Kandi Technologies Group, Inc. (NASDAQ:KNDI) Q4 2023 Earnings Call Transcript
Kandi Technologies Group, Inc. (NASDAQ:KNDI) Q4 2023 Earnings Call Transcript March 15, 2024
Kandi Technologies Group, Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Greetings, and welcome to the Kandi Technologies Fiscal Year 2023 Financial Results Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Kewa Luo, Investor Relations Manager for Kandi Technologies. Thank you. You may begin.
Kewa Luo: Thank you, Melissa. Hello, everyone. Thank you all for joining us on today's conference call to discuss Kandi's results for the full year 2023. Yesterday, we issued a press release covering the results. You can find the press release on the company's website as well as from newswire services. On the call with me today are Mr. Xiaoming Hu, Chairman of the Board; Dr. Xueqin Dong, Chief Executive Officer; and Mr. Alan Lim, Chief Financial Officer. Dr. Dong will deliver 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, Dr. Xueqin Dong. Go ahead, Dr. Dong.
Xueqin Dong: Hello, everyone. I'm Xueqin Dong, the CEO of Kandi Technologies Group. Welcome to today's conference call. Looking back on the challenges of 2023, I am very proud of the success we achieved through our strategic pivot into off-road or electric vehicles and associated parts. 2023 was a landmark year for us as we developed and launched new products such as electric UTVs and electric mini golf karts. We beefed up our sales channels by acquiring Northern Group and expanding collaboration with Lowe's. At Lowe's, we grew our partnership by partnering more of their super centers and dealers, thereby expanding our coverage of North America. In 2023, we returned to profitability with revenue hitting its highest level of the past three years.
Gross profit increased by 112% to $40.4 million, and we achieved a net profit of $1.7 million, a huge swing from the $12.9 million net loss in 2022. These achievements laid a solid foundation for our future growth, strengthening our belief in the potential of the electric off-road vehicle market. As we look to 2024, our enhanced focus on research and development will enable us to introduce more competitive or electric off-road vehicle products. This strategy shows our confidence in the company's future growth and is a pledge to boost shareholder value by addressing the growing demand for electrified off-road vehicles, we are confident we can achieve significant growth in 2024, which can translate into greater value for our customers and shareholders.
We hope our strategic shifts are understood and supported by you, our shareholders. Now we will move on to the Q&A session. Chairman, Hu Xiaoming 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 question. Operator, please go ahead.
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