CBAK Energy Reports Second Quarter and First Half 2025 Unaudited Financial Results
DALIAN, China, Aug. 18, 2025 (GLOBE NEWSWIRE) -- CBAK Energy Technology, Inc. (NASDAQ:CBAT) ("CBAK Energy," or the "Company") a leading lithium-ion battery manufacturer and electric energy solution provider in China, today reported its unaudited financial results for the second quarter and the first half of 2025 ended June 30, 2025.
Second Quarter of 2025 Financial Results
Net revenues1 were $40.52 million, down 15% from $47.79 million in the same period of 2024. The decline was largely attributable to our Dalian facilities, where most customers operate in the residential energy supply sector. These facilities are currently upgrading their product portfolio, shifting from Model 26650 to Model 40135. Customers who previously purchased Model 26650 are now in the process of testing and validating the new Model 40135, and we expect a gradual recovery once both existing and potential customers complete this validation. In addition, capacity for Model 32140 produced at our Phase I Nanjing facilities is fully booked. To meet growing demand, we are expanding Model 32140 capacity at our Phase II Nanjing facilities. Once Phase II operations commence by year-end, we anticipate a significant acceleration in growth from our Nanjing facilities.
Among these revenues, detailed revenues from our battery business are:
Battery Business
2024Second Quarter
2025Second Quarter
% ChangeYoY
Net Revenues ($)
35,598,124
21,090,137
-40.8
Gross Profits ($)
12,917,293
3,411,633
-73.6
Gross Margin
36.3
%
16.2
%
-
Net Income ($)
7,892,641
(2,071,334
)
-126.2
Net Revenues from Battery Business on Applications ($)
Electric Vehicles
199,258
142,139
-28.7
Light Electric Vehicles
1,825,501
2,426,624
33
Residential Energy Supply & Uninterruptable supplies
33,573,365
18,521,374
-44.8
Total
47,793,045
40,524,333
-15.2
1Net revenues consist of the Company's self-operated battery business and Hitrans, which was acquired in 2021, an independently managed raw materials business.
Cost of revenues was $36.06 million, representing an increase of 2.84% from $35.07 million in the same period of 2024.
Gross profit was $4.46 million, representing a decrease of 64.95% from $12.73 million in the same period of 2024. Gross margin was 11%, compared to 26.6% in the same period of 2024.
Operating loss amounted to $3.53 million, compared to an operating income of $5.95 million in the same period of 2024.
Net loss attributable to shareholders of CBAK Energy was $3.07 million, compared to net income attributable to shareholders of CBAK Energy of $6.45 million in the same period of 2024.
Basic and diluted loss per share were both $0.03, compared to basic and diluted income per share of $0.07 in 2024.
First Half of 2025 Financial Results
Net revenues1 were $75.46 million, a 29.2% decrease from $106.62 million in the same period of 2024, reflecting the factors discussed above.
Among these revenues, detailed revenues from our battery business are:
Battery Business
2024First Half
2025First Half
% ChangeYoY
Net Revenues ($)
80,435,993
41,453,475
-48.5
Gross Profits ($)
31,375,815
8,131,735
-74.1
Gross Margin
39
%
19.6
%
-
Net Income ($)
19,575,070
(1,734,473
)
-108.9
Net Revenues from Battery Business on Applications ($)
Electric Vehicles
679,439
679,646
0.03
Light Electric Vehicles
3,335,793
5,271,498
58
Residential Energy Supply & Uninterruptable supplies
76,420,761
35,502,331
-53.5
Total
106,615,477
75,463,234
-29.2
1Net revenues consist of the Company's self-operated battery business and Hitrans, which was acquired in 2021, an independently managed raw materials business.
Cost of revenues was $66.2 million, representing a decrease of 11.86% from $75.1 million in the same period of 2024.
Gross profit was $9.26 million, representing a decrease of 70.6% from $31.5 million in the same period of 2024. Gross margin was 12.28%, compared to 29.5% in the same period of 2024.
Operating loss amounted to $6.4 million, compared to an operating income of $16.2 million in the same period of 2024.
Net loss attributable to shareholders of CBAK Energy was $4.65 million, compared to net income attributable to shareholders of CBAK Energy of $16.3 million in the same period of 2024.
Basic and diluted loss per share were both $0.05, compared to basic and diluted income per share of $0.18 in 2024.
Zhiguang Hu, Chief Executive Officer of the Company, commented, "As noted in our Q1 earnings, this year marks a strategic transition in battery models at our key manufacturing base. Our Dalian facilities are scheduled to begin mass production of Model 40135 in September, with customers already testing and validating the product and providing highly positive feedback. We expect a gradual recovery at Dalian beginning in Q4. Meanwhile, the completion of Phase II expansion for Model 32140 at our Nanjing facilities has been postponed to Q4. At present, customers at Dalian are transitioning to Model 40135, while capacity at Nanjing is fully booked, necessitating further expansion to meet demand. Once Model 40135 enters mass production in Dalian and the additional Model 32140 capacity in Nanjing comes online by year-end, we anticipate a strong rebound in production and sales."
Jiewei Li, Director and Chief Financial Officer, added, "The performance of our battery segment has historically been strong, but this year we are undergoing a strategic upgrade to our product portfolio—introducing Model 40135—while also facing significantly higher-than-expected demand for our most popular model, the Model 32140. As Mr. Hu noted, we are confident that our financial performance will experience a gradual and solid recovery in the near term. We are also close to finalizing agreements ...
