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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) will participate in the virtual Public Companies Communications Summit co-hosted by TF Securities Global and Frost & Sullivan on July 20, 2022. Management will hold a fireside chat at 8:50 PM U.S. Eastern Time and will be available for one-on-one meetings with institutional investors. CBAK Energy specializes in high-power lithium batteries for various applications, including electric vehicles and energy storage. The company, based in China, has been publicly traded on Nasdaq since January 2006.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) has signed a strategic framework agreement with Jiangsu JPK New Energy Co., Ltd. to develop large cylindrical batteries for Jemmell's A00-grade mini passenger vehicles, a popular model in China's market. This collaboration is expected to generate substantial revenue, potentially tens of millions of RMB, depending on the battery supply. CEO Yunfei Li highlighted the agreement as a significant step in enhancing CBAK's presence in the fast-growing EV market. The company is recognized for its advanced lithium battery technology and has been publicly traded since 2006.
CBAK Energy Technology, Inc. (Nasdaq: CBAT) announced impressive first-quarter results for 2022, with net revenues soaring to $80.2 million, a remarkable 752% increase year-over-year. This growth stemmed primarily from the acquisition of Hitran's lithium battery materials business. The company reported a gross profit margin of 6.6%, down from 19.5% a year earlier, impacted by rising raw material costs. CBAT's order backlog stands at approximately $69 million, indicating strong market demand, particularly in the EV segment. The firm plans strategic measures to counter cost pressures and expects an improved margin outlook.
CBAK Energy Technology reported a remarkable 752% increase in net revenues for Q1 2022, totaling $80.2 million. This growth was driven by the Hitrans merger and strong demand for high power lithium batteries. However, net income dropped to $0.4 million from $29.6 million year-over-year. Gross margin fell to 6.6% due to rising raw material costs. Operating expenses surged by 256%, while R&D expenses spiked by 585%. Cash equivalents stood at $5.6 million as of March 31, 2022. The company remains focused on enhancing competitiveness in the battery sector.
CBAK Energy Technology (NASDAQ: CBAT) will release its Q1 2022 unaudited financial results on May 19, 2022, before U.S. market opens. An earnings conference call will follow at 8:00 AM ET. The company, a key player in the lithium-ion battery sector, focuses on high-power battery solutions for various applications.
Additionally, a live and archived webcast will be available for those interested in financial updates and results. For more details, visit their website.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) announced an order worth $29.3 million for lithium-ion batteries from a leading European renewable energy provider. This order includes the shipment of approximately 13.9 million battery units, bringing the total order value to $31.2 million in 2022. CBAK Energy has collaborated with this customer since 2020, with deliveries planned for this year and the next. The company aims to expand its global market footprint for high-power lithium batteries.
CBAK Energy Technology, Inc. (NASDAQ: CBAT), a leading lithium-ion battery manufacturer in China, announced it has been provisionally identified by the SEC under the Holding Foreign Companies Accountable Act (HFCAA) as of April 21, 2022. This follows its annual report filing on April 15, 2022, indicating the SEC's concern over its auditor's inspection capabilities. The company plans to engage a PCAOB-compliant auditor to maintain its Nasdaq listing and adhere to regulatory standards. CBAK aims to comply with all laws in its operational jurisdictions.
CBAK Energy (Nasdaq: CBAT) reported a profitable 2021 with net revenues of $52.7 million, a growth of 40% year-over-year, and $27.8 million in Q4, reflecting an 80% increase. Sales of high power lithium batteries surged 92% in Q4, with LEV-specific sales skyrocketing 3631% year-over-year. The company benefitted from stable lithium-ion battery raw materials post-acquisition of Zhejiang Hitrans. Gross margin improved to 9.7%, with net income reaching $61.5 million. CBAT is investing in R&D and increasing production capacity to meet growing battery demands.
CBAK Energy Technology reported strong financial results for Q4 and FY 2021, with net revenues rising by 80% year-over-year in Q4 to $27.8 million and 40% for the full year to $52.7 million. The company achieved profitability with a net income of $61.5 million in 2021, compared to a $7.8 million loss in 2020. Gross margin increased to 9.7%, a 250 basis point improvement. Significant growth was driven by high power lithium battery sales and the acquisition of Hitrans, enhancing their product offerings and market position.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) announced it will report its unaudited financial results for Q4 and full year 2021 on April 14, 2022, before U.S. market opens. Management will host an earnings call at 8:00 AM ET the same day. Interested participants should register in advance for access information. A live and archived webcast will also be available. The company, based in Dalian, China, focuses on lithium-ion battery manufacturing for various applications including electric vehicles. For further updates, visit their website.
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