Kaixin Auto Holdings Announces Unaudited 2019 Financial Results

BEIJING, July 07, 2020 (GLOBE NEWSWIRE) -- Kaixin Auto Holdings ("Kaixin" or the "Company") (NASDAQ: KXIN), one of the primary dealership networks in the premium used car segment in China, today announced its unaudited financial results for the twelve months ended December 31, 2019. The Company anticipates to file its 2019 Form 20-F with the SEC within 5 days of this announcement. The delay in our filing is mainly due to additional work in preparation of our financial statements involving retroactive adjustments to prior yearsa?? equity accounts as a result of the consummation of the reverse recapitalization on April 30, 2019.
2019 Financial Highlights

Total net revenues were US$334.7 million, representing a decrease of 22.4% from US$431.4 million in 2018.



Gross loss was US$5.5 million, compared with a gross profit of US$17.4 million in 2018.



Loss from operations was US$133.4 million, compared with a loss of US$34.1 million in 2018.



Net loss attributable to the Company was US$69.1 million, compared with a net loss attributable to the Company of US$89.5 million in 2018.



Adjusted loss from operations (non-GAAP) ¹ was US$12.8 million, compared with an adjusted loss from operations (non-GAAP) of US$11.6 million in 2018.



Adjusted loss from continuing operations (non-GAAP) ¹ was US$14.0 million, compared with an adjusted loss from continuing operations (non-GAAP) of US$16.9 million in 2018.



Adjusted EBITDA from continuing operations (non-GAAP) ¹ was negative US$16.0 million, compared with negative US$11.6 million in 2018.

2019 Operational Highlights

Number of Self-Owned and Affiliated Network Dealerships were 14 and 7, respectively, as of December 31, 2019, versus 14 and 4 as of December 31, 2018.



Gross Merchandise Value (GMV)² was US$375.8 million, representing a decrease of 16.5% from US$449.9 million in 2018.



Number of cars sold was 6,005 units, compared with 7,438 units sold in 2018.

2019 ResultsTotal net revenues for 2019 were US$334.7 million, representing a 22.4% decrease from that of $431.4 million in 2018.