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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):
August 9, 2023
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
August 9, 2023, CBAK Energy Technology, Inc. (the “Company”) released its unaudited results of operations for the second quarter
ended June 30, 2023. 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.
(d) 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: August 9, 2023 |
By: |
/s/Xiangyu Pei |
|
|
Xiangyu Pei |
|
|
Interim Chief Financial Officer |
2
Exhibit 99.1
CBAK Energy Reports Second Quarter and First
Half 2023 Unaudited Financial Results
DALIAN, China, August 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 $56.3 million in the same period of 2022. This decline was primarily attributable to a
decrease in sales by the battery business and Hitrans, an indirect majority-owned subsidiary engaged in the production and sale of battery
raw materials. The decline in battery sales was primarily driven by the price volatility of lithium carbonate, leading clients to hold
off on placing new orders during the second quarter. However, we are optimistic that demand will rebound in subsequent quarters as prices
stabilize.
Among these revenues, detailed revenues from our
battery business are:
Battery Business | |
| | |
| | |
% Change YoY | |
Net Revenues ($) | |
| 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 $136.6 million in the same period of 2022. This decrease was primarily attributable to a
decrease in sales by the battery business and Hitrans, an indirect majority-owned subsidiary engaged in the production and sale of battery
raw materials.
Battery Business | |
| | |
2023 First Half | | |
% Change YoY | |
Net Revenues ($) | |
| 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 | |
8
v3.23.2
Cover
|
Aug. 09, 2023 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Aug. 09, 2023
|
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
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Entity Address, Country |
CN
|
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116450
|
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86
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3918-5985
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false
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false
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NASDAQ
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