Kandi Posts 2025 Revenue Slump, Unveils 2026 'Dual-Engine' Pivot

Overview

• Kandi said full-year 2025 revenue fell 31.5% to $87.4 million as the net loss widened to $95.6 million, or $1.12 per share.
• Leaders cited anti-dumping duties, higher legal expenses, and weaker demand for EVs and recreational vehicles, with the sharpest drop in the China market.
• Even with lower sales, gross margin rose to 42.6% from 30.8%, while operating cash flow reached $96.8 million and year-end cash totaled $211.9 million.
• The 2026 plan focuses on North American off-road electric vehicles, including utility terrain vehicles and golf carts, and builds on the Rawrr acquisition.
• The second track targets battery-swap equipment and intelligent robotics through CATL qualification, a three-year heavy-truck swap station cooperation, and a HawkRobo joint venture that plans a demo by June 2026.