GLONGHUI May 16 丨 Kandi Auto (KNDI.HK) announced financial results for the first quarter of 2024. The report shows that the company continues to expand its sales channels. Compared with 2023, the company's products are supplied to more large chain stores and distributors in the US, laying a solid foundation for peak season sales. Total Q1 revenue was US$20.7 million compared to US$22.9 million for the same period in 2023. Net income was $800,000, or $0.01 per fully diluted share, up 27.6% from net income of $600,000 or $0.01 per fully diluted share for the same period in 2023. As of March 31, 2024, the balance sheet was strong, with $230.7 million in cash and equivalents, restricted cash and certificates of deposit. As of March 31, 2024, working capital was US$264 million.
Xueqin Dong, CEO of Kandi, commented: “Given our sales strategy, our expansion into the North American market is progressing smoothly through partnerships with major national chains despite slight fluctuations in sales and total revenue in the first quarter. We have also made progress in the Southeast Asian and European markets, preparing for the peak sales season. We are proud of our stable balance sheet and excellent financial position. Additionally, we repurchased 564,302 shares in the first quarter, which shows our confidence in the future development of the company.”
Xueqin Dong continued, “We are actively enhancing our product portfolio. In the first quarter, our rechargeable AA batteries hit the market. Looking ahead, we will launch starter batteries and various more competitive all-electric off-road vehicle products and electric water sports products. We are confident these new products will significantly boost our sales. Meanwhile, we'll be launching our limited-edition golf cart series soon. This exclusive series was developed in partnership with the NFL and Lowe's and features the brands of all 32 NFL teams. This strategy shows not only our confidence in the company's future growth, but also our strong commitment to increasing shareholder value. We trust that our shareholders will understand and support our strategy.”