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CBAK Energy Reports Fourth Quarter and Full Year 2023 Unaudited Financial Results
DALIAN, China, March 15, 2024 /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, March 15, 2024 /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, 2023.\n\nFourth Quarter of 2023 Financial Highlights\nNet revenues from sales of batteries were $36.8 million, an increase of 30.9% from $28.1 million in the same period of 2022.- Net revenues from batteries used in light electric vehicles were $1.4 million, a decrease of 69.5% from $4.5 million in the same period of 2022.- Net revenues from batteries used in electric vehicles were $0.5 million, a decrease of 88.8% from $4.7 million in the same period of 2022. - Net revenues from residential energy supply & uninterruptible supplies were $35.0 million, an increase of 84.3% from $19.0 million in the same period of 2022.\nGross margin for the battery business was 36.0%, an increase of 27.7 percentage points from 8.3% in the same period of 2022.Net income from the battery business was $6.6 million, compared to a net loss of $6.4 million in the same period of 2022.Full Year of 2023 Financial Highlights\nNet revenues from sales of batteries were $133.0 million, an increase of 40.4% from $94.7 million in 2022. - Net revenues from batteries used in light electric vehicles were $5.6 million, a decrease of 12.6% from $6.4 million in 2022.- Net revenues from batteries used in electric vehicles were $2.9 million, a decrease of 38.6% from $4.7 million in 2022. - Net revenues from residential energy supply & uninterruptible supplies were $124.5 million, an increase of 48.9% from $83.6 million in 2022. \nGross margin for the battery business was 23.8%, an increase of 14.9 percentage points from 8.9% in 2022. Net income for the battery business was $13.4 million, compared to a net loss of $7.8 million in 2022.Yunfei Li, Chairman and Chief Executive Officer of the Company, commented, \"We are delighted to announce a strong performance in the fourth quarter of 2023, concluding the year on a positive note. Our primary battery business sustained its growth trajectory from the previous quarter, supported by ongoing orders from key clients, including the Viessmann Group, one of Europe's largest battery manufacturers, Anker Innovations...