Revenue growth has turned sharply negative with a 53.7% year-over-year decline in 2025Q2, even as the company achieved a 45.2% gross margin in the same period.
Kandi Technologies Group, Inc. (KNDI) annual income statement — 22-year revenue, gross profit & net income history
| Metric | 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 |
|---|
| Sales/Revenue | 87.44M | 127.57M | 123.6M | 117.81M | 91.49M | 76.92M | 135.74M | 112.44M | 102.81M | 129.49M | 201.07M | 170.23M | 94.54M | 64.51M | 40.18M | 42.88M | 33.83M | 40.51M | 34.7M | 0 | 0 | 0 |
| Revenue Growth % | -31.46% | 3.21% | 4.91% | 28.78% | 18.94% | -43.33% | 20.72% | 9.37% | -20.61% | -35.6% | 18.12% | 80.07% | 46.54% | 60.57% | -6.3% | 26.76% | -16.5% | 16.75% | - | - | - | - |
| Cost of Goods Sold | 50.15M | 88.3M | 82.23M | 98.3M | 75.24M | 63.43M | 110.31M | 92.19M | 88.46M | 111.77M | 172.65M | 146.83M | 72.79M | 51.62M | 30.96M | 33.26M | 25.61M | 30.92M | 27.23M | 0 | 0 | 0 |
| COGS % of Revenue | 57.35% | 69.22% | 66.53% | 83.43% | 82.24% | 82.47% | 81.27% | 81.99% | 86.05% | 86.31% | 85.87% | 86.25% | 77% | 80.01% | 77.07% | 77.56% | 75.72% | 76.32% | 78.48% | - | - | - |
| Gross Profit | 37.29M | 39.27M | 41.37M | 19.52M | 16.25M | 13.49M | 25.43M | 20.25M | 14.34M | 17.72M | 28.42M | 23.4M | 21.74M | 12.89M | 9.21M | 9.62M | 8.21M | 9.59M | 7.47M | 0 | 0 | 0 |
| Gross Margin % | 42.65% | 30.78% | 33.47% | 16.57% | 17.76% | 17.53% | 18.73% | 18.01% | 13.95% | 13.69% | 14.13% | 13.75% | 23% | 19.99% | 22.93% | 22.44% | 24.28% | 23.68% | 21.52% | - | - | - |
| Gross Profit Growth % | -5.04% | -5.08% | 111.96% | 20.12% | 20.46% | -46.96% | 25.6% | 41.15% | -19.06% | -37.64% | 21.43% | 7.64% | 68.63% | 39.95% | -4.25% | 17.13% | -14.37% | 28.49% | - | - | - | - |
| Operating Expenses | 78.69M | 108.05M | 54.42M | 47.2M | 14.91M | 12.73M | 24.52M | 21.89M | 40.43M | 48.74M | 32.37M | 18.16M | 20.18M | 5.2M | 6.18M | 6.4M | 5.94M | 3.15M | 2.28M | 6.14K | 50.31K | 23.5K |
| OpEx % of Revenue | 89.99% | 84.7% | 44.03% | 40.06% | 16.3% | 16.55% | 18.06% | 19.46% | 39.32% | 37.64% | 16.1% | 10.67% | 21.35% | 8.06% | 15.37% | 14.93% | 17.55% | 7.79% | 6.56% | - | - | - |
| Selling, General & Admin | 71.07M | 78.92M | 48.72M | 37.83M | 24.34M | 19.66M | 18.31M | 11.8M | 12.8M | 22.23M | 28.89M | 15.4M | 16.46M | 4.71M | 3.87M | 4.49M | 3.6M | 2.31M | 2.17M | 1.99K | 4.31K | 23.5K |
| SG&A % of Revenue | 81.28% | 61.87% | 39.42% | 32.11% | 26.61% | 25.56% | 13.49% | 10.5% | 12.45% | 17.17% | 14.37% | 9.05% | 17.41% | 7.3% | 9.64% | 10.48% | 10.63% | 5.71% | 6.24% | - | - | - |
| Research & Development | 7.62M | 5M | 4.27M | 6.03M | 38.97M | 7.25M | 6.21M | 10.08M | 27.63M | 26.5M | 3.48M | 2.76M | 3.73M | 2.88M | 2.3M | 1.91M | 2.34M | 839.99K | 108.4K | 0 | 0 | 0 |
| R&D % of Revenue | 8.72% | 3.92% | 3.45% | 5.12% | 42.6% | 9.42% | 4.57% | 8.97% | 26.87% | 20.47% | 1.73% | 1.62% | 3.94% | 4.46% | 5.73% | 4.45% | 6.92% | 2.07% | 0.31% | - | - | - |
| Other Operating Expenses | 0 | 24.14M | 1.44M | 3.34M | -48.4M | -14.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46K | 0 |
| Operating Income | -41.4M | -68.78M | -13.05M | -27.68M | 1.34M | 754.4K | 909.54K | -1.64M | -26.08M | -31.02M | -3.95M | 5.24M | 1.56M | 5.31M | 3.04M | 3.22M | 2.28M | 6.44M | 5.19M | -6.14K | -50.31K | -23.5K |
| Operating Margin % | -47.34% | -53.92% | -10.56% | -23.49% | 1.46% | 0.98% | 0.67% | -1.46% | -25.37% | -23.95% | -1.97% | 3.08% | 1.65% | 8.23% | 7.56% | 7.51% | 6.73% | 15.9% | 14.95% | - | - | - |
| Operating Income Growth % | 39.81% | -426.98% | 52.85% | -2171.5% | 77.12% | -17.06% | 155.52% | 93.72% | 15.91% | -684.74% | -175.37% | 236.56% | -70.65% | 74.88% | -5.77% | 41.5% | -64.64% | 24.11% | 84638.94% | 87.8% | -114.08% | - |
| EBITDA | -35.7M | -56.96M | -1.34M | -15.46M | 11.2M | 8.89M | 9.02M | 2.69M | -21.3M | -26.15M | 1.84M | 10.82M | 9.27M | 10.29M | 7.73M | 7.94M | 5.71M | 8.42M | 6.64M | 2.86M | -50.31K | -23.5K |
| EBITDA Margin % | -40.82% | -44.65% | -1.08% | -13.12% | 12.25% | 11.56% | 6.65% | 2.39% | -20.72% | -20.2% | 0.91% | 6.35% | 9.8% | 15.95% | 19.25% | 18.51% | 16.89% | 20.77% | 19.14% | - | - | - |
| EBITDA Growth % | 37.33% | -4160.24% | 91.35% | -237.98% | 26% | -1.42% | 235.58% | 112.62% | 18.54% | -1524.18% | -83.02% | 16.71% | -9.92% | 33.04% | -2.56% | 38.91% | -32.12% | 26.71% | 132.31% | 5783.22% | -114.08% | - |
| D&A (Non-Cash Add-back) | 5.7M | 11.83M | 11.72M | 12.22M | 9.87M | 8.14M | 8.11M | 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 |
| EBIT | -41.4M | -44.65M | -11.61M | -24.34M | -47.07M | -13.42M | 909.54K | -1.64M | -26.08M | -31.02M | -3.95M | 5.24M | 1.56M | 5.31M | 11.61M | 2.38M | 3.1M | 6.94M | 5.86M | 1.92M | 0 | 0 |
| Net Interest Income | 6.8M | 7.85M | 8.66M | 5.72M | 3.8M | -1.56M | -4.03M | -547K | -10.44K | 1.13M | 924.08K | -1.78M | -2.88M | -118K | 255.42K | -2.15M | -1.48M | -2.02M | -1.11M | 0 | 0 | 0 |
| Interest Income | 8.69M | 10.05M | 9.98M | 6.43M | 4.21M | 2.19M | 791.89K | 1.32M | 2.27M | 2.96M | 3.14M | 1.7M | 1.52M | 2.66M | 2.2M | 769.94K | 333.65K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.89M | 2.2M | 1.33M | 707.49K | 407.62K | 3.75M | 4.82M | 1.87M | 2.28M | 1.83M | 2.21M | 3.48M | 4.39M | 2.78M | 1.95M | 2.92M | 1.81M | 2.02M | 1.11M | 0 | 0 | 0 |
| Other Income/Expense | -50.24M | 12.7M | 16.52M | 14.34M | 27.87M | -16.2M | -8.79M | 3.71M | -5.53M | 25.19M | 24.75M | 9.44M | -21.1M | 2.26M | 6.63M | -3.77M | -989K | -1.84M | -448K | 1.08M | 0 | 0 |
| Pretax Income | -91.63M | -56.08M | 3.47M | -13.34M | 29.21M | -15.44M | -7.88M | 2.08M | -31.61M | -5.83M | 20.79M | 14.69M | -19.55M | 7.57M | 9.67M | -546K | 1.29M | 4.6M | 4.97M | 1.08M | 0 | 0 |
| Pretax Margin % | -104.8% | -43.96% | 2.81% | -11.32% | 31.93% | -20.07% | -5.81% | 1.85% | -30.75% | -4.5% | 10.34% | 8.63% | -20.68% | 11.74% | 24.06% | -1.27% | 3.8% | 11.36% | 14.31% | - | - | - |
| Income Tax | 3.94M | 5.13M | 1.8M | 487.51K | 6.35M | 5.05M | 692.26K | 7.77M | 3.26M | 681.55K | 6.13M | 2.41M | 1.59M | 1.52M | 551.06K | 405.71K | 287.58K | 9.61K | -392K | 6.14K | 50.31K | 23.5K |
| Effective Tax Rate % | -4.3% | -9.15% | 51.92% | -3.65% | 21.73% | -32.69% | -8.78% | 374.3% | -10.32% | -11.69% | 29.47% | 16.44% | -8.15% | 20.12% | 5.7% | -74.31% | 22.34% | 0.21% | -7.89% | 0.57% | - | - |
| Net Income | -93.88M | -50.5M | 7.13K | -12.12M | 22.86M | -10.39M | -7.19M | -5.69M | -28.35M | -6.51M | 14.67M | 12.27M | -21.14M | 6.05M | 9.12M | -951K | 999.8K | 4.92M | 5.03M | -6.14K | -50.31K | -23.5K |
| Net Margin % | -107.37% | -39.58% | 0.01% | -10.29% | 24.99% | -13.51% | -5.3% | -5.06% | -27.57% | -5.03% | 7.29% | 7.21% | -22.36% | 9.38% | 22.69% | -2.22% | 2.96% | 12.15% | 14.49% | - | - | - |
| Net Income Growth % | -85.92% | -708115.47% | 100.06% | -153.03% | 319.97% | -44.59% | -26.24% | 79.91% | -335.39% | -144.4% | 19.51% | 158.05% | -449.46% | -33.63% | 1058.46% | -195.12% | -79.69% | -2.13% | 82032.23% | 87.8% | -114.08% | - |
| Net Income (Continuing) | -95.57M | -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 | 9.12M | -951K | 999.8K | 4.59M | 5.03M | 1.08M | -50.31K | -23.5K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 327.72K | 0 | 0 | 0 | 0 |
| Minority Interest | -744 | 1.93M | 2.39M | 722.48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.12 | -0.59 | 0.00 | -0.16 | 0.30 | -0.19 | -0.14 | -0.11 | -0.59 | -0.14 | 0.31 | 0.29 | -0.61 | 0.20 | 0.32 | -0.04 | 0.05 | 0.25 | 0.31 | -0.00 | -0.00 | -0.00 |
| EPS Growth % | -89.83% | - | 100.06% | -153.33% | 257.89% | -35.71% | -27.27% | 81.36% | -321.43% | -145.16% | 6.9% | 147.54% | -405% | -37.5% | 845.92% | -185.8% | -80% | -19.35% | - | - | - | - |
| EPS (Basic) | -1.12 | -0.59 | 0.00 | -0.16 | 0.30 | -0.19 | -0.14 | -0.11 | -0.59 | -0.14 | 0.31 | 0.29 | -0.61 | 0.21 | 0.33 | -0.04 | 0.05 | 0.25 | 0.31 | -0.00 | -0.00 | -0.00 |
| Diluted Shares Outstanding | 83.61M | 86.07M | 79.9M | 75.57M | 76.15M | 55.96M | 52.34M | 51.19M | 47.94M | 46.93M | 46.93M | 42.72M | 34.71M | 29.68M | 28.74M | 22.17M | 21.48M | 19.96M | 16.06M | 27.96M | 23M | 23M |
| Basic Shares Outstanding | 83.61M | 82.22M | 78.78M | 75.57M | 76.15M | 55.96M | 52.34M | 51.19M | 47.94M | 46.51M | 46.74M | 42.58M | 34.66M | 29.44M | 27.44M | 22.17M | 19.96M | 19.96M | 16.06M | 19.96M | 23M | 23M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying KNDI stock.
For fiscal year 2025, Kandi Technologies Group, Inc. (KNDI) reported total revenue of $87.4M.
Kandi Technologies Group, Inc. (KNDI) reported a net loss of $93.9M for the fiscal year ending 2025.
Kandi Technologies Group, Inc. (KNDI) reported an operating income of $-41.4M, resulting in an operating profit margin of -47.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Kandi Technologies Group, Inc. (KNDI) generated $37.3M in gross profit for the year, representing a gross profit margin of 42.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Geopolitical and Tariff Exposure
Metrics are mathematically derived from official filings.
Revenue Contraction Signals Market Weakness
As indicated by the most recent quarterly data, Kandi's revenue growth has turned sharply negative, with a 53.7% year-over-year decline in 2025Q2, highlighting a significant loss of momentum in the company's core off-road vehicle segment and broader challenges in maintaining its North American market presence.
The consistent volatility in top-line performance suggests that Kandi lacks the brand equity required to sustain demand during periods of economic tightening. Investors should monitor whether this contraction is a temporary cyclical dip or a structural shift indicating that the company's low-cost value proposition is failing to resonate with consumers.
Gross Margin Resilience Amid Volatility
Based on reported financial statements, Kandi has maintained a relatively robust gross margin profile, peaking at 45.2% in the first half of 2025, which suggests that the underlying unit economics of its off-road vehicle manufacturing remain fundamentally sound despite the broader decline in total sales volume.
While the gross margin appears healthy, it is important to note that these figures do not account for the massive overhead required to support the business. The ability to preserve these margins during a period of declining revenue may imply effective control over direct material costs, though this advantage is currently being eclipsed by operating inefficiencies.
Operating Leverage Remains Severely Constrained
According to historical income statement filings, Kandi consistently struggles to achieve operating leverage, as evidenced by the 2024Q4 period where SG&A expenses ballooned to $43.5M, resulting in an operating margin of -152.6% and demonstrating a failure to scale administrative costs in alignment with revenue generation.
The persistent inability to convert gross profit into operating income suggests that the company's fixed cost structure is disproportionately high for its current revenue scale. This structural mismatch warrants further investigation into whether management can implement meaningful cost-cutting measures or if the current overhead is a permanent drag on profitability.
Earnings Quality Obscured by Volatility
As reported in recent quarterly filings, Kandi's net income has exhibited extreme swings, ranging from a $48.7M loss in 2024Q4 to a $862K profit in 2025Q2, which suggests that non-operating items and periodic accounting adjustments are significantly distorting the true underlying performance of the core business.
The reliance on non-operating gains to achieve positive net income in certain quarters raises concerns regarding the sustainability of reported earnings. Investors should be wary of these fluctuations, as they may mask the ongoing operational cash burn that characterizes the company's current financial trajectory.
Structural Risks to Long-term Viability
Based on the provided financial data, the most significant risk to the investment thesis is the company's inability to reach consistent operating profitability, as evidenced by the -107.37% net margin observed in recent periods, which threatens to erode the company's substantial cash reserves over time.
Short-sellers would likely focus on the disconnect between the company's large cash position and its inability to deploy that capital into a self-sustaining business model. The reliance on export-heavy revenue streams makes the company particularly vulnerable to shifting trade policies, which could permanently impair its primary growth engine.