CBAK Energy(US:CBAT)2025-11-10 11:16Revenue Performance - Net revenues for Q3 2025 reached $60.92 million, a 36.5% increase from $44.63 million in Q3 2024, driven by the recovery in the battery raw materials industry [3]. - Net revenues from the battery raw materials segment, Hitrans, were $27.22 million, representing a 143.7% increase compared to $11.17 million in Q3 2024 [5]. - For the first nine months of 2025, net revenues were $136.39 million, a 9.8% decrease from $151.24 million in the same period of 2024, attributed to the transition from legacy products [11]. - The battery business net revenues for the first nine months of 2025 were $75.16 million, down 34.0% from $113.90 million in the same period of 2024 [12]. - Net revenues for the three months ended September 30, 2025, were $60,923,560, a 37% increase compared to $44,628,241 for the same period in 2024 [28]. Profitability - Net income attributable to CBAK Energy was $2.65 million, a 150.2-fold increase from $17,647 in Q3 2024, primarily due to higher profitability in the battery business [5]. - The battery business net income was $4.53 million, up 122.7% from $2.04 million in Q3 2024, driven by strong demand for the Model 32140 [5]. - Gross profit for Q3 2025 was $4.9 million, a decrease of 29.9% from $6.95 million in Q3 2024, with a gross margin of 8% compared to 15.6% in the same period of 2024 [8]. - Gross profit for the nine months ended September 30, 2025, was $14,139,866, down from $38,463,630 in the same period of 2024, indicating a decline of approximately 63% [28]. - Operating loss for the three months ended September 30, 2025, was $(3,547,020), compared to an operating loss of $(827,873) for the same period in 2024 [28]. - The company reported a comprehensive income attributable to CBAK Energy Technology of $3,447,534 for the three months ended September 30, 2025, compared to $4,517,703 for the same period in 2024 [28]. Costs and Expenses - Cost of revenues for Q3 2025 was $56.05 million, an increase of 48.8% from $37.67 million in Q3 2024 [7]. - Research and development expenses for the nine months ended September 30, 2025, were $10,499,072, compared to $9,205,378 for the same period in 2024, showing an increase of about 14% [28]. Assets and Liabilities - Total assets decreased from $363,863,064 in September 2025 to $302,218,144 in December 2024, representing a decline of approximately 17% [25]. - Total current liabilities increased from $171,700,980 in December 2024 to $228,002,695 in September 2025, reflecting a rise of approximately 33% [25]. - Total liabilities increased from $182,150,979 in December 2024 to $245,406,770 in September 2025, representing an increase of about 35% [25]. - Cash and cash equivalents decreased from $10,476,254 in September 2025 to $6,724,360 in December 2024, a decline of approximately 36% [25]. Production and Future Outlook - CBAK Energy has upgraded its production from Model 26650 to Model 40135, with new production lines expected to add 4.3 GWh of annual capacity [17]. - The company anticipates significant growth in the coming periods due to strong demand for the upgraded products and the commencement of new production lines [17].