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CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a prominent high-tech enterprise specializing in the development, manufacturing, and sales of high-power lithium and sodium batteries. Headquartered in Dalian, China, CBAK Energy was founded in 1999 and was formerly known as China BAK Battery, Inc. before adopting its current name in January 2017.
With a diverse product portfolio, CBAK Energy's batteries are integral to a range of applications including electric vehicles (EVs) such as electric cars and buses, light electric vehicles like bicycles and sightseeing cars, as well as electric tools, energy storage systems, uninterruptible power supplies (UPS), and other high-power applications. The company's market extends beyond mainland China to the United States, Europe, Taiwan, Israel, and various other international territories.
CBAK Energy operates through two primary segments: the CBAK segment, focusing on the manufacture, commercialization, and distribution of standard and customized lithium-ion rechargeable batteries, and the Hitrans segment, which develops and manufactures NCM precursor and cathode materials. The majority of its revenue is generated from its operations in mainland China, although it also has significant business in Europe, the United States, Korea, and other regions.
Recent achievements highlight CBAK Energy's robust growth and strategic partnerships. Notable collaborations include agreements with the Shangqiu Urban-Rural Integration Demonstration Zone to boost production capacity and significant orders from global leaders like Anker Innovations, underscoring the company's strong market position. Additionally, the acquisition of a 5% stake in Shenzhen BAK Power Battery Co., Ltd. further enhances CBAK Energy’s technological and market capabilities.
Financially, the company has shown resilience and growth amidst market volatility. For the first quarter of 2024, CBAK Energy reported net revenues of $58.8 million, a 38.7% increase from the same period in 2023, driven primarily by its battery business. Gross margin also saw a significant leap to 31.9%, reflecting improved operating efficiency and cost management.
Looking ahead, CBAK Energy continues to innovate, as evidenced by the recent technological advancements in its model 32140 large cylindrical lithium-ion battery, which now boasts faster charging and improved durability. This innovation is expected to drive substantial sales growth, particularly in key markets such as India and China.
CBAK Energy remains committed to sustainable growth and technological leadership in the global battery industry, continually enhancing its product offerings and expanding its market presence.
For more information, please visit ir.cbak.com.cn.
CBAK Energy Technology (NASDAQ: CBAT) has achieved significant market share in the global large cylindrical battery segment for 2024. According to the SPIR Report, the company captured 19% of global Series 32 battery market with 19.42 million units shipped, and 11.1% of combined Series 32 and 40 market share.
Global shipments of Series 32 batteries reached 102 million units in 2024, showing a 14.29% year-over-year growth. The company also shipped 32.04 million units of 26650 and 26700 cylindrical batteries, representing 6.4% market share in other cylindrical battery series. The total global cylindrical battery market grew by 10.9% year-over-year, reaching 14.61 billion units in 2024.
CBAK Energy's production lines for 32140 batteries are operating at full capacity, with plans to launch 40135 cylindrical cells in 2025.
CBAK Energy Technology (NASDAQ: CBAT) has announced that its subsidiary, Nanjing CBAK New Energy Technology, has secured purchase orders for Model 32140 cylindrical lithium-ion battery cells from Ather Energy, one of India's top five electric two-wheeler manufacturers. Ather Energy, which operates India's largest fast-charging network for electric two-wheelers, will integrate these battery cells into their vehicles, with expectations for a long-term partnership.
The Model 32140 batteries are specifically designed for electric two-wheeler, three-wheeler, and light electric vehicle (LEV) markets. This partnership marks CBAK Energy's strategic entry into India's growing LEV market. The company's existing client portfolio includes significant orders from major companies like Viessmann Group (EUR116.5 Million), PowerOak (BlueTTI brand), Hello Tech (Jackery's parent company), and Anker Innovations (USD 30-35 Million).
CBAK Energy (NASDAQ: CBAT) has announced significant progress in its Nanjing expansion project. The company has completed procurement agreements and prepayments for equipment needed for two new production lines in Phase II. The Phase I facility, operating since late 2021, currently runs at full 1.3GWh capacity across two lines. The new Phase II lines, scheduled for trial production by May 2025 and full production by late 2025, will add 3GWh of annual capacity.
The new lines will primarily produce Model 32140 large cylindrical battery cells and can be modified to manufacture the upgraded Model 40135 cells for portable power supply and home energy storage systems. This expansion is part of Phase II's larger planned capacity of 27GWh, driven by increased demand for the company's 32140 battery cells in 2024.
CBAK Energy Technology (NASDAQ: CBAT) has secured significant orders from Anker Innovations through its subsidiary Nanjing CBAK, valued between USD 30-35 million for 2024. The orders primarily consist of Model 32140 large LFP cylindrical batteries for portable power supply products sold in the U.S. market. Since 2022, Anker Innovations has been among CBAK's Top 5 customers. The company expects to maintain or exceed these order values in the coming year. Both companies are discussing potential future collaborations, including expanding capacity in overseas markets. CBAK has become Anker's largest supplier of LFP battery cells, with manufacturing facilities operating at full capacity.
CBAK Energy reported strong financial results for the first nine months of 2024. Net revenues from battery sales reached $113.9 million, up 18.4% year-over-year. The company achieved a notable gross margin of 34.3% in its battery business, with net income reaching $21.6 million, a 222% increase from 2023. While Q3 showed some challenges with net revenues decreasing 29.7% to $44.6 million due to maintenance at the Dalian facility, the company's Nanjing facility became profitable in Q3. The company plans to expand Nanjing's production capacity by 2.5-3 GWh next year in response to strong demand.
CBAK Energy Technology (NASDAQ: CBAT), a leading lithium-ion battery manufacturer in China, announced it will release its unaudited financial results for the third quarter ended September 30, 2024, on Tuesday, November 12, 2024, before U.S. market opens. The company will host an earnings conference call at 8:00 AM U.S. Eastern Time (9:00 PM Beijing/Hong Kong Time) on the same day. The results will be available on the Company's Investor Relations website and filed with the SEC on Form 8-K. Participants can join online or register to ask questions during the call.
CBAK Energy Technology (NASDAQ: CBAT) reported strong financial results for Q2 and H1 2024. Net revenues from battery sales increased 55% to $80.4 million in H1 2024. The company saw significant growth in residential energy supply & uninterruptible supplies, which rose 63% to $76.4 million. Gross margin for the battery business improved to 39.0%, up from 12.8% in H1 2023. Net income from the battery business reached $19.6 million, compared to a $1.0 million loss in the same period last year. The company attributes its success to strategic focus on residential energy solutions and diverse energy storage applications. CBAK Energy also announced advancements in fast-charging technology and secured a $7.0 million order from a European client.
CBAK Energy Technology, Inc. (NASDAQ: CBAT), a leading lithium-ion battery manufacturer and electric energy solution provider in China, has announced that it will report its unaudited financial results for the second quarter ended June 30, 2024 on Friday, August 9, 2024, before the U.S. market opens. The company will host an earnings conference call at 8:00 AM U.S. Eastern Time on the same day.
Participants can join the call online or register to ask questions. The earnings results will be available on the Company's Investor Relations website and filed with the SEC on a Form 8-K. A replay of the conference call will be accessible within seven days after the live call.
CBAK Energy Technology announced that its subsidiary, Dalian CBAK Power Battery, has secured a significant order worth nearly USD 7 million from a prominent European client. The European client has a history of sourcing cylindrical batteries from CBAK Energy, with previous orders totaling close to USD 55 million. CEO Yunfei Li expressed satisfaction with the continued recognition of their battery products and emphasized the company's commitment to innovation and quality to strengthen their market position.
CBAK Energy Technology has unveiled a breakthrough in fast-charging technology with its model 32140 battery, now capable of a full charge in just 35 minutes, a significant improvement from the previous 75 minutes. The upgrade, which increases the battery's fast charging rate from 0.8C to 1.8C, also doubles the battery’s cycle life under high-current charge and discharge. This innovation has been mass-produced at CBAK’s Nanjing facility and is expected to boost sales significantly in key markets like India and China. A patent application for the new technology has been filed in China, with approval anticipated soon.
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