CBAK Energy Q4 revenue $27.8M (+80% YoY); full-year net income $61.5M vs loss

CBAK Energy Technology, Inc.

2022-Q1 EPS reported $0.01 revenue$80,196,298

Q4 net revenues $27.8M, up 80% YoY; FY revenue $52.7M, up 40% YoY.
Full-year net income attributable to shareholders $61.5M vs loss of $7.8M in 2020, driven largely by $61.8M change in fair value of warrants.
Gross margin improved 250 bps to 9.7% for FY; Q4 gross margin fell to 3.7% from 6.8% due to higher raw material costs.
Operating loss widened to $11.7M in FY from $8.5M in 2020; expenses rose 50% on headcount growth and Hitrans acquisition.
Acquisition of 81.56% of Hitrans closed Nov 2021; added nearly $18M in material revenues in last five weeks of Q4.

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