Kandi Technologies Reports Third Quarter 2024 Financial Results

Core Insights - Kandi Technologies Group, Inc. reported a nine-month revenue of approximately $89.8 million, reflecting a 5.7% year-over-year decline, with off-road vehicles being the primary revenue driver [2][3] - The company maintains a strong financial position with $260 million in liquidity as of September 30, 2024 [3] - New leadership is expected to drive technology innovation and expand growth, launching a new strategic growth plan for 2025-2029 [4] Financial Performance - Q3 2024 revenues decreased to $29.9 million from $36.4 million in Q3 2023, marking a 17.8% decline [2][7] - Nine-month revenues from off-road vehicles and associated parts decreased by 1.0% year-over-year to $81.5 million [2] - The net loss for Q3 2024 was $4.2 million, compared to a net income of $1.3 million in Q3 2023 [9][20] Operating Expenses - Research and development expenses increased by 148.7% to $2.3 million in Q3 2024, primarily due to a new battery product project [8] - Selling and distribution expenses decreased by 26.0% to $3.1 million, attributed to lower shipping and storage costs [8] - General and administrative expenses rose by 13.7% to $10.7 million, mainly due to higher salaries and professional service fees [8] Strategic Initiatives - The new CEO highlighted a comprehensive growth plan focusing on the all-electric off-road vehicle segment and establishing U.S.-based production lines to enhance market presence [4] - The company aims to expand into smart mobility in China and leverage its expertise in battery swapping technology [4] - Kandi plans to target new markets in Southeast Asia, the Middle East, and Europe while enhancing its competitive product portfolio [4] Share Repurchase - As of September 30, 2024, Kandi had repurchased a total of 1,480,786 common shares at an average price of $2.49 per share [5]