Kandi Technologies Group Q4 2024 Earnings Report

Kandi Technologies Group EPS Results

• Actual EPS: -$0.28
• Consensus EPS: -$0.02
• Beat/Miss: Missed by -$0.26
• One Year Ago EPS: N/A

Kandi Technologies Group Revenue Results

• Actual Revenue: $41.00 million
• Expected Revenue: $41.00 million
• Beat/Miss: Met Expectations
• YoY Revenue Growth: N/A

Kandi Technologies Group Announcement Details

• Quarter: Q4 2024
• Date: 4/28/2025
• Time: Before Market Opens
• Conference Call Date: Monday, April 28, 2025
• Conference Call Time: 9:30AM ET

Kandi Technologies Group (NASDAQ:KNDI) is a China-based manufacturer and developer of electric vehicles and powersports products. Through its subsidiaries, the company offers electric passenger vehicles, utility vehicles, recreational vehicles, all-terrain vehicles, golf carts and related products.

The company also develops and sells electric off-road vehicles, including electric UTVs, ATVs and other recreational and utility models. Its product portfolio has included vehicles designed for personal transportation, property maintenance, recreation and other light-duty applications, as well as related parts and accessories.

Kandi Technologies was founded in 2002 and is headquartered in Jinhua, Zhejiang Province, China. The company serves customers in China and international markets, including the United States, through its operating subsidiaries and distribution relationships. Kandi America is involved in the marketing and distribution of the company’s products in the U.S. The company is led by Chairman and Chief Executive Officer Hu Xiaoming.

Kandi Technologies Group Q4 2024 Earnings Call Transcript

Key Takeaways

• Kandi delivered modest yet meaningful revenue growth in 2024, driven by steady demand for its electric off-road vehicles and optimization of its geographic footprint.
• The company continued to invest in its future by strengthening its product portfolio, advancing next-generation battery technology, and preserving profitability with a robust cash position.
• Kandi introduced several new North American–focused models—including the Innovator e10k utility vehicle and limited-edition NFL golf carts—that received widespread praise at expos and increased dealer interest.
• Targeted upgrades to its Taiwan manufacturing footprint enhanced operational flexibility and responsiveness, enabling better alignment of production with shifting customer demand while maintaining quality.
• Kandi advanced its U.S. localization roadmap through a partnership with CBAK Energy to localize lithium cell and pack production in the United States, positioning it for sustainable long-term growth.

Presentation

[Operator]

As a reminder, this conference is being recorded. I will now turn the conference over to your host, Ms. Kewa Luo, Investor Relations Manager. Thank you. You may begin.

[Kewa Luo, Investor Relations Manager at Kandi]

Thank you, Operator. Hello, everyone. Thank you all for joining us on today's conference call to discuss Kandi's results for the full year 2024. Earlier today, 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. 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. Additionally, unless otherwise stated, all figures mentioned during the conference call are in U.S. dollars.

[Kewa Luo, Investor Relations Manager at Kandi]

Before we continue, I would like to introduce the team joining me on today's call. Joining us are Mr. Feng Chen, CEO, and Mr. Alan Lim, CFO. Mr. Chen will deliver his prepared remarks in Chinese, which I will translate afterward. With that, let me now turn the call over to our CEO, Mr. Feng Chen. Go ahead, Mr. Chen.

[Feng Chen, CEO at Kandi]

[Foreign language]

[Kewa Luo, Investor Relations Manager at Kandi]

Good day, and thank you for joining us. Over the past year, we not only strengthened our leadership in the electric off-road sector but also enhanced our manufacturing capabilities and expanded our market reach, laying a solid foundation for the strategic progress we achieved in 2024. I am proud of the resilience and innovation demonstrated across the organization, from our board's strategic guidance to our team's daily execution, and I appreciate the continued engagement of our investors.

[Feng Chen, CEO at Kandi]

[Foreign language]

[Kewa Luo, Investor Relations Manager at Kandi]

In 2024, we delivered modest yet meaningful revenue growth, driven by steady demand for our electric off-road vehicles and the ongoing optimization of our geographic footprint. While our revenue grew steadily, we continued to invest in the future, strengthening our overall product portfolio, advancing next-generation battery technology, and reinforcing our balance sheet. This disciplined approach enabled us to preserve profitability and maintain a robust cash position as we navigate evolving market dynamics.

[Feng Chen, CEO at Kandi]

[Foreign language]

[Kewa Luo, Investor Relations Manager at Kandi]

Our core electric off-road segment remains the engine of Kandi's business. Last year, we introduced several new models tailored to North Americans' preferences, including the innovative e10K utility vehicle, a new lineup of electric go-karts built for everyone from entry-level riders to seasoned off-road enthusiasts, as well as our limited edition NFL golf carts. Meanwhile, Kandi made a strong presence at multiple golf cart expos and industry summits, earning widespread praise from dealers and attendees.

[Feng Chen, CEO at Kandi]

[Foreign language]

[Kewa Luo, Investor Relations Manager at Kandi]

Behind the scenes, we are enhancing our operational resilience through targeted upgrades to our Taiwan manufacturing footprint. These improvements have increased our flexibility and responsiveness, enabling us to better align production with shifting customer demand while maintaining high standards of quality and efficiency.

[Feng Chen, CEO at Kandi]

[Foreign language]

[Kewa Luo, Investor Relations Manager at Kandi]

To ensure we deliver on our ambitious plans, we recently implemented a management incentive program that aligns leadership rewards directly with key performance metrics. This initiative is already motivating our senior team to push harder on sales growth, operational excellence, and new product development, ultimately driving improved results across the company.

[Feng Chen, CEO at Kandi]

[Foreign language]

[Kewa Luo, Investor Relations Manager at Kandi]

Looking ahead, our priorities are clear. We will bring forward innovative battery and vehicle solutions, expand our dealer network, deepen strategic partnerships, and execute our U.S. localization roadmap, highlighted by our recent partnership with CBAK Energy to localize lithium cell and pack production in the United States. By aligning production closer to end markets and leveraging clean energy incentives, we are positioning Kandi for sustainable long-term growth.

[Feng Chen, CEO at Kandi]

[Foreign language]

[Kewa Luo, Investor Relations Manager at Kandi]

In closing, I'm confident that the steps we have taken in 2024 have strengthened Kandi's platform and prepared us to see new opportunities. I want to thank our employees, partners, and shareholders for their trust and collaboration.

[Alan Lim, CFO at Kandi]

Thank you, Mr. Chen. Thank you, everyone, for joining today's conference call. As noted earlier, there will be no live Q&A session for today's call. If you have any questions following today's presentation, please email us at ir@kandigroup.com or gary@blueshirtgroup.com. We will respond to all inquiries within the next five business days. Please note that our responses will be limited to the information that has been publicly disclosed and will comply with the applicable SEC regulations. This concludes our conference call. Thank you and have a good day.

[Operator]

Thank you, ladies and gentlemen. This concludes the conference call today. You may disconnect your lines. Thank you for your participation.

Participants

Analysts

• Alan Lim, CFO at Kandi
• Kewa Luo, Investor Relations Manager at Kandi
• Feng Chen, CEO at Kandi