• Total revenues grew 15.1% to $55.2 million for the second quarter of 2016, compared with $48.0 million for the same period of 2015;
• Electric Vehicle (“EV”) parts sales increased 15.4% to $53.8 million for the second quarter of 2016, compared with $46.6 million in the same period of 2015;
Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"), sold 7,200 units of EV products, including 5,072 EV products to the Micro Public Transportation (MPT) program and 2,128 EV products to the direct sales program, a 61.9% increase compared to the same period last year;
• GAAP net income for the second quarter of 2016 was $2.8 million, or $0.06 per fully-diluted share, compared with $5.4 million, or $0.12 per fully-diluted share in the same period of 2015;
• Non-GAAP adjusted net income1, which excludes stock award expenses and changes in the fair value of financial derivatives, was $10.5 million in the second quarter of 2016, compared with $4.9 million of the same period of 2015. Non-GAAP adjusted earnings per share1 was approximately $0.22 per fully-diluted share for the first quarter of 2016 compared with $0.10 per fully-diluted share for the same quarter of 2015; and
• Working capital surplus was $67.4 million as of June 30, 2016. Cash, cash equivalents and restricted cash totaled $34.1million as of June 30, 2016.