Kandi Technologies Group, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Kandi Technologies Group, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2024
FY2024
FY2025
Revenue
118
124
128
87.4
Cost of revenue
98.3
82.2
88.3
50.1
Gross profit
19.5
41.4
39.3
37.3
Research and development
6.03
4.27
5
7.62
Selling and marketing
5.5
13.3
21.2
16.7
General and administrative
32.3
35.4
57.7
54.4
Operating expenses
47.2
54.4
108
94.5
Operating income
-27.7
-13.1
-68.8
-57.2
Interest expense
0.71
1.33
2.2
1.89
Interest income
6.43
9.98
10
8.69
Other non-operating income
14.3
16.5
12.7
-34.5
Pre-tax income
-13.3
3.47
-56.1
-91.6
Income tax
-0.49
1.8
-5.13
3.94
Net income to minority interests
-0.73
1.66
-0.45
-1.69
Net income
-12.1
0.01
-50.5
-93.9
EBITDA
-15.3
-1.14
-56.8
-51.5
EPS, basic
-0.17
0.02
-0.59
-1.14
EPS, diluted
-0.17
0.02
-0.59
-1.14
Shares, basic (weighted)
75.6
78.8
86.3
83.6
Shares, diluted (weighted)
75.6
79.9
86.3
83.6
Balance sheet
FY2022
FY2024
FY2024
FY2025
Cash and equivalents
84.1
33.8
37.3
35.5
Receivables
19
26.5
22.5
Inventory
61.6
51.3
26.4
Other current assets
1.91
4.97
2.61
Total current assets
344
355
301
Property, plant and equipment
98.8
63.5
58.6
Lease right-of-use assets
5.89
6.52
5.27
Goodwill
33.1
31.2
22.5
Intangible assets
6.4
3.89
0.32
Long-term investments
1.41
1.86
Other non-current assets
9.99
10.2
9.88
Total assets
495
474
400
Accounts payable
28.7
25.5
22.1
Short-term debt
9.07
37.5
30.8
Total current liabilities
76.7
120
128
Long-term debt
8.39
5.71
Other non-current liabilities
0.23
0.64
0.33
Total liabilities
88.9
127
130
Total debt
8.39
6.1
6.1
Paid-in capital
458
464
471
Retained earnings
-16.3
-66.8
-161
Treasury stock
-0.51
-4.39
-4.39
Other comprehensive income
-37
-48.1
-35.7
Shareholders' equity
404
345
270
Minority interests
2.39
1.93
-0
Total equity
398
407
347
270
Total liabilities and equity
495
474
400
Shares outstanding
87.3
85.5
82.7
Cash flow statement
FY2022
FY2024
FY2024
FY2025
Net income
-12.9
1.67
-51
-95.6
Depreciation and amortization
12.4
11.9
12
5.7
Stock-based compensation
1.93
11.1
7.11
7.12
Deferred income tax
-0.46
0.2
-6.14
3.74
Change in receivables
-21
10.6
-29.8
4.86
Change in inventory
-9.15
-21.5
-11.6
25.7
Cash from operations
31.5
-101
-17.8
96.8
Acquisitions
0.28
-0.16
Cash from investing
-35
32.3
25.7
-77.5
Debt issued
8.23
Debt repaid
-0.05
-2.28
-5.71
Stock issued
1.08
Share buybacks
-7.5
-0.51
-3.92
Cash from financing
-4.33
14.8
22.5
-14.6
Exchange rate effect
-9.75
-3.36
-3.2
3.4
Net change in cash
-7.89
-54.1
30.4
4.79
Interest paid
0.35
0.97
1.74
1.65
Income taxes paid
0.35
0.31
0.86
0.69
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.59 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
42.6%
Gross profit / revenue.
Operating margin
-65.4%
Operating income / revenue.
EBITDA margin
-58.9%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-104.8%
Pre-tax income / revenue.
Net margin
-107.4%
Net income / revenue.
Operating cash flow margin
110.7%
Cash from operations / revenue.
Return on equity (ROE)
-30.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-21.5%
Net income / average total assets.
Return on invested capital (ROIC)
-16.3%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
8.7%
Research and development expense / revenue.
Stock-based pay / revenue
8.1%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
6.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-31.5%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-9.5%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
-5.0%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
24.1%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y
45.4%
Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
-21.7%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-15.7%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
-3.1%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
3.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.34x
Current assets / current liabilities.
Quick ratio
0.45x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.28x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.02x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
1.5%
Total debt / total assets.
Liabilities / assets
32.4%
Total liabilities / total assets.
Net debt
-$29.4M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$1.14
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$1.14
Net income per basic share, as reported (split-adjusted).
Revenue per share
$1.05
Revenue / diluted weighted shares.
Operating cash flow per share
$1.16
Cash from operations / diluted weighted shares.
Book value per share
$3.27
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.68x
Market cap / revenue.
P/B
0.22x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.24x
Market cap / tangible book value, when positive.
P/OCF
0.61x
Market cap / cash from operations, when positive.
EV/Sales
0.34x
Enterprise value / revenue.
Earnings yield
-159.0%
Net income / market cap (the inverse of P/E).
What was Kandi Technologies Group, Inc.'s revenue in fiscal 2025?
Kandi Technologies Group, Inc. reported revenue of $87.4M for fiscal 2025, 31.5% lower than the year before.
Was Kandi Technologies Group, Inc. profitable in fiscal 2025?
No. It reported a net loss of $93.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.