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 ...

DALIAN, China, May 3, 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 first quarter ended March 31, 2024 on Friday, May 10, 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 Exchang ...

CBAK Energy Technology, Inc. (NASDAQ:CBAT) Q4 2023 Earnings Conference Call March 15, 2024 8:00 AM ET Company Participants Thierry Li - Chief Financial Officer and Secretary of the Board Yunfei Li - Chief Executive Officer Conference Call Participants Brian Lantier - Zacks Small Cap Research Operator Good day, ladies and gentlemen. Thank you for standing by. Welcome to CBAT Energy Technology's Fourth Quarter and Full-Year of 2023 Earnings Conference Call. Currently, all participants are in listen-only mode. ...

CBAK Energy Technology, Inc. Investor Presentation March 2024 (NASDAQ: CBAT) Disclaim ...

DALIAN, China, March 15, 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 fourth quarter and full year ended December 31, 2023. Fourth Quarter of 2023 Financial Highlights Net revenues from sales of batteries were $36.8 million, an increase of 30.9% from $28.1 million in the same period of 2022. -    Net revenues ...

Financial Performance - The company generated revenues of $204.4 million for the fiscal year ended December 31, 2023, a decrease of $44.3 million, or 18%, compared to $248.7 million for the fiscal year ended December 31, 2022[313][324]. - The net loss for the fiscal year ended December 31, 2023, was $8.5 million, an improvement of $2.8 million, or 25%, from a net loss of $11.3 million in the previous year[313][324]. - The company reported a gross profit of $31.7 million for the fiscal year ended December 31, 2023, representing a 75% increase from $18.1 million in 2022[324]. - The company recorded an operating loss of $7.3 million in 2023, a decrease of 37.0% from an operating loss of $11.5 million in 2022[337]. - The net loss for the year ended December 31, 2023, was $8.5 million, compared to a net loss of $11.3 million in 2022[339]. Revenue Breakdown - Revenue from residential energy supply and uninterruptible power supply products increased to $124.5 million in 2023, up $40.9 million, or 49%, from $83.6 million in 2022[313][324]. - Net revenue from sales of batteries for light electric vehicles decreased to $5.6 million in 2023, down $0.8 million, or 13%, from $6.4 million in 2022[313][326]. - Net revenues from sales of materials for lithium battery cell manufacturing dropped to $71.4 million in 2023, down from $154.0 million in 2022, due to a rapid decrease in raw material prices[330]. - Net revenues from sales of batteries for residential energy supply increased by 49% to $124.5 million in 2023, compared to $83.6 million in 2022[329]. Operating Expenses - The company incurred total operating expenses of $39.0 million in 2023, an increase of $9.4 million, or 32%, compared to $29.6 million in 2022[324]. - Research and development expenses rose to $11.9 million in 2023, an increase of 12.2% from $10.6 million in 2022[332]. - Sales and marketing expenses surged by 144.2% to $4.9 million in 2023, compared to $2.0 million in 2022[333]. - General and administrative expenses increased by 41.6% to $13.8 million in 2023, up from $9.7 million in 2022[334]. Cash Flow and Financing - As of December 31, 2023, the company had cash and cash equivalents of $58.8 million and a net working capital deficit of $32.1 million[340]. - Net cash provided by operating activities increased to $46.5 million for the year ended December 31, 2023, compared to $15.1 million in 2022, primarily due to a net income of $17.1 million[391][392]. - Net cash used in investing activities was $42.3 million in fiscal year 2023, compared to $7.9 million in 2022, with significant investments in property, plant, and equipment totaling $31.1 million[393]. - Net cash provided by financing activities increased to $18.6 million in 2023 from $5.6 million in 2022, primarily due to bank borrowings of $36.1 million[395]. Debt and Equity Transactions - The company entered into a one-year term facility with Jiangsu Gaochun Rural Commercial Bank for a maximum amount of RMB9 million (approximately $1.2 million) at an interest rate of 4.6% per annum[350]. - A short-term loan agreement with China CITIC Bank Shaoxing Branch was established for RMB10 million (approximately $1.4 million) at an interest rate of 4.35% per annum, with repayments totaling RMB10 million (approximately $1.4 million) made[351]. - The company has engaged in private placements and registered direct offerings, raising approximately $5.52 million from the issuance of 2,206,640 shares at $2.5 per share[360]. - The company entered into agreements to cancel debts in exchange for shares, including a total of 3,431,373 shares issued to Mr. Dawei Li and 1,666,667 shares to Mr. Yunfei Li at an exchange price of $1.02 per share[363]. - The company canceled a debt of approximately $11.17 million in exchange for 3,192,291 shares at an exchange price of $3.5 per share[383]. Future Plans and Investments - The company has invested in the development of the 32140 battery and plans to invest in R&D for Series 46 batteries to enhance competitiveness in the EV and LEV markets[313]. - The company plans to expand product lines and manufacturing capacity, requiring additional funding and potential equity financing[388]. - The company estimates total capital expenditures for fiscal year 2024 will reach approximately $30.0 million for new plants and production lines[399]. - Capital expenditures rose to $30.7 million in 2023 from $12.4 million in 2022, with a focus on constructing new facilities in Dalian, Nanjing, and Zhejiang[398]. Government Support and Subsidies - The company received government subsidies from local Chinese government agencies, which are presented as part of income unless earmarked for specific expenses[415]. - Government grants applicable to land are amortized over the life of the depreciable facilities constructed on it[416]. - The company defers recognition of unearned government subsidies until the criteria for recognition are met[415]. Currency and Fair Value - The exchange rate for balance sheet items, except for equity accounts, was 6.9091 RMB per U.S. dollar as of December 31, 2022, and increased to 7.0971 RMB per U.S. dollar by December 31, 2023[423]. - The fair value of warrants not indexed to the company's stock is recorded as a liability, with changes in estimated fair value recognized as non-cash gains or losses[419]. - The company uses the Black-Scholes Option Valuation Model to estimate the fair value of option awards, considering historical volatilities and U.S. Treasury yield curves[418].

Exhibit 99.1 CBAK Energy Reports Fourth Quarter and Full Year 2023 Unaudited Financial Results DALIAN, China, March 15, 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 fourth quarter and full year ended December 31, 2023. Fourth Quarter of 2023 Financial Highlights ● Net revenues from sales of batteries were $36.8 ...

DALIAN, China, March 6, 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 fourth quarter and full year ended December 31, 2023 on Friday, March 15, 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 ...

Financial Data and Key Metrics - Battery business revenue in Q3 2023 reached $44.33 million, a 71.51% YoY increase [4] - Operating income for Q3 2023 was $7.58 million, with net income at $7.77 million, 6.3 times higher than the same period last year [4] - Gross margin for the battery business in Q3 2023 was 26.4%, up 17.7 percentage points from 8.7% in Q3 2022 [14] - Net revenue for Q3 2023 was $63.4 million, a 9.9% increase from $57.7 million in Q3 2022 [14] - Gross profit in Q3 2023 was $12.2 million, a 264% increase from $3.5 million in Q3 2022 [15] Business Line Data and Key Metrics - Revenue from energy storage applications was $42.81 million, a 73.5% YoY increase [5] - Revenue from electric vehicle batteries was $0.4 million, a 19.5x YoY increase [5] - Revenue from light electric vehicle batteries was $1.11 million, down 2.8% YoY [5] - Total battery business revenue for the first nine months of 2023 was $96.16 million, a 44.43% YoY increase [5] Market Data and Key Metrics - Orders from key clients in Europe and the US have shown exceptional stability and sustainability [6] - As of November 1, 2023, the company had approximately RMB900 million in unfulfilled orders across its Dalian and Nanjing facilities [6] - Orders from PowerOak totaled around RMB43.2 million, while orders from JinPeng Group amounted to roughly RMB63.59 million [7] - Orders from Viessmann Group totaled EUR116.5 million from the beginning of 2023 to November 1 [8] - Orders from Anker Innovations amounted to RMB58.35 million, with expectations of monthly orders in the future [8] Company Strategy and Industry Competition - The company is focusing on meeting prime clients with scale, investing in production capacity and R&D [9] - The Dalian and Nanjing facilities have reached a production capacity of one gigawatt hour [9] - The company is developing new lithium battery models (46115 and 46157) with higher energy density and extended lifespan [9] - The company plans to expand the production capacity for the 46 series batteries to 15 gigawatt hours at the Dalian facility [10] - The company is the only one in China capable of mass-producing sodium-ion batteries, with plans to build a plant with a target capacity of 10 gigawatt hours [11] Management Commentary on Operating Environment and Future Outlook - The company is confident in sustaining robust performance and profit growth despite global economic slowdown [6] - The company expects to finalize private equity financing for the sodium-ion battery plant soon [11] - The company aims to achieve a twin-engine growth model with 36 gigawatt hours of lithium battery capacity and 10 gigawatt hours of sodium-ion battery capacity [12] Other Important Information - The company has engaged in discussions with major customers from Europe and the US regarding various operations, including product supply [8] - The company’s R&D expenses increased by 8.1% to $2.6 million in Q3 2023 [15] - Sales and marketing expenses increased by 33.8% to $1.1 million in Q3 2023 [15] - General and administrative expenses increased by 73.7% to $3.2 million in Q3 2023 [16] Q&A Session Summary Question: Growth in the uninterruptible power business - The growth in Q3 2023 was driven by both existing customers increasing orders and new customer contributions [18] Question: Update on the raw material business - The raw material industry is experiencing a slowdown, but the company believes Hitrans will improve sharply once the industry recovers [20] Question: Sodium-ion battery technology and project progress - The company released its first sodium-ion battery product in June 2023 and is the first in China to achieve mass production [23] - The company is selecting a location for the sodium-ion battery production line and plans to expand capacity to 10 gigawatt hours next year [24] Question: Partnership with Anker Innovations - Anker Innovations has started pilot production with the company’s batteries, and the order volume is expected to increase to 800,000-1.2 million items with an order value of about RMB14 million [26]