Liquidity is under pressure as evidenced by the decline in cash reserves to $32.2 million in 2025Q2 and a historical divergence where 2023Q4 saw a $127.8 million operating cash outflow despite a $4.6 million net loss.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Mar'13 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Mar'06 | Mar'05 | Mar'04 |
|---|
| Cash from Operations | 0 | 176.61M | -17.82M | -101.16M | 31.48M | 241.69K | -50.88M | -29.89M | 13.59M | -3.21M | -49.53M | -6.37M | 3.33M | 14.69M | -10.72M | 12.64M | 4.44M | -8.53M | 15.15M | 7.83M | -90 | -3.42K | -84.35K |
| Operating CF Margin % | - | 201.98% | -13.97% | -81.85% | 26.72% | 0.26% | -66.15% | -22.02% | 12.08% | -3.13% | -38.25% | -3.17% | 1.96% | 15.54% | -16.62% | 31.47% | 10.36% | -25.22% | 37.39% | 22.56% | - | - | - |
| Operating CF Growth % | 0% | 1091.09% | 82.38% | -421.36% | 12924.55% | 100.48% | -70.26% | -319.95% | 522.7% | 93.51% | -677.22% | -291.48% | -77.34% | 236.99% | -184.81% | 184.7% | 152.05% | -156.32% | 93.53% | 8696923.33% | 97.36% | 95.95% | - |
| Net Income | -51.09M | -93.88M | -50.95M | 1.67M | -12.85M | 22.86M | -10.39M | -7.19M | -5.69M | -28.35M | -6.51M | 14.67M | 12.27M | -21.14M | 6.05M | 9.11M | -951.44K | 999.8K | 4.59M | 5.36M | -1.99K | -6.14K | -87.33K |
| Depreciation & Amortization | 0 | 5.7M | 12.02M | 11.91M | 12.43M | 10.04M | 8.22M | 8.2M | 4.33M | 4.78M | 4.86M | 5.79M | 5.57M | 7.71M | 4.98M | 4.7M | 4.71M | 3.44M | 1.98M | 1.45M | 0 | 0 | 0 |
| Stock-Based Compensation | 7.11M | 0 | 7.12M | 11.06M | 1.93M | 1.48M | 902.67K | 1.36M | 285.61K | 5.19M | 14.91M | 22.31M | 8.46M | 9.66M | 19.05K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 3.74M | -6.14M | 203.24K | -461.05K | 4.07M | -5.35M | -1.07M | 4.82M | -5.45M | 3.65M | 1.45M | 1.58M | 876.25K | 92.52K | 207.33K | -62.23K | -19.46K | 9.61K | -391.76K | 0 | 0 | 0 |
| Other Non-Cash Items | 43.97M | 21.89M | 46.1M | 434.29K | -1.4M | -65.57M | 3.49M | 7.66M | 14.48M | 12.31M | 3.44M | -20.17M | -11.27M | 19.49M | -1.45M | -5.35M | 2.17M | 1.83M | 695.1K | 2.19M | 0 | 0 | 0 |
| Working Capital Changes | 0 | 239.17M | -25.96M | -126.44M | 31.84M | 27.35M | -47.76M | -38.85M | -4.62M | 8.31M | -69.89M | -30.41M | -4.83M | 7.76M | -20.41M | 3.72M | -1.43M | -14.78M | 7.87M | -646.16K | 1.9K | 2.72K | 2.98K |
| Change in Receivables | 0 | 4.26M | -39.73M | -108.27M | -21.17M | -3.33M | 25.15M | -38.85M | -177.44M | -41.99M | -166.47M | -184.65M | -48.08M | -495.75K | -18.52M | 3.04M | -2.13M | -7.1M | 3.81M | -4.37M | 0 | 0 | 0 |
| Change in Inventory | 0 | 25.65M | -11.58M | -21.53M | -9.15M | -7.52M | 9.25M | -6.46M | -5.24M | -3.31M | 4.95M | -3.5M | -6.28M | -1.29M | -904.36K | -550.02K | -312.36K | -2.17M | 85.96K | 2.17M | 0 | 0 | 0 |
| Change in Payables | 0 | 54.28M | 79.04M | 38.6M | 62.59M | 2.18M | -30.99M | 10.44M | 137.39M | 66.78M | 112.15M | 164.7M | 43.11M | 13.7M | 3.57M | -1.61M | 1.51M | -4.65M | 3.05M | 522.92K | 0 | 0 | 0 |
| Cash from Investing | 0 | -78.18M | 25.72M | 32.28M | -35.03M | 22.21M | 51.15M | 31.25M | -947.44K | 2.71M | 966.63K | -4.31M | -57.13M | -59.84M | -4.75M | -22.33M | -25.82M | 5.86M | -22.02M | -16.04M | 0 | 0 | 0 |
| Capital Expenditures | 0 | -470.72K | -935K | -13.25M | -3.82M | -16.79M | -14.9M | -598.2K | -1M | -1.46M | -6.28M | -827.06K | -60.96M | -174.96K | -9.07M | -10.49M | -3.59M | -4.24M | -8.91M | -4.16M | 0 | 0 | 0 |
| CapEx % of Revenue | 0% | 0.54% | 0.73% | 10.72% | 3.24% | 18.35% | 19.38% | 0.44% | 0.89% | 1.42% | 4.85% | 0.41% | 35.81% | 0.19% | 14.06% | 26.1% | 8.37% | 12.53% | 21.99% | 11.97% | - | - | - |
| Acquisitions | 0 | -709.64K | -157K | 282.13K | 757.98K | 40.64M | 42.9M | 31.85M | -3.07M | 0 | 0 | 0 | -96.3K | 64.54M | 0 | 0 | 0 | 0 | -44.13K | 373 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -75.14M | 0 | 0 | -757.98K | 52.73M | 23.2M | 0 | 1.69M | -5M | 10.33M | -283.96K | 3.92M | -43.54M | -25.28M | -11.85M | -21.97M | -10.91M | 121.44K | -12.18M | 0 | 0 | 0 |
| Cash from Financing | 0 | -93.65M | 22.51M | 14.83M | -4.33M | 747.93K | 126.45M | -6.98M | -5.3M | -7.3M | 44.83M | -2.58M | 72.78M | 46.32M | 25.62M | 4.33M | 28.96M | 2.06M | 6.29M | 9.65M | 0 | 88.25K | 0 |
| Debt Issued (Net) | 0 | -93.65M | 26.43M | 11.89M | 2.41M | 3.16M | -54.64M | -4.49M | -5.3M | -9.81M | 42.14M | 3.04M | -25.86M | -9.03M | 28.05M | -6.98M | 1.18M | -4.82M | 17.47M | 12.65M | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | -3.92M | 2.94M | -7.5M | -2.41M | 151.92M | -2.49M | 0 | 0 | 434.67K | 0 | 107.89M | 26.39M | 3.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 88.25K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -3.92M | -510.75K | -7.5M | -2.41M | 0 | -2.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -1K | 0 | 757.98K | 0 | 29.16M | 0 | 0 | 0 | 434.67K | -4.01M | 16.52M | 28.97M | -6.21M | 11.31M | 27.78M | 6.87M | -11.18M | -4.3M | 0 | 0 | 0 |
| Net Change in Cash | 0 | 55.57M | 27.21M | -57.41M | -17.64M | 26.16M | 126.01M | -5.84M | 6.24M | -7.34M | -4.5M | -9.64M | 13.62M | 627.27K | 9.84M | -5.46M | 7.54M | 76.83K | -1.01M | 288.76K | -3.42K | 0 | 0 |
| Free Cash Flow | 0 | 176.14M | -18.75M | -114.41M | 27.66M | -18.9M | -69.07M | -30.48M | 12.48M | -5.09M | -55.81M | -3.96M | -62.11M | 14.51M | -29.87M | 2.16M | 851.15K | -13.66M | 6.24M | 3.04M | -3.42K | -84.35K | 0 |
| FCF Margin % | 0% | 201.44% | -14.7% | -92.56% | 23.48% | -20.66% | -89.79% | -22.46% | 11.1% | -4.95% | -43.1% | -1.97% | -36.49% | 15.35% | -46.3% | 5.37% | 1.98% | -40.39% | 15.4% | 8.75% | - | - | - |
| FCF Growth % | 100% | 1039.17% | 83.61% | -513.64% | 246.34% | 72.64% | -126.57% | -344.23% | 345.05% | 90.87% | -1309.98% | 93.63% | -528.01% | 148.58% | -1485.22% | 153.37% | 106.23% | -319.04% | 105.37% | 89035.02% | 95.95% | - | - |
| FCF per Share | 0.00 | 2.11 | -0.22 | -1.43 | 0.37 | -0.25 | -1.23 | -0.58 | 0.24 | -0.11 | -1.19 | -0.08 | -1.45 | 0.42 | -1.01 | 0.08 | 0.04 | -0.64 | 0.31 | 0.19 | -0.00 | -0.00 | - |
| FCF Conversion (FCF/Net Income) | -0.00x | -1.88x | 0.35x | -14184.05x | -2.60x | 0.01x | 4.90x | 4.16x | -2.39x | 0.11x | 7.61x | -0.43x | 0.27x | -0.69x | -1.77x | 1.39x | -4.67x | -8.53x | 3.08x | 1.56x | 0.01x | 0.07x | 3.59x |
| Interest Paid | 0 | 0 | 1.74M | 965.02K | 345.45K | 35K | 653.51K | 1.74M | 1.71M | 1.63M | 1.67M | 2.19M | 3.48M | 3.57M | 2.57M | 2.51M | 1.51M | 1.57M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 859.67K | 311.5K | 350K | 2.07M | 1.05M | 1.99M | 2.06M | 1.45M | 2.6M | 2.5M | 1.93M | 942.87K | 998.71K | 529.97K | 484.81K | 105.47K | 0 | 0 | 0 | 0 | 0 |
Geopolitical and Tariff Exposure
As reported in recent financial filings, Kandi's operating cash flow has frequently diverged from net income, with the 2023Q4 period showing a massive $127.8 million outflow despite a net loss of only $4.6 million, indicating a significant disconnect between accounting profits and actual cash generation.
The extreme volatility in the relationship between net income and operating cash flow suggests that non-cash items or significant working capital swings are masking the underlying cash burn. Investors should monitor whether this divergence is a recurring structural issue or a byproduct of erratic inventory management and collection cycles.
Based on historical data, Kandi's free cash flow trajectory has been erratic, swinging from a $6.7 million inflow in 2023Q1 to a $127.9 million outflow by 2023Q4, highlighting the company's inability to maintain a consistent cash-generative profile amidst fluctuating operational demands.
The lack of a stable free cash flow trend suggests that the business model is highly sensitive to external shocks and internal production inefficiencies. This inconsistency makes it difficult to project long-term self-sustainability without relying on the existing cash reserve.
According to quarterly cash flow statements, Kandi experienced a massive $129.1 million working capital outflow in 2023Q4, which stands in stark contrast to the $7.1 million inflow recorded in 2023Q3, suggesting significant instability in inventory management and accounts receivable collection processes.
These dramatic shifts in working capital indicate that the company may be struggling to align its production cycles with actual market demand. Such volatility warrants further investigation into whether the company is overproducing inventory that fails to convert into cash in a timely manner.
As indicated by the absence of reported cash flow data in recent 2024 and 2025 periods, the company's financial disclosures appear to provide an incomplete picture of liquidity, leaving investors to rely on balance sheet snapshots rather than transparent operational cash flow reporting.
The lack of granular cash flow data in recent quarters prevents a clear assessment of how the company is funding its ongoing operations. This opacity may suggest that the core business is not currently generating sufficient cash to support its stated strategic objectives.
Quick answers to the most common questions about buying KNDI stock.
Kandi Technologies Group, Inc. (KNDI) generated $176.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kandi Technologies Group, Inc. (KNDI) generated $176.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Kandi Technologies Group, Inc. (KNDI) spent $0.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.