Kandi Technologies Group reported first-half 2026 revenue of $57.1 million, up 57.4% year over year, while net income increased 452.2% to $9.4 million from $1.7 million.
Revenue from off-road vehicles and associated parts increased 59.4% to $54.2 million from $34 million, reflecting stronger sales and contributions from Rawrr, the premium U.S. electric off-road motorcycle brand Kandi acquired in February. Kandi Technologies Reports Firs…
Gross profit increased to $24.8 million from $16.4 million, although gross margin declined to 43.5% from 45.2%.
Operating expenses increased only 5.3% to $19.3 million despite the much faster revenue growth. That operating leverage helped Kandi generate $5.5 million of operating income, compared with a $1.9 million operating loss in the first half of 2025.
Basic and diluted net income attributable to Kandi shareholders reached $0.10 per share, compared with $0.02 a year earlier.
Kandi ended June with $285.7 million in cash and cash equivalents, restricted cash, and certificates of deposit, up from $211.9 million at the end of 2025. Working capital stood at $189.5 million.
The company has also been expanding beyond its core off-road vehicle business.
In June, Kandi agreed to acquire a 51% controlling interest in Hangzhou Xinchu New Energy Technology for RMB 20 million, approximately $2.9 million, giving the company exposure to backup power and energy storage systems for AI data centers, telecom infrastructure, and high-density GPU computing environments. The deal closed during the third quarter. Kandi Technologies Reports Firs…
Kandi is also building its battery-swapping business.
Its China Battery Exchange subsidiary received an order from CATL’s QIJI Energy for 18 heavy-truck battery swap stations, representing the first order under a three-year cooperation agreement established in January.
China Battery Exchange has also begun production at a new manufacturing facility in Lin’an, Zhejiang Province, which is expected to have annual production capacity of up to 200 heavy-duty truck battery swap stations.
Another expansion initiative involves Kandi Electric Vehicles (Hainan), which entered a five-year exclusive agreement with Zhejiang Greentown Community Business Group to deploy electric sightseeing and low-speed vehicles across residential communities in China.
Kandi said its longer-term strategy combines its established intelligent vehicle business with battery-swapping equipment and intelligent robotics as additional growth engines.
KEY QUOTES:
“In the first half of 2026, Kandi delivered strong revenue growth and returned to operating profitability, reflecting improved operating leverage. Our North American off-road electric vehicle business was a key contributor to this growth, supported by increased sales momentum and the additional revenue contribution from Rawrr. We will continue to build on this progress by broadening our channel network, upgrading our product portfolio and deepening Rawrr’s integration to reinforce our competitive position.
Beyond our core business, we are leveraging our technology and manufacturing expertise to pursue opportunities in energy and intelligent equipment. Our battery-swapping equipment business is gaining commercial traction and our expansion into AI data center backup power and energy storage is opening new markets. Our current priority is on fulfilling customer orders, building customer relationships, and validating solutions in real-world applications. We will continue to tailor these efforts to each initiative’s stage of development as we build a more diversified revenue base.
Looking beyond 2026, we expect upgrades to Kandi’s product lineup, new Rawrr product launches and contributions from emerging businesses to support continued growth. Backed by a solid financial position, we intend to pursue these initiatives with a disciplined approach to capital allocation, aligning investment with commercial progress to optimize capital efficiency, propel sustainable growth and create long-term shareholder value.”
Feng Chen, CEO Of Kandi Technologies
