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CBAK Energy Reports First Quarter 2022 Unaudited Financial Results
– Net revenues up 752% year over year in the first quarter – DALIAN, China, May 19, 2022 /PRNewswire/ -- CBAK Energy Technology, Inc. (NASDAQ: CBAT) ("CBAK
About this update from Cbak Energy Technology, Inc.
[{"type":"text","content":"– Net revenues up 752% year over year in the first quarter –\nDALIAN, China, May 19, 2022 /PRNewswire/ -- CBAK Energy Technology, Inc. (NASDAQ: CBAT) (\"CBAK Energy,\" or the \"Company\") a leading lithium-ion battery manufacturer and electric energy solution provider in China, today reported its unaudited financial results for the first quarter ended March 31, 2022.\nFirst Quarter 2022 Financial Highlights \nNet revenues were $80.2 million, an increase of 752% from $9.4 million in the same period of 2021.Gross profit was $5.3 million, an increase of 189% from $1.8 million in the same period of 2021.Net income attributable to shareholders of CBAK Energy was $0.4 million, compared to a net income attributable to CBAK Energy shareholders of $29.6 million in the same period of 2021.Yunfei Li, Chairman and Chief Executive Officer of the Company, commented: \"We are very excited to kick off 2022 with our net revenues surging more than eight-fold year over year to reach $80.2 million in the first quarter, primarily driven by the material business brought by the Hitrans merger and robust demand for our high power lithium batteries.\" \nMr. Li continued: \"We will continue attentive operations in the material business with additional strategies to enhance its core competitiveness while actively combining them with other alternatives to counter the impact of increased raw material costs on the battery production. Additionally, we remain focused on product innovations to meet various demands and drive higher lithium battery sales. With our expansion into producing key materials for battery products and our relentless efforts into addressing the dynamic market, we are very confident in our capabilities to grow and thrive in the battery industry.\" \nXiangyu Pei, Interim Chief Financial Officer of the Company, noted: \"Our significant revenue expansion exemplified the efficacies of our growth strategies. Despite short-term challenges from raw material price hikes, we furthered our investments for our infrastructure to propel higher revenue levels. Looking ahead, we will remain committed to driving our next phase of growth by leveraging and building upon our solid financial position and competitive advantages.\"\nFirst Quarter 2022 Business Highlights & Recent Developments\nIn May, CBAK Energy received an order from a leading European provid...