Kandi Technologies Group, Inc. (the “Company”, “we” or “Kandi”)
(NASDAQ GS: KNDI), today announced its financial results for the
third quarter of 2023.
Third Quarter and Nine Months 2023 Financial
Highlights
Third quarter total revenues of $36.4 million increased by 8.2%
year-over-year.
- Nine-month revenues of $95.2
million increased by 19.9% year-over-year.
- Net income for the nine months was
$6.3 million, or $0.08 income per fully diluted share, compared to
a net loss of $2.4 million, or $0.03 loss per fully diluted share
for the same period of 2022.
- Cash and cash equivalents,
restricted cash, and certificate of deposit totaled $244.5 million
as of September 30, 2023.
Dr. Xueqin Dong, CEO of Kandi, commented, “We
are pleased to see that, following a turnaround from losses to
profits in the first half of 2023, the company was profitable in
the quarter. Comparing to the first nine months of last year, key
metrics grew significantly, with increased sales, higher net
income, and a notable improvement in gross profit. This achievement
highlights our ongoing commitment to delivering exceptional value
to our customers. Our strategic adjustments in recent years paved
the way for this positive performance in the all-electric off-road
vehicle market. Recently, we showcased our new electric off-road
vehicle products at the Mid-States Rendezvous and received positive
feedback, which has further solidified our market presence across
various channels.”
Dr. Dong continued, “Looking ahead to 2024, our
primary focus is to increase our market share in the North American
market. Kandi’s dedication to innovation and quality places us in a
strong position to capitalize on the growing demand for fully
electric off-road vehicles in the region, presenting significant
market potential and opportunities for sustained growth. We are
confident that our sales and production in 2024 will grow
substantially compared to those of this year.”
Financial Results for the Third Quarter and the First
Nine Months of 2023
Net Revenues and Gross Profit (in USD millions)
Q3 |
2023 |
2022 |
Y-o-Y% |
Net Revenues |
$36.4 |
$33.7 |
+8.2% |
Gross Profit |
$10.9 |
$6.4 |
+71.4% |
Gross Margin% |
30.0% |
18.9% |
- |
Nine Months Ending Sep 30 |
2023 |
2022 |
Y-o-Y% |
Net Revenues |
$95.2 |
$79.4 |
+19.9% |
Gross Profit |
$32.7 |
$11.5 |
+184.8% |
Gross Margin% |
34.3% |
14.5% |
|
During the first nine months of 2023, net revenues grew 19.9%,
reaching $95.2 million, fueled by rapid market acceptance of our
fully-electric off-road vehicles and related components.
Furthermore, gross margin improved compared to the previous year,
due to the better profitability of fully-electric off-road
vehicles, particularly crossover golf carts.
Operating Income/Loss (in USD millions)
Q3 |
2023 |
2022 |
Y-o-Y% |
Operating Expenses |
($14.5) |
($8.6) |
+69.4% |
Loss from Operations |
($3.6) |
($2.2) |
+63.7% |
Operating Margin% |
(9.8%) |
(6.5%) |
- |
Nine Months Ending Sep 30 |
2023 |
2022 |
Y-o-Y% |
Operating Expenses |
($38.7) |
($25.7) |
+51.0% |
Loss from Operations |
($6.1) |
($14.2) |
-57.3% |
Operating Margin% |
(6.4%) |
(17.9%) |
|
During the nine months, Operating expenses rose to $38.7 million
from $25.7 million in the same period of 2022, reflecting
investment in the off-road EV opportunity in the U.S. Growing
expenditures in sales, marketing, and general administration are
directly linked to expanding exports to the U.S. market.
Net Income/Loss (in USD millions)
Q3 |
2023 |
2022 |
Y-o-Y% |
Net Income |
$1.3 |
$1.1 |
+19.0% |
Net Income per Share, Basic and Diluted |
$0.02 |
$0.01 |
- |
Nine Months Ending Sep 30 |
2023 |
2022 |
Y-o-Y% |
Net Income (loss) |
$6.3 |
($2.4) |
NM |
Net Income (loss) per Share, Basic and Diluted |
$0.08 |
($0.03) |
|
Net income of the first nine months reached $6.3 million,
turning from a net loss in the same period in 2022, mainly due to
higher gross profit from increased sales of high-margin off-road
vehicles resulting from the product transformation strategy.
Third Quarter 2023 Conference Call Details
The Company has scheduled a conference call and live webcast to
discuss its financial results at 8:00 A.M. Eastern Time (9:00 P.M.
Beijing Time) on Wednesday, November 8, 2023. Management will
deliver prepared remarks to be followed by a question and answer
session.
The dial-in 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=1642510&tp_key=32e2677025
The live audio webcast of the call can also be accessed by
visiting Kandi's Investor Relations page on the Company's website
at http://www.kandivehicle.com. An archive of the webcast will
be available on the Company's website following the live call.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua
Economic Development Zone, Zhejiang Province, is engaged in the
research, development, manufacturing, and sales of various
vehicular products. Kandi conducts its primary business operations
through its wholly-owned subsidiary, Zhejiang Kandi Technologies
Group Co., Ltd. (“Zhejiang Kandi Technologies”), formerly, Zhejiang
Kandi Vehicles Co., Ltd. and its subsidiaries including Zhejiang
Kandi Smart Battery Swap Technology Co., Ltd, and SC Autosports,
LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi in
the United States, and its wholly-owned subsidiary, Kandi America
Investment, LLC. Zhejiang Kandi Technologies has established itself
as one of China's leading manufacturers of pure electric vehicle
parts and off-road vehicles.
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.
Follow us on Twitter: @ Kandi_Group
Contacts:
Kandi Technologies Group, Inc.Ms. Kewa Luo+1
(212) 551-3610IR@kandigroup.com
The Blueshirt GroupMr. Gary Dvorchak,
CFAgary@blueshirtgroup.com
- Tables Below -
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP, INC.AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(UNAUDITED) |
|
|
|
|
|
|
|
|
|
September 30,2023 |
|
|
December 31,2022 |
|
|
|
(Unaudited) |
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
72,900,121 |
|
|
$ |
84,063,717 |
|
Restricted cash |
|
|
61,957,395 |
|
|
|
66,976,554 |
|
Certificate of deposit |
|
|
109,676,181 |
|
|
|
81,191,191 |
|
Accounts receivable (net of
allowance for doubtful accounts of $2,795,798 and $2,285,386 as of
September 30, 2023 and December 31, 2022, respectively) |
|
|
16,350,519 |
|
|
|
38,150,876 |
|
Inventories |
|
|
57,860,989 |
|
|
|
40,475,366 |
|
Notes receivable |
|
|
41,129 |
|
|
|
434,461 |
|
Other receivables |
|
|
11,068,946 |
|
|
|
11,912,615 |
|
Prepayments and prepaid
expense |
|
|
1,689,174 |
|
|
|
2,970,261 |
|
Advances to suppliers |
|
|
1,540,949 |
|
|
|
3,147,932 |
|
TOTAL CURRENT
ASSETS |
|
|
333,085,403 |
|
|
|
329,322,973 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
ASSETS |
|
|
|
|
|
|
|
|
Property, plant and equipment,
net |
|
|
98,754,578 |
|
|
|
97,168,753 |
|
Intangible assets, net |
|
|
5,561,878 |
|
|
|
7,994,112 |
|
Land use rights, net |
|
|
2,690,181 |
|
|
|
2,909,950 |
|
Construction in progress |
|
|
36,652 |
|
|
|
199,837 |
|
Deferred tax assets |
|
|
1,427,290 |
|
|
|
1,432,527 |
|
Long-term investment |
|
|
137,095 |
|
|
|
144,984 |
|
Goodwill |
|
|
31,193,706 |
|
|
|
33,178,229 |
|
Other long-term assets |
|
|
9,756,037 |
|
|
|
10,630,911 |
|
TOTAL NON-CURRENT
ASSETS |
|
|
149,557,417 |
|
|
|
153,659,303 |
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
|
$ |
482,642,820 |
|
|
$ |
482,982,276 |
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
34,475,667 |
|
|
$ |
35,321,262 |
|
Other payables and accrued
expenses |
|
|
8,364,215 |
|
|
|
14,131,414 |
|
Short-term loans |
|
|
9,065,350 |
|
|
|
5,569,154 |
|
Notes payable |
|
|
22,129,999 |
|
|
|
19,123,476 |
|
Income tax payable |
|
|
688,633 |
|
|
|
1,270,617 |
|
Other current liabilities |
|
|
5,273,881 |
|
|
|
6,089,925 |
|
TOTAL CURRENT
LIABILITIES |
|
|
79,997,745 |
|
|
|
81,505,848 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
Long-term loans |
|
|
8,225,000 |
|
|
|
- |
|
Deferred taxes liability |
|
|
1,172,820 |
|
|
|
1,378,372 |
|
Contingent consideration
liability |
|
|
- |
|
|
|
1,803,000 |
|
Other long-term
liabilities |
|
|
410,182 |
|
|
|
602,085 |
|
TOTAL NON-CURRENT
LIABILITIES |
|
|
9,808,002 |
|
|
|
3,783,457 |
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES |
|
|
89,805,747 |
|
|
|
85,289,305 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDER’S
EQUITY |
|
|
|
|
|
|
|
|
Common stock, $0.001 par
value; 100,000,000 shares authorized; 84,997,369 and 77,668,730
shares issued and 84,997,369 and 74,180,171 outstanding at
September 30,2023 and December 31,2022, respectively |
|
|
84,997 |
|
|
|
77,669 |
|
Less: Treasury stock (null
shares and 3,488,559 shares with average price of $2.81 at
September 30, 2023 and December 31, 2022 ) |
|
|
- |
|
|
|
(9,807,820 |
) |
Additional paid-in
capital |
|
|
450,242,032 |
|
|
|
451,373,645 |
|
Accumulated deficit (the
restricted portion is $4,422,033 and $4,422,033 at September 30,
2023 and December 31, 2022, respectively) |
|
|
(11,771,861 |
) |
|
|
(16,339,765 |
) |
Accumulated other
comprehensive loss |
|
|
(48,131,857 |
) |
|
|
(28,333,239 |
) |
TOTAL KANDI
TECHNOLOGIES GROUP, INC. STOCKHOLDERS’ EQUITY |
|
|
390,423,311 |
|
|
|
396,970,490 |
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
2,413,762 |
|
|
|
722,481 |
|
TOTAL STOCKHOLDERS’
EQUITY |
|
|
392,837,073 |
|
|
|
397,692,971 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
$ |
482,642,820 |
|
|
$ |
482,982,276 |
|
|
|
|
|
|
|
|
|
|
See accompanying notes to unaudited condensed consolidated
financial statements |
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP, INC.AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS ANDCOMPREHENSIVE INCOME
(LOSS)(UNAUDITED) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30,2023 |
|
|
September 30,2022 |
|
|
September 30,2023 |
|
|
September 30,2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES FROM UNRELATED PARTIES, NET |
|
$ |
36,426,201 |
|
|
$ |
33,673,201 |
|
|
$ |
95,241,648 |
|
|
$ |
79,405,788 |
|
REVENUES FROM THE FORMER
AFFILIATE COMPANY AND RELATED PARTIES, NET |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES,
NET |
|
|
36,426,201 |
|
|
|
33,673,201 |
|
|
|
95,241,648 |
|
|
|
79,405,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF GOODS SOLD |
|
|
(25,507,180 |
) |
|
|
(27,304,038 |
) |
|
|
(62,558,825 |
) |
|
|
(67,930,595 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT |
|
|
10,919,021 |
|
|
|
6,369,163 |
|
|
|
32,682,823 |
|
|
|
11,475,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
(917,893 |
) |
|
|
(1,433,649 |
) |
|
|
(2,671,435 |
) |
|
|
(3,828,078 |
) |
Selling and marketing |
|
|
(4,152,246 |
) |
|
|
(1,440,995 |
) |
|
|
(8,760,490 |
) |
|
|
(3,807,222 |
) |
General and
administrative |
|
|
(9,457,877 |
) |
|
|
(5,686,233 |
) |
|
|
(25,855,648 |
) |
|
|
(18,016,843 |
) |
Impairment of goodwill |
|
|
7,539 |
|
|
|
- |
|
|
|
(500,064 |
) |
|
|
- |
|
Impairment of long-lived
assets |
|
|
14,299 |
|
|
|
- |
|
|
|
(948,438 |
) |
|
|
- |
|
TOTAL OPERATING
EXPENSE |
|
|
(14,506,178 |
) |
|
|
(8,560,877 |
) |
|
|
(38,736,075 |
) |
|
|
(25,652,143 |
) |
LOSS FROM
OPERATIONS |
|
|
(3,587,157 |
) |
|
|
(2,191,714 |
) |
|
|
(6,053,252 |
) |
|
|
(14,176,950 |
) |
OTHER INCOME
(EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
1,927,494 |
|
|
|
2,138,130 |
|
|
|
5,982,400 |
|
|
|
4,739,208 |
|
Interest expense |
|
|
(354,999 |
) |
|
|
(177,417 |
) |
|
|
(722,608 |
) |
|
|
(463,994 |
) |
Change in fair value of
contingent consideration |
|
|
- |
|
|
|
434,995 |
|
|
|
1,803,000 |
|
|
|
2,733,995 |
|
Government grants |
|
|
667,944 |
|
|
|
829,539 |
|
|
|
1,478,296 |
|
|
|
1,536,856 |
|
Other income, net |
|
|
2,611,239 |
|
|
|
536,726 |
|
|
|
3,685,019 |
|
|
|
2,954,036 |
|
TOTAL OTHER INCOME ,
NET |
|
|
4,851,678 |
|
|
|
3,761,973 |
|
|
|
12,226,107 |
|
|
|
11,500,101 |
|
INCOME (LOSS) BEFORE
INCOME TAXES |
|
|
1,264,521 |
|
|
|
1,570,259 |
|
|
|
6,172,855 |
|
|
|
(2,676,849 |
) |
INCOME TAX BENEFIT
(EXPENSE) |
|
|
12,007 |
|
|
|
(497,211 |
) |
|
|
86,330 |
|
|
|
255,232 |
|
NET INCOME
(LOSS) |
|
|
1,276,528 |
|
|
|
1,073,048 |
|
|
|
6,259,185 |
|
|
|
(2,421,617 |
) |
LESS: NET INCOME ATTRIBUTABLE
TO NON-CONTROLLING INTERESTS |
|
|
407,626 |
|
|
|
694,029 |
|
|
|
1,691,281 |
|
|
|
752,691 |
|
NET INCOME (LOSS)
ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC.
STOCKHOLDERS |
|
|
868,902 |
|
|
|
379,019 |
|
|
|
4,567,904 |
|
|
|
(3,174,308 |
) |
OTHER COMPREHENSIVE LOSS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustment |
|
|
(2,102,246 |
) |
|
|
(20,932,870 |
) |
|
|
(19,798,618 |
) |
|
|
(39,889,289 |
) |
COMPREHENSIVE
LOSS |
|
$ |
(825,718 |
) |
|
$ |
(19,859,822 |
) |
|
$ |
(13,539,433 |
) |
|
$ |
(42,310,906 |
) |
WEIGHTED AVERAGE SHARES
OUTSTANDING BASIC |
|
|
79,174,343 |
|
|
|
75,741,399 |
|
|
|
75,931,247 |
|
|
|
75,962,899 |
|
WEIGHTED AVERAGE SHARES
OUTSTANDING DILUTED |
|
|
81,234,002 |
|
|
|
75,885,630 |
|
|
|
77,645,533 |
|
|
|
76,061,190 |
|
NET INCOME (LOSS) PER SHARE,
BASIC |
|
$ |
0.02 |
|
|
$ |
0.01 |
|
|
$ |
0.08 |
|
|
$ |
(0.03 |
) |
NET INCOME (LOSS) PER SHARE,
DILUTED |
|
$ |
0.02 |
|
|
$ |
0.01 |
|
|
$ |
0.08 |
|
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to unaudited condensed consolidated
financial statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP, INC.AND
SUBSIDIARIESCONDENSED CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS’
EQUITY(UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NumberofOutstandingShares |
|
|
CommonStock |
|
|
TreasuryStock |
|
|
AdditionalPaid-inCapital |
|
|
AccumulatedEarning(Deficit) |
|
|
AccumulatedOtherComprehensiveIncome |
|
|
Non-controllinginterests |
|
|
Total |
|
Balance, December 31, 2021 |
|
|
77,385,130 |
|
|
$ |
77,385 |
|
|
$ |
(2,392,203 |
) |
|
$ |
449,479,461 |
|
|
$ |
(4,216,102 |
) |
|
$ |
251,786 |
|
|
$ |
- |
|
|
$ |
443,200,327 |
|
Stock issuance and award |
|
|
25,000 |
|
|
|
25 |
|
|
|
- |
|
|
|
92,925 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
92,950 |
|
Stock buyback |
|
|
- |
|
|
|
- |
|
|
|
(1,570,324 |
) |
|
|
(13,236 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,583,560 |
) |
Capital contribution from
shareholder |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,198,398 |
|
|
|
1,198,398 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,616,056 |
) |
|
|
- |
|
|
|
(2,957 |
) |
|
|
(1,619,013 |
) |
Foreign currency
translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,009,811 |
|
|
|
- |
|
|
|
1,009,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2022 |
|
|
77,410,130 |
|
|
$ |
77,410 |
|
|
$ |
(3,962,527 |
) |
|
$ |
449,559,150 |
|
|
$ |
(5,832,158 |
) |
|
$ |
1,261,597 |
|
|
$ |
1,195,441 |
|
|
$ |
442,298,913 |
|
Stock issuance and award |
|
|
238,600 |
|
|
|
239 |
|
|
|
- |
|
|
|
584,331 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
584,570 |
|
Stock buyback |
|
|
- |
|
|
|
- |
|
|
|
(1,974,490 |
) |
|
|
(22,578 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,997,068 |
) |
Net income (loss) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,937,271 |
) |
|
|
- |
|
|
|
61,619 |
|
|
|
(1,875,652 |
) |
Foreign currency
translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(19,966,230 |
) |
|
|
(63,460 |
) |
|
|
(20,029,690 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2022 |
|
|
77,648,730 |
|
|
$ |
77,649 |
|
|
$ |
(5,937,017 |
) |
|
$ |
450,120,903 |
|
|
$ |
(7,769,429 |
) |
|
$ |
(18,704,633 |
) |
|
|
1,193,600 |
|
|
$ |
418,981,073 |
|
Stock issuance and award |
|
|
10,000 |
|
|
|
10 |
|
|
|
- |
|
|
|
22,290 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
22,300 |
|
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250,673 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250,673 |
|
Stock buyback |
|
|
- |
|
|
|
- |
|
|
|
(911,714 |
) |
|
|
(12,872 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(924,586 |
) |
Capital contribution from
shareholder |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
337,557 |
|
|
|
337,557 |
|
Net income (loss) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
379,019 |
|
|
|
- |
|
|
|
694,029 |
|
|
|
1,073,048 |
|
Foreign currency
translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(20,932,870 |
) |
|
|
(66,006 |
) |
|
|
(20,998,876 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30,
2022 |
|
|
77,658,730 |
|
|
$ |
77,659 |
|
|
$ |
(6,848,731 |
) |
|
$ |
450,380,994 |
|
|
$ |
(7,390,410 |
) |
|
$ |
(39,637,503 |
) |
|
|
2,159,180 |
|
|
$ |
398,741,189 |
|
|
|
NumberofOutstandingShares |
|
|
CommonStock |
|
|
TreasuryStock |
|
|
AdditionalPaid-inCapital |
|
|
AccumulatedEarning(Deficit) |
|
|
AccumulatedOtherComprehensiveIncome |
|
|
Non-controllinginterests |
|
|
Total |
|
Balance, December 31, 2022 |
|
|
77,668,730 |
|
|
$ |
77,669 |
|
|
$ |
(9,807,820 |
) |
|
$ |
451,373,645 |
|
|
$ |
(16,339,765 |
) |
|
$ |
(28,333,239 |
) |
|
$ |
722,481 |
|
|
$ |
397,692,971 |
|
Stock issuance and award |
|
|
10,000 |
|
|
|
10 |
|
|
|
- |
|
|
|
22,290 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
22,300 |
|
Stock based compensation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
980,893 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
980,893 |
|
Net income (loss) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(29,110 |
) |
|
|
- |
|
|
|
624,567 |
|
|
|
595,457 |
|
Foreign currency
translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,582,687 |
|
|
|
- |
|
|
|
1,582,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2023 |
|
|
77,678,730 |
|
|
$ |
77,679 |
|
|
$ |
(9,807,820 |
) |
|
$ |
452,376,828 |
|
|
$ |
(16,368,875 |
) |
|
$ |
(26,750,552 |
) |
|
$ |
1,347,048 |
|
|
$ |
400,874,308 |
|
Stock issuance and award |
|
|
820,000 |
|
|
|
820 |
|
|
|
- |
|
|
|
2,706,780 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,707,600 |
|
Stock based compensation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
980,893 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
980,893 |
|
Cancellation of the Treasury
Stock |
|
|
(3,488,559 |
) |
|
|
(3,489 |
) |
|
|
9,807,820 |
|
|
|
(9,804,331 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,728,112 |
|
|
|
- |
|
|
|
659,088 |
|
|
|
4,387,200 |
|
Foreign currency
translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(19,279,059 |
) |
|
|
- |
|
|
|
(19,279,059 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2023 |
|
|
75,010,171 |
|
|
$ |
75,010 |
|
|
$ |
- |
|
|
$ |
446,260,170 |
|
|
$ |
(12,640,763 |
) |
|
$ |
(46,029,611 |
) |
|
$ |
2,006,136 |
|
|
$ |
389,670,942 |
|
Stock issuance and award |
|
|
9,987,198 |
|
|
|
9,987 |
|
|
|
- |
|
|
|
2,974,599 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,984,586 |
|
Stock based compensation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,007,263 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,007,263 |
|
Cancellation of the Treasury
Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
868,902 |
|
|
|
- |
|
|
|
407,626 |
|
|
|
1,276,528 |
|
Foreign currency
translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,102,246 |
) |
|
|
- |
|
|
|
(2,102,246 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30,
2023 |
|
|
84,997,369 |
|
|
$ |
84,997 |
|
|
$ |
- |
|
|
$ |
450,242,032 |
|
|
$ |
(11,771,861 |
) |
|
$ |
(48,131,857 |
) |
|
$ |
2,413,762 |
|
|
$ |
392,837,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to unaudited condensed consolidated
financial statements. |
|
|
|
|
KANDI TECHNOLOGIES GROUP, INC.AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(UNAUDITED) |
|
|
|
|
|
|
Nine Months Ended |
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net income (loss) |
|
$ |
6,259,185 |
|
|
$ |
(2,421,617 |
) |
Adjustments to reconcile net
(loss) income to net cash provided by operating activities |
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
8,952,016 |
|
|
|
9,512,970 |
|
Impairments |
|
|
1,448,502 |
|
|
|
- |
|
Provision of allowance for
doubtful accounts |
|
|
658,707 |
|
|
|
4,220 |
|
Deferred taxes |
|
|
(200,316 |
) |
|
|
(116,206 |
) |
Change in fair value of
contingent consideration |
|
|
(1,803,000 |
) |
|
|
(2,733,995 |
) |
Stock award and stock based
compensation expense |
|
|
8,716,981 |
|
|
|
913,288 |
|
|
|
|
|
|
|
|
|
|
Changes in operating
assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
11,846,717 |
|
|
|
(20,932,970 |
) |
Notes receivable |
|
|
744,574 |
|
|
|
1,927,621 |
|
Inventories |
|
|
(18,498,142 |
) |
|
|
(13,183,546 |
) |
Other receivables and other
assets |
|
|
157,318 |
|
|
|
(10,264,805 |
) |
Advances to supplier and
prepayments and prepaid expenses |
|
|
2,710,917 |
|
|
|
12,405,615 |
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
In: |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
34,021,872 |
|
|
|
46,796,615 |
|
Other payables and accrued
liabilities |
|
|
(4,480,660 |
) |
|
|
4,951,022 |
|
Notes payable |
|
|
(23,509,907 |
) |
|
|
(13,574,849 |
) |
Income tax payable |
|
|
(367,848 |
) |
|
|
(60,313 |
) |
Net cash provided by
operating activities |
|
$ |
26,656,916 |
|
|
$ |
13,223,050 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchases of property, plant
and equipment, net |
|
|
(13,103,838 |
) |
|
|
(1,674,445 |
) |
Payment for construction in
progress |
|
|
(75,651 |
) |
|
|
(278,777 |
) |
(Loan to) Repayment from third
party |
|
|
- |
|
|
|
(4,545,386 |
) |
Certificate of deposit |
|
|
(34,143,774 |
) |
|
|
(22,726,928 |
) |
Net cash used in
investing activities |
|
$ |
(47,323,263 |
) |
|
$ |
(29,225,536 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from short-term
loans |
|
|
12,153,286 |
|
|
|
20,642,224 |
|
Repayments of short-term
loans |
|
|
(8,398,565 |
) |
|
|
(15,987,912 |
) |
Proceeds from long-term
loans |
|
|
8,225,000 |
|
|
|
- |
|
Contribution from
non-controlling shareholder |
|
|
- |
|
|
|
772,716 |
|
Purchase of treasury
stock |
|
|
- |
|
|
|
(4,505,213 |
) |
Net cash provided by
financing activities |
|
$ |
11,979,721 |
|
|
$ |
921,815 |
|
|
|
|
|
|
|
|
|
|
NET DECREASE IN CASH
AND CASH EQUIVALENTS AND RESTRICTED CASH |
|
$ |
(8,686,626 |
) |
|
$ |
(15,080,671 |
) |
Effect of exchange rate
changes |
|
$ |
(7,496,129 |
) |
|
$ |
(13,710,508 |
) |
CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR |
|
$ |
151,040,271 |
|
|
$ |
168,676,007 |
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD |
|
$ |
134,857,516 |
|
|
$ |
139,884,828 |
|
-CASH AND CASH EQUIVALENTS AT
END OF PERIOD |
|
|
72,900,121 |
|
|
|
99,029,118 |
|
-RESTRICTED CASH AT END OF
PERIOD |
|
|
61,957,395 |
|
|
|
40,855,710 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY CASH
FLOW INFORMATION |
|
|
|
|
|
|
|
|
Income taxes paid |
|
$ |
149,585 |
|
|
$ |
274,037 |
|
Interest paid |
|
$ |
384,012 |
|
|
$ |
225,479 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL NON-CASH
DISCLOSURES: |
|
|
|
|
|
|
|
|
Contribution from
non-controlling shareholder by inventories, fixed assets and
intangible assets |
|
$ |
- |
|
|
$ |
393,986 |
|
|
|
|
|
|
|
|
|
|
See accompanying notes to unaudited condensed consolidated
financial statements |
Kandi Technolgies (NASDAQ:KNDI)
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