CBAK Energy Q3 2022 revenue up 504% YoY to $57.7M; net loss narrows to $0.9M

CBAK Energy Technology, Inc.

2022-Q3 EPS reported $0.01 revenue$194,267,650

Net revenues $57.7M, up 504% YoY from $9.6M; driven by lithium batteries and new materials segment from Hitrans acquisition.
Gross profit $3.5M (+206% YoY); gross margin 6% vs 12% in Q3 2021 due to higher raw material costs and lower-margin materials segment.
Net loss (adj.) narrowed to $0.9M from $3.0M loss; basic & diluted EPS nil.
Battery segment revenue from EV/LEV grew 413% YoY; strategic partnership with Welson Power for India market.
Received EUR 28.4M battery order from European renewable energy customer; total 2022 orders from that customer ~EUR 59.6M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CBAK Energy Technology, Inc. reported the third quarter of 2022 ended September 30, 2022 results: revenue $57.7 million, net income $290, EPS nil.

Period: the third quarter of 2022 ended September 30, 2022
Revenue: $57.7 million
Net income: $290
EPS: nil
Result: reported results

Exact text from the filing

Net revenues were $57.7 million, an increase of 504% from $9.6 million for the same period of 2021. This was driven mostly by strong sales of high-power lithium batteries as well as from sales of materials for use in manufacturing lithium battery, a new operating segment as a result of the acquisition of Zhejiang Hitrans Lithium Battery Technology Co., Ltd (“Hitrans”) in November 2021. The table below breaks down our net revenues by segment, and further breaks down the battery segment by end application and the materials segment by product type. Net Revenues by End-product Applications ($ thousands) 2021 Third Quarter 2022 Third Quarter % Change YoY Segment 1 High power lithium batteries used in: Uninterruptible supplies $ 9,335 $ 24,680 164 % Light electric vehicles 227 1,146 404 % Electric vehicles - 20 - Trading of raw materials used in lithium batteries - - - 9,562 25,846 170 % Segment 2 Materials for use in manufacturing of lithium battery cell Precursor - 20,681 - Cathode - 11,19

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Source: SEC EDGAR

accession 0001213900-22-071561

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