||||||
| June 30, 2026 | June 30, 2025 | |||||||
| REVENUES, NET | $ | 57,117 | $ | 36,291 | ||||
| COST OF GOODS SOLD | (32,298 | ) | (19,904 | ) | ||||
| GROSS PROFIT | 24,819 | 16,387 | ||||||
| OPERATING EXPENSE: | ||||||||
| Research and development | (2,417 | ) | (2,504 | ) | ||||
| Selling and marketing | (4,955 | ) | (4,505 | ) | ||||
| General and administrative | (11,922 | ) | (11,310 | ) | ||||
| TOTAL OPERATING EXPENSE | (19,294 | ) | (18,319 | ) | ||||
| INCOME (LOSS) FROM OPERATIONS | 5,525 | (1,932 | ) | |||||
| OTHER INCOME (EXPENSE): | ||||||||
| Interest income | 3,597 | 4,334 | ||||||
| Interest expense | (679 | ) | (1,100 | ) | ||||
| Government grants | 322 | 1,099 | ||||||
| Other income (loss), net | 326 | (853 | ) | |||||
| TOTAL OTHER INCOME , NET | 3,566 | 3,480 | ||||||
| INCOME BEFORE INCOME TAXES | 9,091 | 1,548 | ||||||
| INCOME TAX BENEFIT | 269 | 147 | ||||||
| NET INCOME | 9,360 | 1,695 | ||||||
| LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 11 | (29 | ) | |||||
| NET INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. SHAREHOLDERS | 9,349 | 1,724 | ||||||
| OTHER COMPREHENSIVE INCOME | ||||||||
| Foreign currency translation adjustment | 8,607 | 6,148 | ||||||
| COMPREHENSIVE INCOME | $ | 17,967 | $ | 7,843 | ||||
| WEIGHTED AVERAGE SHARES OUTSTANDING BASIC | 96,905,807 | 84,805,991 | ||||||
| WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED | 96,905,807 | 84,805,991 | ||||||
| NET INCOME PER SHARE, BASIC | $ | 0.10 | $ | 0.02 | ||||
| NET INCOME PER SHARE, DILUTED | $ | 0.10 | $ | 0.02 | ||||
| NET INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. SHAREHOLDERS PER SHARE, BASIC | $ | 0.10 | $ | 0.02 | ||||
| NET INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. SHAREHOLDERS PER SHARE, DILUTED | $ | 0.10 | $ | 0.02 | ||||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Kandi Technologies’ first-half 2026 revenue and net income?
Kandi Technologies reported $57.1 million in revenue, up 57.4% year over year, and $9.4 million in net income, up from $1.7 million, for the six months ended June 30, 2026.
What made up Kandi Technologies’ reported cash and deposit balance at June 30, 2026?
The balance included $14,641 thousand in cash and cash equivalents, $62,065 thousand in restricted cash and $208,999 thousand in certificates of deposit.
What capacity does Kandi Technologies expect from its new battery-swap equipment plant?
The Lin’an plant is expected to reach annual production capacity of up to 200 heavy-duty truck battery-swap stations. Production began in July 2026.