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CBAK Energy Technology Inc. (CBAT-6.37%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reveals that the company generated revenues of $176.6 million, a decrease from $204.4 million in the previous year. The decrease is attributed to a decline in sales of cathode materials and precursors.
CBAK reported a net income of $9.6 million for the year, compared to a net loss of $8.5 million in 2023. The improvement is largely due to increased sales in the light electric vehicle segment.
Gross profit for the year was $41.8 million, up from $31.7 million in the prior year, with a gross margin increase from 15.5% to 24%. This improvement is attributed to higher selling prices for certain battery products.
Research and development expenses increased by 9% to $13.0 million, driven by higher personnel costs and new operations in Shangqiu.
Sales and marketing expenses rose by 6% to $5.2 million, primarily due to increased promotional activities in overseas markets.
General and administrative expenses remained stable at approximately $13.9 million, with no significant changes reported.
The company recognized an impairment charge of $0.5 million related to long-lived assets at its Hitrans subsidiary, a decrease from $7.1 million in the previous year.
CBAK Energy Technology plans to expand its manufacturing capabilities, with a focus on increasing production capacity at its Nanjing and Dalian facilities.
The company highlighted potential risks, including reliance on a limited number of customers, competition from other battery manufacturers, and regulatory uncertainties in China.
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. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.