UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 001-32898 CBAK ENERGY TECHNOLOGY, INC. (Exact Name of Registrant as Specified in Its Charter) | --- | --- ...

CBAK Energy Technology, Inc. (NASDAQ:CBAT) Q2 2024 Earnings Conference Call August 9, 2024 8:00 AM ET Company Participants Jiewei Li - Chief Financial Officer and Secretary of the Board of Directors Yunfei Li - Chairman, President & CEO Xiujun Tian - Deputy General Manager and General Engineer Conference Call Participants Brian Lantier - Zacks Small-Cap Research Operator Good day, ladies and gentlemen. Thank you for standing by, and welcome to CBAK Energy Technology's Second Quarter and the First Half of 20 ...

Exhibit 99.1 CBAK Energy Reports Second Quarter and First Half 2024 Unaudited Financial Results DALIAN, China, August 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. First Half of 2024 Financial Highlights ● Net revenues from sales of batteries were ...

Financial Performance - CBAK Energy reported net revenues of $80.4 million for the first half of 2024, a 55% increase from $51.8 million in the same period of 2023 [2][12] - The gross margin for the battery business improved to 39.0%, up 26.2 percentage points from 12.8% in the same period of 2023 [2][12] - Net income from the battery business reached $19.6 million, compared to a net loss of $1.0 million in the same period of 2023 [2][12] Revenue Breakdown - Revenues from residential energy supply and uninterruptible supplies were $76.4 million, a 63% increase from $46.8 million in the same period of 2023 [2][12] - Revenues from batteries used in light electric vehicles increased by 7% to $3.3 million, while revenues from batteries used in electric vehicles decreased by 65% to $0.7 million [2][12] Second Quarter Highlights - In the second quarter of 2024, net revenues were $47.8 million, a 13% increase from $42.4 million in the same period of 2023 [6][10] - The battery business generated net revenues of $35.6 million in the second quarter, a 60% increase from $22.2 million in the same period of 2023 [7][10] - Gross profit for the second quarter was $12.7 million, representing a 227% increase from $3.9 million in the same period of 2023 [8][10] Strategic Developments - CBAK Energy's subsidiary secured a $7.0 million order from a renowned European client in June 2024 [5] - The company announced advancements in fast-charging technology with the new model 32140 battery, capable of a full charge in just 35 minutes [5] Future Outlook - The company anticipates continued growth in net income and robust gross margins due to high client satisfaction with its battery products [4] - Discussions with private equity investors regarding the sodium and lithium battery segments are ongoing, with expectations of capital contributions at higher valuations [4]

DALIAN, China, Aug. 1, 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 announced that it will report its unaudited financial results for the second quarter ended June 30, 2024 on Friday, August 9, 2024, before the U.S. market opens. The earnings results will be available on the Company's Investor Relations website, and will be filed with the Securities and Exch ...

DALIAN, China, June 14, 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 announced that its subsidiary, Dalian CBAK Power Battery Co., Ltd. ("CBAK Power") has secured an order valued at almost USD7.0 million from a Renowned European Client (the "Partner").Founded in Europe, the Partner has been sourcing cylindrical batteries from CBAK Energy for orders valued cl ...

DALIAN, China, June 4, 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 announced a significant technological advancement with its model 32140 battery, a large cylindrical lithium-ion battery mass produced at its Nanjing facility.The Company has successfully upgraded and innovated the battery structure, adopting a brand-new design based on the original battery c ...

Financial Performance - Net revenues increased by $16.4 million, or 39%, to $58.8 million for the three months ended March 31, 2024, compared to $42.4 million for the same period in 2023[285]. - Gross profit was $18.8 million, representing an increase of $15.9 million, or 546% for the three months ended March 31, 2024, from $2.9 million for the same period in 2023[286]. - Operating income was $10.3 million for the three months ended March 31, 2024, reflecting an increase of $13.1 million from an operating loss of $2.9 million for the same period in 2023[286]. - Net income was $9.6 million for the three months ended March 31, 2024, compared to a net loss of $2.2 million for the same period in 2023[286]. - Fully diluted income per share was $0.11 for the three months ended March 31, 2024, compared to a fully diluted loss per share of $0.02 for the same period in 2023[286]. - Gross profit for the three months ended March 31, 2024, was $18.8 million, representing a gross profit margin of 31.9%, up from $2.9 million and 6.9% in the same period in 2023[305]. - Net income for the three months ended March 31, 2024, was $9.6 million, compared to a net loss of $2.2 million for the same period in 2023[311]. - Net cash provided by operating activities was $7.4 million for the three months ended March 31, 2024, compared to $9.5 million in the same period in 2023[341]. - The company reported a net income of $12.4 million for the three months ended March 31, 2024, excluding non-cash items[341]. Revenue Sources - Net revenues from sales of batteries for residential energy supply & uninterruptable power supplies increased by $17.0 million, or 66%, to $42.8 million for the three months ended March 31, 2024[302]. - Net revenues from sales of materials used in manufacturing lithium batteries increased by $1.2 million, or 9%, to $14.0 million for the three months ended March 31, 2024[303]. Expenses - Research and development expenses increased by $0.3 million, or 15%, to approximately $2.8 million for the three months ended March 31, 2024[306]. - Sales and marketing expenses rose by approximately $1.0 million, or 139%, to approximately $1.7 million for the three months ended March 31, 2024[307]. - General and administrative expenses increased by $1.6 million, or 65%, to $4.1 million for the three months ended March 31, 2024[308]. - The cost of revenues slightly decreased by $0.3 million, or 0.8%, to $40.0 million for the three months ended March 31, 2024[305]. Manufacturing and Capacity Expansion - The Nanjing facilities are projected to provide a total capacity of 20 GWh to support customer demand once fully operational[284]. - The company has expanded its manufacturing capabilities by renting additional space in Shangqiu, with a capacity of 0.5 GWh per year[284]. - The company is expanding product lines and manufacturing capacity in Dalian, Nanjing, and Zhejiang facilities, requiring additional funding[338]. - Capital expenditures were $7.9 million for the three months ended March 31, 2024, with an estimated total of approximately $30 million planned for fiscal year 2024 to construct new plants and product lines[348]. Financing and Cash Management - As of March 31, 2024, the company had cash and cash equivalents of $36.3 million and total current assets of $130.1 million, resulting in a net working capital deficit of $26.0 million[312]. - The company renewed acceptance bills facilities from Bank of Ningbo Co., Ltd with a maximum amount of RMB71.6 million ($9.9 million) and borrowed a total of RMB45.4 million (approximately $6.4 million) as of December 31, 2023[316]. - The company obtained a one-year term facility from Agricultural Bank of China with a maximum amount of RMB10 million (approximately $1.4 million) and repaid RMB10 million (approximately $1.4 million) early on January 5, 2023[317]. - The company borrowed a one-year term loan of RMB10 million (approximately $1.4 million) from Jiangsu Gaochun Rural Commercial Bank, bearing interest at 129% of the benchmark rate of PBOC, which is 4.70% per annum[318]. - The company entered into a three-year term facility from Industrial and Commercial Bank of China with a maximum amount of RMB12 million (approximately $1.7 million) and repaid RMB10 million (approximately $1.4 million) on April 19, 2023[319]. - The company obtained a short-term loan agreement with China CITIC Bank for a maximum amount of RMB10 million (approximately $1.4 million) and repaid RMB5 million (approximately $0.7 million) on November 16, 2022[322]. - The company has unutilized committed banking facilities of $1.3 million as of March 31, 2024, and plans to renew these loans upon maturity[333]. - The company issued an aggregate of 9,489,800 shares of common stock at a per share purchase price of $5.18, resulting in gross proceeds of approximately $49.16 million[334]. - The company raised approximately $70 million through a registered direct offering and concurrent private placement, issuing 8,939,976 shares at a price of $7.83 per share[335]. - Net cash used in investing activities increased to $12.8 million for the three months ended March 31, 2024, from $7.2 million in the same period in 2023, primarily for property, plant, and equipment[343]. - Net cash used in financing activities was $16.4 million for the three months ended March 31, 2024, compared to a net cash provided of $3.2 million in the same period in 2023[344]. - As of March 31, 2024, the total principal amounts outstanding under credit facilities were $81.5 million, with $82.8 million available[346]. - The company plans to renew bank loans upon maturity and may seek additional equity or debt financing to meet cash demands[338]. Market Outlook - The clean energy industry is strategically important, with anticipated growth due to government support for new energy facilities and vehicles in China[285]. - The company is optimistic about future prospects due to growing demand for high-power lithium-ion and sodium-ion products[285]. - The company entered the business of developing and manufacturing NCM precursor and cathode materials after acquiring 81.56% of Hitrans in November 2021[280]. Other Information - The Series B warrants expired on September 1, 2021, with no notices received from investors to exercise them as of December 31, 2023[337].

Financial Data and Key Metrics Changes - Total net revenues increased by 38.7% year-over-year to $58.8 million [18] - Net revenues from the battery business reached $44.8 million, a year-over-year increase of 51.5% [18] - Gross margin jumped to 31.9% from 6.9% a year ago [15] - Gross margin for the battery business surged 30.3 percentage points year-over-year to 41.2% [15][19] - Net income turned positive at $9.6 million, with net income from the battery business at $11.7 million [16][19] Business Line Data and Key Metrics Changes - Revenue from batteries used in electric vehicles declined to $0.48 million, down 73.6% year-over-year [7] - Revenue from batteries used in light electric vehicles decreased by 23.3% to $1.51 million [7] - Revenue from batteries used in energy storage applications grew to $42.85 million, an increase of 66% year-over-year [7][8] - Battery business achieved a historic high gross margin of 41.2%, a significant increase from the previous year [8] Market Data and Key Metrics Changes - As of May 7, 2024, the company recorded approximately $45.2 million in combined value of orders received but yet to be fulfilled [9] - Orders from Jinpeng Group totaled approximately $8.32 million [9] - Collaboration with PowerOak reached approximately $5.7 million [9] - Orders with Viessmann Group amounted to approximately $153 million [9] - Orders with Anker Innovations reached approximately $10.33 million [9] Company Strategy and Development Direction - The company focuses on the energy storage sector, particularly home and portable energy storage [6][7] - Plans to launch mass production of a new larger lithium-ion battery model in the first quarter of 2025 [11][25] - The company is exploring sodium-ion battery production and is in talks with investors for separate financing for this project [13] Management's Comments on Operating Environment and Future Outlook - Management noted robust growth despite significant downward pressure in the battery industry [6] - The company expects to achieve a net income from the battery business of approximately $30.5 million to $34.6 million for the full year of 2024 [16] - Management expressed optimism about expanding their client base and market presence in the energy storage sector [10] Other Important Information - Hitrans, the company's subsidiary, expects to breakeven or incur slight losses this year [17] - The company is in the process of due diligence with multiple institutional investors for potential investment [17] Q&A Session Summary Question: Inquiry about gross margin improvement - Management explained that the gross margin improvement is due to high product quality recognized by major customers and a decline in raw material costs [20][22] Question: Impact of larger storage units on demand - Management confirmed an increase in orders for household storage products and discussed strategic plans for larger battery sizes [23][24] Question: Status of facility expansion and production capacity goals - Management confirmed plans to achieve an additional 5 gigawatt-hour capacity by the end of 2024, with equipment procurement on track [26][27]

Exhibit 99.1 CBAK Energy Reports First Quarter 2024 Unaudited Financial Results - Expected net income from the battery business to be between RMB220 million and RMB250 million for the full year of 2024 DALIAN, China, May 10, 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 first quarter ended March 31, 2024. First ...