CBAK Energy Technology, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 09, 2023 at 06:32 am EST
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CBAK Energy Technology, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 63.44 million compared to USD 57.72 million a year ago. Net income was USD 6.33 million compared to net loss of USD 0.00029 million a year ago. Basic earnings per share from continuing operations was USD 0.07. Diluted earnings per share from continuing operations was USD 0.07.
For the nine months, sales was USD 148.26 million compared to USD 194.27 million a year ago. Net income was USD 2.32 million compared to USD 1.25 million a year ago. Basic earnings per share from continuing operations was USD 0.03 compared to USD 0.01 a year ago. Diluted earnings per share from continuing operations was USD 0.03 compared to 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. 
