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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, Inc. (NASDAQ: CBAT) announced securing orders worth approximately $2.71 million (RMB18.60 million) from Shenzhen PowerOak Technology Co., Ltd. for batteries intended for portable power units. These orders mark an increase from initial orders totaling $5.36 million (RMB36.85 million) since their partnership began in March 2022. CBAK's subsidiary, Nanjing CBAK, benefits from PowerOak's strong market presence, with products popular in over 70 countries. CEO Yunfei Li anticipates further orders, indicating confidence in the long-term growth of their collaboration, especially with PowerOak being a leader in the portable power market. CBAK Energy, a key player in lithium-ion battery manufacturing, aims to enhance its market position through this partnership.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) reported significant growth in its financial performance for the fourth quarter and full year of 2022. Fourth quarter net revenues reached $54.46 million, a 95.9% year-over-year increase, with full year revenues of $248.73 million, up 372.2% from the previous year. Key revenue drivers included a remarkable 3,169.2% growth in electric vehicle battery sales.
Despite the growth, the company faced challenges, such as a net loss of $10.70 million in Q4 2022, compared to a net income of $9.16 million in Q4 2021, largely due to impairment charges and surging lithium prices. Gross profit for the full year was $18.10 million, a 254.1% increase. However, gross margin faced pressure, declining to 7.28%.
CBAK Energy Technology, Inc. (NASDAQ: CBAT), a premier lithium-ion battery manufacturer based in China, will announce its unaudited financial results for the fourth quarter and full year ending December 31, 2022, on April 11, 2023. The results will be available on the company's Investor Relations website and filed with the SEC. An earnings conference call will be held at 8:00 AM Eastern Time on the same day, where participants must register beforehand. CBAK Energy specializes in high-power lithium batteries used in electric vehicles and energy storage systems, with a significant historical footprint as the first China-based lithium battery producer listed on Nasdaq.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) reported a remarkable 504% increase in net revenues for Q3 2022, reaching $57.7 million compared to $9.6 million in Q3 2021. The company's gross profit also surged by 206% to $3.5 million. A strategic partnership with JinPeng Group enhanced their presence in the EV and LEV markets, which contributed to a 413% revenue increase in those segments. Despite these gains, the company reported a net loss of $0.9 million, an improvement from $3.0 million in the same quarter last year.
CBAK Energy Technology, Inc. (NASDAQ: CBAT), a prominent lithium-ion battery manufacturer in China, will announce its unaudited financial results for the third quarter ending September 30, 2022, on November 14, 2022, before U.S. market opening. Following the results, a conference call will be held at 8:00 AM ET on the same day. Interested participants can register online for access. CBAK has established itself as a leader in high-power lithium batteries, catering to various applications including electric vehicles and energy storage.
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