$KNDI

Kandi Technologies Group, Inc.

CIK:0001720250|SEC Filings

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
REVENUES, NET	$ 87,439,981	$ 127,569,613	$ 123,599,232
COST OF GOODS SOLD	(50,148,318)	(88,299,242)	(82,229,209)
GROSS PROFIT	37,291,663	39,270,371	41,370,023
OPERATING EXPENSE:
Research and development	(7,621,559)	(4,995,940)	(4,265,176)
Selling and marketing	(16,674,434)	(21,237,864)	(13,335,950)
General and administrative	(54,392,589)	(57,683,262)	(35,381,496)
Impairment of goodwill	(9,716,799)		(496,981)
Impairment of long-lived assets	(6,061,289)	(24,135,226)	(942,591)
TOTAL OPERATING EXPENSE	(94,466,670)	(108,052,292)	(54,422,194)
LOSS FROM OPERATIONS	(57,175,007)	(68,781,921)	(13,052,171)
OTHER INCOME (EXPENSE):
Interest income	8,690,914	10,046,204	9,984,558
Interest expense	(1,886,319)	(2,195,618)	(1,327,341)
Change in fair value of contingent consideration		2,693,000	1,803,000
Government grants	1,873,209	1,620,632	2,017,551
Other (loss) income, net	(43,135,872)	537,966	4,047,074
TOTAL OTHER (EXPENSE) INCOME , NET	(34,458,068)	12,702,184	16,524,842
(LOSS) INCOME BEFORE INCOME TAXES	(91,633,075)	(56,079,737)	3,472,671
INCOME TAX (EXPENSE) BENEFIT	(3,936,867)	5,129,391	(1,802,904)
NET (LOSS) INCOME	(95,569,942)	(50,950,346)	1,669,767
LESS: NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	(1,685,969)	(454,683)	1,662,635
NET (LOSS) INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS	(93,883,973)	(50,495,663)	7,132
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment	12,360,728	(11,127,149)	(8,636,827)
COMPREHENSIVE LOSS	$ (83,209,214)	$ (62,077,495)	$ (6,967,060)
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC (in Shares)	83,611,267	86,317,058	78,781,094
WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED (in Shares)	83,611,267	86,317,058	79,902,891
NET (LOSS) INCOME PER SHARE, BASIC (in Dollars per share)	$ (1.14)	$ (0.59)	$ 0.02
NET (LOSS) INCOME PER SHARE, DILUTED (in Dollars per share)	(1.14)	(0.59)	0.02
NET (LOSS) INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS PER SHARE, BASIC (in Dollars per share)	(1.12)	(0.59)	0
NET (LOSS) INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS PER SHARE, DILUTED (in Dollars per share)	$ (1.12)	$ (0.59)	$ 0

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (95,569,942)	$ (50,950,346)	$ 1,669,767
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Depreciation and amortization	5,701,609	12,021,015	11,913,647
Impairments	15,778,088	45,499,258	1,439,573
Provision of allowance for doubtful accounts	(812,236)	884,134	656,330
Deferred taxes	3,735,568	(6,140,342)	203,236
Loss from long-term Investment	1,486,851	(419,114)	141,389
Loss from disposal of a subsidiary		2,826,213
Change in fair value of contingent consideration		(2,693,000)	(1,803,000)
Stock award and stock-based compensation expense	7,121,078	7,114,524	11,059,801
Changes in operating assets and liabilities:
Accounts receivable	4,855,109	(29,770,703)	10,560,521
Notes receivable	(596,732)	131,350,242	(123,992,862)
Inventories	25,651,304	(11,581,779)	(21,531,323)
Other receivables and other assets	115,160,725	(141,311,335)	5,165,337
Advances to supplier and prepayments and prepaid expenses	(1,557,572)	(1,095,052)	1,491,762
Increase (Decrease) In:
Accounts payable	54,279,618	79,040,317	38,603,301
Other payables and accrued liabilities	41,864,485	3,315,701	(5,062,494)
Notes payable	(79,804,260)	(55,334,895)	(32,629,627)
Income tax payable	(486,351)	(575,250)	954,006
Net cash provided by (used in) operating activities	96,807,342	(17,820,412)	(101,160,636)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment, net	(428,840)	(934,985)	(13,172,512)
Payment for construction in progress	(41,878)		(75,185)
Certificate of deposit	(75,138,798)	27,831,121	45,244,390
Acquisition (Disposal) of NGI		(157,211)	282,135
Long-term Investment	(1,858,990)	(1,015,836)
Net cash (used in) provided by investing activities	(77,468,506)	25,723,089	32,278,828
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term loans	21,371,060	66,203,360	23,420,534
Repayments of short-term loans	(29,508,010)	(37,489,677)	(19,709,663)
Repayments of long-term loans	(5,706,510)	(2,284,081)	(46,426)
Proceeds from long-term loans			8,225,000
Acquisition of non-controlling interests	(709,644)
Purchase of treasury stock		(3,920,356)	(510,745)
Proceeds from exercises stock options, stock awards and other financing			3,449,988
Net cash (used in) provided by financing activities	(14,553,104)	22,509,246	14,828,688
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	4,785,732	30,411,923	(54,053,120)
Effect of exchange rate changes	3,402,331	(3,203,681)	(3,357,083)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR	120,838,310	93,630,068	151,040,271
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	129,026,373	120,838,310	93,630,068
-CASH AND CASH EQUIVALENTS AT END OF PERIOD	35,531,096	37,307,867	33,756,941
-RESTRICTED CASH AT END OF PERIOD	93,495,277	83,530,443	59,873,127
SUPPLEMENTARY CASH FLOW INFORMATION
Income taxes paid	687,649	859,673	311,504
Interest paid	1,648,877	1,737,738	965,025
SUPPLEMENTAL NON-CASH DISCLOSURES:
Ordinary Shares issued for settlement of payables related to acquisitions (see Note 18)			$ 1,812,005

Consolidated Balance Sheets - USD ($)	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS
Cash and cash equivalents	$ 35,531,096	$ 37,307,867
Restricted cash	93,495,277	83,530,443
Certificate of deposit	82,917,554	5,481,329
Accounts receivable (net of allowance for doubtful accounts of $2,991,001 and $3,680,803 as of December 31, 2025 and December 31, 2024, respectively)	22,478,579	26,462,884
Inventories	26,360,506	51,268,075
Notes receivable	183,230	346,202
Other receivables	32,805,705	144,721,398
Prepayments and prepaid expense	2,613,301	4,967,736
Advances to suppliers	4,692,318	562,094
TOTAL CURRENT ASSETS	301,077,566	354,648,028
NON-CURRENT ASSETS
Property, plant and equipment, net	58,604,740	63,503,610
Intangible assets, net	318,263	3,893,128
Land use rights, net	2,613,115	2,586,628
Construction in progress	61,651
Deferred tax assets	2,762,416	6,496,863
Long-term investment	1,856,536	1,413,065
Goodwill	22,491,482	31,182,116
Other long-term assets	9,876,537	10,173,183
TOTAL NON-CURRENT ASSETS	98,584,740	119,248,593
TOTAL ASSETS	399,662,306	473,896,621
CURRENT LIABILITIES
Accounts payable	22,106,022	25,475,725
Other payables and accrued expenses	51,744,834	8,544,046
Short-term loans	30,750,924	37,528,831
Notes payable	16,477,037	41,620,702
Income tax payable	1,103,942	1,430,612
Other current liabilities	6,233,456	5,794,987
TOTAL CURRENT LIABILITIES	128,416,215	120,394,903
NON-CURRENT LIABILITIES
Long-term loans		5,706,510
Deferred taxes liability	857,370	524,903
Other long-term liabilities	328,373	640,839
TOTAL NON-CURRENT LIABILITIES	1,185,743	6,872,252
TOTAL LIABILITIES	129,601,958	127,267,155
STOCKHOLDER’S EQUITY
Ordinary Shares, $0.001 par value; 100,000,000 shares authorized; 84,782,499 and 87,552,800 shares issued and 82,705,365 and 85,475,666 outstanding at December 31,2025 and December 31,2024, respectively	84,782	87,553
Less: Treasury stock (2,077,134 shares with average price of $2.11 at December 31, 2025 and December 31, 2024)	(4,385,882)	(4,385,882)
Additional paid-in capital	470,810,948	463,922,873
Accumulated deficit (the restricted portion is $4,422,033 and $4,422,033 at December 31, 2025 and December 31, 2024, respectively)	(160,712,269)	(66,828,296)
Accumulated other comprehensive loss	(35,736,487)	(48,097,215)
TOTAL KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS’ EQUITY	270,061,092	344,699,033
Non-controlling interests	(744)	1,930,433
TOTAL STOCKHOLDERS’ EQUITY	270,060,348	346,629,466
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 399,662,306	$ 473,896,621