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CBAK Energy Reports Second Quarter and First Half 2023 Unaudited Financial Results
DALIAN, China, Aug. 9, 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, Aug. 9, 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 second quarter and first half of 2023 ended June 30, 2023.\nFirst Half of 2023 Financial Highlights\nNet revenues from sales of batteries were $51.8 million, an increase of 27.2% from $40.7 million in the same period of 2022.Net revenues from batteries used in light electric vehicles were $3.1 million, an increase of 309.9% from $0.8 million in the same period of 2022.Net revenues from batteries used in electric vehicles were $2.0 million, an increase of 6454.4 times from $303.0 in the same period of 2022.Net revenues from uninterruptible supplies were $46.8 million, an increase of 17.0% from $40.0 million in the same period of 2022.Gross margin for the battery business was 12.8%, an increase of 3.4 percentage points from 9.4% in the same period of 2022.Yunfei Li, Chairman and Chief Executive Officer of the Company, commented, \"During the first half of 2023, our battery business had strong revenue growth of 97% in the first quarter; however, during the second quarter, we began to experience a temporary slowdown in sales, as a result of the volatility of lithium carbonate prices, a crucial raw material. Despite this short-term challenge, we remain confident that our revenue growth will bounce back in the upcoming quarters as many of our clients will place new orders in the second half of the year when prices begin to stabilize. Moreover, we have successfully entered into a series of partnerships with Echom, HiNa Battery, Viessmann Group, and Hello Tech, which will help sustain our topline growth and further strengthen our lead in China's battery market.\"\nXiangyu Pei, Interim Chief Financial Officer, added, \"We are pleased to report strong half year results marked by sustainable growth and increased profitability. Thanks to our product's strength and optimized operating efficiency, our gross margin rose to 15.4%, compared with 11.0% for the same period last year. Going forward, our top priorities are to accelerate sales growth and improve profitability. Our solid balance sheet gives us the flexibility to continue investing in our future by accelerating our res...