Kandi Technologies (KNDI.US) released its unaudited financial results for Q2 2024. Total revenue for Q2 2024 was $39.1 million, an 8.9% increase year-on-year. Off-road vehicles and related accessories revenue reached $34.7 million, an 11.3% increase year-on-year. Gross profit was $11.9 million, a 13.8% decrease year-on-year; Gross margin was 30.3%, compared to 38.2% for the same period last year; Net profit was $1.6 million, a 63.1% decrease year-on-year; Diluted earnings per share were $0.02.
As of June 30, 2024, the company's financial position was strong, with total cash and cash equivalents, restricted cash, short-term investments, and certificate of deposits amounting to $0.22 billion.
"Our Q2 performance demonstrates our company's continued strength and growth," said Dr. Hu Xiaoming, CEO of Kandi Technologies. "We achieved significant growth in total revenue, driven by strong sales in our off-road vehicle segment. This reflects the market's positive acceptance of our innovative and sustainable products." Dr. Hu continued, "Our financial position remains strong, with a solid cash position, and share buybacks highlight our confidence in the future of the company. We are focused on the US market, our primary market, which has proven particularly rewarding. We successfully launched new off-road vehicles and ultra-high performance AA batteries, which demonstrates our commitment to meeting the needs of American consumers for advanced and sustainable solutions. In addition, our new partnership with Lowe's has launched a limited edition golf cart series that showcases our innovative approach to combining sports enthusiasm with sustainable technology. These golf carts, which feature designs and logos for all 32 NFL teams, will be launched in the US market at the end of August, providing fans with an exciting and eco-friendly way to show their pride for their teams. Our efforts for global expansion, including entering the EU market and expanding distribution in Asia, support our long-term growth strategy."
Battery
