CBAK Energy Q3 net income $20.0M on $23M warrant revaluation; battery revenue up 51% to $9.6M

CBAK Energy Technology, Inc.

2021-Q3 EPS reported $0.60 revenue$24,867,393

Net revenue $9.6M; high-power lithium battery revenue $9.6M (+51% YoY); no raw material trades.
Net income $20.0M vs $41,715 in Q3 2020, driven by $23.0M change in fair value of warrant liabilities.
Operating loss $3.2M vs operating profit $0.4M a year ago; gross margin 12%, down 1 ppt.
Cash and equivalents fell to $2.0M from $33.3M at June 30, 2021.
Secured SGS performance certification for 26650 ultra-low-temperature lithium-ion battery in August.

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