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  • Mar 15, 2024

      Show headlines and story abstract
    • 6:01AM ET on Friday Mar 15, 2024 by MT Newswires
      Companies Mentioned: CBAT
      06:01 AM EDT, 03/15/2024 (MT Newswires) -- ...
    • 6:00AM ET on Friday Mar 15, 2024 by PR Newswire
      Companies Mentioned: CBAT

      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.

    • 6:00AM ET on Friday Mar 15, 2024 by Dow Jones
      Companies Mentioned: CBAT
    • 6:00AM ET on Friday Mar 15, 2024 by Dow Jones
      Companies Mentioned: CBAT
      Warrants liability 136,000 - Operating lease liability, current 575,496 691,992 Finance lease liability, current 844,297 1,643,864 ------------- ------------- Total current liabilities 111,933,857 160,495,555 Deferred government grants, non-current 5,577,020 6,203,488 Product warranty provisions 450,613 522,574 Operating lease liability, non-current 607,222 475,302 Accrued expenses and other payables, non-current 1,085,525 - ------------- ------------- Total liabilities 119,654,237 167,696,919 ------------- ------------- Commitments and contingencies Shareholders' equity Common stock $0.001 par value; 500,000,000 authorized; 89,135,064 issued and 88,990,858 outstanding as of December 31, 2022; and 90,063,396 issued and 89,919,190 outstanding as of December 31, 2023 89,135 90,063 Donated shares 14,101,689 14,101,689 Additional paid-in capital 246,240,998 247,465,817 Statutory reserves 1,230,511 1,230,511 Accumulated deficit (131,946,705) (134,395,762) Accumulated other comprehensive loss (8,153,644) (11,601,403) ------------- ------------- 121,561,984 116,890,915 Less: Treasury shares (4,066,610) (4,066,610) ------------- ------------- Total shareholders' equity 117,495,374 112,824,305 Non-controlling interests 6,883,123 634,036 ------------- ------------- Total equity 124,378,497 113,458,341 ------------- ------------- Total liabilities and shareholder's equity $ 244,032,734 $ 281,155,260 ============= ============= CBAK Energy Technology, Inc. and Subsidiaries Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) For the years ended December 31, 2022 and 2023 (In US$ except for number of shares) Year ended Year ended December 31, December 31, 2022 2023 -------------- -------------- Net revenues $ 248,725,485 $ 204,438,365 Cost of revenues (230,630,161) (172,714,042) ------------- ------------- Gross profit 18,095,324 31,724,323 ------------- ------------- Operating expenses: Research and development expenses (10,635,486) (11,928,070) Sales and marketing expenses (2,007,812) (4,903,926) General and administrative expenses (9,737,711) (13,789,108) Impairment charge on long-lived assets (4,831,708) (7,070,236) Impairment charge on goodwill (1,556,078) - Provision for expected credit losses and bad debts written off (831,132) (1,284,795) ------------- ------------- Total operating expenses (29,599,927) (38,976,135) ------------- ------------- Operating loss (11,504,603) (7,251,812) Finance income, net 491,060 432,900 Other (expenses) income, net (7,252,475) 3,023,238 Impairment charges on equity investee - (2,366,080) Share of loss of equity investee - (27,428) Changes in fair value of warrants liability 5,710,000 136,000 ------------- ------------- Loss before income tax (12,556,018) (6,053,182) Income tax credit (expenses), net 1,228,207 (2,486,145) ------------- ------------- Net loss (11,327,811) (8,539,327) Less: Net loss attributable to non-controlling interests 1,879,365 7,522,337 ------------- ------------- Net loss attributable to shareholders of CBAK Energy Technology, Inc. $ (9,448,446) $ (1,016,990) ============= ============= Net loss (11,327,811) (8,539,327) Other comprehensive loss -- Foreign currency translation adjustment (11,189,175) (3,606,576) ------------- ------------- Comprehensive loss (22,516,986) (12,145,903) Less: Comprehensive loss attributable to non-controlling interests 2,425,879 7,759,779 ------------- ------------- Comprehensive loss attributable to CBAK Energy Technology, Inc. $ (20,091,107) $ (4,386,124) ============= ============= Loss per share -- Basic $ (0.11) $ (0.03) ============= ============= -- Diluted $ (0.11) $ (0.03) ============= ============= Weighted average number of shares of common stock: -- Basic 88,927,671 89,252,085 ============= ============= -- Diluted 88,927,671 89,252,085 ============= =============
  • Mar 6, 2024

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