Detailed financial statements for Kandi Technologies Group, Inc. (KNDI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Kandi Technologies Group, Inc. is an enterprise focused on the entire lifecycle—from conceptualization and engineering to manufacturing and market distribution—of electric vehicles (EVs) and their crucial components, as well as a diverse range of off-road vehicles. The company conducts its operations both within the People's Republic of China and internationally.
Analysis Summary
Kandi Technologies Group, Inc. reported revenue of $87.4M in the most recent fiscal year, growing at a 5-year CAGR of 2.6%.
Trailing-twelve-month margins: gross margin 42.6%, operating margin -65.4%, net margin -107.4%.
At the current price of $0.58, KNDI has negative trailing earnings (P/E not meaningful) and an ROE of -30.09%. Market capitalisation stands at $49M.
Balance sheet quality for KNDI: current ratio of 2.3, net cash position of $164.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $129.5M | $102.8M | $112.4M | $135.7M | $76.9M | $91.5M | $117.8M | $123.6M | $127.6M | $87.4M |
| Cost of Revenue | $111.8M | $88.5M | $92.2M | $110.3M | $63.4M | $75.2M | $98.3M | $82.2M | $88.3M | $50.1M |
| Gross Profit | $17.7M | $14.3M | $20.2M | $25.4M | $13.5M | $16.2M | $19.5M | $41.4M | $39.3M | $37.3M |
| Research & Development | $26.5M | $27.6M | $10.1M | $6.2M | $7.2M | $39.0M | $6.0M | $4.3M | $5.0M | $7.6M |
| Selling, General & Admin | $22.2M | $12.8M | $11.8M | $18.3M | $19.7M | $24.3M | $37.8M | $48.7M | $78.9M | $71.1M |
| Operating Expenses | $48.7M | $40.4M | $21.9M | $24.5M | $12.7M | $14.9M | $47.2M | $54.4M | $108.1M | $78.7M |
| Operating Income | -$31.0M | -$26.1M | -$1.6M | $909536 | $754396 | $1.3M | -$27.7M | -$13.1M | -$68.8M | -$41.4M |
| EBITDA | -$26.2M | -$21.3M | $2.7M | $9.0M | -$5.3M | -$37.2M | -$12.1M | $102648 | -$32.8M | -$35.7M |
| Interest Expense | $1.8M | $2.3M | $1.9M | $4.8M | $3.8M | $407620 | $707488 | $1.3M | $2.2M | $1.9M |
| Pre-tax Income | -$5.8M | -$31.6M | $2.1M | -$7.9M | -$15.4M | $29.2M | -$13.3M | $3.5M | -$56.1M | -$91.6M |
| Income Tax | $681546 | $3.3M | $7.8M | $692259 | -$5.0M | $6.3M | -$487510 | $1.8M | -$5.1M | $3.9M |
| Net Income | -$6.5M | -$28.3M | -$5.7M | -$7.2M | -$10.4M | $22.9M | -$12.1M | $7132 | -$50.5M | -$93.9M |
| EPS | $-0.14 | $-0.59 | $-0.11 | $-0.14 | $-0.19 | $0.30 | $-0.16 | $0.00 | $-0.59 | $-1.12 |
| EPS (Diluted) | $-0.14 | $-0.59 | $-0.11 | $-0.14 | $-0.19 | $0.30 | $-0.16 | $0.00 | $-0.59 | $-1.12 |
| Shares Outstanding (Diluted) | $46.9M | $47.9M | $51.2M | $52.3M | $56.0M | $76.1M | $75.6M | $79.9M | $86.1M | $83.6M |
Income Statement (Quarterly)
| Year | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Revenue | $18.1M | $18.1M | $25.6M | $25.6M |
| Gross Profit | $8.2M | $8.2M | $10.5M | $10.5M |
| Operating Income | -$966000 | -$966000 | -$27.6M | -$27.6M |
| EBITDA | $2.0M | $2.0M | -$16.8M | -$18.4M |
| Net Income | $862000 | $862000 | -$47.8M | -$47.8M |
| EPS | $0.01 | $0.01 | $-0.58 | $-0.58 |
| EPS (Diluted) | $0.01 | $0.01 | $-0.58 | $-0.58 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $12.2M | $4.9M | $15.7M | $5.5M | $142.1M | $129.2M | $84.1M | $33.8M | $37.3M | $176.4M |
| Short-term Investments | $4.5M | 0 | 0 | 0 | 0 | $55.0M | $81.2M | $33.9M | $5.5M | $35.5M |
| Receivables | $179.9M | $184.8M | $35.5M | $61.2M | $94.5M | $62.1M | $50.5M | $149.9M | $171.5M | $55.5M |
| Inventory | $11.9M | $16.0M | $22.0M | $27.7M | $19.7M | $33.2M | $40.5M | $61.6M | $51.3M | $26.4M |
| Total Current Assets | $264.0M | $238.3M | $167.3M | $195.6M | $307.1M | $342.6M | $329.3M | $343.5M | $354.6M | $301.1M |
| Property, Plant & Equipment | $42.2M | $65.1M | $82.0M | $74.4M | $105.6M | $111.7M | $97.4M | $104.7M | $70.0M | $58.7M |
| Goodwill | $322591 | $322591 | $28.6M | $28.3M | $29.7M | $36.0M | $33.2M | $33.1M | $31.2M | $22.5M |
| Intangible Assets | $12.2M | $13.0M | $16.1M | $19.1M | $10.8M | $16.5M | $10.9M | $12.9M | $10.0M | $318262 |
| Total Assets | $439.7M | $438.3M | $428.8M | $371.2M | $495.2M | $520.2M | $483.0M | $495.5M | $473.9M | $399.7M |
| Accounts Payable | $115.9M | $111.6M | $112.3M | $72.1M | $34.3M | $36.7M | $35.3M | $28.7M | $25.5M | $22.1M |
| Short-term Debt | $49.1M | $61.1M | $43.3M | $50.5M | $92445 | $9.1M | $24.7M | $33.1M | $79.1M | $47.2M |
| Total Current Liabilities | $177.7M | $184.6M | $164.8M | $131.9M | $83.8M | $64.2M | $81.5M | $76.7M | $120.4M | $128.4M |
| Long-term Debt | $28.8M | $30.7M | $28.8M | $14.4M | 0 | $2.2M | 0 | $8.4M | $5.7M | 0 |
| Total Liabilities | $207.4M | $215.3M | $203.2M | $153.4M | $91.5M | $77.0M | $85.3M | $88.9M | $127.3M | $129.6M |
| Retained Earnings | $24.5M | -$3.8M | -$9.5M | -$16.7M | -$27.1M | -$4.2M | -$16.3M | -$16.3M | -$66.8M | -$160.7M |
| Total Equity | $232.3M | $223.0M | $225.6M | $217.9M | $403.8M | $443.2M | $397.0M | $404.1M | $344.7M | $270.1M |
| Total Debt | $77.9M | $91.9M | $72.1M | $64.9M | $92445 | $11.4M | $24.7M | $41.5M | $84.9M | $47.2M |
| Net Debt | $61.2M | $87.0M | $56.5M | $59.4M | -$142.0M | -$172.9M | -$140.6M | -$26.2M | $42.1M | -$164.7M |
| Working Capital | $86.3M | $53.7M | $2.5M | $63.7M | $223.3M | $278.4M | $247.8M | $266.9M | $234.3M | $172.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Cash & Equivalents | $32.2M | $32.2M | $35.5M | $35.5M |
| Total Assets | $443.3M | $443.3M | $399.7M | $399.7M |
| Total Liabilities | $87.4M | $87.4M | $129.6M | $129.6M |
| Total Equity | $354.1M | $354.1M | $270.1M | $270.1M |
| Total Debt | $37.8M | $37.8M | $31.5M | $47.2M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$6.5M | -$28.3M | -$5.7M | -$7.2M | -$10.4M | $22.9M | -$12.9M | $1.7M | -$51.0M | -$93.9M |
| Depreciation & Amortization | $4.9M | $4.8M | $4.3M | $8.2M | $8.2M | $10.0M | $12.4M | $11.9M | $12.0M | $5.7M |
| Stock-based Compensation | $14.9M | $5.2M | $285609 | $1.4M | $902666 | $1.5M | $1.9M | $11.1M | $7.1M | $7.1M |
| Change in Working Capital | -$69.9M | $8.3M | -$4.6M | -$38.9M | -$47.8M | $27.4M | $31.8M | -$126.4M | -$26.0M | $239.2M |
| Operating Cash Flow | -$49.5M | -$3.2M | $13.6M | -$29.9M | -$50.9M | $241689 | $31.5M | -$101.2M | -$17.8M | $176.6M |
| Capital Expenditure | -$6.3M | -$1.9M | -$1.1M | -$598198 | -$18.2M | -$19.1M | -$3.8M | -$13.2M | -$935000 | -$470722 |
| Acquisitions | 0 | 0 | -$3.1M | $31.9M | $42.9M | $40.6M | $757981 | $282135 | -$157000 | -$709644 |
| Stock Repurchased | 0 | 0 | 0 | -$2.5M | 0 | -$2.4M | -$7.5M | -$510745 | -$3.9M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$55.8M | -$5.1M | $12.5M | -$30.5M | -$69.1M | -$18.9M | $27.7M | -$114.4M | -$18.8M | $176.1M |
Cash Flow (Quarterly)
| Year | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Operating Cash Flow | 0 | 0 | 0 | 0 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | $3.6M | $3.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -20.6% | +9.4% | +20.7% | -43.3% | +18.9% | +28.8% | +4.9% | +3.2% | -31.5% |
| Net Income Growth (YoY) | | -335.4% | +79.9% | -26.2% | -44.6% | +320.0% | -153.0% | +100.1% | -708115.5% | -85.9% |
| EPS Growth (YoY) | | -321.4% | +81.4% | -27.3% | -35.7% | +257.9% | -153.3% | +100.1% | -590100.0% | -89.8% |
| Shares Change (YoY) | | +2.2% | +6.8% | +2.2% | +6.9% | +36.1% | -0.8% | +5.7% | +7.7% | -2.9% |
| FCF Growth (YoY) | | +90.9% | +345.0% | -344.2% | -126.6% | +72.6% | +246.3% | -513.6% | +83.6% | +1039.2% |
| Gross Margin | 13.7% | 14.0% | 18.0% | 18.7% | 17.5% | 17.8% | 16.6% | 33.5% | 30.8% | 42.6% |
| Operating Margin | -24.0% | -25.4% | -1.5% | 0.7% | 1.0% | 1.5% | -23.5% | -10.6% | -53.9% | -47.3% |
| EBITDA Margin | -20.2% | -20.7% | 2.4% | 6.6% | -6.9% | -40.7% | -10.3% | 0.1% | -25.7% | -40.8% |
| Net Margin | -5.0% | -27.6% | -5.1% | -5.3% | -13.5% | 25.0% | -10.3% | 0.0% | -39.6% | -107.4% |
| FCF Margin | -43.1% | -5.0% | 11.1% | -22.5% | -89.8% | -20.7% | 23.5% | -92.6% | -14.7% | 201.4% |
| Effective Tax Rate | -11.7% | -10.3% | 374.3% | -8.8% | 32.7% | 21.7% | 3.7% | 51.9% | 9.1% | -4.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-1.19 | $-0.11 | $0.24 | $-0.58 | $-1.23 | $-0.25 | $0.37 | $-1.43 | $-0.22 | $2.11 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $46.5M | $47.9M | $51.2M | $52.3M | $56.0M | $76.1M | $75.6M | $78.8M | $82.2M | $83.6M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -30.09% |
| Return on Invested Capital | -17.95% |
| Return on Assets | -23.49% |
| Gross Margin | 42.65% |
| Operating Margin | -65.39% |
| Net Margin | -107.37% |
Financial Health
| Debt / Equity | 0.17 |
| Current Ratio | 2.34 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 0.14 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -35.00 | -11.53 | -33.00 | -33.79 | -36.32 | 10.70 | -14.37 | 28000.00 | -2.03 | -0.70 |
| P/B | 0.98 | 1.46 | 0.82 | 1.14 | 0.96 | 0.55 | 0.44 | 0.55 | 0.29 | 0.24 |
| P/S | 1.76 | 3.17 | 1.65 | 1.82 | 5.02 | 2.67 | 1.48 | 1.78 | 0.77 | 0.75 |
| Gross Margin | 13.7% | 14.0% | 18.0% | 18.7% | 17.5% | 17.8% | 16.6% | 33.5% | 30.8% | 42.6% |
| Operating Margin | -24.0% | -25.4% | -1.5% | 0.7% | 1.0% | 1.5% | -23.5% | -10.6% | -53.9% | -47.3% |
| Net Margin | -5.0% | -27.6% | -5.1% | -5.3% | -13.5% | 25.0% | -10.3% | 0.0% | -39.6% | -107.4% |