The filing is a routine post-acquisition disclosure providing audited historicals and pro forma combined financials. No new operational or strategic information beyond the previously announced acquisition. Monitor Kandi's next quarterly report for initial combined operating results and any integration-related charges.
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Executive Summary
Kandi Technologies Group, Inc. filed audited financial statements of its recently acquired subsidiary, Rawrr Inc., along with unaudited pro forma combined financials for the year ended December 31, 2025. The acquisition of Rawrr, a maker of high-performance electric off-road motorcycles, closed on February 6, 2026, for consideration of 17.7 million Kandi ordinary shares valued at $18.9 million at closing. The filing is a procedural step to provide historical and pro forma financials for the acquired entity, which contributed $15.7 million in revenue and $366,460 in net income in 2025.
Key Facts
- Rawrr Inc. was acquired by Kandi Technologies Group, Inc., with the acquisition announced on December 11, 2025 and closed on February 6, 2026.
- Consideration was 17.7 million Kandi ordinary shares, valued at $18,939,000 based on the February 6, 2026 closing price of $1.07 per share.
- Rawrr reported revenue of $15,656,224 and net income of $366,460 for the year ended December 31, 2025.
- Pro forma combined revenue for Kandi and Rawrr for 2025 would have been $103,096,205, with a net loss attributable to Kandi stockholders of $93,517,513.
- Rawrr had a stockholders' deficit of $915,101 as of December 31, 2025, with total liabilities of $6,328,743 exceeding total assets of $5,413,642.
- The acquisition added $10,925,940 in goodwill and $8,013,060 in identifiable intangible assets (customer relationship $4.0M, intellectual property $5.0M) to Kandi's balance sheet.
Financial Impact
Rawrr contributed $15.7M revenue and $0.4M net income to Kandi's 2025 pro forma results, representing an 18% revenue addition. The acquisition added $10.9M in goodwill and $8.0M in intangibles.
Risk Factors
- Rawrr has a stockholders' deficit and relies on short-term and long-term loans, indicating a leveraged capital structure.
- Rawrr faces two product liability lawsuits with estimated potential exposure of up to $1.5 million plus subrogation claims.
- Rawrr's supplier concentration is extreme — one supplier accounted for 96.8% of purchases and 96.5% of accounts payable.
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-103503 |
| Document: ea030662701ex99-2.htm | 0001213900-26-103503 |
| Document: ea0306627-6k_kandi.htm | 0001213900-26-103503 |
| Document: 0001213900-26-103503-index-headers.html | 0001213900-26-103503 |
| Document: 0001213900-26-103503-index.html | 0001213900-26-103503 |
| Document: 0001213900-26-103503.txt | 0001213900-26-103503 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | 6-K | $0.4030 $0.3570 | ▼ −11.41% | ▼ −11.87% | $3.50 (+768.49%) |
Sep 28, 2026 28d ago | 6-K | $0.8200 $0.7054 | ▼ −13.98% | ▼ −15.18% | $3.50 (+326.83%) |
Sep 28, 2026 28d ago | Press Release | $0.8200 $0.7054 | ▼ −13.98% | ▼ −15.18% | $3.50 (+326.83%) |
Sep 25, 2026 4w ago | 6-K | $0.8200 $0.7054 | ▼ −13.98% | ▼ −15.18% | $3.50 (+326.83%) |
Sep 22, 2026 4w ago | Press Release | $0.5530 $0.7898 | ▲ +42.82% | ▲ +43.50% | $3.50 (+532.91%) |
Sep 2, 2026 7w ago | 3 | $0.6270 $0.6065 | ▼ −3.27% | ▼ −2.12% | $3.50 (+458.21%) |
Aug 28, 2026 8w ago | 3 | $0.6113 $0.6171 | ▲ +0.95% | ▲ +1.09% | $3.50 (+472.55%) |
Aug 28, 2026 8w ago | 3 | $0.6113 $0.6171 | ▲ +0.95% | ▲ +1.09% | $3.50 (+472.55%) |
Jul 7, 2026 15w ago | Press Release | $0.7125 $0.6750 | ▼ −5.26% | ▼ −5.81% | $3.50 (+391.23%) |
Jul 1, 2026 16w ago | Press Release | $0.7548 $0.7125 | ▼ −5.60% | ▼ −5.87% | $3.50 (+363.70%) |
US Market Status
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