Kandi Technologies Group, Inc. (NASDAQ:KNDI) Q4 2022 Earnings Call Transcript
Kandi Technologies Group, Inc. (NASDAQ:KNDI) Q4 2022 Earnings Call Transcript March 15, 2023
Operator: Hello and welcome to Kandi Technologies Full Year 2022 Financial Results Conference Call and Webcast. As a reminder this conference is being recorded. It is now my pleasure to turn the call over to the Kewa Luo, Manager, Investor Relations. Please go ahead, Kewa
Kewa Luo: Thank you, operator. Hello, everyone. Thank you all for joining us on today's conference call to discuss Kandi's results for the full year 2022. Earlier today, we issued a press release covering the results. You can find a press release on the conference website as well as from newswire services. On the call with me today are Mr. Xiao Ming Hu, Chairman of the Board; Dr. Xueqin Dong, Chief Executive Officer; and Mr. Alan Lim, Chief Financial Officer. Dr. Dong will be delivered prepared remarks in Chinese, which I will then translate. After that, we will have a Q&A session. Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today. Further information regarding these and other risks and uncertainties is included in the company's public filings with the SEC. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Please note that unless otherwise stated, all figures mentioned during the conference call are in U.S. dollars. With that, let me now turn the call over to our CEO, Xueqin Dong. Go ahead, Dr. Dong.
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Xueqin Dong: Hello, everyone. I'm Xueqin Dong, CEO of Kandi. Today, our Chairman, Mr. Xiao Ming Hu, and CFO, Alan Lim, and myself are all here to share Kandi's financial results for 2022 with you. Thank you very much for joining today's conference call. Our total revenue for the full year of 2022 was approximately $118 million. Results were impacted by the strategic adjustments to our product structure over the past two years as well as the pandemic. This drove a loss of approximately $12.9 million in 2022. However, if we exclude 2021 onetime gain of $66.2 million from the disposal of long-term assets and equity transfer, this is actually a significant improvement. As we enter 2023, our balance sheet is healthy with a cash balance of approximately $232 million.
This lays a good foundation for our future development. To cope with the challenges of the pandemic and the oversupply of EVs in China that is causing intense competition, we shifted our focus to off-road vehicles. We have used our unique electric vehicle technology to form a more diversified and flexible business model. This resulted in healthy revenue growth for us while reducing potential losses in the electric vehicle market. Moving forward, we will cater to the evolving needs of our clients. We will collaborate closely with our partners, drive innovation in fully electric off-road vehicles and deliver exceptional customer service. Our deep knowledge and expertise in full electric technology equips us with a solid foundation to gain a competitive advantage in the market of fully electric off-road vehicles.
Over the past two years, our company has undergone a strategic adjustment period and faced the unprecedented challenge of the pandemic, resulting in losses. Nevertheless, as our revised strategy begins to take shape, I am confident that we will soon turn the tide. I am eager to make meaningful contributions to Kandi's success and growth. Now we will move on to the Q&A session. Chairman, Hu Xiao Ming and I will answer your questions. and Ms. Kewa and Mr. Alan Lim will provide translation for English questions. Please go ahead and ask your questions.
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