Welcome to our dedicated page for CBAK Energy Technology news (Ticker: CBAT), a resource for investors and traders seeking the latest updates and insights on CBAK Energy Technology stock.
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 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.
CBAK Energy reported strong unaudited financial results for the first quarter of 2024, with net revenues of $58.8 million, up 38.7% year over year. The battery business showed significant growth, with a gross margin of 41.2% and a net income of $11.7 million. The company expects net income from the battery business for the full year of 2024 to be between RMB220 million and RMB250 million.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) will report its unaudited financial results for the first quarter ended March 31, 2024 on Friday, May 10, 2024. The earnings will be available on the Company's Investor Relations website and filed with the SEC. An earnings conference call will be held at 9:00 AM U.S. Eastern Time on the same day.
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