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Kandi Technologies Group (KNDI) shares are up 11% after reporting Q1 revenue almost tripled and earnings rose.
Kandi Technologies reported Q1 revenues grew 174.0% to $40.2 million from $14.7 million in Q1 2013.
Non-GAAP net income, excluding the effects of a stock award expense and the change of the fair value of financial derivatives, was $1.6 million, an increase of 30.4% compared with $1.3 million in Q1 2013.
The GAAP net loss for Q1 was $14.1 million compared to a net income of $2.2 million in the same period last year.
The Street estimates were not available. Kandi develops and manufactures electric vehicles.