Business
CBAK Energy Reports First Quarter 2023 Unaudited Financial Results
DALIAN, China, May 10, 2023 /PRNewswire/ -- CBAK Energy Technology, Inc. (NASDAQ: CBAT) ("CBAK Energy," or the "Company") a leading lithium-ion battery
About this update from Cbak Energy Technology, Inc.
[{"type":"text","content":"DALIAN, China, May 10, 2023 /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 2023 ended March 31, 2023.\nFirst Quarter of 2023 Financial Highlights \nNet revenues from sales of batteries were $29.60 million, up by 97.1% from $15.02 million in the same period of 2022.Net revenues from batteries used in light electric vehicles were $1.97 million, up by 2,117.2% from $0.09 million in the same period of 2022.Net revenues from batteries used in electric vehicles were $1.82 million, increased by 5889.8 times from $309 in the same period of 2022.Net revenues from uninterruptible supplies were $25.82 million, up by 72.9% from $14.93 million in the same period of 2022.Gross margin for battery business was 10.85%, improved by 4.31% from 6.54% in the same period of 2022.Yunfei Li, Chairman and Chief Executive Officer of the Company, commented: \"Our raw materials manufacturing unit, Hitrans, experienced a decline in sales due to the rapid decrease in raw material prices. However, our battery business continued to grow, achieving a 97.1% increase in sales. The benefit of the lower raw material price is expected to positively impact our battery business later this year on both revenues and gross profits. On client development, we are pleased to have established a collaboration with PowerOak and its portable power supply brand, BlueTTI, which is one of the top three players in the portable power supply market. We are confident that as the impact of the decreasing raw material price on Hitrans weakens, our overall sales and client orders will quickly resume momentum.\"\nXiangyu Pei, our Interim Chief Financial Officer, highlighted the following points: \"The industry as a whole is currently waiting for the raw material price to stabilize before committing to new orders. However, despite this cautious sentiment, we achieved a significant increase in our battery business. The gross margin for our battery business reached 10.85%, improved by 4.31 percentage points year on year. Furthermore, we were able to reduce our sales and marketing expenses by 13.1%. As we look to the future, we anticipate that the industry will recover later this year,...