Kandi Technologies Clocks 30% Revenue Decline In Q2
Kandi Technologies Group Inc (NASDAQ: KNDI) reported a second-quarter FY22 sales decline of 30.2% year-on-year to $20.80 million versus $29.9 million last year.
The revenue decline was primarily due to lower sales volumes of Electric Scooters, Electric Self-Balancing Scooters, and associated parts and EV parts reflecting lower seasonal demand.
EV products sales jumped 307.1% Y/Y to $2.5 million, Off-road vehicle sales jumped by 84.4% to $10.1 million, EV parts sales fell 91% to $0.6 million, while Electric Scooters, Electric Self-Balancing Scooters, and associated parts declined 92.7% to $1.2 million.
Gross profit decreased 55.4% Y/Y to $2.7 million, with the margin contracting 740 basis points to 13%. The company attributed the gross margin reduction to a mix shift to more battery revenue.
Loss from operations was $(6.3) million versus a profit of $44.4 million last year.
The company held $232.5 million in cash and equivalents as of June 30, 2022.
EPS loss was $(0.02) versus $0.54 profit the prior year.
Price Action: KNDI shares are trading higher by 2.6% at $2.53 on the last check Monday.
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