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Kandi Technologies Group (NASDAQ:KNDI) reported revenue rose 8.9% year-over-year to $39.1 million in Q2. The revenue growth was driven mainly from an increase in sales of off-road vehicles and electric vehicle products compared to a year ago.
Gross profit was down 13.8% year-over-year to $11.9 million. The overall gross margin for the quarter was 30.3%, down from 38.2% a year ago, reflecting the impact of the product mix and the regional revenue shift. Kandi Technologies (KNDI) reported an operating loss of $1.3 million from operations. Selling and distribution expenses were higher in the quarter due to more freight expenses incurred from shipping of the company’s products to cover more retail stores of its customers in the current period.
On the balance sheet, Kandi Technologies (KNDI) ended the quarter with working capital of $264.1 million. The company had repurchased a total of 1,422,764 shares at an average price of $2.50 per share under the repurchase plan by the end of the quarter, including a total of 673,896 shares at an average price of $2.25 per share repurchased in Q2.
“We achieved a notable increase in total revenues, driven by strong sales in our off-road vehicle segment,” stated CEO Dr. Xueqin Dong. “This reflects the market’s positive reception to our innovative and sustainable product offerings,” he added.
Kandi Technologies (KNDI) was up 2.21% in light premarket trading to $1.85, vs. the 52-week trading range of $1.66 to $3.67.
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