Plus   Neg

Kandi Technologies Q1 Loss Narrows; Stock Up

Kandi Technologies Group Inc. (KNDI) reported that its net loss for the first quarter of 2020 narrowed to $1.6 million or $0.03 per share, from $4.4 million or $0.09 per share in the same period in 2019.

The narrower loss was primarily attributable to the decreased share of the losses of the Affiliate company and increased gain related to changes in the fair value of contingent consideration, offset by the decreased gain from equity dilution in the Affiliate Company and decreased gross profit.

Total revenues decreased 64.7% to $6.4 million from last year's $18.1 million, due to the outbreak of COVID-19 and the lock-down policy in China in the first quarter of 2020, which significantly affected both production and customer demand.

Electric Vehicle parts sales decreased 83.7% to $2.1 million from the prior year.

In Friday pre-market trade, KNDI is trading at $4.00, up $0.43 or 12.04 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Amazon.com, Inc. can be held liable for damages caused by defective goods sold on its Marketplace including third parties, according to a ruling by a California appeals court. The California Fourth District Court of Appeals was pronouncing the ruling in a case where a defective replacement laptop battery caught fire and inflicted a woman with third-degree burns. Facebook has launched "Voting Information Center" on Facebook and Instagram platforms, with a view to boosting the number of Americans vote in the upcoming U.S. presidential election in November. The social media giant's latest initiative is expected to help 4 million voters register this year, and help them navigate a 'confusing election process'. Epic Games Inc., the developer of popular game Fortnite, has filed lawsuits against both Apple Inc. and Google after they removed the game from their app stores. The development reflects disputes related to app store fee the tech giants take from each purchase. Epic Games, which has been against the 30 percent revenue cut the two tech giants take from paid apps, added a direct payment option.
Follow RTT