Kaixin Auto Reports 1H Revenue $18.9M Down From $33.3M YoY

First Half of 2023 Highlights

• Total net revenues were US$18.9 million, representing a decrease of 43% from US$33.3 million in the first half of 2022.

   

• Gross profit was US$0.2 million, keeping stable with that of US$0.2 million in the first half of 2022.

   

• Loss from operations was US$4.1 million, substantially less than the loss from operations of US$32.8 million 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.