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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 September 2026
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, 2026:
Six Months 2026 Financial Focus
| ● | Six-month revenues of $57.1 million increased 57.4% year-over-year. |
| ● | Six-month revenue from off-road vehicles and associated parts increased by 59.4% year-over-year to $54.2 million, compared to $34.0 million in the same period of 2025. |
| ● |
Six-month net income was $9.4 million, or $0.10 per fully diluted share, compared to a net income of $1.7 million, or $0.02 per fully diluted share for the same period of 2025.
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| ● | Solid financial standing with $285.7 million in cash and cash equivalents, restricted cash and certificate of deposit as of June 30, 2026. |
H1 2026 Key Financial Results
Net Revenues and Gross Profit (in USD millions)
| H1 2026 | H1 2025 | Y-o-Y% | ||||||||||
| Net Revenues | $ | 57.1 | $ | 36.3 | 57.4 | % | ||||||
| Gross Profit | $ | 24.8 | $ | 16.4 | 51.5 | % | ||||||
| Gross Margin% | 43.5 | % | 45.2 | % | - | |||||||
| ● | Net revenues in the first half of 2026 were $57.1 million compared to $36.3 million in the same period of 2025, representing an increase of 57.4%, mainly due to an increase in sales of off-road vehicles compared to the prior period, as well as the additional revenue contributed by Rawrr Inc. The Company completed the acquisition of Raw Inc. in February 2026, pursuant to a certain share transfer agreement dated December 5, 2025. |
| ● | Cost of goods sold in the first half of 2026 was $32.3 million compared to $19.9 million in the same period of 2025, representing an increase of 62.3%. The increase was primarily due to the corresponding increase in sales. |
| ● | Gross profit in the first half of 2026 was $24.8 million, compared to $16.4 million in the same period of 2025, representing an increase of 51.5%. The overall gross margin for the first half was 43.5% which is comparable to 45.2% in the same period of 2025. |
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Operating Income (Loss) (in USD millions)
| H1 2026 | H1 2025 | Y-o-Y% | ||||||||||
| Operating Expenses | $ | (19.3 | ) | $ | (18.3 | ) | 5.3 | % | ||||
| Income (Loss) from Operations | $ | 5.5 | $ | (1.9 | ) | -385.9 | % | |||||
| Operating Margin% | 9.7 | % | -5.3 | % | - | |||||||
| ● | Research and development expenses totaled $2.4 million for the first half of 2026, representing a decrease of 3.5% compared to $2.5 million for the same period in 2025, which was comparable. |
| ● | Selling and distribution expenses totaled $5.0 million for the first half of 2026, representing an increase of 10.0% compared to $4.5 million for the same period in 2025. The increase in selling and distribution expenses was in line with the scale of increase in revenue. |
| ● | General and administrative expenses totaled $11.9 million for the first half of 2026, representing an increase of 5.4% compared to $11.3 million for the same period in 2025, which was comparable. |
Net Income (in USD millions)
| H1 2026 | H1 2025 | Y-o-Y% | ||||||||||
| Net Income | $ | 9.4 | $ | 1.7 | 452.2 | % | ||||||
| Net Income per Share, Basic and Diluted | $ | 0.10 | $ | 0.02 | - | |||||||
| Net Income attributable to Kandi | $ | 9.3 | $ | 1.7 | 442.3 | % | ||||||
| Net Income attributable to Kandi per Share, Basic and Diluted | $ | 0.10 | $ | 0.02 | - | |||||||
Net income was $9.4 million for the first half of 2026, representing an increase of 452.2% compared to $1.7 million for the same period in 2025. The increase was mainly due to the increase in net revenue as well as gross profit in the current period, while the operating expenses remained at a similar level compared to the same period in 2025.
Balance Sheet (in USD millions)
| ● | Working capital was $189.5 million as of June 30, 2026. |
- Tables Below -
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KANDI TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(All amounts in thousands)
| June 30, 2026 |
December 31, 2025 |
|||||||
| (Unaudited) | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 14,641 | $ | 35,531 | ||||
| Restricted cash | 62,065 | 93,495 | ||||||
| Short term investment | 100 | - | ||||||
| Certificate of deposit | 208,999 | 82,918 | ||||||
| Accounts receivable | 13,280 | 22,479 | ||||||
| Inventories | 28,021 | 26,361 | ||||||
| Notes receivable | 117 | 183 | ||||||
| Other receivables | 4,927 | 32,806 | ||||||
| Prepayments and prepaid expense | 4,159 | 2,613 | ||||||
| Advances to suppliers | 3,743 | 4,692 | ||||||
| TOTAL CURRENT ASSETS | 340,052 | 301,078 | ||||||
| NON-CURRENT ASSETS | ||||||||
| Property, plant and equipment, net | 58,538 | 58,605 | ||||||
| Intangible assets, net | 8,594 | 318 | ||||||
| Land use rights, net | 2,647 | 2,613 | ||||||
| Construction in progress | 133 | 62 | ||||||
| Deferred tax assets | 2,778 | 2,762 | ||||||
| Long-term investment | 1,086 | 1,857 | ||||||
| Goodwill | 35,946 | 22,491 | ||||||
| Other long-term assets | 11,656 | 9,877 | ||||||
| TOTAL NON-CURRENT ASSETS | 121,378 | 98,585 | ||||||
| TOTAL ASSETS | $ | 461,430 | $ | 399,663 | ||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 22,588 | $ | 22,106 | ||||
| Other payables and accrued expenses | 49,356 |
51,745 | ||||||
| Short-term loans | 43,322 | 30,751 | ||||||
| Notes payable | 26,952 | 16,477 | ||||||
| Income tax payable | 753 | 1,104 | ||||||
| Other current liabilities | 7,603 |
6,233 | ||||||
| TOTAL CURRENT LIABILITIES | 150,574 | 128,416 | ||||||
| NON-CURRENT LIABILITIES | ||||||||
| Deferred taxes liability | 2,815 | 857 | ||||||
| Other long-term liabilities | 328 | 328 | ||||||
| TOTAL NON-CURRENT LIABILITIES | 3,143 | 1,185 | ||||||
| TOTAL LIABILITIES | 153,717 | 129,601 | ||||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Kandi Technologies Group, Inc. shareholders’ equity | 307,702 | 270,063 | ||||||
| Non-controlling interests | 11 | (1 | ) | |||||
| TOTAL SHAREHOLDERS’ EQUITY | 307,713 | 270,062 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 461,430 | $ | 399,663 | ||||
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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, 2026 |
June 30, 2025 |
|||||||
| REVENUES, NET | $ | 57,117 | $ | 36,291 | ||||
| COST OF GOODS SOLD | (32,298 | ) | (19,904 | ) | ||||
| GROSS PROFIT | 24,819 | 16,387 | ||||||
| OPERATING EXPENSE: | ||||||||
| Research and development | (2,417 | ) | (2,504 | ) | ||||
| Selling and marketing | (4,955 | ) | (4,505 | ) | ||||
| General and administrative | (11,922 | ) | (11,310 | ) | ||||
| TOTAL OPERATING EXPENSE | (19,294 | ) | (18,319 | ) | ||||
| INCOME (LOSS) FROM OPERATIONS | 5,525 | (1,932 | ) | |||||
| OTHER INCOME (EXPENSE): | ||||||||
| Interest income | 3,597 | 4,334 | ||||||
| Interest expense | (679 | ) | (1,100 | ) | ||||
| Government grants | 322 | 1,099 | ||||||
| Other income (loss), net | 326 | (853 | ) | |||||
| TOTAL OTHER INCOME , NET | 3,566 | 3,480 | ||||||
| INCOME BEFORE INCOME TAXES | 9,091 | 1,548 | ||||||
| INCOME TAX BENEFIT | 269 | 147 | ||||||
| NET INCOME | 9,360 | 1,695 | ||||||
| LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 11 | (29 | ) | |||||
| NET INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. SHAREHOLDERS | 9,349 | 1,724 | ||||||
| OTHER COMPREHENSIVE INCOME | ||||||||
| Foreign currency translation adjustment | 8,607 | 6,148 | ||||||
| COMPREHENSIVE INCOME | $ | 17,967 | $ | 7,843 | ||||
| WEIGHTED AVERAGE SHARES OUTSTANDING BASIC | 96,905,807 | 84,805,991 | ||||||
| WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED | 96,905,807 | 84,805,991 | ||||||
| NET INCOME PER SHARE, BASIC | $ | 0.10 | $ | 0.02 | ||||
| NET INCOME PER SHARE, DILUTED | $ | 0.10 | $ | 0.02 | ||||
| NET INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. SHAREHOLDERS PER SHARE, BASIC | $ | 0.10 | $ | 0.02 | ||||
| NET INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. SHAREHOLDERS PER SHARE, DILUTED | $ | 0.10 | $ | 0.02 | ||||
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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: September 28, 2026 | Kandi Technologies Group, Inc. | |
| By: | /s/ Feng Chen | |
| Name: | Feng Chen | |
| Title: | Chief Executive Officer | |
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