Category: Auto / Truck Parts

Published: 14 March 2016

Written by Editor

Kandi Technologies Reports Fourth Quarter and Full Year 2015 Financial Results

- Q4 EV parts sales increased 51.6% YoY to $57.5 million

- 2015 EV parts sales increased 68.4% YoY to $196.1 million

- Q4 the JV Company sold 12,100 EV products, a 231.0% increase YoY

- 2015 the JV Company sold 24,220 EV products, a 121.5% increase YoY

- Q4 Non-GAAP net income increased 250.9% YoY to $13.9 million, or $0.30 EPS

- Full year Non-GAAP net income increased 100.9% YoY to $28.5 million, or $0.61 EPS

JINHUA, China, March 14, 2016 -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (KNDI), today announced its financial results for the fourth quarter and year ended December 31, 2015.

Fourth Quarter Highlights

Total revenues grew 11.2% to $58.8 million for the fourth quarter of 2015, from $52.9 million for the same period of 2014.

Electric Vehicle (“EV”) parts sales increased 51.6% to $57.5 million for the fourth quarter of 2015, compared with $37.9 million in the same period of 2014.

Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"), sold 12,100 EV products in the fourth quarter, a 231.0% increase compared with the same period last year. Total EV products sales comprised 6,474 EV products to the Micro Public Transportation (“MPT”) program and 5,626 EV products through the distribution channel under the direct sales program.

GAAP net income for the fourth quarter of 2015 was $0.8 million, or $0.02 per fully diluted share, compared with $1.7 million, or $0.07 per fully diluted share in the same period of 2014.

Non-GAAP adjusted net income1, which excludes stock award expenses and changes in the fair value of financial derivatives, was $13.9 million in the fourth quarter of 2015, compared with $4.0 million of the same period of 2014. Non-GAAP adjusted earnings per share1 was approximately $0.30 per fully diluted share for the fourth quarter of 2015 compared with $0.09 per fully diluted share for the same quarter of 2014;

Full Year 2015 Highlights

Total revenues grew 18.1% to $201.1 million in 2015, from $170.2 million in 2014.

EV parts sales increased 68.4% to $196.1 million in 2015, compared with $116.4 million in 2014.

The JV Company sold 24,220 EV products in 2015, a 121.5% increase compared with 2014. Total EV products sales comprised 14,947 EV products to the MPT program and 9,273 EV products through the distribution channel under the direct sales program.

GAAP net income in 2015 was $14.7 million, or $0.31 per fully diluted share, compared with $12.3 million, or $0.29 per fully diluted share in 2014.

Non-GAAP adjusted net income1, which excludes stock award expenses and changes in the fair value of financial derivatives, was $28.5 million in 2015, compared with $14.2 million in 2014. Non-GAAP adjusted earnings per share1 was approximately $0.61 per fully diluted share for the full year of 2015 compared with $0.33 per fully diluted share for the same quarter of 2014.

Working capital surplus was $59.9 million as of December 31, 2015. Cash, cash equivalents and restricted cash totaled $32.9 million as of December 31, 2015.

“Our outstanding results in 2015 include exceeding revenue and EV sales targets with the JV Company by selling 24,220 EV products, a 121.5% increase year-over-year,” commented Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, “As the JV Company became China’s top seller for pure EV products in 2015, its EV products received extremely positive market recognition, highlighted by model K17 named as China 2015 Pure Electric Passenger Vehicle of the Year at the 6th Global New Energy Vehicle Conference. The direct sales program was launched in the second quarter and achieved 9,273 in EV products sales in 2015 through the distribution channel under this program, accounting for 38.3% of total EV products sold during the year. We are confident in being able to increase the contribution of direct sales as a percentage of total sales in 2016.”

“China’s government has continued to strongly support the growth of the EV industry,” Mr. Hu continued. “Most recently through an industry-wide subsidy investigation, the government is committed to maintaining the healthy development of the EV industry, which will benefit scaled EV products manufacturers like the JV Company. Meanwhile, the central government has extended its continuous support and confidence in developing the new energy vehicle (NEV) industry by enacting additional policies, including reducing traffic controls and purchase quotas on NEVs, encouraging government purchases and promoting EV car-share programs. By focusing on our unique growth engines, which are the rapid expansion of the Micro Public Transportation program and the direct sales program through the distribution channel, we look forward to leading the growth of China’s EV industry in 2016.”

“Our significant achievements in 2015 include excellent financial results, particularly with sales and gross margin meeting our expectation,” added Mr. Wang Cheng (Henry), Chief Financial Officer of Kandi, “During the year, key milestones, including the successful launch of the direct sales program and the expansion of the MPT program to 16 cities were accomplished. With a solid foundation built for our EV business, we believe that the Company will continue to achieve strong financial performance in 2016.”

Fourth Quarter and Full Year 2015 Financial Results

Net Revenues and Gross Profit

	4Q15			3Q15			4Q14			Q-o-Q%			Y-o-Y%
Net Revenues (US$mln)	$	58.8		$	50.5		$	52.9			16.4	%		11.2	%
Gross Profit (US$mln)	$	8.4		$	7.1		$	5.8			18.6	%		45.2	%
Gross Margin		14.4	%		14.1	%		11.0	%		-			-

Net revenues for the fourth quarter increased 16.4% sequentially, and 11.2% from the year-ago period. The increase in net revenues was mainly due to growth of EV products sales from the JV Company. Gross margin in the fourth quarter increased to 14.4%, compared with 11.0% in the same quarter last year. Margin increase was a result of cost control from battery packing production.

		2015			2014		Y-o-Y%
Net Revenues (US$mln)	$	201.1		$	170.2			18.1	%
Gross Profit (US$mln)	$	28.4		$	23.4			21.4	%
Gross Margin		14.1	%		13.7	%		-

Net revenues for the full year 2015 increased 18.1% from 2014. The increase in net revenues was mainly due to growth of EV products sales from the JV Company. Gross margin for the full year 2015 increased to 14.1%, compared with 13.7% in 2014. Margin increase was a result of cost control from battery packing production.

Operating Income (Loss)

	4Q15			3Q15			4Q14			Q-o-Q%			Y-o-Y%
Operating Expenses (US$mln)	$	13.9		$	9.6		$	3.0			45.0	%		367.4	%
Operating Income (Loss) (US$mln)	($	5.4	)	($	2.4	)	$	2.8			121.9	%		-290.1	%
Operating Margin		-9.2	%		-4.8	%		5.4	%		-			-
Operating Income (Loss) (US$mln) (Non-GAAP)	$	4.4		$	4.6		$	4.9			-4.0	%		-9.2	%

Total operating expenses in the fourth quarter were $13.9 million, compared with $3.0 million in the same quarter of 2014. The increase in total operating expenses was due to increased stock compensation expense, which was $9.8 million in the fourth quarter, compared with $2.0 million in the same quarter last year. Excluding stock compensation, operation expenses in the fourth quarter of 2015 were $4.0 million, compared with $1.0 million in the same quarter last year. The increase was mainly due to research and development expenses for new EV product models, such as K12 and K17, and for new battery packs, as well as the accrual for compensation expense.

		2015			2014		Y-o-Y%
Operating Expenses (US$mln)	$	32.4		$	18.2			78.3	%
Operating Income (Loss) (US$mln)	($	4.0	)	$	5.2			-175.4	%
Operating Margin		-2.0	%		3.1	%		-163.8	%
Operating Income (Loss) (US$mln) (Non-GAAP)	$	18.4		$	13.7			34.5	%

Total operating expenses in 2015 were $32.4 million, compared with $18.2 million in 2014. The significant increase in total operating expenses was due to increased stock compensation expense in 2015, which was $22.4 million, compared with $8.5 million in 2014. Excluding stock compensation, operation expenses in 2015 were $10.0 million, slightly higher than $9.7 million in 2014.

GAAP Net Income

	4Q15		3Q15			4Q14		Q-o-Q%			Y-o-Y%
Net Income (US$mln)	$	0.8	$	2.3		$	1.7		-67.3	%		-54.1	%
Earnings per Weighted Average Common Share	$	0.02	$	0.05		$	0.07		-			-
Earnings per Weighted Average Diluted Share	$	0.02	$	0.05		$	0.07		-			-
Stock award expenses	$	9.8	$	7.0		$	2.0		39.7	%		390.6	%
Change of the fair value of financial derivatives	$	3.3	($	3.0	)	$	0.3		-207.7	%		1058.7	%
Non-GAAP net income from continuing operations	$	13.9	$	6.3		$	4.0		119.4	%		250.9	%

Net income was $0.8 million in the fourth quarter, compared with $1.7 million in the same quarter of 2014. Net income was affected by significant increases in stock compensation expense and the change of the fair value of financial derivatives, which together were $10.8 million more in the fourth quarter of 2015 than in the fourth quarter of 2014. Non-GAAP net income in the fourth quarter was $13.9 million, a 250.9% increase from $4.0 million in the same quarter of 2014, mainly due to revenue growth, margin improvement, and the increased net income contribution from the JV Company.

		2015			2014		Y-o-Y%
Net Income (US$mln)	$	14.7		$	12.3			19.5	%
Earnings per Weighted Average Common Share	$	0.31		$	0.29			-
Earnings per Weighted Average Diluted Share	$	0.31		$	0.29			-
Stock award expenses	$	22.4		$	8.5			164.7	%
Change of the fair value of financial derivatives	($	8.5	)	($	6.5	)		30.4	%
Non-GAAP net income from continuing operations	$	28.5		$	14.2			100.9	%

Net income in 2015 was $14.7 million, compared with $12.3 million in 2014. The increase in net income was mainly due to revenue growth and margin improvement, increased net income contribution from the JV Company, and gain from financial derivatives, offset by the increase from stock compensation expense. Non-GAAP net income in 2015 was $28.5 million, a 100.9% increase from $14.2 million in 2014, mainly due to revenue growth, margin improvement, and increased net income contribution from the JV Company.

JV Company Financial Results

In the fourth quarter, the JV Company sold 12,100 EV products, a 231.0% increase from the same period last year. Total EV product sales comprised 6,474 EV products to the MPT program and 5,626 EV products through the distribution channel under the direct sales program, with the latter being a significant sequential increase over the 3,004 EV products sold through the distribution channel under the direct sales program in the third quarter.

The condensed financial income statement of the JV Company in the fourth quarter is as below:

	4Q15			3Q15			4Q14			Q-o-Q%			Y-o-Y%
Net Revenues (US$mln)	$	164.8		$	98.4		$	88.8			67.3	%		85.6	%
Gross Profit (US$mln)	$	27.7		$	13.3		$	27.9			107.7	%		-1.0	%
Gross Margin		16.8	%		13.5	%		31.5	%		-			-
Net Income	$	19.3		$	1.6		$	0.7			1098.9	%		2497.5	%
% of Net revenues		11.7	%		1.6	%		0.8	%		-			-

For the full year 2015, the JV Company sold 24,220 EV products, a 121.5% increase from 2014. Total EV product sales comprised 14,947 EV products to the MPT program and 9,273 EV products through the distribution channel. Total EV products sold in 2015 included 11,801 units of model K10, 10,472 units of model K11, 1,945 units of model K17 and 2 units of model K30.

The condensed financial income statement of the JV Company in full year 2015 is as below:

		2015			2014		Y-o-Y%
Net Revenues (US$mln)	$	362.7		$	215.5			-99.8	%
Gross Profit (US$mln)	$	59.6		$	41.9			-98.2	%
Gross Margin		16.4	%		19.4	%		-
Net Income	$	23.3		$	7.5			-52.9	%
% of Net revenues		6.4	%		3.5	%		-

Gross margin for the full year 2015 was 16.4% compared with 19.4% in 2014. The margin decrease in 2015 was mainly due to the product price decline and the lower selling price to a strategic partner during the year.

Kandi’s investments in the JV Company are accounted for under the equity method of accounting, as Kandi has a 50% ownership interest in the JV Company. As a result, Kandi recorded 50% of the JV Company’s profit for $9.7 million for the fourth quarter and $11.7 million for the full year 2015. After eliminating intra-entity profits and losses, Kandi’s share of the after tax profit of the JV Company was $9.9 million for the fourth quarter and $11.8 million for the full year of 2015.

Outlook

For the first quarter of 2016, Kandi expects net revenues to be in the range of $46.0 million to $48.0 million, with gross margin in the range of 13.5% to 14.5%. For full year 2016, Kandi expects net revenues to be in the range of $270 million to $300 million.

The Company also expects the JV Company to deliver a total of 35,000 or more EV products in the full year of 2016.

This outlook reflects the current view of the management, which is subject to change.

Fourth Quarter and Full Year 2015 Conference Call Details
The Company has scheduled a conference call and live webcast to discuss the financial results at 8:00 AM (U.S. Eastern time) on March 14, 2016 (8:00 PM Beijing time on March 14, 2016). Mr. Hu Xiaoming, Chief Executive Officer and Mr. Wang Cheng (Henry), Chief Financial Officer, will deliver prepared remarks, followed by a question and answer session.

The dial-in details for the conference call are as follows:

Toll-free dial-in number: +1 877-407-3982
International dial-in number: +1 201-493-6780
Conference ID: 13631514
Webcast and replay: http://public.viavid.com/index.php?id=118533

The live audio webcast of the call can also be accessed by visiting Kandi's Investor Relations website at http://ir.kandivehicle.com. An archive of the webcast will be available on the Company's website following the live call.

About Kandi Technologies Group, Inc.

Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicle products. Kandi has established itself as one of China's leading manufacturers of pure electric vehicle ("EV") products (through its joint venture), EV parts and off-road vehicles. More information can be viewed at the Company's corporate website at http://www.kandivehicle.com. The Company routinely posts important information on its website.

Safe Harbor Statement

This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

1 Non-GAAP measures, including the Non-GAAP net income and Non-GAAP EPS are defined as the financial measures excluding the change of the fair value of financial derivatives and the effects of the stock award expense. We supply non-GAAP information because we believe it allows our investors to obtain a clearer understanding of our operations. Any non-GAAP measures should not be considered as a substitute for, and should only be read in conjunction with, measures of financial performance prepared in accordance with GAAP.

- Tables Below -

KANDI TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

		December 31, 2015				December 31, 2014

Current assets
Cash and cash equivalents	$		16,738,559		$	26,379,460
Restricted cash			16,172,009			13,000,731
Short term investment			1,613,727			-
Accounts receivable			8,136,421			15,736,805
Inventories (net of provision for slow moving inventory of 485,901 and 315,584 as of December 31, 2015 and December 31, 2014, respectively)			17,773,679			15,403,840
Notes receivable			13,033,315			9,060,441
Other receivables			332,922			238,567
Prepayments and prepaid expense			181,534			120,761
Due from employees			34,434			34,475
Advances to suppliers			71,794			6,901,505
Amount due from JV Company, net			76,172,471			51,450,612
Amount due from related party			40,606,162			-
Deferred taxes assets			-			-
TOTAL CURRENT ASSETS			190,867,027			138,327,197

LONG-TERM ASSETS
Plant and equipment, net			20,525,126			26,215,356
Land use rights, net			12,935,121			15,649,152
Construction in progress			54,368,753			58,510,051
Long Term Investment			1,463,182			-
Investment in JV Company			90,337,899			83,309,095
Goodwill			322,591			322,591
Intangible assets			495,306			577,401
Other long term assets			154,019			162,509
TOTAL Long-Term Assets			180,601,997			184,746,155

TOTAL ASSETS	$		371,469,024		$	323,073,352

CURRENT LIABILITIES
Accounts payables	$		73,957,969		$	45,772,481
Other payables and accrued expenses			9,544,909			5,101,740
Short-term loans			36,656,553			35,589,502
Customer deposits			94,026			2,630,723
Notes payable			3,850,478			5,702,121
Income tax payable			624,276			1,835,685
Due to employees			9,423			15,787
Deferred taxes liabilities			2,374,924			230,864
Financial derivate - liability			3,823,590			2,245,610
Deferred income			13,726			-
Total Current Liabilities			130,949,874			99,124,513

LONG-TERM LIABILITIES
Deferred taxes liabilities			1,593,582			2,266,725
Financial derivate - liability			-			10,097,275
Total Long-Term Liabilities			1,593,582			12,364,000

TOTAL LIABILITIES			132,543,456			111,488,513

STOCKHOLDER'S EQUITY
Common stock, $0.001 par value; 100,000,000 shares authorized; 46,964,855 and 46,274,855 shares issued and outstanding at December 31,2015 and December 31,2014, respectively			46,965			46,275
Additional paid-in capital			212,564,334			190,258,037
Retained earnings (the restricted portion is $4,172,324 and $4,172,324 at December 31,2015 and December 31,2014, respectively)			31,055,919			16,390,424
Accumulated other comprehensive income(loss)			(4,741,650	)		4,890,103
TOTAL STOCKHOLDERS' EQUITY			238,925,568			211,584,839

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$		371,469,024		$	323,073,352

KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND
COMPREHENSIVE INCOME (LOSS)

		December 31, 2015			% of Revenue				December 31, 2014			% of Revenue				December 31, 2013			% of Revenue

REVENUES, NET	$		201,069,173			100.0	%	$		170,229,006			100.0	%	$		94,536,045			100.0	%

COST OF GOODS SOLD			172,649,955			85.9	%			146,825,073			86.3	%			72,793,517			77.0	%

GROSS PROFIT			28,419,218			14.1	%			23,403,933			13.7	%			21,742,528			23.0	%

OPERATING EXPENSES:
Research and development			3,482,511			1.7	%			2,755,637			1.6	%			3,728,730			3.9	%
Selling and marketing			633,863			0.3	%			1,345,588			0.8	%			399,504			0.4	%
General and administrative			28,255,267			14.1	%			14,058,548			8.3	%			16,056,107			17.0	%
Total Operating Expenses			32,371,641			16.1	%			18,159,773			10.7	%			20,184,341			21.4	%

INCOME(LOSS) FROM OPERATIONS			(3,952,423	)		-2.0	%			5,244,160			3.1	%			1,558,187			1.6	%

OTHER INCOME(EXPENSE):
Interest income			3,138,717			1.6	%			1,701,121			1.0	%			1,516,477			1.6	%
Interest expense			(2,214,635	)		-1.1	%			(3,480,646	)		-2.0	%			(4,395,353	)		-4.6	%
Change in fair value of financial instruments			8,519,295			4.2	%			6,531,308			3.8	%			(16,647,283	)		-17.6	%
Government grants			1,645,032			0.8	%			288,498			0.2	%			228,396			0.2	%
Share of profit (loss) in associated companies			-			0.0	%			(54,308	)		0.0	%			(69,056	)		-0.1	%
Share of profit after tax of JV			11,841,855			5.9	%			4,490,266			2.6	%			(2,414,354	)		-2.6	%
Other income, net			1,814,882			0.9	%			(34,649	)		0.0	%			676,257			0.7	%
Total other income, net			24,745,146			12.3	%			9,441,590			5.5	%			(21,104,916	)		-22.3	%

INCOME BEFORE INCOME TAXES			20,792,723			10.3	%			14,685,750			8.6	%			(19,546,729	)		-20.7	%

INCOME TAX EXPENSE			(6,127,228	)		-3.0	%			(2,414,412	)		-1.4	%			(1,593,994	)		-1.7	%

NET INCOME			14,665,495			7.3	%			12,271,338			7.2	%			(21,140,723	)		-22.4	%

OTHER COMPREHENSIVE INCOME
Foreign currency translation			(9,631,753	)						(2,725,143	)						2,112,902

COMPREHENSIVE INCOME(LOSS)	$		5,033,742					$		9,546,195					$		(19,027,821	)

WEIGHTED AVERAGE SHARES OUTSTANDING BASIC			46,744,718							42,583,495							34,707,973
WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED			46,925,554							42,715,818							34,707,973

NET INCOME PER SHARE, BASIC	$		0.31					$		0.29					$		(0.61	)
NET INCOME PER SHARE, DILUTED	$		0.31					$		0.29					$		(0.61	)

KANDI TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

		December 31, 2015				December 31, 2014				December 31, 2013

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income(loss)	$		14,665,495		$		12,271,338		$		(21,140,723	)
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization			5,788,780				5,571,465				7,708,923
Assets Impairments			194,366				-				355,876
Deferred taxes			1,446,345				1,579,855				876,255
Change in fair value of financial instruments			(8,519,295	)			(6,531,308	)			16,647,283
Loss (income) in investment in associated companies			-				54,308				69,056
Share of profit after tax of JV Company			(11,841,855	)			(4,490,266	)			2,414,354
Decrease in reserve for fixed assets			-				(302,023	)			-
Stock Compensation cost			22,306,987				-				-

Changes in operating assets and liabilities, net of effects of acquisition:
(Increase) Decrease In:
Accounts receivable			7,052,626				15,445,962				3,251,168
Inventories			(3,497,460	)			(6,280,502	)			(1,287,045	)
Other receivables			(193,954	)			315,071				(38,491	)
Due from employee			(7,596	)			5,139				10,797
Prepayments and prepaid expenses			6,664,779				(5,360,637	)			(3,810,447	)
Amount due from JV Company			(28,519,360	)			(48,593,522	)			(2,877,972	)

Increase (Decrease) In:
Accounts payable			31,814,545				23,095,825				13,699,528
Other payables and accrued liabilities			5,300,095				2,694,689				(746,838	)
Customer deposits			(2,496,382	)			2,588,830				(254,151	)
Income Tax payable			(1,039,187	)			482,020				651,124
Due from related party			(42,249,905	)			-				(841,251	)
Net cash (used in ) provided by operating activities	$		(3,130,976	)	$		(7,453,756	)	$		14,687,446

CASH FLOWS FROM INVESTING ACTIVITIES:
(Purchases)/Disposal of plant and equipment, net			(827,059	)			(2,101,355	)			(158,830	)
(Purchases)/Disposal of land use rights and other intangible assets			1,589,165				(1,668,534	)			-
(Purchases)/Disposal of construction in progress			1,128,443				(50,891,170	)			(16,134	)
Deposit for acquisition			-				-				(39,673,000	)
Disposal of associated company			-				(96,299	)			64,535,177
Issuance of notes receivable			(131,852,319	)			(24,705,489	)			(4,174,247	)
Repayment of notes receivable			127,226,115				29,354,592				311,844
Long Term Investment			(1,522,411	)			-				(80,668,972	)
Short Term Investment			(1,679,051	)			-				-
Cash acquired in acquisition			-				-				-
Net cash provided by (used in) investing activities	$		(5,937,117	)	$		(50,108,255	)	$		(59,844,162	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Restricted cash			(4,006,346	)			(13,010,291	)			16,135,044
Proceeds from short-term bank loans			50,640,214				48,306,743				52,918,845
Repayments of short-term bank loans			(47,595,391	)			(46,517,604	)			(52,596,170	)
Proceeds from notes payable			13,781,830				18,718,944				83,251,992
Repayment of notes payable			(15,398,471	)			(29,602,112	)			(92,609,593	)
Proceeds from bond payable			-				-				12,907,035
Repayment of bond payable			-				(13,011,917	)			(12,907,035	)
Fund raising through issuing common stock and warrants			0				78,358,991				26,387,498
Option exercise，stock awards & other financing			-				8,431,247				9,659,103
Warrant exercise			-				21,101,039				3,171,259
Common stock issued for acquisition, net of cost of capital			-				-				-
Net cash (used in) provided by financing activities	$		(2,578,164	)	$		72,775,040		$		46,317,978
							-
NET INCREASE IN CASH AND CASH EQUIVALENTS			(11,646,257	)			15,213,029				1,161,262
Effect of exchange rate changes on cash			2,005,356				(1,595,938	)			(533,989	)
Cash and cash equivalents at beginning of year			26,379,460				12,762,369				12,135,096

CASH AND CASH EQUIVALENTS AT END OF PERIOD			16,738,559				26,379,460				12,762,369

Contact:

Company Contact:

Ms. Kewa Luo
Kandi Technologies Group, Inc.
Phone: 1-212-551-3610
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

IR Contact:
The Piacente Group
Phone: 1-212-481-2050
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Kandi Technologies Group Inc ( KNDI )

Kandi Technologies Reports Fourth Quarter and Full Year 2015 Financial Results