Kandi Technologies Group (KNDI) Reports Q1 EPS of $0.07

Kandi Technologies Group (NASDAQ: KNDI) reported Q1 EPS of $0.07. Revenue for the quarter came in at $4.3 million, versus $0 reported last year.

First Quarter Highlights

• Total revenues were $4.3 million for the first quarter of 2017, a decrease of 91.6% from total revenues of $50.7 million for the same period in 2016.
• Electric Vehicle (“EV”) parts sales decreased by 94.2% to $2.7 million for the first quarter of 2017, compared with EV parts sales of $46.2 million for the same period in 2016.
• Off-road vehicles revenues increased by 130.0% to $1.6 million for the first quarter of 2017, compared with off-road vehicle sales of $0.7 million for the same period in 2016.
• GAAP net loss for the first quarter of 2017 was $24.2 million, or a loss of $0.51 per fully diluted share, which was largely due to $20.8 million for research & development, compared with GAAP net income of $0.1 million, or $0.00 in income per fully diluted share for the same period in 2016.
• Non-GAAP adjusted net loss1, which excludes stock award expenses, was $21.7 million in the first quarter of 2017, compared with non-GAAP net income of $3.7 million for the same period in 2016. Non-GAAP adjusted loss per share1 was approximately $0.45 per fully diluted share for the first quarter of 2017, compared with Non-GAAP adjusted earnings per share1 of $0.07 per fully diluted share for the same period in 2016;
• Working capital surplus was $65.3 million as of March 31, 2017. Cash, cash equivalents and restricted cash totaled $16.3 million as of March 31, 2017.

For earnings history and earnings-related data on Kandi Technologies Group (KNDI) click here.

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