Kandi Technologies Group, Inc.

For the first half of 2025, net revenues were $36.3 million, down 39.3% from $59.8 million in the same period of 2024. Cost of goods sold was $19.9 million, down 51.3% from $40.9 million, and gross profit was $16.4 million versus $19.0 million a year ago. Gross margin improved to 45.2% from 31.7%, while operating expenses declined 21.4% to $18.3 million. R&D rose to $2.5 million from $1.7 million, selling and marketing fell to $4.5 million from $7.0 million, and G&A declined to $11.3 million from $14.6 million. Net income was $1.7 million, compared with $2.4 million, and basic and diluted EPS were $0.02 versus $0.03. Cash, cash equivalents, restricted cash and certificates of deposit totaled $256.7 million at June 30, 2025, up from $126.3 million at December 31, 2024. No next-quarter or full-year financial guidance was provided on the call.

Feng Chen framed the first half as a period of transformation amid a difficult macro backdrop, saying the company was moving from a traditional manufacturer toward a holding platform with intelligent equipment manufacturing at its core. He emphasized refined operations, inventory optimization, disciplined cost control, and a “dual engine strategy” of stable cash-flow businesses plus growth incubation businesses. He also highlighted strategic expansion into embodied intelligence and new energy infrastructure, including work with Deep Robotics and a first order tied to CATL’s heavy-truck battery swapping rollout.

The CFO focused on the financial effect of lower sales and better margin discipline. He said revenue declined 39.3% to $36.3 million, gross margin improved to 45.2% from 31.7%, and operating expenses fell 21.4% to $18.3 million, with the biggest line item changes coming from lower selling and marketing and G&A costs. He also pointed to stronger liquidity, with $256.7 million in cash, cash equivalents, restricted cash and certificates of deposit at June 30, 2025, up from $126.3 million at year-end 2024.

There was no analyst Q&A segment in the transcript, so no additional investor questions or management responses were captured. The main discussion centered on management’s prepared remarks and the reported first-half financial results, along with commentary on channel expansion, product launches, and new business initiatives. Management did not provide formal forward financial targets.