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CBAK Energy Technology Inc (NASDAQ:CBAT) shares are trading lower premarket after it reported a FY24 revenue decline of 13.61% year over year to $176.61 million.
Revenues were impacted by a decrease in sales from Hitrans, which is the company’s acquired raw materials production unit.
Battery business revenues rose 2.7% Y/Y to $136.59 million, owing to an increase of 84% Y/Y from batteries used in light electric vehicles. Net revenues from batteries used in electric vehicles declined 41.67% Y/Y.
Gross profit surged 31.68% Y/Y to $41.75 million. The gross margin stood at 23.7% vs. 15.5% a year ago. Gross profit from the battery business upped 36.33% Y/Y to $43.05 million in the year.
Net income attributable to shareholders was $11.79 million, compared to a net loss of $2.45 million in 2023. EPS rose to $0.13 from a loss of $(0.03) in 2023.
As of December 31, 2024, cash and cash equivalents stood at $6.7 million.
Zhiguang Hu, the Chief Executive Officer, noted that the company’s results outperform many industry peers, including top Chinese battery manufacturers, despite challenges in the broader new energy sector. With demand for the Model 32140 exceeding supply, the company is actively scaling up production capacity.
Price Action: CBAT shares are up 2.35% to $0.83 premarket at the last check Monday.
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Posted In: CBAT
