Kandi Technologies Group, Inc. (KNDI) Income Statement
KNDI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsKNDI revenue and net income
Where KNDI's revenue goes
2025Each bar shows an amount and its share of revenue. KNDI kept −107.4% of revenue as net income.
KNDI profit margins
KNDI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −31.5% | −9.5% | +2.6% | −8.0% |
| Gross profit | −5.0% | +24.1% | +22.6% | +2.8% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
KNDI quarterly EPS vs estimates
Kandi Technologies beat the analyst EPS estimate in 1 of the last 1 quarters.
KNDI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $87.4M | $127.6M | $123.6M | $117.8M | $91.5M | $76.9M | $135.7M | $112.4M | $102.8M | $129.5M |
| Cost of revenue | $50.1M | $88.3M | $82.2M | $98.3M | $75.2M | $63.4M | $110.3M | $92.2M | $88.5M | $111.8M |
| Gross profit | $37.3M | $39.3M | $41.4M | $19.5M | $16.2M | $13.5M | $25.4M | $20.2M | $14.3M | $17.7M |
| Research & development | $7.6M | $5.0M | $4.3M | $6.0M | $39.0M | $7.2M | $6.2M | $10.1M | $27.6M | $26.5M |
| Sales, general & admin | $71.1M | $78.9M | $48.7M | $37.8M | $19.6M | $13.0M | $18.3M | $11.8M | $12.8M | $22.2M |
| Total operating expenses | $78.7M | $108.1M | $54.4M | $47.2M | $14.9M | $12.7M | $24.5M | $21.9M | $40.4M | $48.7M |
| Operating income | −$41.4M | −$68.8M | −$13.1M | −$27.7M | $1.3M | $754,396 | $909,536 | −$1.6M | −$26.1M | −$31.0M |
| Interest income | $8.7M | $10.0M | $7.7M | $6.4M | $4.2M | $2.2M | $791,888 | $1.3M | $2.3M | $3.0M |
| Interest expense | $1.9M | $2.2M | $1.3M | $707,488 | $407,620 | $3.8M | $4.8M | $1.9M | $2.3M | $1.8M |
| Income before taxes | −$91.6M | −$56.1M | $3.5M | −$13.3M | $29.2M | −$15.4M | −$7.9M | $2.1M | −$31.6M | −$5.8M |
| Income taxes | $3.9M | −$5.1M | $1.8M | −$487,510 | $6.3M | −$5.0M | $692,259 | $7.8M | $3.3M | $681,546 |
| Net income | −$93.9M | −$50.5M | $7,132 | −$12.1M | $22.9M | −$10.4M | −$7.2M | −$5.7M | −$28.3M | −$6.5M |
| EBITDA | −$35.7M | −$32.6M | $301,048 | −$11.9M | −$37.0M | −$5.2M | $9.1M | $2.7M | −$21.3M | −$26.2M |
| EPS (diluted) | −$11.39 | −$5.87 | $0.03 | −$0.15 | −$0.22 | −$0.27 | −$0.14 | −$0.26 | −$0.60 | −$0.14 |
| Gross margin | 42.6% | 30.8% | 33.5% | 16.6% | 17.8% | 17.5% | 18.7% | 18.0% | 14.0% | 13.7% |
| Operating margin | −47.3% | −53.9% | −10.6% | −23.5% | 1.5% | 1.0% | 0.7% | −1.5% | −25.4% | −24.0% |
| Net margin | −107.4% | −39.6% | 0.0% | −10.3% | 25.0% | −13.5% | −5.3% | −5.1% | −27.6% | −5.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $28.6M | $28.6M | $25.6M | $25.6M | $18.1M | $18.1M | $37.8M | $29.9M | $39.1M | $20.7M | $29.9M | $36.4M |
| Cost of revenue | $16.1M | $16.1M | $15.1M | $15.1M | $10.0M | $10.0M | $26.9M | $20.6M | $27.3M | $13.6M | $20.4M | $25.5M |
| Gross profit | $12.4M | $12.4M | $10.5M | $10.5M | $8.2M | $8.2M | $10.9M | $9.4M | $11.8M | $7.1M | $9.5M | $10.9M |
| Research & development | $1.2M | $1.2M | $2.6M | $2.6M | $1.3M | $1.3M | $1.0M | $2.3M | $783,000 | $842,500 | $842,500 | $917,893 |
| Sales, general & admin | $8.4M | $8.4M | $27.6M | $27.6M | $7.9M | $7.9M | $43.5M | $13.8M | $12.3M | $7.3M | $10.8M | $13.6M |
| Total operating expenses | $9.6M | $9.6M | $38.1M | $38.1M | $9.2M | $9.2M | $68.6M | $16.1M | $13.1M | $10.2M | $11.7M | $14.5M |
| Operating income | $2.8M | $2.8M | −$27.6M | −$27.6M | −$966,000 | −$966,000 | −$57.7M | −$6.7M | −$1.3M | −$3.1M | −$2.2M | −$3.6M |
| Interest income | — | — | — | — | — | — | $3.5M | $2.9M | $1.6M | — | $4.0M | $1.9M |
| Interest expense | — | — | — | — | — | — | $577,618 | $653,000 | $512,000 | — | $453,000 | $355,000 |
| Income before taxes | $4.5M | $4.5M | −$46.6M | −$46.6M | $774,000 | $774,000 | −$55.3M | −$3.6M | $1.9M | — | $1.4M | $1.3M |
| Income taxes | $134,500 | $134,500 | $2.0M | $2.0M | −$73,500 | −$73,500 | −$6.2M | $593,000 | $311,000 | — | $224,500 | −$12,007 |
| Net income | $4.7M | $4.7M | −$47.8M | −$47.8M | $862,000 | $862,000 | −$48.7M | −$4.1M | $1.7M | $1.2M | $1.2M | $868,902 |
| EBITDA | $4.1M | $4.1M | −$18.4M | −$16.8M | $2.0M | $2.0M | −$30.6M | −$3.8M | $1.7M | −$3.1M | $752,312 | −$701,473 |
| EPS (diluted) | — | — | — | — | $0.02 | −$0.56 | — | −$0.05 | $0.02 | $0.01 | −$0.05 | $0.02 |
| Gross margin | 43.5% | 43.5% | 40.9% | 40.9% | 45.2% | 45.2% | 28.9% | 31.3% | 30.3% | 34.3% | 31.7% | 30.0% |
| Operating margin | 9.7% | 9.7% | −108.0% | −108.0% | −5.3% | −5.3% | −152.6% | −22.5% | −3.2% | −15.0% | −7.3% | −9.8% |
| Net margin | 16.4% | 16.4% | −186.9% | −186.9% | 4.8% | 4.8% | −128.8% | −13.7% | 4.3% | 5.6% | 3.9% | 2.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in KNDI's financial statements (latest annual report filed December 31, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
KNDI financial results
In fiscal year 2025 (ended December 31, 2025), Kandi Technologies reported revenue of $87.4 million, down 31.5% from the year before. It had a net loss of $93.9 million, a net profit margin of −107.4%. Diluted earnings per share came to −$11.39. Over five years revenue grew at an average rate of 2.6% a year.
See the KNDI stock overview for the latest quote and news, or the KNDI chart for price history and technical indicators.
KNDI income statement FAQ
What is Kandi Technologies's annual revenue?
Kandi Technologies reported total revenue of $87.4 million for fiscal year 2025, which ended on December 31, 2025. That was down 31.5% from $127.6 million the previous year.
Is Kandi Technologies profitable?
No. Kandi Technologies reported a net loss of $93.9 million in fiscal 2025, a net profit margin of −107.4%; its operating margin was −47.3%.
What is Kandi Technologies's gross margin?
Kandi Technologies's gross margin was 42.6% in fiscal 2025: for every $100 of revenue, Kandi Technologies kept $43 after the direct cost of its products and services.
How much does Kandi Technologies spend on research and development?
Kandi Technologies spent $7.6 million on research and development in fiscal 2025, 8.7% of revenue.
How fast is Kandi Technologies growing?
Revenue grew 2.6% a year on average over the last five fiscal years, from $76.9 million to $87.4 million.
What are Kandi Technologies's earnings per share?
Kandi Technologies earned $-11.39 per diluted share in fiscal 2025, compared with $-5.87 a year earlier.
When does Kandi Technologies's fiscal year end?
Kandi Technologies's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on December 31, 2025.