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KNDI Nasdaq· Kandi Technologies Group Inc.
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KNDI Nasdaq· Kandi Technologies Group Inc.
Earnings report Q3 2023

KNDI Reports Strong Revenue Growth in Latest Quarter

Segments of revenue

In the latest quarter, KNDI reported total net revenues of $36.43 million, compared to $33.67 million in the same quarter last year. This represents a year-over-year increase of $2.76 million or 8.2%. The company's revenues from unrelated parties accounted for the entire revenue figure, as there were no revenues from the former affiliate company and related parties.

Strengths

KNDI's strong revenue growth in the latest quarter can be attributed to the increase in sales volume and margin of off-road vehicles and associated parts. This indicates that the company's products are in demand and it has been successful in capturing market share. Management comments were not provided in the report.

Challenges

While KNDI experienced revenue growth in the latest quarter, it is important to note that the increase of $2.76 million represents a relatively modest growth rate of 8.2%. This suggests that the company may face challenges in accelerating its revenue growth and expanding its market presence further.

Noteworthy

It is noteworthy that KNDI's revenue growth in the latest quarter was primarily driven by sales to unrelated parties, as there were no revenues from the former affiliate company and related parties. This indicates a shift in the company's revenue sources and potentially a change in its business strategy.

Summary

KNDI reported strong revenue growth in the latest quarter, with total net revenues increasing by 8.2% compared to the same quarter last year. The increase in revenue can be attributed to the sales volume and margin of off-road vehicles and associated parts. However, the growth rate of 8.2% suggests that the company may face challenges in accelerating its revenue growth further. It is noteworthy that the revenue growth was driven by sales to unrelated parties, indicating a potential shift in the company's revenue sources.

Source documents

Form 10-Q  filed on Nov 08, 2023
56 pages scanned

Reference data

Company financials Q3 revenue 28.4M
Analyst estimates Q3 EPS missed by NaN%
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