Full Year 2023 Highlights
- Total net revenues increased by 4.9% to
$123.6 million , from$117.8 million in 2022. - As the primary driver of total revenue, off-road vehicles and associated parts sales increased by 51.5% to
$107.0 million from$70.6 million in 2022. - Gross profit increased by 112% to
$41.4 million , from$19.5 million in 2022. - Net income was
$1.7 million , or$0.02 income per fully diluted share, compared to a net loss of$12.9 million , or$0.17 loss per fully diluted share for 2022. - The Company has a strong working capital position. Cash and equivalents, restricted cash, certificate of deposit and notes receivable totaled
$252.1 million as ofDecember 31, 2023 .
Dr.
Full Year 2023 Financial Results
Net Revenues and Gross Profit (in USD millions)
2023 | 2022 | Y-o-Y% | ||||||
Net Revenues | 4.9% | |||||||
Gross Profit | 112% | |||||||
Gross Margin% | 33.5% | 16.6% | - |
In 2023, our net revenues rose to
Operating Loss (in USD millions)
2023 | 2022 | Y-o-Y% | ||||||
Operating Expenses | ( | ( | 15.3% | |||||
Loss from Operations | ( | ( | -52.8% | |||||
Operating Margin% | -10.6% | -23.5% | - |
Operating expenses climbed to
Net Income/Loss
2023 | 2022 | Y-o-Y% | ||||||
Net Income (Loss) (in USD millions) | ( | - | ||||||
Net Income (Loss) per Share, Basic and Diluted | ( | - |
In 2023, our net income surged to
Full Year 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 (8:00
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=1661148&tp_key=bfab9839be
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
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
Follow us on Twitter: @ Kandi_Group
Contacts:
Ms.
+1 (212) 551-3610
IR@kandigroup.com
Mr.
gary@blueshirtgroup.com
–Tables Below –
CONSOLIDATED BALANCE SHEETS | ||||||||
2023 | 2022 | |||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 33,756,941 | $ | 84,063,717 | ||||
Restricted cash | 59,873,127 | 66,976,554 | ||||||
Certificate of deposit | 33,947,212 | 81,191,191 | ||||||
Accounts receivable (net of allowance for doubtful accounts of | 18,951,745 | 38,150,876 | ||||||
Inventories | 61,551,268 | 40,475,366 | ||||||
Notes receivable | 124,473,111 | 434,461 | ||||||
Other receivables | 6,476,542 | 11,912,615 | ||||||
Prepayments and prepaid expense | 1,909,094 | 2,970,261 | ||||||
Advances to suppliers | 2,609,098 | 3,147,932 | ||||||
TOTAL CURRENT ASSETS | 343,548,138 | 329,322,973 | ||||||
NON-CURRENT ASSETS | ||||||||
Property, plant and equipment, net | 98,803,772 | 97,168,753 | ||||||
Intangible assets, net | 6,395,825 | 7,994,112 | ||||||
Land use rights, net | 2,754,442 | 2,909,950 | ||||||
Construction in progress | - | 199,837 | ||||||
Deferred tax assets | 814,610 | 1,432,527 | ||||||
Long-term investment | - | 144,984 | ||||||
33,146,682 | 33,178,229 | |||||||
Other long-term assets | 9,993,130 | 10,630,911 | ||||||
TOTAL NON-CURRENT ASSETS | 151,908,461 | 153,659,303 | ||||||
TOTAL ASSETS | $ | 495,456,599 | $ | 482,982,276 | ||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 28,744,854 | $ | 35,321,262 | ||||
Other payables and accrued expenses | 7,252,814 | 14,131,414 | ||||||
Short-term loans | 9,072,336 | 5,569,154 | ||||||
Notes payable | 24,071,461 | 19,123,476 | ||||||
Income tax payable | 2,130,083 | 1,270,617 | ||||||
Other current liabilities | 5,402,081 | 6,089,925 | ||||||
TOTAL CURRENT LIABILITIES | 76,673,629 | 81,505,848 | ||||||
NON-CURRENT LIABILITIES | ||||||||
Long-term loans | 8,389,163 | - | ||||||
Deferred taxes liability | 963,691 | 1,378,372 | ||||||
Contingent consideration liability | 2,693,000 | 1,803,000 | ||||||
Other long-term liabilities | 227,024 | 602,085 | ||||||
TOTAL NON-CURRENT LIABILITIES | 12,272,878 | 3,783,457 | ||||||
TOTAL LIABILITIES | 88,946,507 | 85,289,305 | ||||||
STOCKHOLDER’S EQUITY | ||||||||
Common stock, | 87,533 | 77,669 | ||||||
Less: | (507,013 | ) | (9,807,820 | ) | ||||
Additional paid-in capital | 457,847,155 | 451,373,645 | ||||||
Accumulated deficit (the restricted portion is | (16,332,633 | ) | (16,339,765 | ) | ||||
Accumulated other comprehensive loss | (36,970,066 | ) | (28,333,239 | ) | ||||
TOTAL | 404,124,976 | 396,970,490 | ||||||
Non-controlling interests | 2,385,116 | 722,481 | ||||||
TOTAL STOCKHOLDERS’ EQUITY | 406,510,092 | 397,692,971 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 495,456,599 | $ | 482,982,276 | ||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) FOR THE YEARS ENDED | ||||||||
Years Ended | ||||||||
December 31, 2023 | December 31, 2022 | |||||||
REVENUES, NET | $ | 123,599,232 | $ | 117,813,049 | ||||
COST OF GOODS SOLD | (82,229,209 | ) | (98,295,323 | ) | ||||
GROSS PROFIT | 41,370,023 | 19,517,726 | ||||||
OPERATING EXPENSE: | ||||||||
Research and development | (4,265,176 | ) | (6,029,608 | ) | ||||
Selling and marketing | (13,335,950 | ) | (5,501,475 | ) | ||||
General and administrative | (35,381,496 | ) | (32,325,889 | ) | ||||
Impairment of goodwill | (496,981 | ) | (642,665 | ) | ||||
Impairment of long-lived assets | (942,591 | ) | (2,697,521 | ) | ||||
TOTAL OPERATING EXPENSE | (54,422,194 | ) | (47,197,158 | ) | ||||
LOSS FROM OPERATIONS | (13,052,171 | ) | (27,679,432 | ) | ||||
OTHER INCOME (EXPENSE): | ||||||||
Interest income | 9,984,558 | 6,427,502 | ||||||
Interest expense | (1,327,341 | ) | (707,488 | ) | ||||
Change in fair value of contingent consideration | 1,803,000 | 4,196,995 | ||||||
Government grants | 2,017,551 | 1,639,328 | ||||||
Other income, net | 4,047,074 | 2,784,561 | ||||||
TOTAL OTHER INCOME , NET | 16,524,842 | 14,340,898 | ||||||
INCOME (LOSS) BEFORE INCOME TAXES | 3,472,671 | (13,338,534 | ) | |||||
INCOME TAX (EXPENSE) BENEFIT | (1,802,904 | ) | 487,510 | |||||
NET INCOME (LOSS) | 1,669,767 | (12,851,024 | ) | |||||
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 1,662,635 | (727,361 | ) | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS | 7,132 | (12,123,663 | ) | |||||
OTHER COMPREHENSIVE LOSS | ||||||||
Foreign currency translation adjustment | (8,636,827 | ) | (28,585,025 | ) | ||||
COMPREHENSIVE LOSS | $ | (6,967,060 | ) | $ | (41,436,049 | ) | ||
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC | 78,781,094 | 75,571,702 | ||||||
WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED | 79,902,891 | 75,571,702 | ||||||
NET INCOME (LOSS) PER SHARE, BASIC | $ | 0.02 | $ | (0.17 | ) | |||
NET INCOME (LOSS) PER SHARE, DILUTED | $ | 0.02 | $ | (0.17 | ) | |||
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY FOR THE YEARS ENDED | ||||||||||||||||||||||||||||||||
Number of Outstanding Shares | Common Stock | Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Non- controlling interests | Total | |||||||||||||||||||||||||
BALANCE AS OF | 77,385,130 | $ | 77,385 | $ | (2,392,203 | ) | $ | 449,479,461 | $ | (4,216,102 | ) | $ | 251,786 | $ | - | $ | 443,200,327 | |||||||||||||||
Stock issuance and award | 283,600 | 284 | - | 746,636 | - | - | - | 746,920 | ||||||||||||||||||||||||
Stock based compensation | - | - | - | 1,231,566 | - | - | - | 1,231,566 | ||||||||||||||||||||||||
Stock buyback | - | - | (7,415,617 | ) | (84,018 | ) | - | - | - | (7,499,635 | ) | |||||||||||||||||||||
Capital contribution from shareholder | - | - | - | - | - | - | 1,449,842 | 1,449,842 | ||||||||||||||||||||||||
Net loss | - | - | - | - | (12,123,663 | ) | - | (727,361 | ) | (12,851,024 | ) | |||||||||||||||||||||
Foreign currency translation | - | - | - | - | - | (28,585,025 | ) | - | (28,585,025 | ) | ||||||||||||||||||||||
BALANCE AS OF | 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 | 11,685,968 | 11,686 | - | 9,357,192 | - | - | - | 9,368,878 | ||||||||||||||||||||||||
Stock based compensation | - | - | - | 3,476,058 | - | - | - | 3,476,058 | ||||||||||||||||||||||||
Stock buyback | - | - | (507,013 | ) | (3,731 | ) | - | - | - | (510,744 | ) | |||||||||||||||||||||
Cancellation of the Treasury Stock | (3,488,559 | ) | (3,489 | ) | 9,807,820 | (9,804,331 | ) | - | - | - | - | |||||||||||||||||||||
Stock option exercise | 1,666,661 | 1,667 | - | 3,448,322 | - | - | - | 3,449,989 | ||||||||||||||||||||||||
Net income | - | - | - | - | 7,132 | - | 1,662,635 | 1,669,767 | ||||||||||||||||||||||||
Foreign currency translation | - | - | - | - | - | (8,636,827 | ) | - | (8,636,827 | ) | ||||||||||||||||||||||
BALANCE AS OF | 87,532,800 | $ | 87,533 | $ | (507,013 | ) | $ | 457,847,155 | $ | (16,332,633 | ) | $ | (36,970,066 | ) | $ | 2,385,116 | $ | 406,510,092 | ||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED | ||||||||
Years Ended | ||||||||
December 31, 2023 | December 31, 2022 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income (loss) | $ | 1,669,767 | $ | (12,851,024 | ) | |||
Adjustments to reconcile net (loss) income to net cash provided by operating activities | ||||||||
Depreciation and amortization | 11,913,647 | 12,427,973 | ||||||
Impairments | 1,439,573 | 3,340,186 | ||||||
Provision of allowance for doubtful accounts | 656,330 | (542,801 | ) | |||||
Deferred taxes | 203,236 | (461,045 | ) | |||||
Loss from long-term Investment | 141,389 | - | ||||||
Change in fair value of contingent consideration | (1,803,000 | ) | (4,196,995 | ) | ||||
Stock award and stock based compensation expense | 11,059,801 | 1,926,376 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 10,560,521 | (20,965,140 | ) | |||||
Notes receivable | (123,992,862 | ) | 4,726,570 | |||||
Inventories | (21,531,323 | ) | (9,145,298 | ) | ||||
Other receivables and other assets | 5,165,337 | (4,932,463 | ) | |||||
Advances to supplier and prepayments and prepaid expenses | 1,491,762 | 16,275,678 | ||||||
Increase (Decrease) In: | ||||||||
Accounts payable | 38,603,301 | 62,592,477 | ||||||
Other payables and accrued liabilities | (5,062,494 | ) | 7,842,715 | |||||
Notes payable | (32,629,627 | ) | (24,533,127 | ) | ||||
Income tax payable | 954,006 | (25,171 | ) | |||||
Net cash (used in) provided by operating activities | $ | (101,160,636 | ) | $ | 31,478,911 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchases of property, plant and equipment, net | (13,172,512 | ) | (3,690,235 | ) | ||||
Payment for construction in progress | (75,185 | ) | (129,894 | ) | ||||
Certificate of deposit | 45,244,390 | (31,210,986 | ) | |||||
Acquisition of NGI | 282,135 | - | ||||||
Net cash provided by (used in) investing activities | $ | 32,278,828 | $ | (35,031,115 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from short-term loans | 23,420,534 | 30,765,776 | ||||||
Repayments of short-term loans | (19,709,663 | ) | (28,357,211 | ) | ||||
Repayments of long-term loans | (46,426 | ) | - | |||||
Proceeds from long-term loans | 8,225,000 | - | ||||||
Contribution from non-controlling shareholder | - | 757,981 | ||||||
Purchase of treasury stock | (510,745 | ) | (7,499,634 | ) | ||||
Proceeds from exercises stock options, stock awards and other financing | 3,449,988 | - | ||||||
Net cash provided by (used in) financing activities | $ | 14,828,688 | $ | (4,333,088 | ) | |||
$ | (54,053,120 | ) | $ | (7,885,292 | ) | |||
Effect of exchange rate changes | $ | (3,357,083 | ) | $ | (9,750,444 | ) | ||
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 | $ | 93,630,068 | $ | 151,040,271 | ||||
-CASH AND CASH EQUIVALENTS AT END OF PERIOD | 33,756,941 | 84,063,717 | ||||||
-RESTRICTED CASH AT END OF PERIOD | 59,873,127 | 66,976,554 | ||||||
SUPPLEMENTARY CASH FLOW INFORMATION | ||||||||
Income taxes paid | $ | 311,504 | $ | 350,002 | ||||
Interest paid | $ | 965,025 | $ | 345,451 | ||||
SUPPLEMENTAL NON-CASH DISCLOSURES: | ||||||||
Contribution from non-controlling shareholder by inventories, fixed assets and intangible assets | $ | - | $ | 393,986 | ||||
Common stock issued for settlement of payables related to acquisitions (see Note 19) | $ | 1,812,005 | $ | - | ||||
Source:
2024 GlobeNewswire, Inc., source