Kandi Technologies Posts Narrower Loss In 2018; Net Revenues Up 9.4%

(RTTNews) - Kandi Technologies Group, Inc. (KNDI) reported a non-GAAP adjusted loss per share of approximately $0.17 for the full year of 2018, compared with a adjusted loss per share of $0.48, prior year. GAAP net loss in 2018 was $5.7 million, compared with net loss of $28.3 million in 2017. The company said the decrease in net loss was primarily attributable to the increased gross profits, the decreased in R&D expenses and the increased government grand the company received in the year.

Total revenues were $112.4 million in 2018, an increase of 9.4% from total revenues of $102.8 million in 2017. EV parts sales increased by 1.8% to $99.1 million in 2018. Off-road vehicles sales increased by 144.8% to $13.3 million. The company said the increase in net revenues was mainly due to an increase in sales of off-road vehicles in 2018.

Gross margin for the full year 2018 increased to 18.0%, compared with 14.0% in 2017. The increase in the gross margin was mainly due to the higher gross margin from off-road vehicle sales of SC Autosports, a result of its effective procurement of inventories at discounted prices, as well as increased gross margin from sales of battery packs, the company said.