CBAK Energy Reports Second Quarter and First Half 2024 Unaudited Financial Results

Financial Performance - CBAK Energy reported net revenues of $80.4 million for the first half of 2024, a 55$51.8 million in the same period of 2023 [2][12] - The gross margin for the battery business improved to 39.0%, up 26.2 percentage points from 12.8% in the same period of 2023 [2][12] - Net income from the battery business reached $19.6 million, compared to a net loss of$1.0 million in the same period of 2023 [2][12] Revenue Breakdown - Revenues from residential energy supply and uninterruptible supplies were $76.4 million, a 63$46.8 million in the same period of 2023 [2][12] - Revenues from batteries used in light electric vehicles increased by 7% to $3.3 million, while revenues from batteries used in electric vehicles decreased by 65$0.7 million [2][12] Second Quarter Highlights - In the second quarter of 2024, net revenues were $47.8 million, a 13$42.4 million in the same period of 2023 [6][10] - The battery business generated net revenues of $35.6 million in the second quarter, a 60$22.2 million in the same period of 2023 [7][10] - Gross profit for the second quarter was $12.7 million, representing a 227$3.9 million in the same period of 2023 [8][10] Strategic Developments - CBAK Energy's subsidiary secured a $7.0 million order from a renowned European client in June 2024 [5] - The company announced advancements in fast-charging technology with the new model 32140 battery, capable of a full charge in just 35 minutes [5] Future Outlook - The company anticipates continued growth in net income and robust gross margins due to high client satisfaction with its battery products [4] - Discussions with private equity investors regarding the sodium and lithium battery segments are ongoing, with expectations of capital contributions at higher valuations [4]