CBAK Energy Technology, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 09, 2023 at 06:35 am EDT
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CBAK Energy Technology, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 42.42 million compared to USD 56.35 million a year ago. Net loss was USD 2.63 million compared to net income of USD 0.80519 million a year ago. Basic loss per share from continuing operations was USD 0.03. Diluted loss per share from continuing operations was USD 0.03.
For the six months, sales was USD 84.82 million compared to USD 136.55 million a year ago. Net loss was USD 4.02 million compared to net income of USD 1.25 million a year ago. Basic loss per share from continuing operations was USD 0.05 compared to basic earnings per share from continuing operations of USD 0.01 a year ago. Diluted loss per share from continuing operations was USD 0.05 compared to diluted earnings per share from continuing operations of USD 0.01 a year ago.
CBAK Energy Technology Inc is a China-based investment holding company. The Company primarily operates through two segments. The CBAK's segment mainly includes the manufacture, commercialization and distribution of a wide variety of standard and customized lithium ion rechargeable batteries for use in a wide array of applications. The Hitrans' segment mainly includes the development and manufacturing of NCM precursor and cathode materials. The Company's products are sold to packing plants operated by third parties primarily for use in mobile phones and other electronic devices. Its products are used in various applications, including electric vehicles (EV), such as electric cars, electric buses, hybrid electric cars and buses and light electric vehicles (LEV), such as electric bicycles, electric motors and sight-seeing cars, and electric tools, energy storage, uninterruptible power supply (UPS), and other high power applications.
CBAK ENERGY TECHNOLOGY, INC. 
