Kandi’s 2025 Revenues Drop 31.5% While Gross Margin Rises to 42.6%
Kandi’s full-year 2025 net revenues fell 31.5% to $87.4M while gross margin expanded 11.8 percentage points to 42.6%, resulting in a net loss of $95.6M. It held $211.9M in cash and secured a CATL battery-swap station supply deal, plus formed a KH Robotics venture for autonomous security robots.
1. Full-Year 2025 Financial Performance
Kandi reported net revenues of $87.4 million for 2025, down 31.5% from the prior year, driven by reduced EV demand in China and weaker golf cart sales. Gross margin rose to 42.6% from 30.8% through inventory reserve reversals, while net loss widened to $95.6 million from $51.0 million due to higher duty and litigation expenses.
2. Cash Position and Operating Cash Flow
The company ended 2025 with $211.9 million in cash, restricted cash, and time deposits, up from $126.3 million a year earlier. Strong operational execution generated $96.8 million in net cash from operating activities, reversing a $17.8 million cash usage in 2024 and bolstering liquidity for strategic investments.
3. Strategic Partnerships and Joint Ventures
Kandi’s subsidiary China Battery Exchange signed a three-year supply agreement with a CATL unit to provide heavy-truck battery swap station equipment under the Ten Thousand Station Plan. Separately, Kandi and HawkRobo Systems formed the KH Robotics joint venture to deploy autonomous quadruped security robots in North American logistics parks during 2026.