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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) 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.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) has secured a new order from a European provider of renewable energy systems valued at EUR 28.4 million ($27.8 million). This order increases the total value from this Customer in 2022 to approximately EUR 59.6 million. CBAK expects to deliver about EUR 17.1 million worth of batteries in 2022, with the remainder in 2023. The Company has been supplying batteries to the Customer since 2020, showcasing a strong ongoing relationship and commitment to quality.
CBAK Energy Technology, Inc. (Nasdaq: CBAT) reported significant financial growth for Q2 and 1H-2022, achieving a 337% year-over-year increase in net revenues from its battery business, totaling $56.4 million in Q2. Overall revenues reached $136.5 million, up 857% year-over-year, amid strong demand. Despite raw material price pressures, the operating expenses as a percentage of revenues dropped to 9.6% in Q2 from 64.9% the prior year. The company's order backlog stood at $55.35 million, with expansion plans underway to meet growing demand.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) announced a strategic partnership with Welson Power, focusing on the Indian market for lithium-ion batteries. Nanjing CBAK, a subsidiary, will supply Model 32140 batteries certified by the Bureau of Indian Standards for LEV applications. With India's government supporting the electrification of automobiles through a $1.26 billion subsidy, this partnership aims to enhance sales and market presence in a growing sector. CEO Yunfei Li expressed optimism about capturing market share and benefiting from the collaboration.
CBAK Energy Technology reported impressive financial results for Q2 and the first half of 2022. Net revenues skyrocketed by 857% year over year to $56.4 million in Q2, while the first half saw a 792% increase to $136.5 million. Gross profit surged 404% in Q2 to $5.5 million, despite rising material costs. However, net income dropped to $0.8 million in Q2 from $2.7 million in 2021. The company's growth is attributed to strong sales in high-power batteries and the acquisition of a battery materials business, positioning it well for future expansion.
CBAK Energy Technology (NASDAQ: CBAT) will announce its unaudited financial results for the second quarter and first half of 2022 on August 15, 2022, before the U.S. market opens. The company will conduct an earnings conference call at 8:00 AM U.S. Eastern Time on the same day. Participants are encouraged to register online at least 15 minutes prior to the call. CBAK is a prominent lithium-ion battery manufacturer in China, focusing on products for electric vehicles and energy storage solutions.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) announced a partnership with a leading Chinese battery manufacturer to co-develop sodium-ion battery cells. This collaboration aims to promote the mass production of cylindrical sodium-ion batteries, seen as a promising alternative to lithium-ion technology, particularly for electric vehicles. CBAK anticipates producing samples in the second half of 2022, emphasizing its commitment to innovation and competitiveness in the energy market.
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