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Kandi Technologies
(NASDAQ:KNDI)
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Rating:56Neutral
Price Target:
$0.73
▲(13.44% Upside)
Action:Reiterated
Date:09/30/26
Overall score reflects mixed fundamentals: weak profitability and revenue volatility weigh heavily despite a supportive balance sheet and improved cash generation. Technicals are constructive with price above key averages, but momentum looks stretched (high RSI). Valuation support is limited due to a negative P/E and no dividend, partially offset by a notably upbeat earnings call and guidance around new revenue drivers.
Positive Factors
Revenue and profit recovery
Strong first-half growth, led by off-road vehicles and Rawrr, shows improving product demand and broader commercial reach. The return to operating profitability while expenses remained relatively stable suggests operating leverage that could support earnings if growth continues.
Negative Factors
Volatile revenue and persistent losses
Recent operating history remains unstable despite the latest recovery. Revenue weakness and substantial losses show that improved performance has not yet established a durable earnings base, leaving future results sensitive to product demand, execution, and the pace of business expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and profit recovery
Strong first-half growth, led by off-road vehicles and Rawrr, shows improving product demand and broader commercial reach. The return to operating profitability while expenses remained relatively stable suggests operating leverage that could support earnings if growth continues.
Read all positive factors
Kandi Technologies (KNDI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$82.36M
Dividend YieldN/A
Average Volume (3M)3.42M
Price to Earnings (P/E)―
Beta (1Y)0.80
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees595
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)-1.14
Shares Outstanding100,415,370
10 Day Avg. Volume10,122,184
30 Day Avg. Volume3,418,911
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.24
Price to Sales (P/S)0.75
P/FCF Ratio0.37
Enterprise Value/Market Cap0.05
Enterprise Value/Revenue0.05
Enterprise Value/Gross Profit0.11
Enterprise Value/Ebitda-0.13
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Kandi Technologies Business Overview & Revenue Model
Company Description
Kandi Technologies Group, Inc. is an enterprise focused on the entire lifecycle—from conceptualization and engineering to manufacturing and market distribution—of electric vehicles (EVs) and their crucial components, as well as a diverse range of ...
How the Company Makes Money
Kandi’s revenue model has historically been tied to monetizing electric mobility products and related activities. Key ways the company makes (or has made) money include: (1) selling electric vehicles and/or EV components through its operating enti...
Kandi Technologies Earnings Call Summary
Earnings Call Date:Sep 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 23, 2026
Earnings Call Sentiment Positive
The call was strongly positive, with 57.4% revenue growth, a 452.2% increase in net income, a return to operating profitability, doubled average monthly U.S. dealer sales and commercial progress in battery swapping and AI data center energy solutions. The main challenges were a decline in gross margin, cost of goods sold growing faster than revenue, intense price competition, product and inventory transitions, and the early-stage status of intelligent robotics.Positive Updates
Strong First-Half Revenue Growth
First-half revenue increased 57.4% year-over-year to $57.1 million, mainly due to higher off-road vehicle sales and additional revenue from Rawrr, which Kandi acquired in February 2026.
Negative Updates
Gross Margin Declined
Gross margin was 43.4%, compared with 45.2% in the same period of 2025.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong First-Half Revenue Growth
First-half revenue increased 57.4% year-over-year to $57.1 million, mainly due to higher off-road vehicle sales and additional revenue from Rawrr, which Kandi acquired in February 2026.
Read all positive updates
Company Guidance
The company expects its battery-swapping equipment business to begin generating meaningful revenue in the second half of this year, expects Xinchu New Energy to make meaningful revenue contribution this year, and expects to complete the transition to an all-new Kandi product lineup in the fourth quarter. Rawrr has new product launches planned for 2027, and the company expects a significant upgrade to Kandi's product portfolio, new product launches, and revenue contributions from its emerging businesses to drive stronger growth in 2027.Kandi Technologies Financial Statement Overview
Summary
Income Statement
23
Negative
Balance Sheet
64
Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 87.44M | 127.57M | 123.60M | 117.81M | 91.49M |
| Gross Profit | 37.29M | 39.27M | 41.37M | 19.52M | 16.25M |
| EBITDA | -35.70M | -32.82M | 102.65K | -12.12M | -37.20M |
| Net Income | -93.88M | -50.50M | 7.13K | -12.12M | 22.86M |
Balance Sheet | |||||
| Total Assets | 399.66M | 473.90M | 495.46M | 482.98M | 520.16M |
| Cash, Cash Equivalents and Short-Term Investments | 211.94M | 42.79M | 67.70M | 165.25M | 184.27M |
| Total Debt | 47.23M | 84.86M | 41.53M | 24.69M | 11.36M |
| Total Liabilities | 129.60M | 127.27M | 88.95M | 85.29M | 76.96M |
| Stockholders Equity | 270.06M | 344.70M | 404.12M | 396.97M | 443.20M |
Cash Flow | |||||
| Free Cash Flow | 176.14M | -18.75M | -114.41M | 27.66M | -18.90M |
| Operating Cash Flow | 176.61M | -17.82M | -101.16M | 31.48M | 241.69K |
| Investing Cash Flow | -78.18M | 25.72M | 32.28M | -35.03M | 22.21M |
| Financing Cash Flow | -93.65M | 22.51M | 14.83M | -4.33M | 747.93K |
Kandi Technologies Technical Analysis
Neutral
0.64
Price Trends
0.64
Positive
0.68
Positive
0.79
Negative
Market Momentum
0.04
Negative
53.43
Neutral
53.02
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KNDI, the sentiment is Neutral. The current price of 0.64 is below the 20-day moving average (MA) of 0.64, below the 50-day MA of 0.64, and below the 200-day MA of 0.79, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 53.43 is Neutral, neither overbought nor oversold. The STOCH value of 53.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for KNDI.
Kandi Technologies Risk Analysis
Kandi Technologies disclosed 49 risk factors in its most recent earnings report. Kandi Technologies reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
Your rights as a shareholder of Kandi will change as a result of the Reincorporation and you may not be afforded as many rights as a shareholder of Kandi BVI under applicable laws and the Kandi BVI memorandum and articles of association as you were as a shareholder of Kandi under applicable laws and the Kandi certificate of incorporation and bylaws. Q4, 2023
2.
BVI companies may not be able to initiate shareholder derivative actions, thereby depriving shareholders of the ability to protect their interests. Q4, 2023
3.
Kandi BVI's Amended and Restated Articles of Association provide for the exclusive jurisdiction of the Courts of the British Virgin Islands for substantially all disputes between Kandi BVI and its shareholders, which could limit the shareholders' ability to obtain a favorable judicial forum for disputes with Kandi BVI or its directors, officers, other employees or shareholders. Q4, 2023
Kandi Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | $82.36M | -0.61 | -31.79% | ― | ― | ― | |
49 Neutral | $47.28M | -1.04 | -40.61% | ― | -1.28% | 66.22% | |
47 Neutral | $147.46M | -5.20 | -23.44% | ― | 28.79% | -42.90% | |
44 Neutral | $6.85M | -1.40 | -52.55% | ― | 21.59% | 13.00% | |
41 Neutral | $67.10M | -1.15 | 658.45% | ― | ― | ― | |
39 Underperform | $9.28M | -0.05 | -153.17% | ― | -39.70% | 13.16% |
* Consumer Cyclical Sector Average
KNDI
Kandi Technologies
0.71
-0.57
-44.49%
CENN
Cenntro Electric Group
3.79
-33.58
-89.86%
NIU
Niu Technologies
1.94
-3.62
-65.11%
GGR
Gogoro
3.17
-2.90
-47.79%
LOBO
Lobo EV Technologies Ltd.
0.52
-0.28
-34.83%
SEV
Aptera Motors Corp. Class B
1.58
-4.26
-72.95%
Kandi Technologies Corporate Events
Kandi Technologies Reports Surging H1 2026 Profit on Off-Road Vehicle Growth and Rawrr Acquisition
Sep 28, 2026
Kandi Technologies Group, Inc., a China-based maker of off-road vehicles and related components, reported sharply improved results for the six months ended June 30, 2026, driven largely by higher unit sales and the consolidation of newly acquired ...
Kandi Technologies Details Financial Impact of Rawrr Acquisition in Latest SEC Filing
Sep 25, 2026
On September 25, 2026, Kandi Technologies Group, Inc. filed a Form 6-K furnishing audited financial statements for its acquired subsidiary Rawrr Inc. for the year ended December 31, 2025. The filing also included unaudited pro forma financial stat...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.