Business
CBAK Energy Reports Fourth Quarter and Full Year 2021 Unaudited Financial Results
--Net Revenues up 80% year over year in the fourth quarter – --Full-Year Net Revenues up 40% year over year in 2021– --CBAK Energy turns to profitability in
About this update from Cbak Energy Technology, Inc.
[{"type":"text","content":"--Net Revenues up 80% year over year in the fourth quarter –\n--Full-Year Net Revenues up 40% year over year in 2021–\n--CBAK Energy turns to profitability in 2021\n DALIAN, China, April 14, 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 fourth quarter and full year ended December 31, 2021.\nFourth Quarter 2021 Financial Highlights \nNet revenues were $27.8 million, an increase of 80% from $15.4 million in the same period of 2020. Gross profit was $1.0 million, similar to that in the same period of 2020. Gross margin was 3.7%, compared to 6.8% from the same period of 2020. Net income attributable to shareholders of CBAK Energy was $9.2 million, compared to a net loss attributable to shareholders of CBAK Energy of $4.3 million in the same period of 2020.Full Year 2021 Financial Highlights \nNet revenues were $52.7 million, an increase of 40% from $37.6 million in 2020. Gross profit was $5.1 million, an increase of 88% from $2.7 million in 2020. Gross margin was 9.7%, an increase of 250 basis points from 2020. Net income attributable to shareholders of CBAK Energy was $61.5 million, compared to a net loss attributable to shareholders of CBAK Energy of $7.8 million in 2020.Yunfei Li, Chairman and Chief Executive Officer of the Company, commented: \"2021 was a major year for CBAK Energy as we've gained significant traction across multiple fronts. We continued to strengthen our competitive advantages through innovative technology and product developments. We also expanded our production capacity as scheduled to address increasing battery demands for light electric vehicles (\"LEV\") and electric vehicles (\"EV\"). Moreover, we brought in materials for lithium-ion batteries with an acquisition of a majority stake in Zhejiang Hitrans Lithium Battery Technology Co. to build out and enhance our battery product ecosystem as we seek stable raw material supply and drive greater revenue for our business.\" \nMr. Li continued: \"As 2022 evolves, LEVs and EVs will maintain their strong growth momentum and we will continue to focus on scaling up capacity and expanding our battery material business. Looking forward, we believe these growth drivers...