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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of August 2025
Commission File Number: 333-259881
KANDI TECHNOLOGIES GROUP, INC
(Translation of registrant’s name into English)
Jinhua New Energy Vehicle Town
Jinhua, Zhejiang Province
People’s Republic of China, 321016
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Kandi Technologies Group, Inc., a British Virgin Islands company (the “Company”) furnishes under the cover of Form 6-K its financial results for the six months ended June 30, 2025:
Six Months 2025 Financial Focus
| ● | Six-month revenues of $36.3 million slipped 39.3% year-over-year. |
| ● | Six-month revenue from off-road vehicles and associated parts decreased by 37.0% year-over-year to $34.0 million, compared to $54.0 million in the same period of 2024. |
| ● | Six-month net income was $1.7 million, or $0.02 income per fully diluted share, compared to a net income of $2.4 million, or $0.03 income per fully diluted share for the same period of 2024. |
| ● | Solid financial standing with $257 million in cash and cash equivalents, restricted cash and certificate of deposit as of June 30, 2025. |
H1 2025 Key Financial Results
Net Revenues and Gross Profit (in USD millions)
| H1 2025 | H1 2024 | Y-o-Y% | ||||||||||
| Net Revenues | $ | 36.3 | $ | 59.8 | -39.3 | % | ||||||
| Gross Profit | $ | 16.4 | $ | 19.0 | -13.6 | % | ||||||
| Gross Margin% | 45.2 | % | 31.7 | % | - | |||||||
| ● | Net revenues in the first half of 2025 were $36.3 million compared to $59.8 million in the same period of 2024, representing a decrease of 39.3%, mainly due to a decrease in sales of off-road vehicles and EV products compared to the prior period. |
| ● | Cost of goods sold in the first half of 2025 was $19.9 million compared to $40.9 million in the same period of 2024, representing a decrease of 51.3%. The decrease was primarily due to the corresponding decrease in sales. |
| ● | Gross profit in the first half of 2025 was $16.4 million, compared to $19.0 million in the same period of 2024, representing a decrease of 13.6%. The overall gross margin for the first half was 45.2%, compared to 31.7% in the same period of 2024, reflecting the impact of the product mix and the regional revenue shift, as well as larger sales of impaired inventory compared to prior year which generated a larger margin. |
Operating Loss (in USD millions)
| H1 2025 | H1 2024 | Y-o-Y% | ||||||||||
| Operating Expenses | $ | (18.3 | ) | $ | (23.3 | ) | -21.4 | % | ||||
| Loss from Operations | $ | (1.9 | ) | $ | (4.4 | ) | -55.6 | % | ||||
| Operating Margin% | -5.3 | % | -7.3 | % | - | |||||||
| ● | Research and development expenses totaled $2.5 million for the first half of 2025, representing an increase of 48.5% compared to $1.7 million for the same period in 2024. The increase was mainly due to a research and development project for battery products conducted in the current period. |
| ● | Selling and distribution expenses totaled $4.5 million for the first half of 2025, representing a decrease of 35.8% compared to $7.0 million for the same period in 2024. The decrease in selling and distribution expenses was in line with the scale of decease in revenue. |
| ● | General and administrative expenses totaled $11.3 million for the first half of 2025, representing a decrease of 22.6% compared to $14.6 million for the same period in 2024. The decrease was mainly due to reduced depreciation expenses in the current period, driven by a one-time asset impairment recorded at the end of 2024, as well as reduced stock compensation expenses incurred in current period compared to prior period. |
Net Income (in USD millions)
| H1 2025 | H1 2024 | Y-o-Y% | ||||||||||
| Net Income | $ | 1.7 | $ | 2.4 | -28.7 | % | ||||||
| Net Income per Share, Basic and Diluted | $ | 0.02 | $ | 0.03 | - | |||||||
| Net Income attributable to Kandi | $ | 1.7 | $ | 2.3 | -25.5 | % | ||||||
| Net Income attributable to Kandi per Share, Basic and Diluted | $ | 0.02 | $ | 0.03 | - | |||||||
Net income was $1.7 million for the first half of 2025, representing a decrease of 28.7% compared to $2.4 million for the same period in 2024. The decrease was mainly due to the decrease in net revenue, as well as loss from long-term investment incurred during the current period.
Balance Sheet (in USD millions)
| ● | Working capital was $237.8 million as of June 30, 2025. |
- Tables Below -
KANDI TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(All amounts in thousands)
| June 30, 2025 |
December 31, 2024 |
|||||||
| (Unaudited) | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 32,247 | $ | 37,308 | ||||
| Restricted cash | 71,040 | 83,530 | ||||||
| Certificate of deposit | 153,486 | 5,481 | ||||||
| Accounts receivable | 10,815 | 26,463 | ||||||
| Inventories | 45,216 | 51,268 | ||||||
| Notes receivable | - | 346 | ||||||
| Other receivables | 6,160 | 144,721 | ||||||
| Prepayments and prepaid expense | 4,500 | 4,968 | ||||||
| Advances to suppliers | 741 | 562 | ||||||
| TOTAL CURRENT ASSETS | 324,205 | 354,647 | ||||||
| NON-CURRENT ASSETS | ||||||||
| Property, plant and equipment, net | 62,381 | 63,504 | ||||||
| Intangible assets, net | 3,285 | 3,893 | ||||||
| Land use rights, net | 2,592 | 2,587 | ||||||
| Deferred tax assets | 6,492 | 6,497 | ||||||
| Long-term investment | 1,956 | 1,413 | ||||||
| Goodwill | 31,649 | 31,182 | ||||||
| Other long-term assets | 10,787 | 10,173 | ||||||
| TOTAL NON-CURRENT ASSETS | 119,142 | 119,249 | ||||||
| TOTAL ASSETS | $ | 443,347 | $ | 473,896 | ||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 14,388 | $ | 25,476 | ||||
| Other payables and accrued expenses | 5,051 | 8,544 | ||||||
| Short-term loans | 37,385 | 37,529 | ||||||
| Notes payable | 23,536 | 41,621 | ||||||
| Income tax payable | 709 | 1,431 | ||||||
| Advance receipts | 109 | - | ||||||
| Other current liabilities | 5,217 | 5,795 | ||||||
| TOTAL CURRENT LIABILITIES | 86,395 | 120,396 | ||||||
| NON-CURRENT LIABILITIES | ||||||||
| Long-term loans | - | 5,707 | ||||||
| Deferred taxes liability | 547 | 525 | ||||||
| Other long-term liabilities | 453 | 641 | ||||||
| TOTAL NON-CURRENT LIABILITIES | 1,000 | 6,873 | ||||||
| TOTAL LIABILITIES | 87,395 | 127,269 | ||||||
| STOCKHOLDER'S EQUITY | ||||||||
| Kandi technologies group, inc. stockholders' equity | 354,050 | 344,697 | ||||||
| Non-controlling interests | 1,902 | 1,930 | ||||||
| TOTAL STOCKHOLDERS' EQUITY | 355,952 | 346,627 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 443,347 | $ | 473,896 | ||||
KANDI TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
(All amounts in thousands, except for share and per share data)
| Six Months Ended | ||||||||
| June 30, 2025 |
June 30, 2024 |
|||||||
| REVENUES, NET | $ | 36,291 | $ | 59,825 | ||||
| COST OF GOODS SOLD | (19,904 | ) | (40,858 | ) | ||||
| GROSS PROFIT | 16,387 | 18,967 | ||||||
| OPERATING EXPENSE: | ||||||||
| Research and development | (2,504 | ) | (1,685 | ) | ||||
| Selling and marketing | (4,505 | ) | (7,023 | ) | ||||
| General and administrative | (11,310 | ) | (14,612 | ) | ||||
| TOTAL OPERATING EXPENSE | (18,319 | ) | (23,320 | ) | ||||
| LOSS FROM OPERATIONS | (1,932 | ) | (4,353 | ) | ||||
| OTHER INCOME (EXPENSE): | ||||||||
| Interest income | 4,334 | 3,633 | ||||||
| Interest expense | (1,100 | ) | (965 | ) | ||||
| Change in fair value of contingent consideration | - | 936 | ||||||
| Government grants | 1,099 | 1,051 | ||||||
| Other (loss) income, net | (853 | ) | 2,525 | |||||
| TOTAL OTHER INCOME, NET | 3,480 | 7,180 | ||||||
| INCOME BEFORE INCOME TAXES | 1,548 | 2,827 | ||||||
| INCOME TAX BENEFIT (EXPENSE) | 147 | (449 | ) | |||||
| NET INCOME | 1,695 | 2,378 | ||||||
| LESS: NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | (29 | ) | 63 | |||||
| NET INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS | 1,724 | 2,315 | ||||||
| OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||
| Foreign currency translation adjustment | 6,148 | (9,823 | ) | |||||
| COMPREHENSIVE INCOME (LOSS) | $ | 7,843 | $ | (7,445 | ) | |||
| WEIGHTED AVERAGE SHARES OUTSTANDING BASIC | 84,805,991 | 86,663,100 | ||||||
| WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED | 84,805,991 | 87,097,274 | ||||||
| NET INCOME PER SHARE, BASIC | $ | 0.02 | $ | 0.03 | ||||
| NET INCOME PER SHARE, DILUTED | $ | 0.02 | $ | 0.03 | ||||
| NET INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS PER SHARE, BASIC | $ | 0.02 | $ | 0.03 | ||||
| NET INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS PER SHARE, DILUTED | $ | 0.02 | $ | 0.03 | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: August 19, 2025 | Kandi Technologies Group, Inc. | |
| By: | /s/ Feng Chen | |
| Name: | Feng Chen | |
| Title: | Chief Executive Officer | |