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CBAK Energy Reports Second Quarter and First Half 2025 Unaudited Financial Results
Globenewswire· 2025-08-18 11:00
Core Viewpoint - CBAK Energy Technology, Inc. reported a significant decline in financial performance for the second quarter and first half of 2025, primarily due to a strategic transition in battery models and ongoing upgrades at its Dalian facilities, which are expected to lead to a gradual recovery in the latter part of the year [1][10]. Financial Results Summary Second Quarter of 2025 - Net revenues decreased to $40.52 million, down 15% from $47.79 million in Q2 2024, largely due to the transition from Model 26650 to Model 40135 at Dalian facilities [2][3]. - Battery business net revenues fell by 40.8% to $21.09 million, with gross profits down 73.6% to $3.41 million, resulting in a gross margin of 16.2% [3][4]. - Operating loss was $3.53 million, compared to an operating income of $5.95 million in the same period of 2024 [4]. - Net loss attributable to shareholders was $3.07 million, with a basic and diluted loss per share of $0.03 [5]. First Half of 2025 - Net revenues totaled $75.46 million, a 29.2% decrease from $106.62 million in the first half of 2024 [6][7]. - Battery business net revenues dropped 48.5% to $41.45 million, with gross profits down 74.1% to $8.13 million, leading to a gross margin of 19.6% [7][8]. - Net loss attributable to shareholders was $4.65 million, with a basic and diluted loss per share of $0.05 [9]. Operational Insights - The Dalian facilities are undergoing a strategic transition to Model 40135, with mass production expected to begin in September 2025, which is anticipated to improve customer validation and recovery in Q4 [10]. - The Nanjing facilities are fully booked for Model 32140, prompting an expansion to meet growing demand, with operations expected to commence by year-end [2][10]. - The company is finalizing agreements with several internationally recognized customers, indicating a strong global customer base [10].
CBAK Energy Reports First Quater 2025 Unaudited Financial Results
Globenewswire· 2025-05-19 10:00
Core Viewpoint - CBAK Energy Technology, Inc. reported a significant decline in net revenues for Q1 2025, primarily due to a transition in product offerings from Model 26650 to Model 40135, which is expected to lead to a gradual recovery in revenues as customers complete validation of the new model [2][6]. Financial Performance - Net revenues for Q1 2025 were $34.9 million, a decrease of 41% from $58.8 million in Q1 2024 [2][4]. - The battery business net revenues fell to $20.36 million, down 54.6% year-over-year from $44.84 million [3][4]. - Gross profit decreased to $4.8 million, a decline of 74.4% from $18.78 million in the same period of 2024, resulting in a gross margin of 13.7% compared to 31.9% [4][17]. - Operating loss was $2.86 million, contrasting with an operating income of $10.3 million in Q1 2024 [4][17]. - Net loss attributable to shareholders was $1.58 million, compared to a net income of $9.8 million in Q1 2024 [4][17]. Product Transition and Market Outlook - The decline in revenues is attributed to the transition from the outdated Model 26650 to the advanced Model 40135, with customers currently in a testing phase [2][6]. - The company anticipates a gradual recovery in revenues as the new manufacturing lines for Model 40135 are completed in the second half of 2025 [6][7]. - The Nanjing facilities are experiencing strong growth, driven by demand for Model 32140, the company's flagship product [7]. Revenue Breakdown - Revenue from electric vehicles increased by 11.9% to $537,507, while light electric vehicles saw an 88.4% increase to $2.84 million [3]. - Revenue from residential energy supply and uninterruptable supplies dropped by 60.4% to $16.98 million [3]. Balance Sheet Highlights - Total assets increased from $302.22 million as of December 31, 2024, to $311.46 million as of March 31, 2025 [14][15]. - Current liabilities rose from $171.70 million to $175.50 million during the same period [15]. - Shareholders' equity decreased from $121.67 million to $120.79 million [15].