CBAK Energy Reports Full Year of 2024 Unaudited Financial Results

Core Insights - CBAK Energy Technology, Inc. reported a significant turnaround in its financial performance for the full year of 2024, achieving a net income of $11.79 million compared to a net loss in 2023, despite a decline in consolidated net revenues [3][4][8]. Financial Performance - The company's consolidated net revenues for 2024 were$ 176.61 million, a decrease of 13.61% from $204.44 million in 2023, primarily due to the performance of its raw materials production segment, Hitrans [4][5]. - The battery segment showed strong growth, with net revenues increasing by 2.7% to$ 136.59 million, and gross profit rising by 36.3% to $43.05 million, resulting in a gross profit margin of 31.5% [4][5][6]. - Net income from the battery segment reached$ 19.43 million, reflecting a growth of 39.08% compared to $13.97 million in 2023 [3][5]. Segment Performance - The battery business's gross margin improved significantly by 7.7 percentage points from 23.8% in 2023 to 31.5% in 2024 [5]. - Revenue from batteries used in light electric vehicles surged by 84% to$ 10.32 million, while revenue from batteries used in electric vehicles fell by 41.67% to $1.68 million [5][6]. - The residential energy supply and uninterruptible supplies segment saw a slight increase in revenue of 0.1% to$ 124.59 million [5][6]. Cost Management - The cost of revenues decreased by 21.9% to $134.84 million, which contributed to the higher gross profit from the battery business [7]. - Operating income improved to$ 8.79 million from an operating loss of $7.25 million in 2023, indicating effective cost management [8]. Future Outlook - The company is confident in sustaining profitability in its battery segment and is actively expanding production capacity to meet increasing demand for its Model 32140 [3].