DALIAN,
China, Aug. 9, 2023 /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 second quarter and
first half of 2023 ended June 30,
2023.
First Half of 2023 Financial Highlights
- Net revenues from sales of batteries were
$51.8 million, an increase of 27.2%
from $40.7 million in the same period
of 2022.
- Net revenues from batteries used in light electric
vehicles were $3.1 million,
an increase of 309.9% from $0.8
million in the same period of 2022.
- Net revenues from batteries used in electric
vehicles were $2.0 million,
an increase of 6454.4 times from $303.0 in the same period of 2022.
- Net revenues from uninterruptible
supplies were $46.8 million,
an increase of 17.0% from $40.0
million in the same period of 2022.
- Gross margin for the battery business was 12.8%, an
increase of 3.4 percentage points from 9.4% in the same period of
2022.
Yunfei Li, Chairman and Chief
Executive Officer of the Company, commented, "During the first half
of 2023, our battery business had strong revenue growth of 97% in
the first quarter; however, during the second quarter, we began to
experience a temporary slowdown in sales, as a result of the
volatility of lithium carbonate prices, a crucial raw material.
Despite this short-term challenge, we remain confident that our
revenue growth will bounce back in the upcoming quarters as many of
our clients will place new orders in the second half of the year
when prices begin to stabilize. Moreover,
we have successfully entered into a series of partnerships with
Echom, HiNa Battery, Viessmann Group, and Hello
Tech, which will help sustain our topline growth and
further strengthen our lead in China's battery market."
Xiangyu Pei, Interim Chief Financial Officer, added, "We are
pleased to report strong half year results marked by sustainable
growth and increased profitability. Thanks to our product's
strength and optimized operating efficiency, our gross margin rose
to 15.4%, compared with 11.0% for
the same period last year. Going forward, our top priorities are to
accelerate sales growth and improve profitability. Our solid
balance sheet gives us the flexibility to continue investing in our
future by accelerating our research and development across product
lines as well as expanding our technology and business initiatives
to create value for both our users and our shareholders."
Second Quarter of 2023 Business Highlights & Recent
Developments
- In July, CBAK Energy announced that its subsidiary, Dalian
CBAK, reached agreements with the Shangqiu Urban-Rural Integration
Demonstration Zone and partnering entities, which will increase
Dalian CBAK's capacity by approximately RMB300 million worth of the 26700 cylindrical
batteries.
- In July, CBAK Energy announced that its subsidiary,
Nanjing CBAK, entered a 3-year strategic partnership for a
RMB180 million lithium-ion battery
order with Echom, a well-known industrial design group in
China.
- In June, CBAK Energy announced a strategic agreement with
HiNa Battery, a unicorn and leading player in the sodium
electricity industry, and Hello Tech, the parent company of
Jackery, a premier global portable power supplier, respectively,
during its first Corporate Open Day.
- In June, CBAK Energy announced that it is the first
company worldwide to achieve mass production of large cylindrical
sodium batteries and full-scale commercialization along the entire
value chain from upstream to downstream during the Corporate Open
Day.
- In June, CBAK Energy received an order worth EUR116.5 million (approximately USD124.5 million) of lithium-ion batteries from
the Viessmann Group, a leading European heating, cooling, and
renewable energy system provider, for 2024.
- In June, CBAK Energy entered into a strategic agreement
and secured RMB25 million in funding
from Hello Tech, the parent company of Jackery, a leading global
portable power supplier, for the sodium-ion battery R&D
program.
Second Quarter of 2023 Financial Results
Net revenues were $42.4
million, representing a decline of 24.7% compared to
$56.3 million in the same period of
2022. This decline was primarily attributable to a decrease in
sales by the battery business and Hitrans, an indirect
majority-owned subsidiary engaged in the production and sale of
battery raw materials. The decline in battery sales was primarily
driven by the price volatility of lithium carbonate, leading
clients to hold off on placing new orders during the second
quarter. However, we are optimistic that demand will rebound in
subsequent quarters as prices stabilize.
Among these revenues, detailed revenues from our battery
business are:
Battery
Business
|
|
2022
Second
Quarter
|
|
2023
Second
Quarter
|
|
%
Change
YoY
|
Net
Revenues ($)
|
|
25,715,415
|
|
22,232,003
|
|
-13.5
|
Gross Profits ($)
|
|
2,836,287
|
|
3,425,147
|
|
20.8
|
Gross Margin
|
|
11.0 %
|
|
15.4 %
|
|
-
|
Net Revenues from
Battery Business
on Applications ($)
|
|
|
|
|
|
|
Electric Vehicles
|
|
(6)
|
|
135,731
|
|
-
|
Light Electric Vehicles
|
|
671,444
|
|
1,147,902
|
|
71.0
|
Uninterruptable supplies
|
|
25,043,977
|
|
20,948,370
|
|
-16.4
|
Total
|
|
25,715,415
|
|
22,232,003
|
|
-13.5
|
Cost of revenues was $38.5
million, representing a decrease of 24.2% from $50.8 million in the same period of 2022. This
decrease was primarily due to the decline in net revenues.
Gross profit was $3.9
million, representing a decrease of 29.8% from $5.5 million in the same period of 2022. Gross
margin was 9.2%, compared to 9.8% in the same period of 2022.
Total operating expenses were $7.7
million, representing an increase of 42.1% from $5.4 million in the same period of 2022.
- Research and development expenses were $3.0 million, an increase of 29.6% from
$2.3 million in the same period of
2022.
- Sales and marketing expenses were $1.0 million, an increase of 38.1% from $0.7 million in the same period of
2022.
- General and administrative expenses were
$3.6 million, an increase of 46.0%
from $2.5 million in the same period
of 2022.
- Provision for doubtful accounts was $0.13 million, compared to a recovery of doubtful
accounts of $0.06 million in the same
period of 2022.
Operating loss amounted to $3.8
million, compared to an operating income of $0.1 million in the same period of 2022.
Finance income, net amounted to $0.3 million, compared to a finance expense of
$0.6 million in the same period of
2022.
Change in fair value of warrants was $0.04 million, compared to $2.13 million in the same period of 2022. The
change in fair value of the warrants liability is mainly due to the
share price decline.
Net loss attributable to shareholders of CBAK Energy was
$2.6 million, compared to a net
income attributable to shareholders of CBAK Energy of $0.8 million in the same period of 2022.
Net loss attributable to shareholders of CBAK Energy (after
deducting the change in fair value of warrants) was
$2.7 million, compared to
$1.3 million in the same period of
2022.
Basic and diluted loss per share were both
$0.03, compared to nil in the same
period of 2022.
First Half of 2023 Financial Results
Net revenues were $84.8
million, representing a decrease of 37.8% from $136.6 million in the same period of 2022. This
decrease was primarily attributable to a decrease in sales by
the battery business and Hitrans, an indirect majority-owned
subsidiary engaged in the production and sale of battery raw
materials.
Battery
Business
|
|
2022
First
Half
|
|
2023
First Half
|
|
% Change
YoY
|
Net
Revenues ($)
|
|
40,736,101
|
|
51,835,386
|
|
27.2
|
Gross Profits ($)
|
|
3,819,211
|
|
6,638,505
|
|
73.8
|
Gross Margin
|
|
9.4 %
|
|
12.8 %
|
|
-
|
Net Revenues from
Battery Business on
Applications ($)
|
|
|
|
|
|
|
Electric Vehicles
|
|
303
|
|
1,955,979
|
|
645,437.6
|
Light Electric Vehicles
|
|
760,208
|
|
3,115,959
|
|
309.9
|
Uninterruptable supplies
|
|
39,975,590
|
|
46,763,448
|
|
17.0
|
Total
|
|
40,736,101
|
|
51,835,386
|
|
27.2
|
Cost of revenues was $78.0
million, representing a decrease of 37.9% from $125.7 million in the same period of 2022. This
decrease was primarily due to the decline in net revenues.
Gross profit was $6.8
million, representing a decrease of 37.4% from $10.9 million in the same period of 2022. Gross
margin was 8.0%, compared to 7.9% in the same period of 2022.
Total operating expenses were $13.4 million, representing an increase of 11.4%
from $12.0 million in the same period
of 2022.
- Research and development expenses were $5.4 million, a decrease of 3.1% from
$5.6 million in the same period of
2022.
- Sales and marketing expenses were $1.7 million, an increase of 10.3% from $1.5
million in the same period of 2022.
- General and administrative expenses were
$6.1 million, an increase of 29.2%
from $4.7 million in the same period
of 2022.
- Provision for doubtful accounts was $0.26 million, compared to $0.21 million in the same period of 2022.
Operating loss was $6.7
million, compared to $1.2
million in the same period of 2022.
Finance income, net was $0.3
million, compared to a finance expense of $0.6 million in the same period of 2022.
Change in fair value of warrants was $0.12 million, compared to $3.76 million in the same period of 2022. The
change in fair value of the warrants liability is mainly due to the
share price decline.
Net loss attributable to shareholders of CBAK
Energy was $4.0 million,
compared to a net income attributable to shareholders of CBAK
Energy of $1.2 million in the same
period of 2022.
Net loss attributable to shareholders of CBAK Energy (after
deducting the change in fair value of warrants) was
$4.1 million, compared to
$2.5 million in the same period of
2022.
Basic and diluted loss per share were both $0.05, compared to $0.01 for both basic and diluted income per share
in the same period of 2022.
Conference Call
CBAK Energy's management will host an earnings conference call
at 8:30 AM U.S. Eastern Time on
Wednesday, August 9, 2023
(8:30 PM Beijing/Hong Kong Time on
August 9, 2023).
For participants who wish to join our call online, please
visit:
https://edge.media-server.com/mmc/p/6uzum5dv
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/BI83386b12da554bf7abfbd186831164cd
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/6uzum5dv
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 batteries and 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, electric tools, energy storage, uninterruptible
power supply (UPS), 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 and Shaoxing, 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
Mr. Thierry Jiewei Li
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,
2022 and June 30, 2023
|
(Unaudited)
|
(In US$ except for
number of shares)
|
|
|
|
|
December 31,
2022
|
|
|
June 30,
2023
|
|
|
|
|
|
|
|
(Unaudited)
|
|
Assets
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
|
6,519,212
|
|
|
$
|
3,449,446
|
|
Pledged
deposits
|
|
|
|
30,836,864
|
|
|
|
40,189,167
|
|
Trade and bills
receivable, net
|
|
|
|
27,413,575
|
|
|
|
29,322,723
|
|
Inventories
|
|
|
|
49,446,291
|
|
|
|
41,818,660
|
|
Prepayments and other
receivable
|
|
|
|
5,915,080
|
|
|
|
5,267,046
|
|
Receivables from former
subsidiary, net
|
|
|
|
5,518,052
|
|
|
|
323,973
|
|
Income tax
recoverable
|
|
|
|
57,934
|
|
|
|
55,182
|
|
Total current
assets
|
|
|
|
125,707,008
|
|
|
|
120,426,197
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
|
90,004,527
|
|
|
|
88,084,125
|
|
Construction in
progress
|
|
|
|
9,954,202
|
|
|
|
25,945,637
|
|
Long-term investments,
net
|
|
|
|
945,237
|
|
|
|
900,334
|
|
Prepaid land use
rights
|
|
|
|
12,361,163
|
|
|
|
11,616,881
|
|
Intangible assets,
net
|
|
|
|
1,309,058
|
|
|
|
1,017,171
|
|
Operating lease
right-of-use assets, net
|
|
|
|
1,264,560
|
|
|
|
1,082,209
|
|
Deferred tax assets,
net
|
|
|
|
2,486,979
|
|
|
|
3,101,858
|
|
Total assets
|
|
|
$
|
244,032,734
|
|
|
$
|
252,174,412
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
Trade and bills
payable
|
|
|
$
|
67,491,435
|
|
|
$
|
75,570,051
|
|
Short-term bank
borrowings
|
|
|
|
14,907,875
|
|
|
|
26,813,901
|
|
Other short-term
loans
|
|
|
|
689,096
|
|
|
|
352,482
|
|
Accrued expenses and
other payables
|
|
|
|
25,605,661
|
|
|
|
27,869,385
|
|
Payables to former
subsidiaries, net
|
|
|
|
358,067
|
|
|
|
387,263
|
|
Deferred government
grants, current
|
|
|
|
1,299,715
|
|
|
|
367,271
|
|
Product warranty
provisions
|
|
|
|
26,215
|
|
|
|
23,355
|
|
Warrants
liability
|
|
|
|
136,000
|
|
|
|
15,000
|
|
Operating lease
liability, current
|
|
|
|
575,496
|
|
|
|
366,391
|
|
Finance lease
liability, current
|
|
|
|
844,297
|
|
|
|
114,884
|
|
Total current
liabilities
|
|
|
|
111,933,857
|
|
|
|
131,879,983
|
|
|
|
|
|
|
|
|
|
|
|
Deferred government
grants, non-current
|
|
|
|
5,577,020
|
|
|
|
5,129,127
|
|
Product warranty
provisions
|
|
|
|
450,613
|
|
|
|
451,739
|
|
Operating lease
liability, non-current
|
|
|
|
607,222
|
|
|
|
539,742
|
|
Accrued expenses and
other payables, non-current
|
|
|
|
1,085,525
|
|
|
|
-
|
|
Total
liabilities
|
|
|
|
119,654,237
|
|
|
|
138,000,591
|
|
|
|
|
|
|
|
|
|
|
|
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 89,151,731 issued and 89,007,525
outstanding
as of June 30, 2023
|
|
|
|
89,135
|
|
|
|
89,151
|
|
Donated
shares
|
|
|
|
14,101,689
|
|
|
|
14,101,689
|
|
Additional paid-in
capital
|
|
|
|
246,240,998
|
|
|
|
247,070,345
|
|
Statutory
reserves
|
|
|
|
1,230,511
|
|
|
|
1,230,511
|
|
Accumulated
deficit
|
|
|
|
(131,946,705)
|
|
|
|
(135,962,050)
|
|
Accumulated other
comprehensive income (loss)
|
|
|
|
(8,153,644)
|
|
|
|
(13,798,697)
|
|
|
|
|
|
121,561,984
|
|
|
|
112,730,949
|
|
Less: Treasury
shares
|
|
|
|
(4,066,610)
|
|
|
|
(4,066,610)
|
|
Total shareholders'
equity
|
|
|
|
117,495,374
|
|
|
|
108,664,339
|
|
Non-controlling
interests
|
|
|
|
6,883,123
|
|
|
|
5,509,482
|
|
Total equity
|
|
|
|
124,378,497
|
|
|
|
114,173,821
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholder's equity
|
|
|
$
|
244,032,734
|
|
|
$
|
252,174,412
|
|
CBAK Energy
Technology, Inc. and Subsidiaries
|
|
Condensed
consolidated Statements of Operations and Comprehensive
Loss
|
|
For the three and
six months ended June 30, 2022 and 2023
|
|
(Unaudited)
|
|
(In US$ except for
number of shares)
|
|
|
|
|
|
|
Three months
ended
June 30,
|
|
|
Six months ended
June 30,
|
|
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
Net revenues
|
|
|
$
|
56,349,660
|
|
|
$
|
42,420,870
|
|
|
$
|
136,545,958
|
|
|
$
|
84,817,571
|
|
Cost of
revenues
|
|
|
|
(50,814,352)
|
|
|
|
(38,536,228)
|
|
|
|
(125,694,296)
|
|
|
|
(78,027,185)
|
|
Gross profit
|
|
|
|
5,535,308
|
|
|
|
3,884,642
|
|
|
|
10,851,662
|
|
|
|
6,790,386
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
|
|
|
(2,299,466)
|
|
|
|
(2,980,718)
|
|
|
|
(5,612,590)
|
|
|
|
(5,436,046)
|
|
Sales and marketing
expenses
|
|
|
|
(697,664)
|
|
|
|
(963,588)
|
|
|
|
(1,527,338)
|
|
|
|
(1,684,592)
|
|
General and
administrative expenses
|
|
|
|
(2,453,515)
|
|
|
|
(3,582,893)
|
|
|
|
(4,690,889)
|
|
|
|
(6,062,028)
|
|
Recovery of (provision
for) doubtful
accounts
|
|
|
|
59,826
|
|
|
|
(130,493)
|
|
|
|
(211,617)
|
|
|
|
(261,660)
|
|
Total operating
expenses
|
|
|
|
(5,390,819)
|
|
|
|
(7,657,692)
|
|
|
|
(12,042,434)
|
|
|
|
(13,444,326)
|
|
Operating income
(loss)
|
|
|
|
144,489
|
|
|
|
(3,773,050)
|
|
|
|
(1,190,772)
|
|
|
|
(6,653,940)
|
|
Finance (expenses)
income, net
|
|
|
|
(620,490)
|
|
|
|
252,472
|
|
|
|
(615,476)
|
|
|
|
257,783
|
|
Other (expenses)
income, net
|
|
|
|
(458,946)
|
|
|
|
238,040
|
|
|
|
(173,742)
|
|
|
|
421,253
|
|
Change in fair value of
warrants
|
|
|
|
2,131,000
|
|
|
|
36,000
|
|
|
|
3,763,000
|
|
|
|
121,000
|
|
Income before income
tax
|
|
|
|
1,196,053
|
|
|
|
(3,246,538)
|
|
|
|
1,783,010
|
|
|
|
(5,853,904)
|
|
Income tax (expenses)
credit
|
|
|
|
(179,788)
|
|
|
|
307,311
|
|
|
|
(86,242)
|
|
|
|
710,195
|
|
Net income
(loss)
|
|
|
|
1,016,265
|
|
|
|
(2,939,227)
|
|
|
|
1,696,768
|
|
|
$
|
(5,143,709)
|
|
Less: Net (income) loss
attributable
to non-controlling interest
|
|
|
|
(211,075)
|
|
|
|
304,237
|
|
|
|
(447,125)
|
|
|
|
1,128,364
|
|
Net income (loss)
attributable to
CBAK Energy Technology, Inc.
|
|
|
$
|
805,190
|
|
|
$
|
(2,634,990)
|
|
|
$
|
1,249,643
|
|
|
$
|
(4,015,345)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
|
1,016,265
|
|
|
|
(2,939,227)
|
|
|
|
1,696,768
|
|
|
|
(5,143,709)
|
|
Other comprehensive
loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
– Foreign
currency translation
adjustment
|
|
|
|
(7,126,920)
|
|
|
|
(6,639,109)
|
|
|
|
(6,694,727)
|
|
|
|
(5,890,330)
|
|
Comprehensive
loss
|
|
|
|
(6,110,655)
|
|
|
|
(9,578,336)
|
|
|
|
(4,997,959)
|
|
|
|
(11,034,039)
|
|
Less: Comprehensive
(loss) income
attributable to non-controlling
interest
|
|
|
|
(205,075)
|
|
|
|
643,620
|
|
|
|
(482,134)
|
|
|
|
1,373,641
|
|
Comprehensive loss
attributable to
CBAK Energy Technology, Inc.
|
|
|
$
|
(6,315,730)
|
|
|
$
|
(8,934,716)
|
|
|
$
|
(5,480,093)
|
|
|
$
|
(9,660,398)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
–
Basic
|
|
|
$
|
0.00
|
*
|
|
$
|
(0.03)
|
|
|
$
|
0.01
|
|
|
$
|
(0.05)
|
|
–
Diluted
|
|
|
$
|
0.00
|
*
|
|
$
|
(0.03)
|
|
|
$
|
0.01
|
|
|
$
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares
of common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
–
Basic
|
|
|
|
89,007,924
|
|
|
|
89,030,137
|
|
|
|
88,852,594
|
|
|
|
89,021,795
|
|
–
Diluted
|
|
|
|
89,019,818
|
|
|
|
89,030,137
|
|
|
|
88,865,263
|
|
|
|
89,021,795
|
|
View original
content:https://www.prnewswire.com/news-releases/cbak-energy-reports-second-quarter-and-first-half-2023-unaudited-financial-results-301895474.html
SOURCE CBAK Energy Technology, Inc.