Form 6-K Kandi Technologies Group For: Sep 28

 

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.
	●	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.

 

 

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 -

 

 

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

 

 

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

 

 

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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