22002255起起点点锂锂电电圆圆柱柱电电池池技技术术论论坛坛 暨暨圆圆柱柱电电池池2200强强排排行行榜榜发发布布会会 2025年2月28日，以" 聚集新技术 探索新工艺 "为主题的行业首届圆柱电池技术—— 2025起点锂电圆柱电池技术论坛暨圆柱电池20强排 行榜发布会 ，将在深圳宝安登喜路国际酒店正式举办，届时将邀请200+圆柱电芯及应用、300+电池材料设备配套企业共聚盛会，探索新 市场。 经活动组委会确认， 中比新能源 作为 金牌 赞助商 重点支持本次论坛举办， 中比新能源 副总经理兼研究院院长 尚随军 将在现场作 《圆 柱电池在绿色家储市场的开发及应用》 主题演讲。 演 讲 嘉 宾 尚随军，中比新能源集团副总经理兼研究院院长，正高级工程师，毕业于北京航空航天大学应用化学专业，硕士研究生学历，从事新能源电池行 业技术工作17年以上，积累了丰富的产品开发和应用经验，凭借对新能源行业的深刻洞察和对产品深刻理解，主持开发多款畅销产品。期间申请 专利115项，已授权83项。 企 业 介 绍 2024年12月，以"巡访新质生产力 发掘圆柱好产品"为主题的起点圆柱电池全国行活动正式启动。 在本次活动中，起点圆柱 ...

Core Insights - CBAK Energy Technology, Inc. has secured purchase orders for its Model 32140 cylindrical lithium-ion battery cells from Ather Energy, a leading electric two-wheeler manufacturer in India, indicating a strategic partnership in the growing electric vehicle market [1][2][3] Company Overview - CBAK Energy is a prominent manufacturer of lithium-ion and sodium-ion batteries, focusing on electric energy solutions in China, with a significant presence in the electric vehicle sector [1][4] - The company was the first lithium battery manufacturer in China to be listed on the Nasdaq Stock Market in January 2006 and has multiple subsidiaries and a large R&D base in Dalian [4] Market Position - The Model 32140 battery cells are positioned as highly competitive products in the electric two-wheeler, three-wheeler, and light electric vehicle markets, reflecting the increasing demand for advanced battery solutions in India's expanding EV market [2][3] - Ather Energy's decision to integrate CBAK Energy's battery cells into its electric two-wheelers is expected to lead to a long-term partnership and consistent order flow, enhancing CBAK Energy's market share in the region [2][3] Strategic Partnerships - CBAK Energy has established partnerships with various notable clients, including Viessmann Group, PowerOak, and Anker Innovations, indicating a strong order pipeline and diverse client base [3]

Core Viewpoint - CBAK Energy is accelerating its Phase II project in Nanjing to meet the increasing demand for its lithium-ion battery cells, with plans for significant capacity expansion by late 2025 [2][6]. Group 1: Project Overview - The Nanjing project consists of two phases, with Phase I having started mass production of 32140 large cylindrical lithium-ion cells in late 2021, achieving an actual capacity of approximately 1.3GWh [1]. - Phase II aims to expand production capacity to a planned 27GWh, with the first two production lines expected to enter trial production by May 2025 and full-scale mass production anticipated by late 2025 [1][6]. Group 2: Production Capacity and Equipment - The two production lines in Phase II are designed for the production of Model 32140 battery cells, with modifications allowing for the production of the upgraded Model 40135 cells, which are suited for portable power supply and home energy storage [7]. - The annual production capacity of these two lines is projected to be approximately 3GWh [7]. Group 3: Company Background - CBAK Energy Technology, Inc. is a leading high-tech enterprise in China focused on the development, manufacturing, and sales of new energy high power lithium batteries and related raw materials [2]. - The company has multiple subsidiaries in Dalian, Nanjing, and Shaoxing, along with a large-scale R&D and production base in Dalian [2].

Core Viewpoint - CBAK Energy Technology, Inc. has secured significant orders from Anker Innovations, marking a key partnership milestone and reflecting the growing demand for its lithium-ion and sodium-ion batteries [1][2][7]. Group 1: Company Overview - CBAK Energy is a leading manufacturer of lithium-ion and sodium-ion batteries in China, focusing on electric energy solutions [1][8]. - The company became the first lithium battery manufacturer in China to be listed on the Nasdaq Stock Market in January 2006 [8]. Group 2: Recent Developments - CBAK Energy's subsidiary, Nanjing CBAK, received orders valued between RMB 200 million and RMB 250 million (approximately USD 30 million to USD 35 million) from Anker Innovations for 2024 [1]. - Anker Innovations has been a consistent customer since 2022, becoming one of CBAK Energy's top five customers, primarily ordering Model 32140 large LFP cylindrical batteries [7]. Group 3: Future Outlook - The company anticipates maintaining or exceeding the value of orders received in 2024 in the following year and is in discussions with Anker Innovations for potential future collaborations, including expanding capacity in overseas markets [7].

Financial Data and Key Metrics - Net revenue from the battery business slightly declined to $33.5 million in Q3 2024, but overall revenue for the first three quarters grew 18.4% year-on-year to $114 million [6] - Gross profit margin for the battery business reached 34.3% in the first three quarters, an increase of 15.2 percentage points compared to the same period in 2023 [10] - Net profit for the battery business was $11.68 million in Q1, $7.89 million in Q2, and $2.04 million in Q3, totaling approximately $21.6 million for the first three quarters [11] Business Line Data and Key Metrics - Revenue from the energy storage sector reached $33.46 million, a 25% decrease year-on-year [8] - EV battery revenue was $333,000, a 17% decrease compared to the same period last year [9] - Revenue from light electric vehicles (LEVs) increased by 341% year-on-year to $4.9 million, driven by demand from India and Vietnam [9][29] Market Data and Key Metrics - Accumulated orders with PowerOAK reached approximately $11.35 million, with Viessmann Group at $233 million, and Jinpeng Group at $9.42 million [13] - Orders from Anker totaled $45.12 million since collaboration began, with clients encouraging overseas factory expansion [14] Company Strategy and Industry Competition - The company is accelerating capacity expansion plans, particularly for the Nanjing factory, which is operating at full capacity due to high demand for model 32140 cells [16] - Development of new battery models, such as the 40135 large cylindrical battery and the tablet model 26650 cylindrical battery, is progressing, with mass production expected soon [16][17] - The company is exploring overseas expansion, with the U.S. under consideration, and is seeking domestic partners to manage operations [30][31] Management Commentary on Operating Environment and Future Outlook - The company anticipates a gradual return to more typical gross margin levels, though still higher than industry competitors [23] - Management remains optimistic about future performance, driven by the profitability of both Dalian and Nanjing factories and expanded capacity in Nanjing [24] Other Important Information - The Dalian factory underwent a 1-month production suspension in September for refurbishment and energy cost optimization, which impacted Q3 revenue [7][22] - The Nanjing factory achieved profitability ahead of schedule, less than three years after starting operations [15] Q&A Session Summary Question: What caused the weakness in the battery business? - The decline in Q3 revenue was primarily due to a 1-month production suspension at the Dalian factory for refurbishment and energy cost optimization [21][28] Question: How frequently will maintenance shutdowns occur? - The shutdown at Dalian was planned and related to upgrading production lines, with no fixed frequency mentioned [27][28] Question: Is LEV demand mainly from India and Vietnam? - Yes, the LEV business is primarily driven by demand from Southeast Asia, including India and Vietnam, due to their reliance on imported batteries [29] Question: Any details on overseas expansion? - Overseas expansion is client-driven, with the U.S. under consideration, and the company is seeking domestic partners to manage operations [30][31]

[PART I FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section presents the unaudited condensed consolidated financial statements and comprehensive notes for the periods ended September 30, 2024 [Item 1. Financial Statements.](index=4&type=section&id=Item%201.%20Financial%20Statements.) This section presents the unaudited condensed consolidated financial statements and comprehensive notes for the periods ended September 30, 2024 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) | Metric | Dec 31, 2023 (US$) | Sep 30, 2024 (US$) | Change (US$) | % Change | | :-------------------------------- | :----------------- | :----------------- | :----------- | :------- | | Total Current Assets | 128,423,485 | 130,460,117 | 2,036,632 | 1.59% | | Total Assets | 281,155,260 | 293,477,354 | 12,322,094 | 4.38% | | Total Current Liabilities | 160,495,555 | 154,221,243 | (6,274,312) | -3.91% | | Total Liabilities | 167,696,919 | 163,094,240 | (4,602,679) | -2.74% | | Total Shareholders' Equity | 112,824,305 | 131,166,059 | 18,341,754 | 16.26% | - The company's total assets increased by **4.38%** from December 31, 2023, to September 30, 2024, primarily driven by an increase in cash and cash equivalents and short-term deposits. Total liabilities decreased by **2.74%**, while total shareholders' equity increased by **16.26%**[6](index=6&type=chunk)[7](index=7&type=chunk) [Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) | Metric (US$) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | | :--------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net Revenues | 63,441,109 | 44,628,241 | 148,258,680 | 151,243,718 | | Gross Profit | 12,248,578 | 6,954,557 | 19,038,964 | 38,463,630 | | Operating Income (Loss) | 5,289,094 | (827,873) | (1,364,846) | 15,382,590 | | Net Income (Loss) | 5,764,148 | (685,539) | 620,439 | 14,910,120 | | Net Income Attributable to CBAK Energy Technology, Inc. | 6,334,792 | 17,647 | 2,319,447 | 16,299,559 | | Basic EPS | 0.07 | 0.00 | 0.03 | 0.18 | | Diluted EPS | 0.07 | 0.00 | 0.03 | 0.18 | - For the three months ended September 30, 2024, net revenues decreased by **30% YoY**, leading to a significant drop in gross profit and a shift from operating income to operating loss. Net income attributable to shareholders also saw a substantial decline. However, for the nine months ended September 30, 2024, net revenues slightly increased by **2% YoY**, gross profit more than doubled, and the company turned an operating loss into a significant operating income, resulting in a substantial increase in net income attributable to shareholders[9](index=9&type=chunk) [Condensed Consolidated Statements of Changes in Shareholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) | Metric (US$) | Balance as of Jan 1, 2024 | Net Income (Loss) | Share-based Compensation | Common Stock Issued | Foreign Currency Translation Adjustment | Balance as of Sep 30, 2024 | | :--------------------------------------- | :------------------------ | :---------------- | :----------------------- | :------------------ | :-------------------------------------- | :------------------------- | | Common Stock Issued | 90,063 | - | - | 20 | - | 90,083 | | Donated Shares | 14,101,689 | - | - | - | - | 14,101,689 | | Additional Paid-in Capital | 247,465,817 | - | 266,815 | (20) | - | 247,732,612 | | Statutory Reserves | 1,230,511 | - | - | - | - | 1,230,511 | | Accumulated Deficit | (134,395,762) | 16,299,559 | - | - | - | (118,096,203) | | Accumulated Other Comprehensive Loss | (11,601,403) | - | - | - | 1,747,838 | (9,826,023) | | Total Shareholders' Equity | 113,458,341 | 14,910,120 | 266,815 | - | 1,747,838 | 130,383,114 | - For the nine months ended September 30, 2024, total equity increased significantly, primarily driven by net income and positive foreign currency translation adjustments. Share-based compensation also contributed to the increase in additional paid-in capital[18](index=18&type=chunk)[19](index=19&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) | Cash Flow Activity (US$) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | | :----------------------------------------------------------------- | :-------------------------- | :-------------------------- | | Net cash provided by operating activities | 20,744,957 | 30,078,220 | | Net cash used in investing activities | (28,737,354) | (20,111,730) | | Net cash provided by (used in) financing activities | 18,525,022 | (21,462,580) | | Effect of exchange rate changes on cash and cash equivalents and restricted cash | (2,200,580) | 537,582 | | Net increase (decrease) in cash and cash equivalents and restricted cash | 8,332,045 | (10,958,508) | | Cash and cash equivalents and restricted cash at the end of period | 45,688,121 | 47,864,308 | - Net cash provided by operating activities increased by **44.9%** for the nine months ended September 30, 2024, compared to the same period in 2023. However, the company shifted from net cash provided by financing activities in 2023 to net cash used in financing activities in 2024, primarily due to higher repayments of bank borrowings and placement of term deposits. Net cash used in investing activities decreased by **30% YoY**[20](index=20&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [1. Principal Activities, Basis of Presentation and Organization](index=11&type=section&id=1.%20Principal%20Activities,%20Basis%20of%20Presentation%20and%20Organization) - CBAK Energy Technology, Inc. (formerly China BAK Battery, Inc.) manufactures and distributes high-power lithium-ion rechargeable batteries for various applications, including cordless power tools, electric vehicles, and energy storage. The company's common stock trades on the Nasdaq Capital Market under the symbol 'CBAT'[21](index=21&type=chunk)[24](index=24&type=chunk) - The company's financial statements are prepared under US GAAP, requiring management estimates and assumptions. Several new accounting standards (ASU 2021-08, ASU 2023-01, ASU 2023-02) were adopted on January 1, 2024, but did not have a material impact[58](index=58&type=chunk)[59](index=59&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) - As of September 30, 2024, the Company had **$25.7 million** in bank loans and approximately **$128.5 million** in other current liabilities. The company is expanding manufacturing capacity in Dalian, Nanjing, and Zhejiang, requiring additional funding, and plans to raise funds through bank borrowings and equity financing[64](index=64&type=chunk)[65](index=65&type=chunk) - The company has an accumulated deficit and significant short-term debt, raising substantial doubt about its ability to continue as a going concern. Plans include improving profitability and obtaining additional debt/shareholder financing[69](index=69&type=chunk) [2. Pledged deposits](index=20&type=section&id=2.%20Pledged%20deposits) | Metric | Dec 31, 2023 (US$) | Sep 30, 2024 (US$) | | :--------------- | :----------------- | :----------------- | | Pledged Deposits | 54,179,549 | 37,415,946 | - Pledged deposits decreased from **$54.18 million** as of December 31, 2023, to **$37.42 million** as of September 30, 2024, primarily consisting of deposits with banks for bills payable[6](index=6&type=chunk)[85](index=85&type=chunk) [3. Short-term deposits](index=20&type=section&id=3.%20Short-term%20deposits) | Metric | Dec 31, 2023 (US$) | Sep 30, 2024 (US$) | | :----------------- | :----------------- | :----------------- | | Short-term Deposits | - | 13,788,170 | - Short-term deposits, with maturities of six months, increased from nil as of December 31, 2023, to **$13.79 million** as of September 30, 2024. These deposits are placed in reputable financial institutions in the PRC, and interest earned is recorded as finance income[6](index=6&type=chunk)[86](index=86&type=chunk) [4. Trade and Bills Receivable, net](index=20&type=section&id=4.%20Trade%20and%20Bills%20Receivable,%20net) | Metric | Dec 31, 2023 (US$) | Sep 30, 2024 (US$) | | :-------------------------- | :----------------- | :----------------- | | Trade Receivable | 29,368,296 | 27,619,823 | | Less: Allowance for Credit Losses | (3,198,249) | (2,921,714) | | Bills Receivable | 2,483,000 | 10,212,675 | | Total Trade and Bills Receivable, net | 28,653,047 | 34,910,784 | - Net trade and bills receivable increased by **21.8%** from **$28.65 million** to **$34.91 million**. This was driven by a significant increase in bills receivable, while trade receivable slightly decreased and the allowance for credit losses also decreased[87](index=87&type=chunk) [5. Inventories](index=21&type=section&id=5.%20Inventories) | Metric | Dec 31, 2023 (US$) | Sep 30, 2024 (US$) | | :--------------- | :----------------- | :----------------- | | Raw Materials | 3,779,414 | 3,240,516 | | Work in Progress | 9,525,568 | 4,596,060 | | Finished Goods | 20,108,440 | 16,102,349 | | Total Inventories | 33,413,422 | 23,938,925 | - Total inventories decreased by **28.3%** from **$33.41 million** to **$23.94 million**, with significant reductions in work in progress and finished goods. Write-downs of obsolete inventories charged to cost of revenues increased from **$2.07 million** in 9M 2023 to **$3.36 million** in 9M 2024[89](index=89&type=chunk)[90](index=90&type=chunk) [6. Prepayments and Other Receivables](index=21&type=section&id=6.%20Prepayments%20and%20Other%20Receivables) | Metric | Dec 31, 2023 (US$) | Sep 30, 2024 (US$) | | :-------------------------- | :----------------- | :----------------- | | Value Added Tax Recoverable | 5,248,210 | 3,386,543 | | Prepayments to Suppliers | 1,341,596 | 5,412,119 | | Interest Receivable | - | 224,129 | | Total Prepayments and Other Receivables, net | 7,459,254 | 9,950,350 | - Net prepayments and other receivables increased by **33.4%** from **$7.46 million** to **$9.95 million**, primarily due to a substantial increase in prepayments to suppliers and the emergence of interest receivable[91](index=91&type=chunk) [7. Property, Plant and Equipment, net](index=22&type=section&id=7.%20Property,%20Plant%20and%20Equipment,%20net) | Metric | Dec 31, 2023 (US$) | Sep 30, 2024 (US$) | | :-------------------------- | :----------------- | :----------------- | | Buildings | 45,843,428 | 46,377,779 | | Machinery and Equipment | 83,625,645 | 87,744,432 | | Accumulated Depreciation | (30,407,634) | (38,784,168) | | Carrying Amount | 91,628,832 | 89,365,457 | - The net carrying amount of property, plant, and equipment decreased by **2.47%** from **$91.63 million** to **$89.37 million**. Depreciation expense for the nine months ended September 30, 2024, was **$5.92 million**, a decrease from **$6.74 million** in the same period of 2023. No impairment was recognized in either period[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) [8. Construction in Progress](index=22&type=section&id=8.%20Construction%20in%20Progress) | Metric | Dec 31, 2023 (US$) | Sep 30, 2024 (US$) | | :-------------------------- | :----------------- | :----------------- | | Construction in Progress | 24,876,463 | 28,164,152 | | Prepayment for Acquisition of PP&E | 12,921,399 | 10,829,466 | | Carrying Amount | 37,797,862 | 38,993,618 | - Construction in progress increased by **3.16%** from **$37.80 million** to **$38.99 million**, primarily due to capital expenditures for facilities and production lines of CBAK Power, Nanjing CBAK, and Hitrans. Capitalized interest for the nine months ended September 30, 2024, was **$640,938**[96](index=96&type=chunk)[97](index=97&type=chunk) [9. Long-term investments, net](index=23&type=section&id=9.%20Long-term%20investments,%20net) | Investment Type | Dec 31, 2023 (US$) | Sep 30, 2024 (US$) | | :--------------------------------------- | :----------------- | :----------------- | | Investments in Equity Method Investees | 1,926,611 | 1,690,957 | | Investments in Non-marketable Equity | 638,394 | 645,580 | | Total Long-term Investments, net | 2,565,005 | 2,336,537 | - Total long-term investments decreased by **8.9%** from **$2.57 million** to **$2.34 million**. The company disposed of its equity interest in Guangxi Guiwu CBAK New Energy Technology Co., Ltd. for **$0.3 million**, recording a gain of **$26,967**. An impairment loss of **$2.4 million** was recorded in 2023 for the investment in Zhejiang Shengyang Renewable Resources Technology Co., Ltd.[100](index=100&type=chunk)[101](index=101&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) [10. Lease](index=25&type=section&id=10.%20Lease) | Lease Type | Dec 31, 2023 (US$) | Sep 30, 2024 (US$) | | :-------------------------- | :----------------- | :----------------- | | Prepaid Land Use Rights | 11,712,704 | 11,601,078 | | Operating Lease Right-of-Use Assets, net | 1,084,520 | 3,713,242 | | Operating Lease Liability, current | 691,992 | 1,527,829 | | Operating Lease Liability, non-current | 475,302 | 2,683,772 | | Finance Lease Liability, current | 1,643,864 | 762,694 | | Finance Lease Liability, non-current | - | - | - Prepaid land use rights remained stable at **$11.6 million**. Operating lease right-of-use assets significantly increased from **$1.08 million** to **$3.71 million**, reflecting new lease agreements for warehouse, office, factory, and staff quarters spaces. Finance lease liabilities decreased from **$1.64 million** to **$0.76 million**[6](index=6&type=chunk)[111](index=111&type=chunk)[115](index=115&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk)[126](index=126&type=chunk) | Lease Expense (US$) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Operating Lease Cost | 110,057 | 337,405 | 375,804 | 957,144 | | Finance Lease Interest | 4,995 | 20,242 | 11,622 | 60,479 | [11. Intangible Assets, net](index=28&type=section&id=11.%20Intangible%20Assets,%20net) | Metric | Dec 31, 2023 (US$) | Sep 30, 2024 (US$) | | :-------------------------- | :----------------- | :----------------- | | Computer Software at Cost | 139,732 | 158,831 | | Sewage Discharge Permit | 1,715,450 | 1,734,761 | | Accumulated Amortization | (1,013,822) | (1,386,479) | | Carrying Amount | 841,360 | 507,113 | - Net intangible assets decreased by **39.7%** from **$841,360** to **$507,113**, primarily due to accumulated amortization. Amortization expenses for the nine months ended September 30, 2024, were **$352,481**[130](index=130&type=chunk)[131](index=131&type=chunk) [12. Acquisition of subsidiaries](index=28&type=section&id=12.%20Acquisition%20of%20subsidiaries) - The company completed the acquisition of **81.56%** registered equity interests (**75.57%** paid-up capital) of Hitrans on November 26, 2021, for a total purchase consideration of **$24.95 million**. This acquisition resulted in the recognition of **$1.61 million** in goodwill, representing the strategic value and expected synergies[133](index=133&type=chunk)[139](index=139&type=chunk)[144](index=144&type=chunk) - Goodwill was fully impaired as of December 31, 2022, due to Hitrans' financial performance falling below original expectations, leading to an impairment loss of **$1.56 million**[145](index=145&type=chunk)[150](index=150&type=chunk) [13. Goodwill](index=31&type=section&id=13.%20Goodwill) | Metric | Dec 31, 2023 (US$) | Sep 30, 2024 (US$) | | :--------------- | :----------------- | :----------------- | | Balance | - | - | - Goodwill was fully impaired as of December 31, 2022, and remained at nil as of September 30, 2024. The impairment test in 2022 indicated that the fair value of the Hitrans reporting unit was lower than its carrying value due to underperforming financial results[145](index=145&type=chunk)[146](index=146&type=chunk)[150](index=150&type=chunk) [14. Deposit paid for acquisition of long-term investments](index=32&type=section&id=14.%20Deposit%20paid%20for%20acquisition%20of%20long-term%20investments) | Metric | Dec 31, 2023 (US$) | Sep 30, 2024 (US$) | | :--------------------------------------- | :----------------- | :----------------- | | Investments in Non-marketable Equity | 7,101,492 | 16,500,192 | - Deposits paid for acquisition of long-term investments increased by **132.3%** from **$7.10 million** to **$16.50 million**. This is primarily related to Nanjing CBAK's agreement to acquire a **5%** equity interest in Shenzhen BAK Power Battery Co., Ltd. (BAK SZ) for **$35.7 million**, with **$16.5 million** paid as of September 30, 2024[151](index=151&type=chunk) [15. Trade and Bills Payable](index=32&type=section&id=15.%20Trade%20and%20Bills%20Payable) | Metric | Dec 31, 2023 (US$) | Sep 30, 2024 (US$) | | :-------------------------- | :----------------- | :----------------- | | Trade Payable | 26,764,807 | 33,866,587 | | Bills Payable – Bank Acceptance Bills | 55,664,768 | 52,812,825 | | Bills Payable – Letter of Credit | - | 2,792,779 | | Total Trade and Bills Payable | 82,429,575 | 89,472,191 | - Total trade and bills payable increased by **8.5%** from **$82.43 million** to **$89.47 million**. This increase was driven by higher trade payables and the introduction of letter of credit payables, partially offset by a decrease in bank acceptance bills. All bills payable mature within one year and are secured by pledged deposits, short-term deposits, bills receivable, and prepaid land use rights[154](index=154&type=chunk)[155](index=155&type=chunk) [16. Loans](index=33&type=section&id=16.%20Loans) | Loan Type | Dec 31, 2023 (US$) | Sep 30, 2024 (US$) | | :-------------------------- | :----------------- | :----------------- | | Short-term Bank Borrowings | 32,587,676 | 25,708,098 | | Other Short-term Loans | 339,552 | 337,147 | | Total Loans | 32,927,228 | 26,045,245 | - Short-term bank borrowings decreased by **21.2%** from **$32.59 million** to **$25.71 million**. The company actively managed its bank loans, repaying several short-term facilities and securing new ones, with interest rates ranging from **3.0%** to **4.6%** per annum. Many loans are guaranteed by former CEO Mr. Yunfei Li and his wife, or secured by company assets like land use rights and buildings[156](index=156&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk) | Secured Assets (US$) | Dec 31, 2023 | Sep 30, 2024 | | :------------------- | :----------- | :----------- | | Pledged Deposits | 54,167,834 | 37,374,690 | | Term Deposits | - | 13,788,170 | | Bills Receivables | 281,805 | 2,822,455 | | Right-of-Use Assets | 5,287,708 | 5,223,832 | | Buildings | 9,707,862 | 4,018,644 | | Total Secured Assets | 69,445,209 | 63,227,791 | [17. Accrued Expenses and Other Payables](index=37&type=section&id=17.%20Accrued%20Expenses%20and%20Other%20Payables) | Metric | Dec 31, 2023 (US$) | Sep 30, 2024 (US$) | | :--------------------------------------- | :----------------- | :----------------- | | Construction Costs Payable | 15,571,808 | 9,214,798 | | Equipment Purchase Payable | 13,665,499 | 12,146,810 | | Accrued Staff Costs | 3,386,142 | 4,174,522 | | Customer Deposits | 2,875,131 | 3,130,200 | | Total Accrued Expenses and Other Payables | 41,992,540 | 35,144,908 | - Accrued expenses and other payables decreased by **16.3%** from **$41.99 million** to **$35.14 million**. This was mainly due to a reduction in construction costs payable and equipment purchase payable, partially offset by an increase in accrued staff costs[185](index=185&type=chunk) [18. Balances and Transactions With Related Parties](index=38&type=section&id=18.%20Balances%20and%20Transactions%20With%20Related%20Parties) | Related Party Transaction (US$) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | | :----------------------------------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Purchase of batteries from Zhengzhou BAK Battery Co., Ltd | 7,554,266 | 24,595 | 11,057,190 | 7,036,768 | | Purchase of materials from Zhejiang Shengyang Renewable Resources Technology Co., Ltd. | 3,778,670 | 1,419,467 | 9,008,190 | 4,792,917 | | Sales of cathode raw materials to Zhengzhou BAK Battery Co., Ltd | 5,822,065 | 5,166,669 | 22,815,451 | 14,183,130 | | Related Party Balance (US$) | Dec 31, 2023 | Sep 30, 2024 | | :----------------------------------------------------------------- | :----------- | :----------- | | Receivables from Shenzhen BAK Power Battery Co., Ltd | 74,946 | 7,580 | | Trade Receivables from Zhengzhou BAK Battery Co., Ltd | 12,441,715 | 4,921,121 | | Prepayments to Zhengzhou BAK Battery Co., Ltd | - | 3,898,336 | | Trade Payables to Zhejiang Shengyang Renewable Resources Technology Co., Ltd. | 3,489,324 | 3,500,853 | - The company engages in significant transactions with related parties, including purchases and sales of batteries and raw materials. Notably, purchases from Zhengzhou BAK Battery Co., Ltd. decreased significantly in Q3 2024, while sales of cathode raw materials to the same entity also decreased year-to-date. Prepayments to Zhengzhou BAK Battery Co., Ltd. for battery purchases emerged as a new significant balance[192](index=192&type=chunk)[195](index=195&type=chunk)[198](index=198&type=chunk) [19. Deferred Government Grants](index=40&type=section&id=19.%20Deferred%20Government%20Grants) | Metric | Dec 31, 2023 (US$) | Sep 30, 2024 (US$) | | :-------------------------- | :----------------- | :----------------- | | Total Government Grants | 6,578,863 | 6,278,736 | | Less: Current Portion | (375,375) | (499,861) | | Non-current Portion | 6,203,488 | 5,778,875 | - Total deferred government grants decreased by **4.56%** from **$6.58 million** to **$6.28 million**. These grants are recognized over the period necessary to match them with the costs they are intended to compensate, such as land use rights, construction works, and equipment purchases for new manufacturing sites and production lines[199](index=199&type=chunk)[201](index=201&type=chunk)[202](index=202&type=chunk)[203](index=203&type=chunk)[204](index=204&type=chunk) [20. Product Warranty Provisions](index=41&type=section&id=20.%20Product%20Warranty%20Provisions) | Metric | Dec 31, 2023 (US$) | Sep 30, 2024 (US$) | | :-------------------------- | :----------------- | :----------------- | | Balance at Beginning of Year | 476,828 | 546,444 | | Warranty Costs Incurred | (16,359) | (270,737) | | Provision for the Year | 66,182 | 148,627 | | Balance at End of Year | 546,444 | 427,449 | | Less: Current Portion | (23,870) | (17,099) | | Non-current Portion | 522,574 | 410,350 | - Product warranty provisions decreased by **21.8%** from **$546,444** to **$427,449**. Warranty costs incurred significantly increased from **$16,359** to **$270,737**, while the provision for the year also increased from **$66,182** to **$148,627**[207](index=207&type=chunk) [21. Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities](index=42&type=section&id=21.%20Income%20Taxes,%20Deferred%20Tax%20Assets%20and%20Deferred%20Tax%20Liabilities) | Income Tax (US$) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | | :--------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | PRC Income Tax (Current) | - | 339,287 | - | 2,188,800 | | PRC Income Tax (Deferred) | (305,431) | - | (1,015,626) | - | | Total Income Tax Credit (Expenses) | (305,431) | 339,287 | (1,015,626) | 2,188,800 | - The company recorded income tax expenses of **$2.19 million** for the nine months ended September 30, 2024, compared to a tax credit of **$1.02 million** in the same period of 2023. Several PRC subsidiaries (CBAK Power, Hitrans, Nanjing CBAK) benefit from a preferential tax rate of **15%** as 'High-new technology enterprises'[208](index=208&type=chunk)[214](index=214&type=chunk) | Deferred Tax Assets (US$) | Dec 31, 2023 | Sep 30, 2024 | | :--------------------------------------- | :----------- | :----------- | | Net Operating Loss Carried Forward | 36,103,945 | 38,096,824 | | Valuation Allowance | (43,645,828) | (43,730,575) | | Deferred Tax Assets, Non-current | 203,240 | - | - The company's U.S. entity has significant net operating loss carryforwards (**$103.58 million**), and PRC subsidiaries have **$73.32 million**. A full valuation allowance is provided against these potential tax benefits due to management's belief that future operating profits are unlikely in the foreseeable future[218](index=218&type=chunk) [22. Statutory reserves](index=44&type=section&id=22.%20Statutory%20reserves) - PRC subsidiaries are required to maintain a statutory reserve from annual profits, typically not less than **10%**, up to **50%** of registered capital. As of September 30, 2024, **$1,230,511** in PRC statutory reserves are restricted for distribution[221](index=221&type=chunk)[222](index=222&type=chunk) [23. Fair Value of Financial Instruments](index=44&type=section&id=23.%20Fair%20Value%20of%20Financial%20Instruments) - The company uses a fair value hierarchy (Level 1, 2, 3) for financial instruments. The fair value of warrants and share options is determined using the Binomial Model with Level 3 inputs. Carrying amounts of most financial assets and liabilities approximate their fair values due to short maturity or market interest rates[223](index=223&type=chunk)[224](index=224&type=chunk)[225](index=225&type=chunk)[227](index=227&type=chunk)[228](index=228&type=chunk) [24. Employee Benefit Plan](index=45&type=section&id=24.%20Employee%20Benefit%20Plan) | Employee Benefits Expensed (US$) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | | :--------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Total Employee Benefits Expensed | 499,734 | 1,502,916 | 1,664,263 | 4,074,966 | - Total employee benefits expensed increased significantly, by **200.7%** for the three months and **144.8%** for the nine months ended September 30, 2024, reflecting participation in government-mandated defined contribution plans in the PRC[229](index=229&type=chunk) [25. Share-based Compensation](index=45&type=section&id=25.%20Share-based%20Compensation) | Share-based Compensation Expense (US$) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | | :--------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Restricted Share Units (Oct 2020 Grant) | - | - | 6,529 | - | | Restricted Share Units & Options (Apr 2023 Grant) | 96,301 | 51,081 | 919,135 | 238,190 | | Restricted Share Units & Options (Aug 2023 Grant) | 34,169 | 6,968 | 34,169 | 28,625 | - The company granted restricted share units and options under its 2015 Equity Incentive Plan. As of September 30, 2024, there was **$1,328,299** in unrecognized stock-based compensation related to the November 2021 options grant and **$131,460** for the April 2023 options grant, and **$27,121** for the August 2023 options grant[240](index=240&type=chunk)[245](index=245&type=chunk)[249](index=249&type=chunk) | Stock Option Activity | Jan 1, 2024 | Sep 30, 2024 | | :--------------------------------------- | :---------- | :----------- | | Outstanding Number of Shares | 3,314,128 | 3,230,128 | | Weighted Average Exercise Price | $1.30 | $1.37 | | Exercisable Number of Shares | 546,338 | 1,042,458 | | Weighted Average Remaining Contractual Term (Years) | 4.3 | 3.6 | [26. Income Per Share](index=48&type=section&id=26.%20Income%20Per%20Share) | EPS Metric | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | | :--------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net Income Attributable to Shareholders (US$) | 6,334,792 | 17,647 | 2,319,447 | 16,299,559 | | Weighted Average Shares Outstanding – Basic | 89,473,026 | 89,931,617 | 89,171,988 | 89,929,477 | | Basic EPS (US$) | 0.07 | 0.00 | 0.03 | 0.18 | | Diluted EPS (US$) | 0.07 | 0.00 | 0.03 | 0.18 | - Basic and diluted EPS for the three months ended September 30, 2024, were **$0.00**, a significant decrease from **$0.07** in the prior year. However, for the nine months ended September 30, 2024, basic and diluted EPS increased to **$0.18**, up from **$0.03** in the prior year, reflecting improved year-to-date profitability[252](index=252&type=chunk) [27. Warrants](index=49&type=section&id=27.%20Warrants) - All warrants issued in the December 2020 and February 2021 financings, including Series B and Series A-2 warrants, had expired as of September 30, 2024. Consequently, there were no outstanding warrants or warrants liability as of that date[256](index=256&type=chunk)[259](index=259&type=chunk) [28. Commitments and Contingencies](index=51&type=section&id=28.%20Commitments%20and%20Contingencies) | Capital Commitments (US$) | Dec 31, 2023 | Sep 30, 2024 | | :--------------------------------------- | :----------- | :----------- | | For Construction of Buildings | 1,104,571 | 2,668,538 | | For Purchases of Equipment | 31,437,525 | 25,543,391 | | Capital Injection | 267,557,243 | 255,385,310 | | Total Contracted Capital Commitments | 300,099,339 | 283,597,239 | - Total contracted capital commitments decreased by **5.5%** from **$300.10 million** to **$283.60 million**. This includes commitments for building construction, equipment purchases, and capital injections. The company is also involved in a lawsuit where Haoneng sought **$1.61 million** for unpaid equipment costs, which was settled by an agreement to purchase equipment worth **$2.4 million** by December 31, 2023[260](index=260&type=chunk)[262](index=262&type=chunk) [29. Concentrations and Credit Risk](index=51&type=section&id=29.%20Concentrations%20and%20Credit%20Risk) | Customer Concentration (Net Revenue) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2024 | | :--------------------------------------- | :-------------------------- | :-------------------------- | | Customer B | 33.5% | 20.3% | | Customer A | * | 19.2% | | Zhengzhou BAK Battery Co., Ltd | * | 11.6% | | Customer Concentration (Net Revenue) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | | :--------------------------------------- | :-------------------------- | :-------------------------- | | Customer B | 30.9% | 38.1% | | Zhengzhou BAK Battery Co., Ltd | 15.4% | * | | Customer A | * | 10.3% | - The company has significant customer concentrations, with Customer B accounting for **38.1%** of net revenue for the nine months ended September 30, 2024. Credit risk is managed through ongoing credit evaluations of customers and maintaining reserves for potential credit losses[264](index=264&type=chunk)[267](index=267&type=chunk) [30. Segment Information](index=52&type=section&id=30.%20Segment%20Information) - The company operates in two reportable segments: (i) production of high-power lithium and sodium battery cells (CBAK) and (ii) manufacture and sales of materials used in high-power lithium battery cells (Hitrans). The CEO reviews financial information for these segments to allocate resources and assess performance[268](index=268&type=chunk)[269](index=269&type=chunk) | Segment Performance (US$) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | | :--------------------------------------- | :-------------------------- | :-------------------------- | | **CBAT Segment** | | | | Net Revenues | 96,163,040 | 113,897,786 | | Gross Profit | 18,336,732 | 39,040,824 | | Operating Income (Loss) | 6,146,019 | 22,499,181 | | Net Income (Loss) | 6,746,883 | 21,610,408 | | **Hitrans Segment** | | | | Net Revenues | 52,095,640 | 37,345,932 | | Gross Profit (Loss) | 702,232 | (577,194) | | Operating Income (Loss) | (6,661,367) | (5,578,219) | | Net Income (Loss) | (5,412,787) | (5,161,805) | - The CBAK segment showed strong growth for the nine months ended September 30, 2024, with net revenues increasing by **18.4%**, gross profit more than doubling, and operating income significantly improving. Conversely, the Hitrans segment experienced a **28.4%** decrease in net revenues and shifted to a gross loss, though its operating loss slightly improved[273](index=273&type=chunk)[275](index=275&type=chunk) | Product Revenue (US$) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | | :--------------------------------------- | :-------------------------- | :-------------------------- | | High Power Lithium Batteries: | | | | Electric Vehicles | 2,358,842 | 1,012,655 | | Light Electric Vehicles | 4,230,066 | 8,249,437 | | Residential Energy Supply & UPS | 89,574,132 | 104,635,694 | | Materials Used in Manufacturing of Lithium Batteries: | | | | Cathode | 31,071,175 | 26,776,945 | | Precursor | 21,024,465 | 10,568,987 | | Net Revenues by Geographic Area (US$) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | | :--------------------------------------- | :-------------------------- | :-------------------------- | | Mainland China | 87,662,906 | 75,886,271 | | Europe | 57,550,138 | 65,883,182 | | Others | 3,045,636 | 9,474,265 | [31. Subsequent events](index=54&type=section&id=31.%20Subsequent%20events) - Effective October 24, 2024, Mr. Yunfei Li resigned as Chief Executive Officer and President, and Mr. Zhiguang Hu was appointed as his successor[280](index=280&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.](index=56&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) This section provides management's perspective on the company's financial condition, results of operations, liquidity, capital resources, and critical accounting policies [Overview](index=57&type=section&id=Overview) - CBAK Energy Technology is a manufacturer of new energy high-power lithium and sodium batteries, primarily for light electric vehicles, electric vehicles, electric tools, and energy storage. Following the acquisition of Hitrans in November 2021, the company also develops and manufactures NCM precursor and cathode materials[288](index=288&type=chunk) - The company operates in two segments: (i) production of high-power lithium and sodium battery cells and (ii) manufacture and sales of materials used in high-power lithium battery cells. Key operating entities include CBAK Power, Nanjing CBAK, CBAK Shangqiu, Nanjing BFD, and Hitrans[290](index=290&type=chunk) - CBAK is expanding its lithium battery manufacturing capabilities with Nanjing facilities (Phase I at **2 GWh**, Phase II commencing operations in 2025 for a total of **20 GWh**) and a leased Shangqiu facility (**0.5 GWh**). The company is optimistic about future prospects due to growing demand and Chinese government support for the new energy industry[291](index=291&type=chunk)[293](index=293&type=chunk) [Financial Performance Highlights for the Quarter Ended September 30, 2024](index=58&type=section&id=Financial%20Performance%20Highlights%20for%20the%20Quarter%20Ended%20September%2030,%202024) | Metric (US$) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2024 | Change (US$) | % Change | | :--------------------------------------- | :-------------------------- | :-------------------------- | :----------- | :------- | | Net Revenues | 63,441,109 | 44,628,241 | (18,812,868) | -29.65% | | Gross Profit | 12,248,578 | 6,954,557 | (5,294,021) | -43.22% | | Operating Income (Loss) | 5,289,094 | (827,873) | (6,116,967) | -115.65% | | Net Income | 6,334,792 | 17,647 | (6,317,145) | -99.72% | | Fully Diluted Income Per Share | 0.07 | 0.00 | (0.07) | -100.00% | - For the quarter ended September 30, 2024, net revenues decreased by **30%**, leading to a **43%** drop in gross profit. The company shifted from an operating income of **$5.3 million** to an operating loss of **$0.8 million**, and net income attributable to shareholders fell by **99.7%** to **$17,647**[294](index=294&type=chunk)[295](index=295&type=chunk)[296](index=296&type=chunk) [Financial Statement Presentation](index=58&type=section&id=Financial%20Statement%20Presentation) - Revenue recognition follows a five-step model, with product sales recognized upon customer control, typically at delivery. Cost of revenues includes material costs, employee remuneration, share-based compensation, depreciation, and inventory write-downs. Operating expenses are categorized into R&D, sales and marketing, and general and administrative expenses. Finance costs include interest income and expense, net of capitalized interest. Income tax rates vary by subsidiary, with preferential rates for 'High and New Technology Enterprises' in China[297](index=297&type=chunk)[301](index=301&type=chunk)[303](index=303&type=chunk)[304](index=304&type=chunk)[305](index=305&type=chunk) [Results of Operations](index=59&type=section&id=Results%20of%20Operations) [Comparison of Three Months Ended September 30, 2023 and 2024](index=59&type=section&id=Comparison%20of%20Three%20Months%20Ended%20September%2030,%202023%20and%202024) | Metric (US$ thousands) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2024 | Change (US$ thousands) | % Change | | :--------------------------------------- | :-------------------------- | :-------------------------- | :--------------------- | :------- | | Net Revenues | 63,441 | 44,628 | (18,813) | -30% | | Cost of Revenues | (51,193) | (37,674) | 13,519 | -26% | | Gross Profit | 12,248 | 6,954 | (5,294) | -43% | | Total Operating Expenses | (6,959) | (7,782) | (823) | 12% | | Operating Income (Loss) | 5,289 | (828) | (6,117) | -116% | | Net Income Attributable to CBAK Energy Technology, Inc. | 6,335 | 17 | (6,318) | -100% | - Net revenues decreased by **30%** due to a **34%** drop in residential energy supply & UPS battery sales (attributed to a one-month production suspension at the Dalian factory for upgrades) and a **42%** decrease in lithium battery manufacturing materials sales (due to falling raw material prices). Sales of light electric vehicle batteries, however, surged by **341%**[309](index=309&type=chunk)[310](index=310&type=chunk)[311](index=311&type=chunk)[312](index=312&type=chunk) - Gross profit declined by **43%** to **$7.0 million**, with the gross margin falling from **19.3%** to **15.6%**. Operating expenses increased by **12%**, primarily driven by a **33%** rise in R&D expenses due to increased headcount at Nanjing CBAK and the new Shangqiu operation. This led to an operating loss of **$0.8 million**, a **116%** decrease from the prior year's operating income[314](index=314&type=chunk)[316](index=316&type=chunk)[320](index=320&type=chunk) [Comparison of Nine Months Ended September 30, 2023 and 2024](index=61&type=section&id=Comparison%20of%20Nine%20Months%20Ended%20September%2030,%202023%20and%202024) | Metric (US$ thousands) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | Change (US$ thousands) | % Change | | :--------------------------------------- | :-------------------------- | :-------------------------- | :--------------------- | :------- | | Net Revenues | 148,259 | 151,244 | 2,985 | 2% | | Cost of Revenues | (129,220) | (112,780) | 16,440 | -13% | | Gross Profit | 19,039 | 38,464 | 19,425 | 102% | | Total Operating Expenses | (20,404) | (23,081) | (2,677) | 13% | | Operating Income (Loss) | (1,365) | 15,383 | 16,748 | -1227% | | Net Income Attributable to CBAK Energy Technology, Inc. | 2,319 | 16,299 | 13,980 | 603% | - Net revenues increased by **2%** to **$151.2 million**, driven by a **17%** increase in residential energy supply & UPS battery sales and a **95%** increase in light electric vehicle battery sales. However, electric vehicle battery sales decreased by **57%**, and lithium battery manufacturing materials sales decreased by **28%** due to falling raw material prices[326](index=326&type=chunk)[327](index=327&type=chunk)[328](index=328&type=chunk)[329](index=329&type=chunk) - Gross profit more than doubled to **$38.5 million**, with the gross margin improving from **12.8%** to **25.4%**. Operating expenses increased by **13%**, mainly due to a **15%** rise in R&D expenses and a **47%** increase in sales and marketing expenses (driven by promotion and shipping costs for overseas markets). The company achieved an operating income of **$15.4 million**, a significant turnaround from a **$1.4 million** operating loss in the prior year[331](index=331&type=chunk)[332](index=332&type=chunk)[333](index=333&type=chunk)[336](index=336&type=chunk) [Liquidity and Capital Resources](index=65&type=section&id=Liquidity%20and%20Capital%20Resources) This section analyzes the company's cash flows from operating, investing, and financing activities, along with its overall liquidity position and capital expenditure plans - As of September 30, 2024, the company had **$47.9 million** in cash and cash equivalents, with total current assets of **$130.5 million** and total current liabilities of **$154.2 million**, resulting in a net working capital deficit of **$23.7 million**. An accumulated deficit of **$118.1 million** and significant short-term debt raise substantial doubt about the company's ability to continue as a going concern[341](index=341&type=chunk)[342](index=342&type=chunk) - The company plans to meet liquidity requirements through improving profitability, renewing existing bank loans, and seeking additional debt and equity financing. However, there is no assurance that such financing will be available on acceptable terms[340](index=340&type=chunk)[373](index=373&type=chunk) [Operating Activities](index=69&type=section&id=Operating%20Activities) | Cash Flow (US$ thousands) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | | :--------------------------------------- | :-------------------------- | :-------------------------- | | Net Cash Provided by Operating Activities | 20,745 | 30,078 | - Net cash provided by operating activities increased by **44.9%** to **$30.1 million** for the nine months ended September 30, 2024, primarily driven by net income and an increase in trade and bills payable[376](index=376&type=chunk) [Investing Activities](index=69&type=section&id=Investing%20Activities) | Cash Flow (US$ thousands) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | | :--------------------------------------- | :-------------------------- | :-------------------------- | | Net Cash Used in Investing Activities | (28,737) | (20,112) | - Net cash used in investing activities decreased by **30%** to **$20.1 million**, mainly comprising purchases of property, plant, and equipment (**$11.5 million**) and deposits for long-term investments (**$9.1 million**)[378](index=378&type=chunk) [Financing Activities](index=70&type=section&id=Financing%20Activities) | Cash Flow (US$ thousands) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | | :--------------------------------------- | :-------------------------- | :-------------------------- | | Net Cash Provided by (Used in) Financing Activities | 18,525 | (21,463) | - Net cash used in financing activities was **$21.5 million** for the nine months ended September 30, 2024, a significant shift from **$18.5 million** provided in the prior year. This was primarily due to **$47.9 million** in bank loan repayments and **$13.5 million** (net) in term deposit placements, partially offset by **$40.9 million** in new bank borrowings[380](index=380&type=chunk) [Capital Expenditures](index=70&type=section&id=Capital%20Expenditures) | Capital Expenditures (US$ millions) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | | :--------------------------------------- | :-------------------------- | :-------------------------- | | Capital Expenditures | 24.9 | 11.5 | - Capital expenditures decreased to **$11.5 million** for the nine months ended September 30, 2024, from **$24.9 million** in the prior year. These funds were primarily used for constructing or upgrading facilities in Dalian, Nanjing, and Zhejiang. Total capital expenditures for fiscal year 2024 are estimated at **$30.0 million** for new plants and production lines[383](index=383&type=chunk) [Critical Accounting Policies](index=70&type=section&id=Critical%20Accounting%20Policies) - There were no material changes to the critical accounting policies previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023[385](index=385&type=chunk) [Changes in Accounting Standards](index=70&type=section&id=Changes%20in%20Accounting%20Standards) - The company adopted ASU 2021-08 (Business Combinations), ASU 2023-01 (Lease Common Control Arrangements), and ASU 2023-02 (Investments—Equity Method and Joint Ventures) effective January 1, 2024, with no material impact. Recently issued but not yet adopted ASUs include 2023-06 (disclosure/presentation improvements), 2023-07 (segment disclosures), and 2023-09 (income tax disclosures), which are currently being evaluated for potential impact[77](index=77&type=chunk)[78](index=78&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk.](index=71&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) This section states that there are no applicable quantitative and qualitative disclosures about market risk - Not applicable[387](index=387&type=chunk) [Item 4. Controls and Procedures.](index=71&type=section&id=Item%204.%20Controls%20and%20Procedures.) This section details the evaluation of the company's disclosure controls and procedures, identifying material weaknesses and outlining remediation efforts [Evaluation of Disclosure Controls and Procedures](index=71&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) - As of September 30, 2024, the company's disclosure controls and procedures were deemed ineffective. Material weaknesses identified include a lack of appropriate policies and procedures for evaluating accounting and disclosures of key documents, and insufficient skilled accounting personnel with US GAAP and SEC reporting experience[389](index=389&type=chunk)[390](index=390&type=chunk)[391](index=391&type=chunk) - Remediation measures include hiring a permanent CFO with relevant experience (Mr. Jiewei Li appointed on August 22, 2023) and providing regular training to financial personnel on internal control, risk management, and US GAAP accounting guidelines[391](index=391&type=chunk)[392](index=392&type=chunk) [Changes in Internal Control over Financial Reporting](index=71&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) - Except for the material weaknesses noted in the evaluation of disclosure controls and procedures, there were no other changes in internal controls over financial reporting during the quarter ended September 30, 2024, that materially affected or are reasonably likely to materially affect internal control over financial reporting[394](index=394&type=chunk) [PART II OTHER INFORMATION](index=72&type=section&id=PART%20II%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, defaults, mine safety, other information, and exhibits [Item 1. LEGAL PROCEEDINGS.](index=72&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS.) This section incorporates by reference the legal proceedings information from Note 28 'Commitments and Contingencies—(ii) Litigation' in the financial statements - Information on legal proceedings is incorporated by reference from Note 28 'Commitments and Contingencies—(ii) Litigation' in Part I, Item 1 of this Form 10-Q[396](index=396&type=chunk) [Item 1A. RISK FACTORS.](index=72&type=section&id=Item%201A.%20RISK%20FACTORS.) This section states that there are no material changes from the risk factors previously disclosed in the Annual Report on Form 10-K - There are no material changes from the risk factors previously disclosed in Item 1A 'Risk Factors' of the Annual Report on Form 10-K for the fiscal year ended December 31, 2023[397](index=397&type=chunk) [Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.](index=72&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS.) This section confirms that there were no unregistered sales of equity securities or repurchases of common stock during the reporting period, other than those previously disclosed - Other than as previously disclosed in current reports on Form 8-K, there were no unregistered sales of equity securities or repurchase of common stock during the period covered by this report[397](index=397&type=chunk) [Item 3. DEFAULTS UPON SENIOR SECURITIES.](index=72&type=section&id=Item%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES.) This section states that there were no defaults upon senior securities - None[398](index=398&type=chunk) [Item 4. MINE SAFETY DISCLOSURES.](index=72&type=section&id=Item%204.%20MINE%20SAFETY%20DISCLOSURES.) This section states that mine safety disclosures are not applicable to the company - Not applicable[398](index=398&type=chunk) [Item 5. OTHER INFORMATION.](index=72&type=section&id=Item%205.%20OTHER%20INFORMATION.) This section provides information on other matters, specifically regarding securities trading plans of directors and executive officers - During the fiscal quarter ended September 30, 2024, no director or officer adopted or terminated a 'Rule 10b5-1 trading arrangement' or a 'non-Rule 10b5-1 trading arrangement'[398](index=398&type=chunk) [Item 6. EXHIBITS.](index=72&type=section&id=Item%206.%20EXHIBITS.) This section lists the exhibits filed as part of this report or incorporated by reference, including certifications and XBRL interactive data files - Exhibits include Certifications of Principal Executive Officer and Principal Financial Officer (31.1, 31.2, 32.1, 32.2) and various XBRL Interactive Data Files (101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE, 104)[399](index=399&type=chunk)

[Company Overview & Highlights](index=1&type=section&id=Company%20Overview%20%26%20Highlights) CBAK Energy, a leading lithium-ion battery manufacturer, reported strong financial results for the first nine months of 2024, driven by significant battery business growth and strategic capacity expansion plans [Introduction](index=1&type=section&id=Introduction) CBAK Energy Technology, Inc. reported its unaudited financial results for the third quarter and first nine months ended September 30, 2024, highlighting its position as a leading lithium-ion battery manufacturer and electric energy solution provider in China - CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading lithium-ion battery manufacturer and electric energy solution provider in China[1](index=1&type=chunk) [First Nine Months 2024 Financial Highlights](index=1&type=section&id=First%20nine%20months%20of%202024%20Financial%20Highlights) For the first nine months of 2024, CBAK Energy reported significant growth in its battery business, with net revenues increasing by 18.4% and gross margin expanding substantially to 34.3%, while net income from the battery business more than tripled | Metric | 9M 2023 (USD) | 9M 2024 (USD) | % Change YoY | | :-------------------------------- | :------------ | :------------ | :----------- | | Net revenues from sales of batteries | $96.2 million | $113.9 million | 18.4% | | Gross margin for battery business | 19.1% | 34.3% | +15.2 ppts | | Net income from battery business | $6.7 million | $21.6 million | 222% | - Net revenues from batteries used in light electric vehicles increased by **95% to $8.2 million**[2](index=2&type=chunk)[3](index=3&type=chunk) - Net revenues from residential energy supply & uninterruptible supplies increased by **16.8% to $104.6 million**[2](index=2&type=chunk)[3](index=3&type=chunk) - Net revenues from batteries used in electric vehicles decreased by **57.1% to $1.0 million**[2](index=2&type=chunk)[3](index=3&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management expressed satisfaction with the strong financial performance, particularly the 18.4% increase in battery sales revenue and the impressive 34.6% gross margin, which positions the company ahead of competitors, leading to plans for a 2.5 to 3 GWh capacity expansion - CEO Zhiguang Hu highlighted a **remarkable 18.4% increase in battery sales revenue** and an **impressive gross margin of 34.6%** for the same period, positioning the company ahead of competitors[4](index=4&type=chunk) - CFO Jiewei Li noted the Nanjing facility became profitable as of Q3, with demand surpassing current capacity[4](index=4&type=chunk) - The company plans to expand production at its Nanjing Phase II project, adding an additional **2.5 to 3 GWh of capacity** by next year in response to robust client demand[4](index=4&type=chunk) [Third Quarter 2024 Financial Performance](index=2&type=section&id=Third%20Quarter%202024%20Financial%20Performance) CBAK Energy's Q3 2024 performance saw a decline in consolidated net revenues and gross profit, leading to an operating loss, primarily due to factory maintenance and acquired business underperformance [Consolidated Financial Results (Q3 2024)](index=2&type=section&id=Third%20Quarter%20of%202024%20Financial%20Results%20-%20Overall) In Q3 2024, net revenues decreased by 29.7% year-over-year to $44.6 million, primarily due to a one-month maintenance suspension at the Dalian factory and suboptimal performance from the acquired Hitrans business, leading to a 43% decrease in gross profit and an operating loss | Metric | Q3 2023 (USD) | Q3 2024 (USD) | % Change YoY | | :---------------- | :------------ | :------------ | :----------- | | Net revenues | $63.4 million | $44.6 million | (29.7%) | | Cost of revenues | $51.2 million | $37.7 million | (26.4%) | | Gross profit | $12.2 million | $7.0 million | (43%) | | Gross margin | 19.3% | 15.6% | -3.7 ppts | - The decrease in revenues was attributed to a one-month maintenance suspension at the Dalian factory and suboptimal business performance from Hitrans[5](index=5&type=chunk) [Battery Business Performance (Q3 2024)](index=2&type=section&id=Third%20Quarter%20of%202024%20Financial%20Results%20-%20Battery%20Business) The battery business experienced a 25% decrease in net revenues in Q3 2024, resulting in a 31% decline in gross profits and a lower gross margin of 22.9%, while light electric vehicle battery revenues surged by 341% | Battery Business Metric | Q3 2023 (USD) | Q3 2024 (USD) | % Change YoY | | :--------------------------------------- | :------------ | :------------ | :----------- | | Net Revenues | $44,327,653 | $33,461,793 | (25%) | | Gross Profits | $11,698,226 | $7,665,009 | (31%) | | Gross Margin | 26.4% | 22.9% | -3.5 ppts | | Net Income | $7,770,711 | $2,035,338 | (73.8%) | | Battery Application Revenue | Q3 2023 (USD) | Q3 2024 (USD) | % Change YoY | | :--------------------------------------- | :------------ | :------------ | :----------- | | Electric Vehicles | $402,863 | $333,216 | (17%) | | Light Electric Vehicles | $1,114,107 | $4,913,644 | 341% | | Residential Energy Supply & Uninterruptible supplies | $42,810,683 | $28,214,934 | (34%) | [Operating Expenses Analysis (Q3 2024)](index=2&type=section&id=Third%20Quarter%20of%202024%20Financial%20Results%20-%20Operating%20Expenses) Total operating expenses increased by 12% in Q3 2024, driven primarily by a 36% rise in research and development expenses, while sales and marketing and general and administrative expenses saw reductions | Operating Expense Category | Q3 2023 (USD) | Q3 2024 (USD) | % Change YoY | | :-------------------------------- | :------------ | :------------ | :----------- | | Total operating expenses | $7.0 million | $7.8 million | 12% | | Research and development expenses | $2.5 million | $3.4 million | 36% | | Sales and marketing expenses | $1.1 million | $1.0 million | (8%) | | General and administrative expenses | $3.2 million | $2.8 million | (14%) | | Recovery of doubtful accounts | ($0.25 million provision) | $0.55 million recovery | N/A | [Net Income and EPS (Q3 2024)](index=2&type=section&id=Third%20Quarter%20of%202024%20Financial%20Results%20-%20Net%20Income%20and%20EPS) CBAK Energy reported an operating loss of $0.83 million in Q3 2024, a significant decline from an operating income of $5.3 million in the prior year, resulting in a net loss attributable to shareholders of $0.2 million, largely due to the net loss from the Hitrans raw material manufacturing unit | Metric | Q3 2023 (USD) | Q3 2024 (USD) | | :------------------------------------------------- | :------------ | :------------ | | Operating income (loss) | $5.3 million | ($0.83 million) | | Net income (loss) attributable to CBAK Energy | $6.3 million | ($0.2 million) | | Net income (loss) attributable to CBAK Energy (after warrants) | $6.2 million | $17,647 | | Basic and diluted income (loss) per share | $0.07 | $0.00 | - The net loss was mainly due to the acquired raw material manufacturing unit, Hitrans, being in a net loss position[10](index=10&type=chunk) [First Nine Months 2024 Financial Performance](index=3&type=section&id=First%20Nine%20Months%202024%20Financial%20Performance) CBAK Energy's first nine months of 2024 showed robust consolidated financial growth, with significant increases in net revenues, gross profit, and net income, primarily driven by strong battery business performance [Consolidated Financial Results (First Nine Months 2024)](index=3&type=section&id=First%20nine%20months%20of%202024%20Financial%20Results%20-%20Overall) For the first nine months of 2024, net revenues increased by 2.0% to $151.2 million, primarily driven by the battery business, with gross profit more than doubling to $38.5 million and gross margin significantly improving to 25.4% | Metric | 9M 2023 (USD) | 9M 2024 (USD) | % Change YoY | | :---------------- | :------------ | :------------ | :----------- | | Net revenues | $148.3 million | $151.2 million | 2.0% | | Cost of revenues | $129.2 million | $112.8 million | (12.7%) | | Gross profit | $19.0 million | $38.5 million | 102.0% | | Gross margin | 12.8% | 25.4% | +12.6 ppts | - The increase in net revenues was primarily attributable to an increase in revenue from the Company's battery business[10](index=10&type=chunk) [Battery Business Performance (First Nine Months 2024)](index=3&type=section&id=First%20nine%20months%20of%202024%20Financial%20Results%20-%20Battery%20Business) The battery business demonstrated strong growth in the first nine months of 2024, with net revenues increasing by 18.4% and gross profits surging by 109.5%, while net income more than tripled, driven by significant growth in light electric vehicle and residential energy supply battery sales | Battery Business Metric | 9M 2023 (USD) | 9M 2024 (USD) | % Change YoY | | :--------------------------------------- | :------------ | :------------ | :----------- | | Net Revenues | $96,163,040 | $113,897,786 | 18.4% | | Gross Profits | $18,336,732 | $39,040,824 | 109.5% | | Gross Margin | 19.0% | 34.3% | +15.3 ppts | | Net (Loss) Income | $6,746,883 | $21,610,408 | 220.3% | | Battery Application Revenue | 9M 2023 (USD) | 9M 2024 (USD) | % Change YoY | | :--------------------------------------- | :------------ | :------------ | :----------- | | Electric Vehicles | $2,358,842 | $1,012,655 | (57.0%) | | Light Electric Vehicles | $4,230,066 | $8,249,437 | 95.0% | | Residential Energy Supply & Uninterruptible supplies | $89,574,132 | $104,635,694 | 16.8% | [Operating Expenses Analysis (First Nine Months 2024)](index=3&type=section&id=First%20nine%20months%20of%202024%20Financial%20Results%20-%20Operating%20Expenses) Total operating expenses increased by 13.1% for the first nine months of 2024, with sales and marketing expenses seeing the largest percentage increase at 46.9%, followed by research and development expenses at 14.9% | Operating Expense Category | 9M 2023 (USD) | 9M 2024 (USD) | % Change YoY | | :-------------------------------- | :------------ | :------------ | :----------- | | Total operating expenses | $20.4 million | $23.1 million | 13.1% | | Research and development expenses | $8.0 million | $9.2 million | 14.9% | | Sales and marketing expenses | $2.8 million | $4.1 million | 46.9% | | General and administrative expenses | $9.3 million | $10.0 million | 7.5% | | Recovery of doubtful accounts | ($0.3 million provision) | $0.2 million recovery | N/A | [Net Income and EPS (First Nine Months 2024)](index=4&type=section&id=First%20nine%20months%20of%202024%20Financial%20Results%20-%20Net%20Income%20and%20EPS) CBAK Energy achieved an operating income of $15.4 million for the first nine months of 2024, a significant turnaround from an operating loss in the prior year, with net income attributable to shareholders surging to $16.3 million, primarily due to the strong performance of the battery business | Metric | 9M 2023 (USD) | 9M 2024 (USD) | | :------------------------------------------------- | :------------ | :------------ | | Operating income (loss) | ($1.4 million) | $15.4 million | | Net income attributable to CBAK Energy | $2.3 million | $16.3 million | | Net income attributable to CBAK Energy (after warrants) | $2.1 million | $16.3 million | | Basic and diluted income (loss) per share | $0.03 | $0.18 | - The significant increase in net income was mainly due to the strong performance of the battery business[15](index=15&type=chunk) [Corporate Information](index=4&type=section&id=Corporate%20Information) This section provides an overview of CBAK Energy as a leading battery manufacturer, details of the Q3 2024 earnings conference call, a safe harbor statement for forward-looking information, and investor contact details [About CBAK Energy](index=4&type=section&id=About%20CBAK%20Energy) CBAK Energy Technology, Inc. is a leading high-tech enterprise in China specializing in the development, manufacturing, and sales of new energy high-power lithium and sodium batteries, along with raw materials, serving electric vehicles, light electric vehicles, and energy storage - CBAK Energy is a leading high-tech enterprise in China focused on new energy high-power lithium and sodium batteries and raw materials[18](index=18&type=chunk) - Products are used in electric vehicles, light electric vehicles, and energy storage[18](index=18&type=chunk) - The company was the first lithium battery manufacturer in China listed on the Nasdaq Stock Market in January 2006[18](index=18&type=chunk) - Operates multiple subsidiaries and a large R&D and production base in Dalian, Nanjing, Shaoxing, and Shangqiu[18](index=18&type=chunk) [Conference Call Details](index=4&type=section&id=Conference%20Call) CBAK Energy's management hosted an earnings conference call on November 12, 2024, at 8:00 AM U.S. Eastern Time, with online access and registration required for participants wishing to ask questions, and a replay available online - An earnings conference call was hosted on Tuesday, November 12, 2024, at 8:00 AM U.S. Eastern Time[16](index=16&type=chunk)[17](index=17&type=chunk) - Participants could join online via a provided link, with registration required for asking questions[16](index=16&type=chunk)[17](index=17&type=chunk) - A replay of the conference call is accessible online for seven days after the live call[16](index=16&type=chunk)[17](index=17&type=chunk) [Safe Harbor Statement](index=5&type=section&id=Safe%20Harbor%20Statement) This press release includes forward-looking statements subject to substantial risks and uncertainties, which may cause actual results to differ materially from expectations, based on current management beliefs with no obligation for public updates beyond legal requirements - The press release contains "forward-looking statements" regarding future results, financial position, strategy, and plans[20](index=20&type=chunk)[21](index=21&type=chunk) - These statements involve substantial risks and uncertainties, and actual results may differ materially[20](index=20&type=chunk)[21](index=21&type=chunk) - Factors causing differences include legal/operational risks in China, government oversight, economic challenges, and market volatility[20](index=20&type=chunk)[21](index=21&type=chunk) - The company undertakes no obligation to publicly update or revise these statements, except as required by law[20](index=20&type=chunk)[21](index=21&type=chunk) [Contact Information](index=5&type=section&id=For%20further%20inquiries%2C%20please%20contact) For further inquiries, investors can contact CBAK Energy Technology, Inc.'s Investor Relations Department via email - Investor Relations Department contact email: **ir@cbak.com.cn**[22](index=22&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated balance sheets and statements of operations, detailing asset, liability, equity, revenue, and income figures for Q3 and the first nine months of 2024 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20consolidated%20Balance%20Sheets) As of September 30, 2024, CBAK Energy's total assets increased to $293.5 million from $281.2 million at year-end 2023, driven by higher cash and deposits, while total liabilities slightly decreased and total equity grew significantly, reflecting improved financial health | Balance Sheet Item | Dec 31, 2023 (USD) | Sep 30, 2024 (Unaudited) (USD) | | :-------------------------------- | :----------------- | :----------------------------- | | Total assets | $281,155,260 | $293,477,354 | | Total liabilities | $167,696,919 | $163,395,991 | | Total equity | $113,458,341 | $130,081,363 | | Cash and cash equivalents | $4,643,267 | $10,448,362 | | Pledged deposits | $54,179,549 | $37,415,946 | | Short-term deposits | - | $13,788,170 | [Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=8&type=section&id=Condensed%20consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20%28Loss%29) The consolidated statements show a net loss of $0.69 million for Q3 2024, a reversal from a net income of $5.76 million in Q3 2023, but for the first nine months of 2024, the company reported a net income of $14.91 million, a substantial improvement from $0.62 million in the prior year | Income Statement Item | Q3 2023 (USD) | Q3 2024 (USD) | 9M 2023 (USD) | 9M 2024 (USD) | | :------------------------------------------------- | :------------ | :------------ | :------------ | :------------ | | Net revenues | $63,441,109 | $44,628,241 | $148,258,680 | $151,243,718 | | Gross profit | $12,248,578 | $6,954,557 | $19,038,964 | $38,463,630 | | Operating income (loss) | $5,289,094 | ($827,873) | ($1,364,846) | $15,382,590 | | Net income (loss) | $5,764,148 | ($685,539) | $620,439 | $14,910,120 | | Net income (loss) attributable to CBAK Energy | $6,334,792 | $17,647 | $2,319,447 | $16,299,559 | | Basic income (loss) per share | $0.07 | $0.00 | $0.03 | $0.18 | | Diluted income (loss) per share | $0.07 | $0.00 | $0.03 | $0.18 |

DALIAN, China, Nov. 12, 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 third quarter 2024 ended September 30, 2024.First nine months of 2024 Financial Highlights Net revenues from sales of batteries were $113.9 million, an increase of 18.4% from $96.2 million in the same period of 2023. Net revenues from batteri ...

DALIAN, China, Nov. 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 that it will report its unaudited financial results for the third quarter ended September 30, 2024 on Tuesday, November 12, 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 ...

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) | --- | --- ...