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CBAK Energy Technology, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in net revenues to $44.6 million from $63.4 million in the same quarter the previous year, primarily due to reduced sales in residential energy supply and uninterruptible power supplies.
Gross profit for the quarter was $7.0 million, down from $12.2 million in the previous year, with the decline attributed to increased write-downs of obsolete inventories.
Operating expenses increased to $7.8 million from $7.0 million, driven by higher research and development costs and provision for doubtful accounts.
The company reported an operating loss of $0.8 million for the quarter, compared to an operating income of $5.3 million in the previous year.
Net income for the quarter was $17,647, a significant decrease from $6.3 million in the previous year.
Cash provided by operating activities was $30.1 million, while cash used in investing and financing activities was $20.1 million and $21.5 million, respectively.
CBAK had a working capital deficit of $23.7 million as of September 30, 2024, raising substantial doubt about its ability to continue as a going concern.
The filing also details various financial agreements, including banking facilities and credit lines, with a total outstanding amount of $78.5 million.
CBAK does not anticipate cash dividend payments to common stockholders in the near future.
The company identified material weaknesses in its internal controls over financial reporting due to a lack of appropriate policies and procedures.
CBAK continues to focus on expanding its product lines and manufacturing capacity, with ongoing construction at its Nanjing facilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CBAK Energy Technology Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.