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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported):
May 10, 2024
CBAK ENERGY TECHNOLOGY, INC. |
(Exact name of registrant as specified in its
charter)
Nevada |
|
001-32898 |
|
86-0442833 |
(State or other jurisdiction
of incorporation) |
|
(Commission File No.) |
|
(IRS Employer
Identification No.) |
BAK Industrial Park, Meigui Street |
Huayuankou Economic Zone |
Dalian, China, 116450 |
(Address, including zip code, of principal executive offices) |
(86)(411)-3918-5985 |
(Registrant’s telephone number, including area code) |
|
(Former name or former address, if changed since last report) |
Securities registered or to be registered pursuant
to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, $0.001 par value |
|
CBAT |
|
Nasdaq Capital Market |
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.
below):
| ☐ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02. Results of Operations
and Financial Condition.
On
May 10, 2024, CBAK Energy Technology, Inc. (the “Company”) released its unaudited results of operations for the first quarter
ended March 31, 2024. A copy of the press release issued by the Company concerning the foregoing results is furnished hereto as Exhibit
99.1.
The
information in Item 2.02 of this Current Report on Form 8-K and the exhibit attached hereto are intended to be “furnished”
and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. Except as shall be expressly
set forth by specific reference in such filing, the information contained herein and in the accompanying exhibit shall not be incorporated
by reference into any filing with the Securities and Exchange Commission made by the Company, whether made before or after the date hereof,
regardless of any general incorporation language in such filing.
ITEM 9.01. Financial Statements
and Exhibits.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
CBAK ENERGY TECHNOLOGY, INC. |
|
|
|
Date: May 10, 2024 |
By: |
/s/ Jiewei Li |
|
|
Jiewei Li |
|
|
Chief Financial Officer |
2
Exhibit 99.1
CBAK
Energy Reports First Quarter 2024 Unaudited Financial Results
-
Expected net income from the battery business to be between RMB220 million and RMB250 million for the full year of 2024
DALIAN,
China, May 10, 2024 /PRNewswire/ -- 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 first quarter ended March 31, 2024.
First
Quarter of 2024 Financial Highlights
| ● | Net
revenues from sales of batteries were $44.8 million, an increase of 51.5% from $29.6
million in the same period of 2023. |
|
- |
Net revenues from batteries
used in light electric vehicles were $1.5 million, a decrease of 23.3% from $2.0 million in the same period of 2023. |
|
- |
Net revenues from batteries used in electric vehicles were $0.5 million, a decrease of 73.6% from $1.8 million in the same period of 2023. |
|
- |
Net revenues from residential
energy supply & uninterruptible supplies were $42.8 million, an increase of 66.0% from $25.8 million in the same period of
2023. |
| ● | Gross
margin for the battery business was 41.2%, an increase of 30.3 percentage points from
10.9% in the same period of 2023. |
| ● | Net
income from the battery business was $11.7 million, compared to $0.1 million in the same
period of 2023. |
Yunfei
Li, Chairman and Chief Executive Officer of the Company, commented, “Last year, we strengthened the foundation of development and
continued our growth strategy centered on expanding our battery business. In the first quarter, we accelerated this strategy and achieved
promising results with a total net income from the battery business of $11.7 million, equivalent to the net income for the full year
of 2023. At the same time, we further reduced losses at Hitrans, our acquired and independently operated materials company, reaching
a consolidated net income of $9.6 million for the first quarter, an outstanding achievement during an industry-wide downturn. We expect
even faster growth for the rest of the year while remaining committed to our higher profitability goals for our battery business.”
Jiewei
Li, Chief Financial Officer and Secretary of the Board of the Company, added, “In the first quarter, we continued to see strong
top-line growth. Total net revenues increased by 38.7% year over year, while net revenues from our battery business saw a significant
uplift of 51.5% year over year. In addition, the gross margin jumped to 31.9% from 6.9% a year ago, with the gross margin of our battery
business surging 30.3 percentage points year over year to 41.2%. As a result, our bottom line turned positive with a net income of $9.6
million and a net income from the battery business of $11.7 million, positive for the third consecutive quarter. For the full year of
2024, we expected net income from the battery business to reach between RMB220 million (or approximately $30.5 million) and RMB250 million
(or approximately $34.6 million) for the full year of 2024. We will continue prudently investing while maintaining cost discipline as
we aim to ensure long-term sustainable growth.”
First
Quarter of 2024 Financial Results
Net
revenues1 were $58.8 million, representing an increase of 38.7% compared to $42.4 million in the same period of 2023.
This increase was primarily attributable to an increase in revenue from the Company’s battery business.
Among
these revenues, detailed revenues from our battery business are:
Battery
Business | |
2023 First Quarter | | |
2024
First Quarter | | |
%
Change YoY | |
Net
Revenues ($) | |
| 29,603,383 | | |
| 44,837,869 | | |
| 51.5 | |
Gross
Profits ($) | |
| 3,213,358 | | |
| 18,458,522 | | |
| 474.4 | |
Gross
Margin | |
| 10.9 | % | |
| 41.2 | % | |
| - | |
Net
Income ($) | |
| 108,924 | | |
| 11,682,429 | | |
| - | |
Net
Revenues from Battery Business on Applications ($) | |
| | | |
| | | |
| | |
Electric
Vehicles | |
| 1,820,248 | | |
| 480,181 | | |
| -73.6 | |
Light
Electric Vehicles | |
| 1,968,057 | | |
| 1,510,292 | | |
| -23.3 | |
Residential
Energy Supply & Uninterruptable supplies | |
| 25,815,078 | | |
| 42,847,396 | | |
| 66.0 | |
Total | |
| 29,603,383 | | |
| 44,837,869 | | |
| 51.5 | |
| 1 | Net
revenues consist of the Company’s self-operated battery business and Hitrans, which
was acquired in 2021, an independently managed raw materials business. |
Cost
of revenues was $40.0 million, representing a slightly increase of 1.4% from $39.5 million in the same period of 2023. The increase
in the cost of revenues corresponds to the Company’s higher gross profit from the battery business.
Gross
profit was $18.8 million, representing an increase of 546.3% from $2.9 million in the same period of 2023. Gross margin was 31.9%,
compared to 6.9% in the same period of 2023.
Total
operating expenses were $8.5 million, representing an increase of 47.2% from $5.8 million in the same period of 2023.
| ● | Research
and development expenses were $2.8 million, an increase of 14.7% from $2.5 million in
the same period of 2023. |
| ● | Sales
and marketing expenses were $1.7 million, an increase of 139.1% from $0.7 million in
the same period of 2023. |
| ● | General
and administrative expenses were $4.1 million, an increase of 65.1% from $2.5 million
in the same period of 2023. |
| ● | Recover
of doubtful accounts was $0.11 million, compared to a provision of doubtful accounts
of $0.13 million in the same period of 2023. |
Operating income amounted to $10.3 million,
compared to an operating loss of $2.9 million in the same period of 2023.
Finance income, net amounted to $9,663, compared
to $5,311 in the same period of 2023.
Change in fair value of warrants was nil, compared
to $0.09 million in the same period of 2023.
Net income attributable to shareholders of CBAK
Energy was $9.8 million, compared to net loss attributable to shareholders of CBAK Energy of $1.4 million in the same period of 2023.
Net income attributable to shareholders of CBAK
Energy (after deducting the change in fair value of warrants) was $9.8 million, compared to a net loss of $1.5 million in the same
period of 2023, mainly due to the strong performance of our battery business.
Basic and diluted income per share were both
$0.11, compared to basic and diluted loss per share of $0.02 in 2023.
Conference Call
CBAK Energy’s management will host an earnings
conference call at 9:00 AM U.S. Eastern Time on Friday, May 10, 2024 (9:00 PM Beijing/Hong Kong Time on May 10, 2024).
For participants who wish to join our call online,
please visit:
https://edge.media-server.com/mmc/p/v9opxnit
Participants who plan to ask questions during the
call will need to register at least 15 minutes prior to the scheduled call start time using the link provided below. Upon registration,
participants will receive the conference call access information, including dial-in numbers, a unique pin, and an email with detailed
instructions.
Participant Online Registration:
https://register.vevent.com/register/BIe4ae5869aa8e48ecaaaaf0ac51ddc7ec
Once completing the registration, please dial-in at
least 10 minutes before the scheduled start time of the conference call and enter the personal pin as instructed to connect to the call.
A replay of the conference call may be accessed within
seven days after the conclusion of the live call at the following website:
https://edge.media-server.com/mmc/p/v9opxnit
The earnings release and the link for the replay are
available at ir.cbak.com.cn.
About CBAK Energy
CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading
high-tech enterprise in China engaged in the development, manufacturing, and sales of new energy high power lithium and sodium batteries,
as well as the production of raw materials for use in manufacturing high power lithium batteries. The applications of the Company’s
products and solutions include electric vehicles, light electric vehicles, energy storage and other high-power applications. In January
2006, CBAK Energy became the first lithium battery manufacturer in China listed on the Nasdaq Stock Market. CBAK Energy has multiple operating
subsidiaries in Dalian, Nanjing, Shaoxing and Shangqiu, as well as a large-scale R&D and production base in Dalian.
For more information, please visit ir.cbak.com.cn.
Safe Harbor Statement
This press release contains “forward-looking
statements” that involve substantial risks and uncertainties. All statements other than statements of historical facts contained
in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and
our expectations for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933,
as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements
by terminology including “anticipates,” “believes,” “can,” “continue,” “could,”
“estimates,” “expects,” “intends,” “may,” “plans,” “potential,”
“predicts,” “should,” or “will” or the negative of these terms or other comparable terminology. Our
actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements.
Any forward-looking statements contained in this press
release are only estimates or predictions of future events based on information currently available to our management and management’s
current beliefs about the potential outcome of future events. Whether these future events will occur as management anticipates, whether
we will achieve our business objectives, and whether our revenues, operating results, or financial condition will improve in future periods
are subject to numerous risks. There are a significant number of factors that could cause actual results to differ materially from statements
made in this press release, including: significant legal and operational risks associated with having substantially all of our business
operations in China, that the Chinese government may exercise significant oversight and discretion over the conduct of our business and
may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of
our securities or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and
could cause the value of such securities to significantly decline or be worthless, the effects of the global Covid-19 pandemic or other
health epidemics, changes in domestic and foreign laws, regulations and taxes, the volatility of the securities markets; and other risks
including, but not limited to, the ability of the Company to meet its contractual obligations, the uncertain markets for the Company’s
products and business, macroeconomic, technological, regulatory, or other factors affecting the profitability of our products and solutions
that we discussed or referred to in the Company’s disclosure documents filed with the U.S. Securities and Exchange Commission (the
“SEC”) available on the SEC’s website at www.sec.gov, including the Company’s most recent Annual Report on Form
10-K as well as in our other reports filed or furnished from time to time with the SEC. You should read these factors and the other cautionary
statements made in this press release. If one or more of these factors materialize, or if any underlying assumptions prove incorrect,
our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or
implied by these forward-looking statements. The forward-looking statements included in this press release are made as of the date of
this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as
required by applicable law.
For further inquiries, please contact:
In China:
CBAK Energy Technology, Inc.
Investor Relations Department
Phone: +86-18675423231
Email: ir@cbak.com.cn
Piacente Financial Communications
Ms. Hui Fan
Tel: +86-10-6508-0677
Email: CBAK@thepiacentegroup.com
In the United States:
Piacente Financial Communications
Ms. Brandi Piacente
Tel: +1-212-481-2050
Email: CBAK@thepiacentegroup.com
CBAK Energy Technology, Inc. and Subsidiaries
Condensed consolidated Balance Sheets
As of December 31, 2023 and March 31, 2024
(Unaudited)
(In US$ except for number of shares)
| |
December 31, 2023 | | |
March 31, 2024 | |
| |
| | |
(Unaudited) | |
Assets | |
| | |
| |
Current assets | |
| | |
| |
Cash and cash equivalents | |
$ | 4,643,267 | | |
$ | 3,033,376 | |
Pledged deposits | |
| 54,179,549 | | |
| 33,223,384 | |
Term deposits | |
| - | | |
| 20,756,497 | |
Trade and bills receivable, net | |
| 28,653,047 | | |
| 36,415,217 | |
Inventories | |
| 33,413,422 | | |
| 28,260,340 | |
Prepayments and other receivables | |
| 7,459,254 | | |
| 8,438,534 | |
Receivables from a former subsidiary, net | |
| 74,946 | | |
| 35,947 | |
Total current assets | |
| 128,423,485 | | |
| 130,163,295 | |
| |
| | | |
| | |
Property, plant and equipment, net | |
| 91,628,832 | | |
| 88,961,277 | |
Construction in progress | |
| 37,797,862 | | |
| 37,654,290 | |
Long-term investments, net | |
| 2,565,005 | | |
| 2,502,537 | |
Prepaid land use rights | |
| 11,712,704 | | |
| 11,433,966 | |
Intangible assets, net | |
| 841,360 | | |
| 720,339 | |
Deposit paid for acquisition of long-term investments | |
| 7,101,492 | | |
| 11,883,163 | |
Operating lease right-of-use assets, net | |
| 1,084,520 | | |
| 3,140,214 | |
Total assets | |
$ | 281,155,260 | | |
$ | 286,459,081 | |
| |
| | | |
| | |
Liabilities | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Trade and bills payable | |
$ | 82,429,575 | | |
$ | 79,020,817 | |
Short-term bank borrowings | |
| 32,587,676 | | |
| 36,106,533 | |
Other short-term loans | |
| 339,552 | | |
| 338,876 | |
Accrued expenses and other payables | |
| 41,992,540 | | |
| 35,899,319 | |
Payables to a former subsidiary, net | |
| 411,111 | | |
| 416,491 | |
Deferred government grants, current | |
| 375,375 | | |
| 485,863 | |
Product warranty provisions | |
| 23,870 | | |
| 20,775 | |
Operating lease liability, current | |
| 691,992 | | |
| 699,745 | |
Finance lease liability, current | |
| 1,643,864 | | |
| 2,031,310 | |
Income tax payable | |
| - | | |
| 1,042,033 | |
Total current liabilities | |
| 160,495,555 | | |
| 156,061,762 | |
| |
| | | |
| | |
Deferred government grants, non-current | |
| 6,203,488 | | |
| 5,859,142 | |
Product warranty provisions | |
| 522,574 | | |
| 535,655 | |
Operating lease liability, non-current | |
| 475,302 | | |
| 2,761,173 | |
Total liabilities | |
| 167,696,919 | | |
| 165,217,732 | |
| |
| | | |
| | |
Commitments and contingencies | |
| | | |
| | |
| |
| | | |
| | |
Shareholders’ equity | |
| | | |
| | |
Common stock $0.001 par value; 500,000,000 authorized; 90,063,396 issued and 89,919,190 outstanding as of December 31, 2023 and March 31, 2024 | |
| 90,063 | | |
| 90,063 | |
Donated shares | |
| 14,101,689 | | |
| 14,101,689 | |
Additional paid-in capital | |
| 247,465,817 | | |
| 247,582,399 | |
Statutory reserves | |
| 1,230,511 | | |
| 1,230,511 | |
Accumulated deficit | |
| (134,395,762 | ) | |
| (124,559,312 | ) |
Accumulated other comprehensive loss | |
| (11,601,403 | ) | |
| (13,497,204 | ) |
| |
| 116,890,915 | | |
| 124,948,146 | |
Less: Treasury shares | |
| (4,066,610 | ) | |
| (4,066,610 | ) |
Total shareholders’ equity | |
| 112,824,305 | | |
| 120,881,536 | |
Non-controlling interests | |
| 634,036 | | |
| 359,813 | |
Total equity | |
| 113,458,341 | | |
| 121,241,349 | |
Total liabilities and shareholder’s equity | |
$ | 281,155,260 | | |
$ | 286,459,081 | |
CBAK Energy Technology, Inc. and Subsidiaries
Condensed consolidated Statements of Operations
and Comprehensive Income (Loss)
For the three months ended March 31, 2023 and 2024
(Unaudited)
(In US$ except for number of shares)
| |
Three months ended
March 31, | |
| |
2023 | | |
2024 | |
Net revenues | |
$ | 42,396,701 | | |
$ | 58,822,432 | |
Cost of revenues | |
| (39,490,957 | ) | |
| (40,041,385 | ) |
Gross profit | |
| 2,905,744 | | |
| 18,781,047 | |
Operating expenses: | |
| | | |
| | |
Research and development expenses | |
| (2,455,328 | ) | |
| (2,815,518 | ) |
Sales and marketing expenses | |
| (721,004 | ) | |
| (1,724,032 | ) |
General and administrative expenses | |
| (2,479,135 | ) | |
| (4,092,527 | ) |
(Provision for) recovery of doubtful accounts | |
| (131,167 | ) | |
| 114,013 | |
Total operating expenses | |
| (5,786,634 | ) | |
| (8,518,064 | ) |
Operating (loss) income | |
| (2,880,890 | ) | |
| 10,262,983 | |
Finance income, net | |
| 5,311 | | |
| 9,663 | |
Other income, net | |
| 183,213 | | |
| 367,438 | |
Share of loss of equity investee | |
| - | | |
| (18,824 | ) |
Changes in fair value of warrants liability | |
| 85,000 | | |
| - | |
(Loss) income before income tax | |
| (2,607,366 | ) | |
| 10,621,260 | |
Income tax credit (expenses) | |
| 402,884 | | |
| (1,048,786 | ) |
Net (loss) income | |
| (2,204,482 | ) | |
| 9,572,474 | |
Less: Net loss attributable to non-controlling interests | |
| 824,127 | | |
| 263,976 | |
Net (loss) income attributable to shareholders of CBAK Energy Technology, Inc. | |
$ | (1,380,355 | ) | |
$ | 9,836,450 | |
| |
| | | |
| | |
Net (loss) income | |
| (2,204,482 | ) | |
| 9,572,474 | |
Other comprehensive income | |
| | | |
| | |
– Foreign currency translation adjustment | |
| 748,779 | | |
| (1,906,048 | ) |
Comprehensive (loss) income | |
| (1,455,703 | ) | |
| 7,666,426 | |
Less: Comprehensive loss attributable to non-controlling interests | |
| 730,021 | | |
| 274,223 | |
Comprehensive (loss) income attributable to CBAK Energy Technology, Inc. | |
$ | (725,682 | ) | |
| 7,940,649 | |
| |
| | | |
| | |
(Loss) income per share | |
| | | |
| | |
– Basic | |
$ | (0.02 | ) | |
$ | 0.11 | |
– Diluted | |
$ | (0.02 | ) | |
$ | 0.11 | |
| |
| | | |
| | |
Weighted average number of shares of common stock: | |
| | | |
| | |
– Basic | |
| 89,013,359 | | |
| 89,925,024 | |
– Diluted | |
| 89,013,359 | | |
| 90,123,965 | |
6
v3.24.1.1.u2
Cover
|
May 10, 2024 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
May 10, 2024
|
Entity File Number |
001-32898
|
Entity Registrant Name |
CBAK ENERGY TECHNOLOGY, INC.
|
Entity Central Index Key |
0001117171
|
Entity Tax Identification Number |
86-0442833
|
Entity Incorporation, State or Country Code |
NV
|
Entity Address, Address Line One |
BAK Industrial Park
|
Entity Address, Address Line Two |
Meigui Street
|
Entity Address, Address Line Three |
Huayuankou Economic Zone
|
Entity Address, City or Town |
Dalian
|
Entity Address, Country |
CN
|
Entity Address, Postal Zip Code |
116450
|
City Area Code |
86
|
Local Phone Number |
3918-5985
|
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|
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false
|
Pre-commencement Issuer Tender Offer |
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|
Title of 12(b) Security |
Common Stock, $0.001 par value
|
Trading Symbol |
CBAT
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
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