Kandi Technologies Q1 Loss Narrows; Stock Up

(RTTNews) - Kandi Technologies Group Inc. (KNDI) reported that its net loss for the first quarter of 2020 narrowed to $1.6 million or $0.03 per share, from $4.4 million or $0.09 per share in the same period in 2019.

The narrower loss was primarily attributable to the decreased share of the losses of the Affiliate company and increased gain related to changes in the fair value of contingent consideration, offset by the decreased gain from equity dilution in the Affiliate Company and decreased gross profit.

Total revenues decreased 64.7% to $6.4 million from last year's $18.1 million, due to the outbreak of COVID-19 and the lock-down policy in China in the first quarter of 2020, which significantly affected both production and customer demand.

Electric Vehicle parts sales decreased 83.7% to $2.1 million from the prior year.

In Friday pre-market trade, KNDI is trading at $4.00, up $0.43 or 12.04 percent.