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CBAK Energy Reports Third Quarter 2021 Unaudited Financial Results
Q3 Revenue from high power lithium batteries grew 51% YoY to $9.6 million DALIAN, China, Nov. 12, 2021 /PRNewswire/ -- CBAK Energy Technology, Inc. (NASDAQ:
About this update from Cbak Energy Technology, Inc.
[{"type":"text","content":"Q3 Revenue from high power lithium batteries grew 51% YoY to $9.6 million\n\n\nDALIAN, China, Nov. 12, 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 third quarter ended September 30, 2021. \nThird Quarter 2021 Financial Highlights \nNet revenues were $9.6 million. Excluding revenues from raw material trades, approximately $9.6 million was from high power lithium batteries business, a 51% year-over-year growth in high power lithium battery revenues over the same period of 2020. Gross profit was $1.1 million, a decrease of 17% from $1.4 million in the same period of 2020. Gross margin was 12%, a decrease of 1 percentage point from the same period of 2020. Net Income was $20.0 million, compared to net income of $41,715 in the same period of 2020.Yunfei Li, Chairman and Chief Executive Officer of the Company, noted: \"We are very pleased with our robust battery sales in the third quarter. Notably, revenues from high-power lithium batteries totaled $9.6 million, representing 51% year-over-year growth. These results attest to the quality and level of recognition our industry-leading products have in the market. \nMr. Li continued: \"As scheduled, we are expanding our production capacity despite global energy shortage and commodity price hikes. This is a much-needed action as the new capacity will yield positive business outcomes and augment our ability to supply. Additionally, in order to address growing and diversified demands for batteries, we made meaningful progress in research and development while extending our product portfolio. Our operations and growth strategies are well on track, which we believe solidifies our market-leading position and capabilities to deliver long-term growth in this thriving industry.\"\nXiangyu Pei, Interim Chief Financial Officer of the Company, noted: \"Our financial performance for high-power lithium batteries remained solid in the third quarter, a testament to the strong demand for our advanced and dependable products. Despite the increase in commodity prices, raw material cost was carefully managed through our previous contracts that have locked prices for certain materials. As evidenced by our hea...