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CBAK Energy Reports Third Quarter 2022 Unaudited Financial Results
--Net Revenues up 504% year over year in the third quarter – DALIAN, China, Nov. 14, 2022 /PRNewswire/ -- CBAK Energy Technology, Inc. (NASDAQ: CBAT) ("CBAK
About this update from Cbak Energy Technology, Inc.
[{"type":"text","content":"--Net Revenues up 504% year over year in the third quarter –\nDALIAN, China, Nov. 14, 2022 /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 of 2022 ended September 30, 2022.\nThird Quarter of 2022 Financial Highlights \nNet revenues were $57.7 million, an increase of 504% from $9.6 million for the same period of 2021.Gross profit was $3.5 million, representing an increase of 206%, for the three months ended September 30, 2022, from gross profit of $1.1 million for the same period of 2021.Net loss attributable to shareholders of CBAK Energy (after deducting change in fair value of warrants) was narrowed to $0.9 million from $3.0 million for the same period of 2021, reduced by 68.6%.Yunfei Li, Chairman and Chief Executive Officer of the Company, commented: \"Our company managed to maintain a strong momentum in the growth of revenues in the third quarter of 2022. Our efforts to develop the electric vehicle (\"EV\") & light electric vehicle(\"LEV\") market have achieved noticeable progress. Our revenues contributed from the EV & LEV market in the third quarter grew by 413% compared to the same period in 2021. Our strategic partnership with JinPeng Group, one of China's biggest LEV manufacturers, and its EV manufacturing unit, Jemmell, brings our battery products to an increasing number of electric vehicles. With our cooperation with more EV/LEV manufacturers, we anticipate to see our products be applied to more electric vehicles and revenues from this market segment grow at a faster pace.\" \nMr. Li continued: \"We are also glad to see that there is an increasing global demand for green energy, which substantially boost our energy storage business. We believe that our clients with businesses all over the world will keep a strong demand for our battery products in the near future.\" \nXiangyu Pei, Interim Chief Financial Officer of the Company, noted: \"In the first nine months of 2022, we managed to achieve a year-over-year increase of 681% in revenues to $194 million. During this period, revenues from our battery business grew by 168% to $66.6 million as compared to the same period of 2021, of which revenues from the LEV/EV se...