CBAK Energy Posts Profit in FY24, CEO Highlights Resilience In Battery Market

CBAK Energy Technology Inc (NASDAQ:CBAT) shares are trading lower premarket after it reported a FY24 revenue decline of 13.61% year over year to $176.61 million.

Revenues were impacted by a decrease in sales from Hitrans, which is the company’s acquired raw materials production unit.

Battery business revenues rose 2.7% Y/Y to $136.59 million, owing to an increase of 84% Y/Y from batteries used in light electric vehicles. Net revenues from batteries used in electric vehicles ...