Kandi Technologies H1 2025 Revenue Drops 39% Gross Margin Rises

Kandi Technologies Group reported a 39.3% decline in net revenue to $36.3 million for the first half of 2025 compared to the same period in 2024, primarily due to decreased sales of off-road vehicles and EV products. Despite the revenue drop, the company's gross margin improved significantly to 45.2%, up from 31.7% the previous year, driven by a favorable product mix and operational efficiencies. Net income declined to $1.7 million, or $0.02 per share, from $2.4 million, impacted by reduced revenues and losses in long-term investments. Kandi maintained a strong cash position of $256.7 million as of June 30, 2025, more than double from the end of 2024, supporting its strategic investments. The company is focusing on growth initiatives such as a partnership with Deep Robotics for intelligent robots and expansion into battery swapping infrastructure through its subsidiary's deal with CATL. Operating expenses were lowered by 21.4%, and operating losses were reduced by 55.6%, highlighting improved cost management amid challenging market conditions.