Kaixin Holdings (KXIN)

[boston127]

The company is climbing back.

Today's volume was heavier than usual, trading 160,329,601 shares, versus an average of 9,396,065 shares per day during the last twelve months. The On Balance Volume indicator (OBV) is bullish. The slope of the indicator is positive and suggests that buyers are presently more active than sellers.

First Half 2023 Results
- Total net revenues were US$18.9 million, representing a decrease of 43% from US$33.3 million in the first half of 2022. The revenue decrease was mainly due to the Company’s used-car sales decline.
- Cost of revenues was US$18.7 million, compared to that of US$33.1 million in the first half of 2022. The decrease in cost of revenues was in line with the decrease in revenues.
- Gross profit was US$0.2 million, keeping stable with that of US$0.2 million in the first half of 2022.
- Operating expenses were US$4.2 million, significantly lower than that of US$33.0 million in the first half of 2022. The difference in operating expenses between the two periods was largely due to the $29.9 million share-based compensation
expense recognized in the first half of 2022.
- Selling and marketing expenses were US$257 thousand, compared to $334 thousand in the first half of 2022.
- General and administrative expenses were US$4.0 million, compared to that of US$32.7 million in the first half of 2022. The decrease was primarily due to the large amount of share-based compensation expense recognized from vesting
employee stock incentive awards in the first half of 2022.
- Loss from operations was US$4.1 million, compared with a loss of US$32.8 million in the first half of 2022. The difference in loss from operations between the two periods was largely due to the large decrease in operating expenses in the first
half of 2022.
- Net loss attributable to the Company was US$4.5 million, substantially improved over the net loss attributable to the Company of US$70.6 million in the first half of 2022.
- Adjusted loss from operations (non-GAAP)1 was US$2.8 million, compared to an adjusted loss from operations of US$2.9 million in the first half of 2022.
-Adjusted net loss (non-GAAP)2 was US$3.3 million, compared to an adjusted net loss of US$3.8 million in the first half of 2022