Kandi Technologies Group released its financial results for the first half of 2026. The company reported revenue of US$57.1 million, up 57.4% year over year; net income of US$9.4 million, up 452.2% year over year; and operating income of US$5.5 million, swinging to a profit from a loss in the prior-year period. As of June 30, 2026, the company's cash, restricted cash, and time deposits totaled US$285.7 million.

These strong results reflect the phased achievements of Kandi's ongoing strategic transformation in recent years. The company has continued to solidify its foundation through its North American off-road electric vehicle business while accelerating the cultivation of new businesses such as energy battery swap equipment and AI data center backup power as a second growth curve. This "dual-engine" strategy is rapidly moving from early-stage planning toward commercial realization.

As the company's core business, the off-road vehicle and related parts business generated revenue of US$54.2 million in the first half, up 59.4% year over year. Rawrr, a premium American electric off-road motorcycle brand acquired in February of this year, contributed US$6.1 million in revenue, further improving Kandi's product footprint in the North American market.

During the reporting period, the company achieved operating income of US$5.5 million, compared with an operating loss of US$1.9 million in the same period last year. Operating expenses rose only 5.3% year over year, far below the revenue growth rate.

Kandi Technologies CEO Chen Feng said: "In the first half of 2026, the company achieved phased results in its strategic transformation, and new businesses began to enter the commercialization stage. The battery swap business continued to make breakthroughs, with its commercialization process accelerating and poised to become the company's second growth curve. The AIDC backup power and energy storage business has also completed its early-stage planning and is about to enter a new phase of commercial development. At the same time, the company's core business maintained steady growth, with strong revenue growth in the first half and a year-over-year turnaround to profitability. The North American off-road electric vehicle business continued its sound momentum, and the synergies from the Rawrr acquisition continued to be released. These developments indicate that the company's business fundamentals are steadily improving and gradually forming a more diversified revenue structure, achieving long-term, sustainable growth."

Notably, Kandi Technologies announced that day that its wholly owned subsidiary Zhonghuandian (Zhejiang) Technology Co., Ltd. received another bulk purchase order for heavy truck battery swap stations from CATL. This order is an important outcome of the continued deepening of the strategic cooperation between the two parties and marks another large-scale procurement following the bulk heavy truck battery swap station order received in July of this year. It further validates the market competitiveness and delivery capability of the company's battery swap equipment products and signals that Zhonghuandian is accelerating into a new stage of large-scale production and large-scale delivery.

Going forward, the company will continue to advance research and innovation as well as production capacity building for heavy truck battery swap equipment, continuously improve product competitiveness and delivery efficiency, actively seize the market opportunities presented by the rapid development of the new energy heavy truck battery swap industry, and drive the battery swap equipment business to become a new growth engine for Kandi Technologies.