DALIAN, China, April 14, 2025 (GLOBE NEWSWIRE) -- CBAK Energy Technology, Inc. (NASDAQ: CBAT) ("CBAK Energy," or the "Company") a leading lithium-ion battery manufacturer and electric energy solution provider in China, jointly with Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) ("Kandi"), a global leader in new energy innovation, today announced a strategic partnership to establish two lithium battery production facilities in the United States. Both companies are currently evaluating potential locations f ...

Core Insights - Kandi Technologies Group and CBAK Energy Technology have formed a strategic partnership to establish two lithium battery production facilities in the U.S. to meet the growing demand for off-road vehicles and align with clean energy incentives under the U.S. Inflation Reduction Act (IRA) [1][2] Group 1: Partnership Details - The partnership will involve the development of two facilities: one for battery pack assembly and another for battery cell manufacturing, with the first facility being prioritized for near-term development [1][2] - Each facility will operate as a separate joint venture, with ownership structures tailored to the specific project [1][2] Group 2: Market Opportunity - The North American market for off-road vehicles, including UTVs and golf carts, was valued at $16.7 billion in 2024 and is projected to reach approximately $25.0 billion by 2030, indicating significant growth potential [6] - The partnership aims to capture a meaningful share of the battery needs in this expanding market by localizing production [6] Group 3: Strategic Goals - The collaboration enhances supply chain resilience and addresses global trade and localization pressures while unlocking long-term growth potential [2][4] - Kandi and CBAK will jointly develop high energy density battery systems optimized for off-road and powersports vehicles, ensuring a seamless production ramp-up [6]

Financial Performance - Total net revenues decreased by $27.8 million, or 14%, to $176.6 million for the fiscal year ended December 31, 2024, compared to $204.4 million in 2023[279]. - Net income for the fiscal year ended December 31, 2024, was $9.6 million, a significant recovery from a net loss of $8.5 million in 2023[279]. - Operating income improved significantly to $8.8 million in 2024, compared to an operating loss of $7.3 million in 2023, marking a turnaround of $16.0 million[297]. - Gross profit for 2024 was $41.8 million, representing 24% of net revenues, compared to $31.7 million or 15.5% of net revenues in 2023[306]. - Net income for 2024 was $9.6 million, a significant improvement from a net loss of $8.5 million in 2023[314]. Revenue Breakdown - Revenue from sales of batteries for light electric vehicles increased by $4.7 million, or 84%, reaching approximately $10.3 million in 2024, compared to $5.6 million in 2023[280][302]. - Net revenues from sales of batteries for residential energy supply and uninterruptable supplies were $124.6 million for the fiscal year ended December 31, 2024, a slight increase from $124.5 million in 2023[303]. - Revenue from sales of cathode materials and precursors decreased to $40.0 million in 2024, down from $71.4 million in 2023, representing a decline of 44%[280]. - Net revenues from sales of materials for lithium battery cell manufacturing decreased to $40.0 million in 2024 from $71.4 million in 2023, primarily due to a rapid decrease in raw material prices[304]. Production and Capacity Expansion - The company is expanding its Nanjing facilities with two new production lines, aiming for a total capacity of approximately 20 GWh once fully operational[282]. - The Dalian manufacturing center currently has a total capacity of 1 GWh per year, with plans to introduce the new model 40135 by May 2025[278][281]. - The company has expanded production capacity for the Model 32140 and introduced a new larger cylindrical cell, the Model 40135, to enhance its competitive position in the residential energy supply sector[303]. - The company expects trial production of the new production line for Model 40135 to commence by May 2025, with mass production in the second half of 2025[281]. Expenses and Cost Management - Cost of revenues decreased to $134.8 million in 2024, down 22% from $172.7 million in 2023[305]. - Research and development expenses increased to $13.0 million in 2024, up 9% from $11.9 million in 2023, driven by higher salaries and social insurance expenses[307]. - Sales and marketing expenses increased to $5.2 million in 2024, representing 2.9% of revenues, up from 2.4% in 2023, reflecting expanded marketing efforts for overseas markets[308]. Cash Flow and Financing Activities - Net cash provided by operating activities was $39.7 million for the year ended December 31, 2024, mainly attributable to a net income of $23.4 million and an increase in accrued expenses and other payables of $23.7 million[372]. - Net cash used in investing activities was $23.4 million for the year ended December 31, 2024, comprising $17.2 million for purchases of property, plant, and equipment[374]. - Net cash used in financing activities was $11.7 million for the year ended December 31, 2024, mainly due to repayment of bank borrowings of $52.1 million[376]. - The company entered into a short-term loan agreement with Bank of Nanjing for RMB10 million (approximately $1.4 million) at an interest rate of 3.7% per annum, borrowed on April 23, 2023[327]. Equity and Share Issuance - The company issued 2,206,640 shares of common stock at $2.5 per share for an aggregate consideration of approximately $5.52 million in a private placement[341]. - The company entered into a cancellation agreement with creditors to convert debts totaling approximately $4.3 million into shares, issuing 8,928,193 shares at an exchange price of $0.48 per share[348]. - The company issued 9,489,800 shares at $5.18 per share, raising approximately $49.16 million in gross proceeds on December 8, 2020[365]. Financial Position and Assets - As of December 31, 2024, cash and cash equivalents totaled $60.8 million, with total current assets at $141.4 million and current liabilities at $171.7 million, resulting in a net working capital deficit of $30.3 million[316]. - As of December 31, 2023, cash and cash equivalents and restricted cash totaled $58.8 million, increasing to $60.8 million by December 31, 2024[371]. - Total available credit facilities amount to $83.397 million, with long-term credit facilities at $21.922 million and short-term credit facilities at $4.178 million[378]. Accounting Policies and Estimates - The company adopted ASC 326 on January 1, 2023, resulting in an expected credit loss provision of $2.3 million for current assets[392]. - The allowance for doubtful accounts is based on the company's best estimate of probable credit losses in existing trade accounts receivable[390]. - Inventories are stated at the lower of cost or net realizable value, with adjustments made for estimated obsolescence[395]. - The company provides a manufacturer's warranty on all products, accruing a warranty reserve based on projected repair or replacement costs[397]. Future Outlook - The company is confident in securing additional orders due to the growing demand for new energy products, supported by favorable government policies[280]. - The company plans to expand product lines and manufacturing capacity, requiring additional funding and potential equity financing[369]. - The company expects to construct new plants with new production lines and battery module packing lines as part of its future capital expenditures[381].

Financial Data and Key Metrics Changes - Net revenues for the battery segment increased by 2.7%, reaching $136.59 million for the year, while gross profit surged by 37.58% to $43.05 million, resulting in a gross profit margin expansion to 31.5% from 23.75% in 2023 [8][9] - Consolidated net revenues declined by 13.51% to $176.61 million from $204.44 million in 2023, but consolidated gross profit rose by 31.68% to $41.75 million, improving the gross profit margin to 23.7% from 15.52% [26][27] Business Line Data and Key Metrics Changes - The battery segment reported a net income of $19.43 million for 2024, a 39.08% increase from $13.97 million in 2023, highlighting strong performance despite challenges in the broader new energy sector [9][10] - The raw materials production unit, Hitrans, faced declining prices and operational challenges, impacting consolidated results but not the battery segment's performance [28][29] Market Data and Key Metrics Changes - The model 32140, a flagship product, holds a 19% global market share, with demand outpacing current production capacity [16] - The company anticipates a gradual decline in sales for the older model 26650, while expecting a shift to larger cell formats like model 40135 [15][17] Company Strategy and Development Direction - The company is commissioning two new production lines for model 32140 in Nanjing, expected to add 3 gigawatt hours of capacity by the end of 2025, and upgrading the Dalian facility to produce model 40135, adding another 2.3 gigawatt hours [11][12] - The strategic separation of Hitrans allows the company to focus on its core battery segment, ensuring that Hitrans' performance does not directly impact battery segment results [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving substantial revenue growth starting in 2026 due to the expansion and upgrades in production capacity [13][24] - Concerns regarding geopolitical risks and tariffs were noted, with major customers pushing for the establishment of an overseas factory to mitigate these risks [31][44] Other Important Information - The total value of orders received but not yet delivered reached approximately $17.54 million, with significant orders from key clients like Anker totaling approximately $51.82 million [18][20] - The company is exploring solutions for overseas capacity deployment to meet customer demands and mitigate tariff impacts [31][34] Q&A Session Summary Question: Equipment pricing and implementation speed for new production lines - The company is receiving similar pricing terms as competitors but has more favorable payment conditions, allowing for delayed payments [39][40] Question: Customer concerns about the global economy - No specific concerns about the global economy were reported, but there are worries about geopolitical risks and declining sales in end applications due to economic downturns [44] Question: Potential divestiture of Hitrans - The company is not extending new investments in Hitrans due to its current downturn [48]

(NASDAQ: CBAT) CBAK Energy Technology, Inc. Investor Presentation March 2025 ©2024 CBAK. All Rights Reserved. The First Chinese Li-ion Battery Manufacturer Listed in NASDAQ Disclaimer Powering a Sustainable Life with Electricity ⚫ Disclaimers and Other Important Information This presentation (the "Presentation") about CBAK Energy Technology, Inc. (the "Company" or "CBAK") is dated as of March 2021. It is information in a summary form and does not purport to be complete. The data contained herein is derived ...

Financial Performance - CBAK Energy reported a 36.33% increase in gross profit for its battery segment, reaching $43.05 million, with a gross profit margin of 31.5%[4] - Net income for the battery segment rose to $19.43 million, reflecting a substantial growth of 39.08% compared to $13.97 million in 2023[5] - Consolidated net revenues decreased by 13.61% to $176.61 million, primarily due to the performance of the raw materials production segment, Hitrans[6] - Net revenues for the year ended December 31, 2023, were $204.44 million, a decrease from $176.61 million in 2024, representing a decline of approximately 13.6%[23] - Gross profit for 2023 was $31.72 million, while it increased to $41.78 million in 2024, indicating a growth of about 31.7%[23] - Operating loss for 2023 was $(7.25) million, which turned into an operating income of $8.79 million in 2024, reflecting a significant turnaround[23] - Net loss attributable to shareholders of CBAK Energy Technology, Inc. for 2023 was $(2.45) million, compared to a net income of $11.79 million in 2024, marking a substantial improvement[23] - The company reported total operating expenses of $38.98 million in 2023, which decreased to $32.99 million in 2024, a reduction of approximately 15.3%[23] - Comprehensive loss for 2023 was $(12.15) million, which improved to a comprehensive income of $6.23 million in 2024[23] Shareholder Metrics - Basic and diluted income per share were both $0.13, compared to a loss per share of $0.03 in 2023[10] - Basic loss per share improved from $(0.03) in 2023 to earnings of $0.14 in 2024, indicating a positive shift in profitability[23] - The weighted average number of shares of common stock increased from 89,252,085 in 2023 to 89,928,357 in 2024, reflecting a growth in share count[23] Asset and Equity Growth - Total assets increased to $302.22 million as of December 31, 2024, up from $281.16 million in 2023[20] - Total shareholders' equity rose to $121.67 million, compared to $112.82 million in 2023[20] Operational Highlights - Operating income amounted to $8.79 million, a turnaround from an operating loss of $7.25 million in the same period of 2023[9] - CBAK Energy is actively expanding production capacity to meet the increasing demand for its Model 32140 battery[4] Research and Development - Research and development expenses were $11.93 million in 2023, increasing to $13.01 million in 2024, indicating a rise of about 9.1%[23] Finance Income - Finance income increased from $432,900 in 2023 to $1.28 million in 2024, showing a growth of approximately 196.5%[23] Battery Segment Performance - Net revenues from battery sales increased by 2.7% to $136.59 million, with significant growth in light electric vehicle batteries, which rose by 84% to $10.32 million[5] - The gross margin for the battery business improved by 7.7 percentage points to 31.5% from 23.8% in the same period of 2023[5]

DALIAN, China, March 17, 2025 /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 full year of 2024 ended December 31, 2024.Full Year of 2024 Financial Highlights Net revenues from sales of batteries were $136.59 million, an increase of 2.7% from $132.99 million in the same period of 2023. Net revenues from batteries used ...

Core Viewpoint - CBAK Energy Technology, Inc. will report its unaudited financial results for Q4 and the full year of 2024 on March 17, 2025, before the U.S. market opens [1] Group 1: Financial Reporting - The earnings results will be available on the Company's Investor Relations website and filed with the SEC on Form 8-K [1] - An earnings conference call is scheduled for 8:00 AM U.S. Eastern Time on March 17, 2025 [2] Group 2: Participation Details - Participants wishing to join the call online can register through a provided link and must register at least 15 minutes prior to the call [3][4] - A replay of the conference call will be accessible within seven days after the live call [4] Group 3: Company Overview - CBAK Energy is a leading high-tech enterprise in China focused on the development, manufacturing, and sales of high power lithium batteries and raw materials [5] - The Company's products are used in various applications, including electric vehicles, energy storage, and uninterruptible power supply [5] - CBAK Energy became the first lithium battery manufacturer in China to be listed on the Nasdaq Stock Market in January 2006 [5]

Core Viewpoint - CBAK Energy Technology, Inc. is actively participating in the Jefferies 6th Asia Forum to discuss its corporate strategy and industry outlook, indicating its commitment to engaging with investors and stakeholders in the lithium-ion battery sector [1][2]. Company Overview - CBAK Energy is a leading high-tech enterprise in China focused on the development, manufacturing, and sales of new energy high power lithium batteries, with applications in electric vehicles, energy storage, and other high-power uses [3]. - The company was the first lithium battery manufacturer in China to be listed on the Nasdaq Stock Market in January 2006, showcasing its pioneering role in the industry [3]. Event Details - The management of CBAK Energy will host a group meeting at the Jefferies Forum on March 18, 2025, at 4:00 PM Beijing/Hong Kong Time, where they will provide a comprehensive overview of the company's strategy and engage in a Q&A session [2].

Core Viewpoint - CBAK Energy Technology, Inc. has achieved significant growth in the large cylindrical battery market, capturing a notable share and contributing to the overall expansion of the global cylindrical battery sector in 2024 [1][5]. Market Performance - Global shipments of Series 32 large cylindrical batteries, including CBAK Energy's 32140 cells, reached 102 million units in 2024, reflecting a year-over-year increase of 14.29% [2]. - CBAK Energy delivered 19.42 million units of its 32140 large cylindrical batteries, securing approximately 19% of the global market share for Series 32 batteries [2]. - Total global shipments of large cylindrical batteries, including Series 32 and Series 40, amounted to 175 million units in 2024, with CBAK Energy's 32140 cells accounting for an estimated 11.1% of this total [3]. Product Segments - Shipments of other cylindrical battery series, such as Series 26, 46, 60, and 66, totaled 500 million units globally in 2024, with CBAK Energy shipping around 32.04 million units of its 26650 and 26700 cylindrical batteries, representing about 6.4% of the combined global market share [4]. - The overall cylindrical battery market saw total shipments reach 14.61 billion units in 2024, marking a 10.9% year-over-year increase, driven by demand across various applications including new energy vehicles and portable power solutions [5]. Company Strategy and Outlook - CBAK Energy's production lines for 32140 batteries are operating at full capacity to meet rising demand, and the company plans to launch its 40135 cylindrical cells in 2025 [5]. - The CEO of CBAK Energy expressed optimism regarding the company's performance in the large cylindrical battery market, emphasizing the importance of innovation and quality in meeting customer needs [6].