Kandi Files Audited Rawrr Financials and Pro Forma Statements for $23.9M Acquisition
KNDI sits 23% above its 52-week low of $0.478 on light trading volume (0.2× avg).
Summary
Kandi Technologies filed audited financial statements for Rawrr Inc. and pro forma combined financial statements for the $23.9 million acquisition, revealing Rawrr's 2025 revenue of $15.66 million, net income of $366,460, and a stockholders' deficit of $915,101.
Key Events · M&A and Partnerships · KNDI
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Rawrr Audited Financials Filed
For the year ended December 31, 2025, Rawrr Inc. reported revenue of $15.66 million and net income of $366,460. Its balance sheet shows total assets of $5.41 million against total liabilities of $6.33 million, resulting in a stockholders' deficit of $915,101.
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Pro Forma Combined Financials Disclosed
The unaudited pro forma combined financial statements indicate that Kandi and Rawrr would have posted combined revenue of $103.1 million and a net loss of $95.2 million for 2025. The acquisition adds $10.93 million in goodwill and $8.01 million in identifiable intangible assets.
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Acquisition Consideration Finalized at $18.94M
Based on the February 6, 2026 closing price of $1.07 per share for the 17.7 million ordinary shares issued, the acquisition consideration was measured at $18.94 million. This reflects a decline from the originally negotiated $23.9 million at $1.35 per share.
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Supplier Concentration Risk Identified
Rawrr's financial statements reveal a significant concentration risk: one supplier accounted for 96.8% of the company's purchases and 96.5% of its accounts payable as of December 31, 2025.
Analysis · KNDI · Manufacturing
Investors now have the first complete picture of Rawrr's financial health and the accounting impact on Kandi's balance sheet. The audited financial statements show Rawrr generated $15.66 million in revenue and $366,460 in net income for 2025, yet it carries a stockholders' deficit of $915,101 and total liabilities of $6.33 million. The preliminary purchase price allocation assigns $8.01 million to identifiable intangible assets and $10.93 million to goodwill, with the acquisition consideration measured at $18.94 million based on the February 6, 2026 closing price of $1.07 per share. The filing also discloses significant supplier concentration risk—one supplier accounts for 96.8% of Rawrr's purchases—and pending litigation with potential exposure of approximately $2.2 million. These details complete the disclosure for the acquisition first announced on December 11, 2025, and closed on February 6, 2026.
How filings like this one have moved
In the 30 days to Oct 2, 2026, 29.9% of the 1656 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, KNDI was trading at $0.59 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $59M. The 52-week trading range was $0.48 to $1.35. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.