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CBAK Energy Reports Second Quarter and First Half 2024 Unaudited Financial Results
DALIAN, China, Aug. 9, 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, Aug. 9, 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 second quarter and the first half of 2024 ended June 30, 2024.\n\nFirst Half of 2024 Financial Highlights\nNet revenues from sales of batteries were $80.4 million, an increase of 55% from $51.8 million in the same period of 2023. - Net revenues from batteries used in light electric vehicles were $3.3 million, an increase of 7% from $3.1 million in the same period of 2023.\n - Net revenues from batteries used in electric vehicles were $0.7 million, a decrease of 65% from $2.0 million in the same period of 2023.\n - Net revenues from residential energy supply & uninterruptible supplies were $76.4 million, an increase of 63% from $46.8 million in the same period of 2023.\nGross margin for the battery business was 39.0%, an increase of 26.2 percentage points from 12.8% in the same period of 2023.Net income from the battery business was $19.6 million, compared to net loss of $1.0 million in the same period of 2023.Yunfei Li, Chairman and Chief Executive Officer of the Company, commented, \"We are thrilled to share with our shareholders and investors that we have achieved a remarkable 55% increase in net revenues from our battery business, reaching $80.4 million for the first half of the year. This significant growth is particularly notable given the broader industry challenges and declining sales volumes faced by our competitors. Our strategic pivot towards residential energy solutions and diverse energy storage applications has been a key driver of this success, with the bulk of our revenue increase coming from these sectors. Our major clients remain highly satisfied with the performance of our products and continue to show strong loyalty. We are confident that this exceptional sales momentum will continue to drive our success in the future.\"\nJiewei Li, Chief Financial Officer and Secretary of the Board of the Company, added, \"In addition to the remarkable surge in net revenues from our battery business, we are thrilled to report an impressive gross margin of 39% for the first half of the year. This outstanding performance not only highlights our efficiency but a...