Business
CBAK Energy Reports Fiscal Year 2020 Financial Results
DALIAN, China, April 12, 2021 /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, April 12, 2021 /PRNewswire/ -- CBAK Energy Technology, Inc. (NASDAQ: CBAT) (\"CBAK Energy,\" or the \"Company\") a leading lithium-ion battery manufacturer and electric energy solution provider, today announced its financial results for the year ended December 31, 2020. The Company intends to file its annual report containing its audited consolidated financial statements for the fiscal year ended December 31, 2020, on Form 10-K with the Securities and Exchange Commission (the \"SEC\") on or about April 12, 2021. When available, the annual report can be accessed on the Company's investor relations website at https://ir.cbak.com.cn and on the SEC's website at http://www.sec.gov. \nFiscal Year 2020 Financial Highlights\nTotal net revenues increased by 69.3% to US$37.6 million from US$22.2 million in fiscal year 2019. Gross profit increased to US$2.7 million from US$0.6 million in fiscal year 2019. Gross margin improved to 7.2% from 2.8% in fiscal year 2019. Net loss decreased to US$7.8 million from US$10.9 million in fiscal year 2019.Mr. Yunfei Li, Chief Executive Officer of CBAK Energy, commented, \"Despite macro challenges in 2020, we grew our top-line by 69.3% year over year. Such robust growth was mainly due to the increased market recognition of our R&D capabilities as well as our higher brand awareness in the energy storage market. With our competitive advantages in R&D and expanded global presence, we remain confident in our future growth prospects. Moreover, our 46800 battery model, 32140 battery model, and special 26650 battery model designed for application in ultra-low temperature environments should enable us to augment our development in the markets for light electric vehicles, electric vehicles, and energy storage to ensure the long-term and sustainable growth of our enterprise value going forward.\"\nMs. Xiangyu Pei, Interim Chief Financial Officer, further commented, \"In the full year of 2020, we grew our total net revenues while also significantly reducing our net loss. This healthy performance was mainly due to our effective corporate strategy, resilient business model, and operating leverage improvements. As a result of our increased financial capacity from our recent equity offering, we are confident in our ability to continue capitalizing on those opportunities which will emerge going forward to...