CBAK Energy(CBAT) - 2024 Q4 - Annual Results

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