CBAK Energy Reports Third Quarter & First Nine Months of 2024 Unaudited Financial Results
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 ha riportato risultati finanziari solidi per i primi nove mesi del 2024. Le entrate nette dalle vendite di batterie hanno raggiunto 113,9 milioni di dollari, con un incremento del 18,4% rispetto all'anno precedente. L'azienda ha ottenuto un margine lordo notevole del 34,3% nel suo settore batterie, con un reddito netto di 21,6 milioni di dollari, un aumento del 222% rispetto al 2023. Anche se il terzo trimestre ha mostrato alcune difficoltà con le entrate nette in calo del 29,7% a 44,6 milioni di dollari a causa della manutenzione presso lo stabilimento di Dalian, lo stabilimento di Nanchino è diventato redditizio nel terzo trimestre. L'azienda prevede di espandere la capacità produttiva di Nanchino di 2,5-3 GWh il prossimo anno in risposta a una forte domanda.
CBAK Energy reportó resultados financieros sólidos para los primeros nueve meses de 2024. Los ingresos netos por ventas de baterías alcanzaron 113,9 millones de dólares, un aumento del 18,4% con respecto al año anterior. La empresa logró un margen bruto notable del 34,3% en su negocio de baterías, con un ingreso neto de 21,6 millones de dólares, un aumento del 222% en comparación con 2023. Aunque el tercer trimestre mostró algunos desafíos con ingresos netos que disminuyeron un 29,7% a 44,6 millones de dólares debido al mantenimiento en la instalación de Dalian, la instalación de Nanjing se volvió rentable en el tercer trimestre. La empresa planea expandir la capacidad de producción de Nanjing en 2,5-3 GWh el próximo año en respuesta a una fuerte demanda.
CBAK Energy는 2024년 첫 9개월 동안 강력한 재무 결과를 보고했습니다. 배터리 판매로 인한 순수익은 1억 1천 3백 90만 달러를 기록하며, 전년 대비 18.4% 증가했습니다. 회사는 배터리 사업에서 34.3%라는 주목할 만한 총 마진을 달성했으며, 순이익은 2천 1백 60만 달러로 2023년 대비 222% 증가했습니다. 3분기는 다롄 시설의 유지보수로 인해 순수익이 29.7% 감소하여 4천 4백 60만 달러에 이르는 도전과제를 보였지만, 난징 시설은 3분기 동안 이익을 기록했습니다. 회사는 강한 수요에 대응하기 위해 내년에 난징의 생산 능력을 2.5-3GWh 확대할 계획입니다.
CBAK Energy a annoncé des résultats financiers solides pour les neuf premiers mois de 2024. Les revenus nets issus des ventes de batteries ont atteint 113,9 millions de dollars, en hausse de 18,4 % par rapport à l'année précédente. L'entreprise a réalisé une marge brute notable de 34,3 % dans son secteur des batteries, avec un revenu net atteignant 21,6 millions de dollars, soit une augmentation de 222 % par rapport à 2023. Bien que le troisième trimestre ait montré certains défis avec des revenus nets diminuant de 29,7 % à 44,6 millions de dollars en raison de travaux de maintenance dans l'usine de Dalian, l'usine de Nankin est devenue rentable au cours du troisième trimestre. L'entreprise prévoit d'augmenter la capacité de production de Nankin de 2,5 à 3 GWh l'année prochaine en réponse à une forte demande.
CBAK Energy hat für die ersten neun Monate des Jahres 2024 starke Finanzzahlen gemeldet. Die Nettoumsätze aus dem Verkauf von Batterien erreichten 113,9 Millionen Dollar, was einem Anstieg von 18,4 % im Jahresvergleich entspricht. Das Unternehmen erzielte eine bemerkenswerte Bruttomarge von 34,3 % im Batteriesegment, mit einem Nettogewinn von 21,6 Millionen Dollar, einem Anstieg von 222 % im Vergleich zu 2023. Während das dritte Quartal einige Herausforderungen zeigte, da die Nettoumsätze um 29,7 % auf 44,6 Millionen Dollar sanken aufgrund von Wartungsarbeiten am Standort Dalian, wurde die Produktionsstätte in Nanjing im dritten Quartal profitabel. Das Unternehmen plant, die Produktionskapazität in Nanjing im nächsten Jahr um 2,5 bis 3 GWh zu erweitern, um der starken Nachfrage gerecht zu werden.
- Battery sales revenue increased 18.4% to $113.9 million in first nine months
- Gross margin improved significantly to 34.3% from 19.1%
- Net income grew 222% to $21.6 million
- Nanjing facility achieved profitability in Q3
- Planned production capacity expansion of 2.5-3 GWh
- Q3 net revenues decreased 29.7% to $44.6 million
- Q3 gross margin declined to 15.6% from 19.3%
- Electric vehicle battery revenues decreased 57.1% to $1.0 million
- Operating loss of $0.83 million in Q3 compared to $5.3 million income in 2023
- Hitrans subsidiary experiencing suboptimal business performance
Insights
The Q3 and 9M 2024 results present a mixed picture. While Q3 shows some weakness with revenue down
- Exceptional gross margin of
34.3% for 9M 2024, up from19.1% - Net income from battery business surged
222% to$21.6M - Nanjing facility turned profitable in Q3
The Q3 revenue decline was primarily due to planned maintenance at the Dalian facility, which had been operating at full capacity. The strong demand evidenced by the Nanjing facility's expansion plans and the impressive margins suggest robust underlying business fundamentals despite temporary setbacks.
The company's strategic positioning in the energy storage market shows promise, with residential energy supply segment generating
First nine months of 2024 Financial Highlights
- Net revenues from sales of batteries were
$113.9 million 18.4% from$96.2 million - Net revenues from batteries used in light electric vehicles were
$8.2 million 95% from$4.2 million - Net revenues from batteries used in electric vehicles were
$1.0 million 57.1% from$2.4 million - Net revenues from residential energy supply & uninterruptible supplies were
$104.6 million 16.8% from$89.5 million
- Net revenues from batteries used in light electric vehicles were
- Gross margin for the battery business was
34.3% , an increase of 15.2 percentage points from19.1% in the same period of 2023. - Net income from the battery business was
$21.6 million 222% from$6.7 million
Zhiguang Hu, Chief Executive Officer of the Company, commented, "We are pleased to report a remarkable
Jiewei Li, Chief Financial Officer and Secretary of the Board of the Company, added, "As Mr. Hu highlighted, our financial performance for the first three quarters has been exceptionally strong, setting a new benchmark within the industry. While our
Third Quarter of 2024 Financial Results
Net revenues[1] were
Among these revenues, detailed revenues from our battery business are:
Battery Business | 2023 Third Quarter | 2024 Quarter | % Change | |||||||||
Net Revenues ($) | 44,327,653 | 33,461,793 | (25) | |||||||||
Gross Profits ($) | 11,698,226 | 7,665,009 | (31) | |||||||||
Gross Margin | 26.4 | % | 22.9 | % | - | |||||||
Net Income ($) | 7,770,711 | 2,035,338 | - | |||||||||
Net Revenues from Battery Business on | ||||||||||||
Electric Vehicles | 402,863 | 333,216 | (17) | |||||||||
Light Electric Vehicles | 1,114,107 | 4,913,644 | 341 | |||||||||
Residential Energy Supply & | 42,810,683 | 28,214,934 | (34) | |||||||||
Total | 63,441,109 | 44,628,241 | (30) | |||||||||
[1] Net revenues consist of the Company's self-operated battery business and Hitrans, which was acquired in 2021, an independently managed raw materials business. |
Cost of revenues was
Gross profit was
Total operating expenses were
- Research and development expenses was
$3.4 million 36% from$2.5 million - Sales and marketing expenses were
$1.0 million 8% from$1.1 million - General and administrative expenses were
$2.8 million 14% from$3.2 million - Recover of doubtful accounts was
$0.55 million $0.25 million
Operating loss amounted to
Finance income, net amounted to
Change in fair value of warrants was nil, compared to
Net loss attributable to shareholders of CBAK Energy was
Net income attributable to shareholders of CBAK Energy (after deducting the change in fair value of warrants) was
Basic and diluted income per share were both nil, compared to basic and diluted loss per share of
First nine months of 2024 Financial Results
Net revenues[1] were
Among these revenues, detailed revenues from our battery business are:
Battery Business | 2023 First nine months | 2024 nine months | % Change | |||||||||
Net Revenues ($) | 96,163,040 | 113,897,786 | 18.4 | |||||||||
Gross Profits ($) | 18,336,732 | 39,040,824 | 109.5 | |||||||||
Gross Margin | 19.0 | % | 34.3 | % | - | |||||||
Net (Loss) Income ($) | 6,746,883 | 21,610,408 | - | |||||||||
Net Revenues from Battery Business on | ||||||||||||
Electric Vehicles | 2,358,842 | 1,012,655 | -57.0 | |||||||||
Light Electric Vehicles | 4,230,066 | 8,249,437 | 95.0 | |||||||||
Residential Energy Supply & | 89,574,132 | 104,635,694 | 16.8 | |||||||||
Total | 96,163,040 | 113,897,786 | 18.4 | |||||||||
[1] Net revenues consist of the Company's self-operated battery business and Hitrans, which was acquired in 2021, an independently managed raw materials business. |
Cost of revenues was
Gross profit was
Total operating expenses were
- Research and development expenses were
$9.2 million 14.9% from$8.0 million - Sales and marketing expenses were
$4.1 million 46.9% from$2.8 million - General and administrative expenses were
$10.0 million 7.5% from$9.3 million - Recovery of doubtful accounts was
$0.2 million $0.3 million
Operating income amounted to
Finance income, net amounted to
Change in fair value of warrants was nil, compared to
Net income attributable to shareholders of CBAK Energy was
Net income attributable to shareholders of CBAK Energy (after deducting the change in fair value of warrants) was
Basic and diluted income per share were both
Conference Call
CBAK Energy's management will host an earnings conference call at 8:00 AM
For participants who wish to join our call online, please visit:
https://edge.media-server.com/mmc/p/sepoc69g
Participants who plan to ask questions during the call will need to register at least 15 minutes prior to the scheduled call start time using the link provided below. Upon registration, participants will receive the conference call access information, including dial-in numbers, a unique pin, and an email with detailed instructions.
Participant Online Registration:
https://register.vevent.com/register/BI35d99553511e4d63bffc9c7d4409bcec
Once completing the registration, please dial-in at least 10 minutes before the scheduled start time of the conference call and enter the personal pin as instructed to connect to the call.
A replay of the conference call may be accessed within seven days after the conclusion of the live call at the following website: https://edge.media-server.com/mmc/p/sepoc69g
The earnings release and the link for the replay are available at ir.cbak.com.cn.
About CBAK Energy
CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading high-tech enterprise in
For more information, please visit ir.cbak.com.cn.
Safe Harbor Statement
This press release contains "forward-looking statements" that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," or "will" or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements.
Any forward-looking statements contained in this press release are only estimates or predictions of future events based on information currently available to our management and management's current beliefs about the potential outcome of future events. Whether these future events will occur as management anticipates, whether we will achieve our business objectives, and whether our revenues, operating results, or financial condition will improve in future periods are subject to numerous risks. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: significant legal and operational risks associated with having substantially all of our business operations in
For further inquiries, please contact:
In
CBAK Energy Technology, Inc.
Investor Relations Department
Phone: +86-18675423231
Email: ir@cbak.com.cn
CBAK Energy Technology, Inc. and Subsidiaries | ||||||||||||
Condensed consolidated Balance Sheets | ||||||||||||
As of December 31, 2023 and September 30, 2024 | ||||||||||||
(Unaudited) | ||||||||||||
(In US$ except for number of shares) | ||||||||||||
December 31, | September 30, | |||||||||||
(Unaudited) | ||||||||||||
Assets | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ | 4,643,267 | $ | 10,448,362 | ||||||||
Pledged deposits | 54,179,549 | 37,415,946 | ||||||||||
Short-term deposits | - | 13,788,170 | ||||||||||
Trade and bills receivable, net | 28,653,047 | 34,910,784 | ||||||||||
Inventories | 33,413,422 | 23,938,925 | ||||||||||
Prepayments and other receivables | 7,459,254 | 9,950,350 | ||||||||||
Receivables from a former subsidiary, net | 74,946 | 7,580 | ||||||||||
Total current assets | 128,423,485 | 130,460,117 | ||||||||||
Property, plant and equipment, net | 91,628,832 | 89,365,457 | ||||||||||
Construction in progress | 37,797,862 | 38,993,618 | ||||||||||
Long-term investments, net | 2,565,005 | 2,336,537 | ||||||||||
Prepaid land use rights | 11,712,704 | 11,601,078 | ||||||||||
Intangible assets, net | 841,360 | 507,113 | ||||||||||
Deposit paid for acquisition of long-term investments | 7,101,492 | 16,500,192 | ||||||||||
Operating lease right-of-use assets, net | 1,084,520 | 3,713,242 | ||||||||||
Total assets | $ | 281,155,260 | $ | 293,477,354 | ||||||||
Liabilities | ||||||||||||
Current liabilities | ||||||||||||
Trade and bills payable | $ | 82,429,575 | $ | 89,773,942 | ||||||||
Short-term bank borrowings | 32,587,676 | 25,708,098 | ||||||||||
Other short-term loans | 339,552 | 337,147 | ||||||||||
Accrued expenses and other payables | 41,992,540 | 35,144,908 | ||||||||||
Payables to a former subsidiary, net | 411,111 | 407,560 | ||||||||||
Deferred government grants, current | 375,375 | 499,861 | ||||||||||
Product warranty provisions | 23,870 | 17,099 | ||||||||||
Operating lease liability, current | 691,992 | 1,527,829 | ||||||||||
Finance lease liability, current | 1,643,864 | 762,694 | ||||||||||
Income tax payable | - | 343,856 | ||||||||||
Total current liabilities | 160,495,555 | 154,522,994 | ||||||||||
Deferred government grants, non-current | 6,203,488 | 5,778,875 | ||||||||||
Product warranty provisions | 522,574 | 410,350 | ||||||||||
Operating lease liability, non-current | 475,302 | 2,683,772 | ||||||||||
Total liabilities | 167,696,919 | 163,395,991 | ||||||||||
Commitments and contingencies | ||||||||||||
Shareholders' equity | ||||||||||||
Common stock | 90,063 |
90,083 | ||||||||||
Donated shares | 14,101,689 | 14,101,689 | ||||||||||
Additional paid-in capital | 247,465,817 | 247,732,612 | ||||||||||
Statutory reserves | 1,230,511 | 1,230,511 | ||||||||||
Accumulated deficit | (134,395,762) | (118,096,203) | ||||||||||
Accumulated other comprehensive loss | (11,601,403) | (10,127,774) | ||||||||||
116,890,915 | 134,930,918 | |||||||||||
Less: Treasury shares | (4,066,610) | (4,066,610) | ||||||||||
Total shareholders' equity | 112,824,305 | 130,864,308 | ||||||||||
Non-controlling interests | 634,036 | (782,945) | ||||||||||
Total equity | 113,458,341 | 130,081,363 | ||||||||||
Total liabilities and shareholder's equity | $ | 281,155,260 | $ | 293,477,354 | ||||||||
CBAK Energy Technology, Inc. and Subsidiaries | ||||||||||||||||||||
Condensed consolidated Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||
For the three and nine months ended September 30, 2023 and 2024 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In US$ except for number of shares) | ||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||
2023 | 2024 | 2023 | 2024 | |||||||||||||||||
Net revenues | $ | 63,441,109 | $ | 44,628,241 | $ | 148,258,680 | $ | 151,243,718 | ||||||||||||
Cost of revenues | (51,192,531) | (37,673,684) | (129,219,716) | (112,780,088) | ||||||||||||||||
Gross profit | 12,248,578 | 6,954,557 | 19,038,964 | 38,463,630 | ||||||||||||||||
Operating expenses: | ||||||||||||||||||||
Research and development expenses | (2,577,714) | (3,434,351) | (8,013,760) | (9,205,378) | ||||||||||||||||
Sales and marketing expenses | (1,116,377) | (1,022,549) | (2,800,969) | (4,114,954) | ||||||||||||||||
General and administrative expenses | (3,240,770) | (2,779,519) | (9,302,798) | (10,002,040) | ||||||||||||||||
(Provision for) recovery of doubtful | (24,623) | (546,011) | (286,283) | 241,332 | ||||||||||||||||
Total operating expenses | (6,959,484) | (7,782,430) | (20,403,810) | (23,081,040) | ||||||||||||||||
Operating income (loss) | 5,289,094 | (827,873) | (1,364,846) | 15,382,590 | ||||||||||||||||
Finance (expense) income, net | (447,031) | (40,350) | (189,248) | 658,034 | ||||||||||||||||
Other income, net | 601,654 | 521,916 | 1,022,907 | 1,031,329 | ||||||||||||||||
Gain on disposal of equity investee | - | 55 | - | 26,967 | ||||||||||||||||
Change in fair value of warrants | 15,000 | - | 136,000 | - | ||||||||||||||||
Income (loss) before income tax | 5,458,717 | (346,252) | (395,187) | 17,098,920 | ||||||||||||||||
Income tax credit (expenses) | 305,431 | (339,287) | 1,015,626 | (2,188,800) | ||||||||||||||||
Net income (loss) | 5,764,148 | (685,539) | 620,439 | 14,910,120 | ||||||||||||||||
Less: Net loss attributable to non- | 570,644 | 703,186 | 1,699,008 | 1,389,439 | ||||||||||||||||
Net income (loss) attributable to CBAK | $ | 6,334,792 | $ | 17,647 | $ | 2,319,447 | $ | 16,299,559 | ||||||||||||
Net income (loss) | 5,764,148 | (685,539) | 620,439 | 14,910,120 | ||||||||||||||||
Other comprehensive loss | ||||||||||||||||||||
– Foreign currency translation adjustment | (515,279) | 4,181,904 | (6,405,609) | 1,446,087 | ||||||||||||||||
Comprehensive (loss) income | 5,248,869 | 3,496,365 | (5,785,170) | 16,356,207 | ||||||||||||||||
Less: Comprehensive (loss) income | 553,874 | 719,587 | 1,927,515 | 1,416,981 | ||||||||||||||||
Comprehensive (loss) income attributable | $ | 5,802,743 | $ | 4,215,952 | $ | (3,857,655) | $ | 17,773,188 | ||||||||||||
Income (loss) per share | ||||||||||||||||||||
– Basic | $ | 0.07 | $ | 0.00 | $ | 0.03 | $ | 0.18 | ||||||||||||
– Diluted | $ | 0.07 | $ | 0.00 | $ | 0.03 | $ | 0.18 | ||||||||||||
Weighted average number of shares of | ||||||||||||||||||||
– Basic | 89,473,026 | 89,931,617 | 89,171,988 | 89,929,477 | ||||||||||||||||
– Diluted | 89,904,319 | 90,229,849 | 89,582,401 | 90,267,431 | ||||||||||||||||
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SOURCE CBAK Energy Technology, Inc.
FAQ
What was CBAT's revenue growth in the first nine months of 2024?
Why did CBAT's Q3 2024 revenue decline?
What was CBAT's net income for the first nine months of 2024?
What are CBAT's expansion plans for 2025?
