Kandi Technologies Clocks 56% Revenue Growth In Q1

• Kandi Technologies Group Inc (NASDAQ:KNDI) reported first-quarter FY22 sales growth of 55.8% year-on-year to $24.89 million versus $15.98 million last year.
• Revenue growth was primarily due to higher sales of off-road vehicles and the addition of lithium-ion cell sales.
• EV parts sales fell 42.2% Y/Y to $3.7 million, Off-road vehicle sales jumped by 90.7% to $10.7 million, while Electric Scooters, Electric Self-Balancing Scooters, and associated parts declined 46.2% to $2.1 million.
• Gross profit decreased 45.2% Y/Y to $2.4 million, with the margin contracting 1770 basis points to 9.6%.
• The loss from operations narrowed to $(5.7) million versus $(22.8) million last year.
• The company held $229.2 million in cash and equivalents as of March 31, 2022.
• EPS loss was $(0.02) versus $(0.08) the prior year.
• Price Action: KNDI shares are trading lower by 3.89% at $2.35 on the last check Monday.