Kandi Technologies (KNDI) AI Stock Analysis

• Market Cap: $87.28M
• Dividend Yield: N/A
• Average Volume (3M): 172.71K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.42
• Revenue Growth: 3.21%
• EPS Growth: -6985.88%
• Country: US
• Employees: 840
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Parts
• EPS (TTM): N/A
• Shares Outstanding: 85,985,664
• 10 Day Avg. Volume: 308,571
• 30 Day Avg. Volume: 172,707
• PEG Ratio: <0.01
• Price to Book (P/B): 0.29
• Price to Sales (P/S): 0.77
• P/FCF Ratio: -5.26
• Enterprise Value/Market Cap: 1.04
• Enterprise Value/Revenue: 0.87
• Enterprise Value/Gross Profit: 2.48
• Enterprise Value/Ebitda: -2.99
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: $1.00 ▲(6.38% Upside)
• Action: Reiterated Date: 01/27/26
• Date: Action: Reiterated 01/27/26

The score is held down primarily by weak financial performance (ongoing losses and negative operating/free cash flow). Technicals are a relative positive with the stock trading above key moving averages and a positive MACD, but valuation remains challenged because the company is unprofitable (negative P/E).

Positive Factors

Low leverage

A low debt-to-equity ratio provides durable financial flexibility, lowering interest burden and supporting capital allocation for EV development and battery infrastructure. This balance-sheet cushion helps the company withstand operating losses and fund strategic initiatives over months.

Battery-swap recurring revenue

A subscription-based battery-swap model creates predictable, recurring cash inflows distinct from one-time vehicle sales. Over the medium term this improves revenue visibility, increases customer lock-in for fleets/urban mobility, and monetizes battery lifecycle beyond unit sales.

Strategic acquisition (Rawrr Inc.)

The Rawrr acquisition (share-transfer, $23.9M, Dec 2025) is a structural expansion that can broaden capabilities and revenue streams. Paying in shares preserves cash while integrating complementary assets, potentially accelerating product/service scale and geographic or operational reach.

Negative Factors

Persistent unprofitability

Sustained negative profitability and falling EBIT/EBITDA margins limit internal reinvestment and shareholder value creation. Without a durable margin turnaround or significant revenue acceleration, the company will remain dependent on external funding and face ongoing returns pressure.

Negative operating and free cash flow

Negative operating and free cash flows indicate the core business currently does not generate surplus cash, constraining organic investment in production, R&D, or battery infrastructure. This increases reliance on financing and raises liquidity risk if external support or capital access tightens.

Declining margins & inconsistent growth

Sluggish, inconsistent revenue growth combined with shrinking gross and operating margins signals difficulty scaling profitably. Structural cost-efficiency challenges and margin erosion reduce resilience to competitive pricing or input-cost shocks, limiting durable improvement in profitability.

Kandi Technologies Business Overview & Revenue Model

Company Description

Kandi Technologies (KNDI) is a Chinese electric vehicle manufacturer focused on producing affordable, environmentally friendly transportation solutions. The company operates primarily in the electric vehicle sector, offering a range of products that include electric cars, electric vehicle parts, and battery swap technology. Kandi aims to capitalize on the growing demand for electric vehicles both in China and internationally, leveraging its innovative designs and commitment to sustainability.

How the Company Makes Money

Kandi Technologies generates revenue primarily through the sale of electric vehicles and related components. Its core revenue streams include the direct sale of electric cars to consumers and fleet operators, as well as revenue from the sale of electric vehicle parts and batteries. Additionally, Kandi has developed a battery swap program, which provides a recurring revenue model through subscription fees and service contracts. The company has also engaged in partnerships with local governments and other organizations to promote electric vehicle usage, contributing to its earnings through incentives and subsidies aimed at boosting electric mobility. These strategic partnerships enhance Kandi's market presence and expand its customer base, further supporting its revenue generation efforts.

Kandi Technologies Financial Statement Overview

Summary

Income statement and cash flow are weak: profitability remains negative with declining EBIT/EBITDA margins, and operating/free cash flow are negative. The balance sheet is comparatively better with low leverage (debt-to-equity 0.25), but negative ROE and declining assets limit the benefit.

Income Statement

Kandi Technologies has experienced inconsistent revenue growth, with a 3.2% increase in 2024. However, the company struggles with profitability, as indicated by a negative net profit margin and declining EBIT and EBITDA margins. The gross profit margin has slightly decreased over the years, reflecting challenges in maintaining cost efficiency.

Balance Sheet

The company maintains a relatively low debt-to-equity ratio of 0.25, indicating conservative leverage. However, the return on equity is negative due to consistent net losses, impacting shareholder value. The equity ratio is stable, suggesting a solid asset base, albeit with declining total assets over time.

Cash Flow

Kandi Technologies demonstrates a volatile cash flow situation. The operating cash flow remains negative, reflecting challenges in generating cash from operations. Free cash flow is also negative, indicating potential liquidity concerns. Despite this, the company has managed to maintain positive investing and financing cash flows.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	104.04M	127.57M	123.60M	117.81M	91.49M	76.92M
Gross Profit	36.69M	39.27M	41.37M	19.52M	16.25M	13.49M
EBITDA	-30.43M	-32.82M	102.65K	-12.12M	-37.20M	-5.28M
Net Income	-51.09M	-50.50M	7.13K	-12.12M	22.86M	-10.39M
Balance Sheet
Total Assets	443.35M	473.90M	495.46M	482.98M	520.16M	495.25M
Cash, Cash Equivalents and Short-Term Investments	185.73M	42.79M	67.70M	165.25M	184.27M	142.08M
Total Debt	37.84M	84.86M	41.53M	24.69M	11.36M	92.44K
Total Liabilities	87.39M	127.27M	88.95M	85.29M	76.96M	91.48M
Stockholders Equity	354.05M	344.70M	404.12M	396.97M	443.20M	403.77M
Cash Flow
Free Cash Flow	0.00	-18.75M	-114.41M	27.66M	-18.90M	-69.07M
Operating Cash Flow	0.00	-17.82M	-101.16M	31.48M	241.69K	-50.88M
Investing Cash Flow	0.00	25.72M	32.28M	-35.03M	22.21M	51.15M
Financing Cash Flow	0.00	22.51M	14.83M	-4.33M	747.93K	126.45M

Kandi Technologies Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.94
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 0.94 is below the 20-day moving average (MA) of 1.03, below the 50-day MA of 0.97, and below the 200-day MA of 1.13, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 50.99 is Neutral, neither overbought nor oversold. The STOCH value of 46.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for KNDI.

Kandi Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CAAS	73 Outperform	$131.16M	3.92	9.19%	―	16.72%	5.35%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
SYPR	52 Neutral	$81.99M	-34.00	-12.14%	―	-13.01%	21.49%
KNDI	50 Neutral	$87.28M	-1.73	―	―	3.21%	-6985.88%
WKSP	49 Neutral	$14.23M	-0.39	-95.07%	―	123.37%	44.08%
CVGI	48 Neutral	$66.12M	-1.10	-31.07%	―	-23.26%	-259.03%
GGR	45 Neutral	$48.46M	-0.79	-68.35%	―	-14.88%	-43.30%

Kandi Technologies Corporate Events

Kandi Technologies Acquires Rawrr Inc. in $23.9 Million Deal

On December 5, 2025, Kandi Technologies Group, Inc. announced a share transfer agreement to acquire Rawrr Inc., a California corporation, for $23.9 million. The acquisition, payable in Kandi’s ordinary shares, aims to integrate Rawrr as a subsidiary, enhancing Kandi’s market position and expanding its operational capabilities.

The most recent analyst rating on (KNDI) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Kandi Technologies stock, see the KNDI Stock Forecast page.