Kandi Technologies' revenue rises 57% to $57.1M

As of June 30, 2026, Kandi reported $285.7 million in cash and cash equivalents, restricted cash and certificate of deposit.

Rhea-AI Filing Summary

Kandi Technologies Group, Inc. (KNDI) reported results for the six months ended June 30, 2026, with net revenues of $57.1 million, up 57.4% from $36.3 million in the comparable 2025 period. Gross profit was $24.8 million, up 51.5% from $16.4 million, while gross margin was 43.5%, compared with 45.2%.

Operating income was $5.5 million, compared with an operating loss of $1.9 million in 2025. Net income was $9.4 million, versus $1.7 million, a reported increase of 452.2%; basic and diluted net income per share were $0.10, compared with $0.02. Kandi attributed the higher net income mainly to increased revenue and gross profit, while operating expenses remained at a similar level.

As of June 30, 2026, Kandi reported $285.7 million in cash and cash equivalents, restricted cash and certificate of deposit. Total assets were $461.430 million, compared with $399.663 million as of December 31, 2025; total liabilities were $153.717 million, compared with $129.601 million. Short-term loans were $43.322 million, compared with $30.751 million as of December 31, 2025.

Positive

• Net revenues increased 57.4% to $57.1 million in the first half of 2026.
• Net income increased 452.2% to $9.4 million in the first half of 2026.

Filing Explained

Kandi’s Form 6-K reports results for the six months ended June 30, 2026: net income was $9,360 thousand, with $5,525 thousand of operating income and $3,566 thousand of net other income, including $3,597 thousand of interest income, so net income also included separately reported non-operating income.

Key Figures

Net revenues: $57.1 million; $36.3 million Gross profit: $24.8 million; $16.4 million Gross margin: 43.5%; 45.2% +4 more

7 metrics

Net revenues $57.1 million; $36.3 million Six months ended June 30, 2026 and 2025; 57.4% year-over-year increase.

Gross profit $24.8 million; $16.4 million Six months ended June 30, 2026 and 2025; 51.5% year-over-year increase.

Gross margin 43.5%; 45.2% Six months ended June 30, 2026 and 2025, respectively.

Income (loss) from operations $5.5 million income; $1.9 million loss Six months ended June 30, 2026 and 2025, respectively.

Net income $9.4 million; $1.7 million Six months ended June 30, 2026 and 2025; 452.2% year-over-year increase.

Net income per share, diluted $0.10; $0.02 Six months ended June 30, 2026 and 2025, respectively.

Cash and cash equivalents, restricted cash and certificate of deposit $285.7 million As of June 30, 2026.

Key Terms

Gross Margin, Income (Loss) from Operations, Restricted cash, Weighted average shares outstanding, +1 more

5 terms

Gross Margin financial

"Gross Margin% 43.5% (H1 2026); 45.2% (H1 2025)"

Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.

Income (Loss) from Operations financial

"INCOME (LOSS) FROM OPERATIONS"

Restricted cash financial

"Restricted cash"

Cash that a company holds but cannot use for day-to-day operations because it is set aside for a specific purpose—such as meeting loan covenants, serving as collateral, funding an escrow, or complying with regulations. Like money in a locked savings account earmarked for a bill, restricted cash reduces the cash available to run the business and pay dividends or debts, so investors treat it differently when assessing a company’s true short-term financial strength.

Weighted average shares outstanding financial

"WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED"

The weighted average shares outstanding is the average number of a company’s common shares that were available during a reporting period, adjusted so each change (like new shares issued or shares bought back) counts only for the portion of the period it was in effect. Investors use it to calculate per-share measures such as earnings per share, so it shows how ownership dilution or buybacks affect what each share is entitled to—like averaging how many people were at a potluck over time to determine each person’s share of the food.

Non-controlling interests financial

"NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS"

An ownership stake in a subsidiary held by outside shareholders rather than the parent company, representing the portion of that subsidiary’s assets and profits the parent does not control. For investors, it shows what part of consolidated earnings and equity belongs to others — like a roommate who owns part of a house — which affects how much value and profit per share are truly attributable to the parent company’s shareholders.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much revenue did KNDI report in the first half of 2026?

KNDI reported net revenues of $57.1 million for the six months ended June 30, 2026, compared with $36.3 million in the comparable 2025 period, a year-over-year increase of 57.4%.

How much net income did KNDI report for the first half of 2026?

Net income was $9.4 million for the six months ended June 30, 2026, compared with $1.7 million for the same period of 2025. Basic and diluted net income per share were $0.10, compared with $0.02.

How much cash and restricted cash did KNDI report as of June 30, 2026?

Kandi reported $285.7 million in cash and cash equivalents, restricted cash and certificate of deposit as of June 30, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/28/2026 - 07:00 AM Accepted by SEC EDGAR 09/28/2026 - 07:00 AM Learn about SEC filing dates

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934

For the month of September 2026

Commission File Number: 333-259881

KANDI TECHNOLOGIES GROUP, INC
(Translation of registrant’s name into English)

Jinhua New Energy Vehicle Town

Jinhua, Zhejiang Province

People’s Republic of China, 321016
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒      Form 40-F ☐

Kandi Technologies Group, Inc., a British Virgin Islands company (the “Company”) furnishes under the cover of Form 6-K its financial results for the six months ended June 30, 2026:

Six Months 2026 Financial Focus 

● Six-month revenues of $57.1 million increased 57.4% year-over-year.

● Six-month revenue from off-road vehicles and associated parts increased by 59.4% year-over-year to $54.2 million, compared to $34.0 million in the same period of 2025.

	●	Six-month net income was $9.4 million, or $0.10 per fully diluted share, compared to a net income of $1.7 million, or $0.02 per fully diluted share for the same period of 2025.
	●	Solid financial standing with $285.7 million in cash and cash equivalents, restricted cash and certificate of deposit as of June 30, 2026.

H1 2026 Key Financial Results

Net Revenues and Gross Profit (in USD millions)

		H1 2026				H1 2025				Y-o-Y%
Net Revenues		$	57.1			$	36.3				57.4	%
Gross Profit		$	24.8			$	16.4				51.5	%
Gross Margin%			43.5	%			45.2	%			-

● Net revenues in the first half of 2026 were $57.1 million compared to $36.3 million in the same period of 2025, representing an increase of 57.4%, 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 Inc. The Company completed the acquisition of Raw Inc. in February 2026, pursuant to a certain share transfer agreement dated December 5, 2025.

● Cost of goods sold in the first half of 2026 was $32.3 million compared to $19.9 million in the same period of 2025, representing an increase of 62.3%. The increase was primarily due to the corresponding increase in sales.

● Gross profit in the first half of 2026 was $24.8 million, compared to $16.4 million in the same period of 2025, representing an increase of 51.5%. The overall gross margin for the first half was 43.5% which is comparable to 45.2% in the same period of 2025.

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Operating Income (Loss) (in USD millions)

		H1 2026				H1 2025				Y-o-Y%
Operating Expenses		$	(19.3	)		$	(18.3	)			5.3	%
Income (Loss) from Operations		$	5.5			$	(1.9	)			-385.9	%
Operating Margin%			9.7	%			-5.3	%			-

● Research and development expenses totaled $2.4 million for the first half of 2026, representing a decrease of 3.5% compared to $2.5 million for the same period in 2025, which was comparable.

● Selling and distribution expenses totaled $5.0 million for the first half of 2026, representing an increase of 10.0% compared to $4.5 million for the same period in 2025. The increase in selling and distribution expenses was in line with the scale of increase in revenue.

● General and administrative expenses totaled $11.9 million for the first half of 2026, representing an increase of 5.4% compared to $11.3 million for the same period in 2025, which was comparable.

Net Income (in USD millions)

		H1 2026				H1 2025				Y-o-Y%
Net Income		$	9.4			$	1.7				452.2	%
Net Income per Share, Basic and Diluted		$	0.10			$	0.02				-
Net Income attributable to Kandi		$	9.3			$	1.7				442.3	%
Net Income attributable to Kandi per Share, Basic and Diluted		$	0.10			$	0.02				-

Net income was $9.4 million for the first half of 2026, representing an increase of 452.2% compared to $1.7 million for the same period in 2025. The increase was mainly due to the increase in net revenue as well as gross profit in the current period, while the operating expenses remained at a similar level compared to the same period in 2025.

Balance Sheet (in USD millions)

● Working capital was $189.5 million as of June 30, 2026.

- Tables Below -

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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

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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

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: September 28, 2026	Kandi Technologies Group, Inc.
	By:	/s/ Feng Chen
	Name:	Feng Chen
	Title:	Chief Executive Officer

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