Gross profit was $31.7 million, representing an increase of 75.3% from $18.1 million in 2022. Gross margin was 15.5%, compared to 7.3% in 2022.
Total operating expenses were $39.0 million, representing an increase of 31.2% from $29.6 million in 2022.
-- Research and development expenses were $11.9 million, an increase of
12.2% from $10.6 million in 2022.
-- Sales and marketing expenses were $4.9 million, an increase of 144.2%
from $2.0 million in 2022.
-- General and administrative expenses were $13.8 million, an increase of
41.6% from $9.7 million in 2022.
-- Provision for expected credit losses was $1.0 million, compared to $0.8
million in 2022.
Operating loss amounted to $7.3 million, compared to an operating loss of $11.5 million in 2022.
Finance income, net amounted to $0.4 million, compared to $0.5 million in 2022.
Change in fair value of warrants was $0.1 million, compared to $5.7 million in 2022. The change in fair value of the warrants liability is mainly due to the share price movement.
Net loss attributable to shareholders of CBAK Energy was $2.5 million, compared to net loss attributable to shareholders of CBAK Energy of $9.5 million in 2022.
Net loss attributable to shareholders of CBAK Energy (after deducting the change in fair value of warrants) was $2.6 million, compared to a net loss of $15.2 million in 2022, mainly due to the weaker performance of Hitrans, which was affected by the slowdown in the raw materials market.
Basic and diluted loss per share were both $0.03, compared to basic and diluted loss per share of $0.11 in 2022.
Conference Call
CBAK Energy's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Friday, March 15, 2024 (8:00 PM Beijing/Hong Kong Time on March 15, 2024).
For participants who wish to join our call online, please visit:
https://edge.media-server.com/mmc/p/p4d96jix
Participants who plan to ask questions during the call will need to register at least 15 minutes prior to the scheduled call start time using the link provided below. Upon registration, participants will receive the conference call access information, including dial-in numbers, a unique pin, and an email with detailed instructions.
Participant Online Registration:
https://register.vevent.com/register/BId788502bb16b4e41b84b2528dbc6f135
Once completing the registration, please dial-in at least 10 minutes before the scheduled start time of the conference call and enter the personal pin as instructed to connect to the call.
A replay of the conference call may be accessed within seven days after the conclusion of the live call at the following website: https://edge.media-server.com/mmc/p/p4d96jix
The earnings release and the link for the replay are available at ir.cbak.com.cn.
About CBAK Energy
CBAK Energy Technology, Inc. $(CBAT)$ is a leading high-tech enterprise in China engaged in the development, manufacturing, and sales of new energy high power lithium and sodium batteries, as well as the production of raw materials for use in manufacturing high power lithium batteries. The applications of the Company's products and solutions include electric vehicles, light electric vehicles, energy storage and other high-power applications. In January 2006, CBAK Energy became the first lithium battery manufacturer in China listed on the Nasdaq Stock Market. CBAK Energy has multiple operating subsidiaries in Dalian, Nanjing, Shaoxing and Shangqiu, as well as a large-scale R&D and production base in Dalian.
For more information, please visit ir.cbak.com.cn.
Safe Harbor Statement
This press release contains "forward-looking statements" that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," or "will" or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements.
Any forward-looking statements contained in this press release are only estimates or predictions of future events based on information currently available to our management and management's current beliefs about the potential outcome of future events. Whether these future events will occur as management anticipates, whether we will achieve our business objectives, and whether our revenues, operating results, or financial condition will improve in future periods are subject to numerous risks. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: significant legal and operational risks associated with having substantially all of our business operations in China, that the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our securities or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless, the effects of the global Covid-19 pandemic or other health epidemics, changes in domestic and foreign laws, regulations and taxes, the volatility of the securities markets; and other risks including, but not limited to, the ability of the Company to meet its contractual obligations, the uncertain markets for the Company's products and business, macroeconomic, technological, regulatory, or other factors affecting the profitability of our products and solutions that we discussed or referred to in the Company's disclosure documents filed with the U.S. Securities and Exchange Commission (the "SEC") available on the SEC's website at www.sec.gov, including the Company's most recent Annual Report on Form 10-K as well as in our other reports filed or furnished from time to time with the SEC. You should read these factors and the other cautionary statements made in this press release. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.
For further inquiries, please contact:
In China:
CBAK Energy Technology, Inc.
Investor Relations Department
Phone: +86-18675423231
Email: ir@cbak.com.cn
Piacente Financial Communications
Ms. Hui Fan
Tel: +86-10-6508-0677
Email: CBAK@thepiacentegroup.com
In the United States:
Piacente Financial Communications
Ms. Brandi Piacente
Tel: +1-212-481-2050
Email: CBAK@thepiacentegroup.com
CBAK Energy Technology, Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
As of December 31, 2022 and 2023
(In US$ except for number of shares)
December 31, December 31,
2022 2023
-------------- --------------
Assets
Current assets
Cash and cash equivalents $ 6,519,212 $ 4,643,267
Pledged deposits 30,836,864 54,179,549
Trade and bills receivable,
net 27,413,575 28,653,047
Inventories 49,446,291 33,413,422
Prepayments and other
receivables 5,915,080 7,459,254
Receivables from former
subsidiary 5,518,052 74,946
Income tax recoverable 57,934 -
------------- -------------
Total current assets 125,707,008 128,423,485
Property, plant and equipment,
net 90,004,527 91,628,832
Construction in progress 9,954,202 37,797,862
Long-term investments, net 945,237 2,565,005
Prepaid land use rights 12,361,163 11,712,704
Intangible assets, net 1,309,058 841,360
Deposit paid for acquisition
of long-term investments - 7,101,492
Operating lease right-of-use
assets, net 1,264,560 1,084,520
Deferred tax assets, net 2,486,979 -
------------- -------------
Total assets $ 244,032,734 $ 281,155,260
============= =============
Liabilities
Current liabilities
Trade and bills payable $ 67,491,435 82,429,575
Short-term bank borrowings 14,907,875 32,587,676
Other short-term loans 689,096 339,552
Accrued expenses and other
payables 25,605,661 41,992,540
Payable to a former
subsidiary, net 358,067 411,111
Deferred government grants,
current 1,299,715 375,375
Product warranty provisions 26,215 23,870
(MORE TO FOLLOW) Dow Jones Newswires
March 15, 2024 06:00 ET (10:00 GMT)
Comments