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11.04.2023 07:00
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CBAK Energy Reports Fourth Quarter and Full Year 2022 Unaudited Financial Results
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PR Newswire
DALIAN, China, April 11, 2022
--Net Revenues up 95.9% year over year in the fourth quarter –
--Net Revenues up 372.2% year over year in full year–
DALIAN, China, April 11, 2022 /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 fourth quarter and full year of 2022 ended December 31, 2022.
Fourth Quarter of 2022 Financial Highlights
- Net revenues were $54.46 million, an increase of 95.9% from $27.80 million in the same period of 2021.
- Net revenues from batteries used in light electric vehicles were $4.51 million, up by 1035.5% from $0.40 million in the same period of 2021.
- Net revenues from batteries used in electric vehicles were $4.68 million, increased by 3,169.2% from $0.14 million in the same period of 2021.
- Net revenues from uninterruptible supplies were $18.95 million, up by 101.7% from $9.40 million in the same period of 2021.
- Net revenues from manufacturing and sales of raw materials were $26.33 million, up by 47.4% from $17.87 million in the same period of 2021.
- Gross profit was $3.78 million, representing an increase of $2.74 million, or 263.1%, from gross profit of $1.04 million for the same period in 2021.
Full Year of 2022 Financial Highlights
- Net revenues were $248.73 million, an increase of 372.2% from $52.67 million in 2021.
- Net revenues from batteries used in light electric vehicles were $6.42 million, up by 775.2% from $0.73 million in 2021.
- Net revenues from batteries used in electric vehicles were $4.69 million, increased by 1,824.2% from $0.24 million in 2021.
- Net revenues from uninterruptible supplies were $83.60 million, up by 151.0% from $33.31 million in 2021.
- Net revenues from manufacturing and sales of raw materials were $154.01 million, up by 762.1% from $17.87 million in 2021.
- Gross profit was $18.10 million, an increase of 254.0% from $5.11 million in 2021.
Yunfei Li, Chairman and Chief Executive Officer of the Company, commented: "In 2022, we are pleased to see our revenues grow by 372.2% from the previous year to more than $200 million, despite the challenges posed by COVID-19 in China. We have secured partnerships with several key and internationally renowned clients in the industry, including those that we have chosen to not identify in public announcements so far to maintain our competitive edge. As of March 31, 2023, we have in total received orders worth $180 million to be delivered. With the market's increasing recognition of our brand, we anticipate that our financial results will show further growth in 2023."
Mr. Li continued: "In 2022, the price of lithium carbonate, a key raw material for lithium batteries, skyrocketed by about 300%, which is an important factor affecting our profitability in 2022. However, starting from 2023, its price declined quickly, and the momentum will remain. With that, we are optimistic about our financial outlook this year."
Xiangyu Pei, Interim Chief Financial Officer of the Company, noted: "Our management team is dedicated to effectively controlling our expenses. In 2022, despite integrating a newly acquired raw material business, our sales and marketing expenses reduced by 12.77%, and our general and administrative expenses dropped by 2.89%. As we look ahead, we believe that we can deliver a better result in 2023."
Fourth Quarter of 2022 Financial Results
Net revenues were $54.46 million, an increase of 95.9% from $27.80 million in the same period of 2021. This was driven mostly by strong sales of high-power lithium batteries and materials for use in manufacturing lithium battery.
| Net Revenues by End-product Applications | | 2021 Fourth Quarter | | 2022 Quarter | | % Change | | |||
| Segment 1 High power lithium batteries used in: | | | | | | | | |||
| Uninterruptible supplies | | $9,396 | | $18,948 | | 101.7 | ||||
| Light electric vehicles | | 397 | | 4,508 | | 1,035.5 | ||||
| Electric vehicles | | 143 | | 4,675 | | 3,169.2 | ||||
| Segment 2 Materials for use in manufacturing of lithium battery cell Precursor Cathode | |
9,139 8,726 | |
17,076 9,249 | |
86.8 6.0 | ||||
| Trading of raw materials used in lithium batteries | | 2 | | 2 | | - | ||||
| Total | | $27,803 | | $54,458 | | 95.9 | ||||
| | | | | | | | | | | |
Cost of revenues was $50.67 million, an increase of 89.4% from $26.76 million in the same period of 2021. This was primarily due to increased net revenues.
Gross profit was $3.78 million, representing an increase of 263.1% from $1.04 million in the same period of 2021. Gross margin was 6.95%, an increase of 3.2% from 3.75% in the same period of 2021.
Total operating expenses were $12.61 million, an increase of 84.7% from $6.83 million in the same period of 2021. The increase in certain expense categories was largely due to increased investments in research and development and impairment charges on acquired Hitrans' equipment and goodwill.
- Research and development expenses were $2.64 million, an increase of 36.7% from $1.93 million in the same period of 2021.
- Sales and marketing expenses were $-0.35 million, compared to the sales and marketing expenses of $1.04 million in the same period of 2021.
- General and administrative expenses were $3.18 million, a decrease of 24.3% from $4.20 million in the same period of 2021.
- Provision for doubtful accounts was $0.76 million, compared to the recovery of doubtful accounts of $0.34 million in the same period of 2021.
- Impairment charge on property, plant and equipment was $4.83 million, compared to nil in the same period of 2021.
- Impairment charge on goodwill was $1.56 million, compared to nil in the same period of 2021.
Operating loss was $8.83 million, compared to $5.79 million in the same period of 2021, representing a change of 52.6%.
Finance income, net was $0.42 million, decreased by 31.4% from $0.61 million in the same period of 2021.
Change in fair value of warrants was $1.01 million, compared to $4.63 million in the same period of 2021. The change in fair value of the warrants liability is mainly due to share price movement.
Net loss attributable to shareholders of CBAK Energy was $10.70 million, compared to net income attributable to shareholders of CBAK Energy of $9.16 million in the same period of 2021.
Net loss attributable to shareholders of CBAK Energy (after deducting change in fair value of warrants) was $11.71 million, compared to net income attributable to shareholders of CBAK Energy (after deducting change in fair value of warrants) of $4.53 million in the same period of 2021. The change was largely caused by the impairment charges on Hitrans' equipment and goodwill.
Basic and diluted loss per share were both 0.12. In comparison, basic and diluted income per share in the same period of 2021 were both $0.1.
Full Year of 2022 Financial Results
Net revenues were $248.73 million, an increase of 372.2% from $52.67 million in 2022. This was primarily due to strong sales of high-power lithium batteries and materials for use in manufacturing lithium battery.
| Net Revenues by End-product Applications | | 2021 | | 2022 | | % Change | | ||||
| Segment 1 High power lithium batteries used in: | | | | | | | | ||||
| Uninterruptable supplies | | $33,308 | | $83,603 | | 150.7 | |||||
| Light electric vehicles | | 733 | | 6,415 | | 774.8 | |||||
| Electric vehicles | | 244 | | 4,695 | | 1,825.3 | |||||
| Segment 2 Materials for use in manufacturing of lithium battery Precursor Cathode | |
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