Business
CBAK Energy Reports Second Quarter and First Half 2021 Unaudited Financial Results
--Net Revenues up 27% year over year in the second quarter and up 33% year over year in the first half-- --Well positioned for future growth-- DALIAN, China,
About this update from Cbak Energy Technology, Inc.
[{"type":"text","content":"--Net Revenues up 27% year over year in the second quarter and up 33% year over year in the first half--\n --Well positioned for future growth--\n\n\nDALIAN, China, Aug. 16, 2021 /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 second quarter and first half year ended June 30, 2021. \nSecond Quarter 2021 Financial Highlights \nNet revenues were $5.9 million, an increase of 27% from $4.6 million in the same period of 2020. Gross profit was $1.1 million, an increase of 1,148% from $0.1 million in the same period of 2020. Gross margin was 18.6%, an increase of 16.7 percentage points from the same period of 2020. Net Income was $2.7 million, compared to net loss of $1.2 million in the same period of 2020.First Half 2021 Financial Highlights \nNet revenues were $15.3 million, an increase of 33% from $11.5 million in the same period of 2020. Gross profit was $2.9 million, an increase of 899% from $0.3 million in the same period of 2020. Gross margin was 19.2%, an increase of 16.6 percentage points from the same period of 2020. Net Income was $32.3 million, compared to net loss of $3.6 million in the same period of 2020.Yunfei Li, Chairman and Chief Executive Officer of the Company, noted: \"We achieved strong second quarter and first half year financial results. Net revenues grew 27% and 33% year over year respectively, and our gross margin improved significantly. The overall demand for our high quality, dependable battery products continued to be strong. To meet rising customer demand, we invested to expand production capacity in our Nanjing and Dalian plants. The Phase I project in Nanjing and the new production line in Dalian are expected to commence production in the second half of the year. At the same time, we also accelerated R&D for new products and solutions, such as batteries for ultra-low temperature applications and batteries for uninterruptable power supplies.\" \nMr. Li continued: \"Our strategy is to become an innovative lithium-ion battery provider in a fast-growing market that is embracing clean energy. We are actively integrating and consolidating the supply chain to create a more efficient ecosystem. Our recent announcement ...