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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) has commenced operations at its lithium battery manufacturing plant in Nanjing, China, with an initial annual capacity of 0.7 GWh for its new 32140 battery model, targeting light electric vehicles. The company plans to expand this capacity to 2 GWh by late 2022 and has raised the second phase capacity to 18 GWh due to increased demand. Additionally, its Dalian facility has started a new production line, although operations may be suspended due to local COVID-19 containment measures.
CBAK Energy Technology reported its unaudited financial results for Q3 2021, showcasing strong growth in high-power lithium battery revenues of $9.6 million, up 51% year-over-year. However, gross profit declined 17% to $1.1 million, with a gross margin of 12%. Despite the overall decline in net income, which soared to $20 million compared to just $41,715 a year prior, operating losses increased to $3.2 million. The company also reported a substantial rise in operating expenses due to headcount growth and R&D costs, while cash reserves decreased from $33.3 million to $2 million.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) will announce its third-quarter financial results on November 12, 2021, prior to the U.S. market opening. Management will host a conference call at 8:00 AM ET to discuss the results. Participants must register in advance to receive access details. The event will be accessible through a live and archived webcast. CBAK, a leading lithium-ion battery manufacturer, focuses on products applicable in electric vehicles and energy storage solutions.
CBAK Energy Technology, Inc. (NASDAQ: CBAT), a prominent lithium-ion battery manufacturer, announced its participation in the JPMorgan China EV Battery Supply Chain Forum on September 9, 2021. During the event, CBAK management will host a fireside chat and conduct one-on-one meetings with institutional investors. Founded in 2006, CBAK is a leader in high-power lithium battery production for applications like electric vehicles and energy storage. The company's main operations are based in Dalian and Nanjing, China. For further details, visit www.cbak.com.cn.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) announced that its subsidiary, Dalian CBAK Power Battery Co., has received performance certification from SGS for its Special 26650 lithium-ion battery, designed for ultra-low temperature applications. CBAK Power is the first in the world to achieve this certification following extensive testing at temperatures ranging from -50°C to 30°C. CEO Yunfei Li highlighted this milestone as evidence of the company's technological leadership and operational efficiency, aimed at expanding its product portfolio to meet diverse market demands.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) reported strong financial results for Q2 and H1 2021.
Net revenues reached $5.9 million, a 27% increase year-over-year, with gross profit soaring 1,148% to $1.1 million, enhancing gross margin to 18.6%.
For the first half, net revenues were $15.3 million, up 33%, with a net income of $32.3 million, compared to a net loss in 2020. The company is expanding production capacity to meet rising demand and has announced plans to acquire Zhejiang Meidu Hitrans to strengthen its supply chain.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) issued a correction to a previous press release on July 26, 2021, regarding its acquisition of a majority stake in Zhejiang Meidu Hitrans. The correction clarifies that Hitrans deals in cathode materials, not anode materials as previously stated. This adjustment does not affect other disclosures made in the initial announcement.
CBAK Energy specializes in high-power lithium batteries for diverse applications, including electric vehicles and energy storage.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) will release its unaudited financial results for Q2 and the first half of 2021 on August 16, 2021, before U.S. market opens. A conference call will be held at 8:00 AM ET on the same day, providing an opportunity for stakeholders to discuss results and insights. Interested participants should register in advance to join the call. CBAK Energy, a leading lithium-ion battery manufacturer, continues to operate in a competitive market, focusing on high-power applications in electric vehicles and energy storage.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) has announced a framework agreement to acquire an 81.56% stake in Zhejiang Meidu Hitrans Lithium Battery Technology Co. for approximately RMB158.74 million ($24.50 million). This acquisition is expected to enhance CBAK's supply chain and competitiveness in the high-power lithium battery market. Hitrans, established in 2015, has been a key supplier, focusing on ternary precursors and anode materials. The transaction is anticipated to close in Q3 2021, subject to certain conditions.
CBAK Energy Technology (NASDAQ: CBAT) announced a robust financial performance for the year ended December 31, 2020, showcasing a 69.3% increase in total net revenues, reaching US$37.6 million compared to US$22.2 million in 2019. Gross profit rose to US$2.7 million, with a gross margin improvement to 7.2%.
Despite these gains, the company reported a net loss of US$7.8 million, down from US$10.9 million in 2019. Recent initiatives include trial production of a new 26650 lithium battery and plans to expand production capacity in Nanjing and Dalian.
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