CBAK Energy reports Q1 net loss of $1.38M; battery sales surge 97% YoY

CBAK Energy Technology, Inc.

2023-Q1 EPS reported -$0.02 revenue$42,396,701

Net revenues from battery sales $29.60M, up 97.1% YoY; overall net revenues $42.40M, down 47.1% due to Hitrans raw materials decline.
Gross margin for battery business improved to 10.85% from 6.54% YoY; total gross margin 6.85%.
Net loss attributable to shareholders $1.38M vs net income $0.44M in prior year; diluted EPS -$0.02.
Operating loss $2.88M, up 115.8% from $1.34M operating loss in Q1 2022.
Secured battery orders from PowerOak/BlueTTI worth $2.71M in April; cumulative orders $5.36M as of April 18.

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 first quarter ended March 31, 2023 results: revenue $42.40 million, net income $1.38 million, EPS $0.02.

Period: first quarter ended March 31, 2023
Revenue: $42.40 million
Net income: $1.38 million
EPS: $0.02
Result: reported results

Exact text from the filing

First Quarter of 2023 Financial Results Net revenues were $42.40 million, representing a decline of 47.1% compared to the same period in 2022. This decline was primarily attributable to a decrease in sales at Hitrans, our indirect majority-owned subsidiary engaged in the production and sale of battery raw materials, which was primarily caused by the falling prices of raw materials. Among these revenues, detailed revenues from our battery business are: Battery Business 2022 First Quarter 2023 First Quarter % Change YoY Net Revenues ($) 15,020,686 29,603,383 97.1 Gross Profits ($) 982,924 3,213,358 1787.0 Gross Margin 6.54 % 10.85 % - Net Revenues from Battery Business on Applications ($) Electric Vehicles 309 1,820,248 588,977 Light Electric Vehicles 88,764 1,968,057 2,117.2 Uninterruptable supplies 14,931,613 25,815,078 72.9 Total 15,020,686 29,603,383 97.1 Cost of revenues was $39.49 million, a decrease of 47.3% from $74.88 million in the same period of 2022. This decrease was primari

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Source: SEC EDGAR

accession 0001213900-23-037917

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