DALIAN, China, March 15, 2024 /PRNewswire/ -- 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 fourth quarter and
full year ended December 31,
2023.
Fourth Quarter of 2023 Financial Highlights
- Net revenues from sales of batteries were $36.8 million, an increase of 30.9% from
$28.1 million in the same period of
2022.
- Net revenues from batteries
used in light electric vehicles were $1.4 million, a decrease of 69.5% from
$4.5 million in the same period of
2022.
- Net revenues from batteries used in electric
vehicles were $0.5 million, a
decrease of 88.8% from $4.7 million
in the same period of 2022.
- Net revenues from residential energy supply &
uninterruptible supplies were $35.0
million, an increase of 84.3% from $19.0 million in the same period of 2022.
- Gross margin for the battery business was 36.0%, an
increase of 27.7 percentage points from 8.3% in the same period of
2022.
- Net income from the battery business was $6.6 million, compared to a net loss of
$6.4 million in the same period of
2022.
Full Year of 2023 Financial Highlights
- Net revenues from sales of batteries were $133.0 million, an increase of 40.4% from
$94.7 million in 2022.
- Net revenues from batteries
used in light electric vehicles were $5.6 million, a decrease of 12.6% from
$6.4 million in 2022.
- Net revenues from batteries used in electric
vehicles were $2.9 million, a
decrease of 38.6% from $4.7 million
in 2022.
- Net revenues from residential energy supply &
uninterruptible supplies were $124.5
million, an increase of 48.9% from $83.6 million in 2022.
- Gross margin for the battery business was 23.8%, an
increase of 14.9 percentage points from 8.9% in 2022.
- Net income for the battery business was $13.4 million, compared to a net loss of
$7.8 million in 2022.
Yunfei Li, Chairman and Chief
Executive Officer of the Company, commented, "We are delighted to
announce a strong performance in the fourth quarter of 2023,
concluding the year on a positive note. Our primary battery
business sustained its growth trajectory from the previous quarter,
supported by ongoing orders from key clients, including the
Viessmann Group, one of Europe's
largest battery manufacturers, Anker Innovations, NSURE Energy,
PowerOAK (the parent company of BlueTTI), and Hello Tech (the
parent company of Jackery). This steady influx of orders propelled
a consistent increase in both sales and profits for our battery
business. While economic challenges resulted in reduced orders and
lower gross margins for our competitors, we experienced high
product demand at our Dalian
facilities, outpacing supply. In response, we secured a new
facility in Shangqiu city, Henan
province, China to address our
clients' urgent needs. Notably, our battery business achieved a
record-high gross margin last quarter. With our solid foundation
across products and orders, enhanced visibility, and growing
recognition in global markets, we are poised to expand our core
businesses and attract more esteemed clients in the coming years to
fuel our continued growth."
Jiewei Li, Chief Financial
Officer and Secretary of the Board of the Company, added, "We
closed the year with robust fourth quarter financial results from
our battery business, achieving a 30.9% increase in net revenues
and positive net income for the second consecutive quarter. As of
December 31, 2023, our Dalian and Nanjing lithium production facilities had no
outstanding secured bank loans. We believe that our solid
fundamentals will continue to serve as a strong foundation for our
business. Looking ahead to 2024, we are confident in our growth
trajectory and project another year of net income for our battery
business. We will share detailed net income guidance at an
appropriate time."
Fourth Quarter of 2023 Financial Results
Net
revenues[1] were
$56.2 million, representing an
increase of 3.2% compared to $54.5
million in the same period of 2022. This increase was
primarily attributable to an increase in revenue from the Company's
battery business, partially offset by a decrease in sales from
Hitrans, which was affected by the slowdown in the raw materials
market.
Among these revenues, detailed revenues from our battery
business are:
Battery
Business
|
|
2022
Fourth
Quarter
|
|
|
2023
Fourth
Quarter
|
|
|
%
Change
YoY
|
|
Net Revenues
($)
|
|
|
28,133,129
|
|
|
|
36,830,478
|
|
|
|
30.9
|
|
Gross Profits
($)
|
|
|
2,320,001
|
|
|
|
13,243,436
|
|
|
|
470.8
|
|
Gross Margin
|
|
|
8.3
|
%
|
|
|
36.0
|
%
|
|
|
-
|
|
Net Income/(loss)
($)
|
|
|
-6,353,106
|
|
|
|
6,622,297
|
|
|
|
-
|
|
Net Revenues from
Battery Business on Applications ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric
Vehicles
|
|
|
4,674,703
|
|
|
|
524,543
|
|
|
|
-88.8
|
|
Light Electric
Vehicles
|
|
|
4,508,699
|
|
|
|
1,377,369
|
|
|
|
-69.5
|
|
Residential Energy
Supply & Uninterruptable supplies
|
|
|
18,947,555
|
|
|
|
34,928,566
|
|
|
|
84.3
|
|
Total
|
|
|
28,130,957
|
|
|
|
36,830,478
|
|
|
|
30.9
|
|
|
[1] Net revenues consist of
the Company's self-operated battery business and Hitrans, which was
acquired in 2021, an independently managed raw materials business.
Hitrans had a strong client base and higher revenues at the time of
acquisition. Following the acquisition, the Company maintained
Hitrans' core management team and refrained from interfering in its
day-to-day operations. The Company has no additional financial
obligations to Hitrans, and its financial health will not
significantly affect the financial standing of the Company's
battery business, as it is only reflected in the Company's
consolidated financial statements.
|
Cost of revenues was $43.5
million, representing a decrease of 14.2% from $50.7 million in the same period of 2022. The
decrease in the cost of revenues corresponds to the Company's
higher gross profit from the battery business.
Gross profit was $12.7
million, representing an increase of 235.3% from
$3.8 million in the same period of
2022. Gross margin was 22.6%, compared to 7.0% in the same period
of 2022.
Total operating expenses were $18.6 million, representing an increase of 47.6%
from $12.6 million in the same period
of 2022.
- Research and development expenses were $3.9 million, an increase of 48.4% from
$2.6 million in the same period of
2022.
- Sales and marketing expenses were $2.1 million, compared with $-0.4 million in the same period of 2022.
- General and administrative expenses were $4.5 million, an increase of 40.6% from
$3.2 million in the same period of
2022.
- Provision for doubtful accounts was $0.74 million, compared to $0.76 million in the same period of 2022.
Operating loss amounted to $5.9
million, compared to an operating loss of $8.8 million in the same period of 2022.
Finance income, net amounted to $0.6 million, compared to $0.4 million in the same period of 2022.
Change in fair value of warrants was nil, compared to
$1.01 million in the same period of
2022. The change in fair value of the warrants liability is mainly
due to the share price movement.
Net loss attributable to shareholders of CBAK Energy was
$4.8 million, compared to net loss
attributable to shareholders of CBAK Energy of $10.7 million in the same period of 2022.
Net loss attributable to shareholders of CBAK Energy (after
deducting the change in fair value of warrants) was
$4.8 million, compared to a net loss
of $11.7 million in the same period
of 2022, mainly due to the weaker performance of Hitrans, which was
affected by the slowdown in the raw materials market.
Full Year of 2023 Financial Results
Net revenues were $204.4
million, representing a decrease of 17.8% compared to
$248.7 million in 2022. The decrease
was primarily due to the decrease in sales from Hitrans, which was
affected by the slowdown in the raw materials market.
Among these revenues, detailed revenues from our battery
business are:
Battery
Business
|
|
2022
|
|
|
2023
|
|
|
%
Change
YoY
|
|
Net Revenues
($)
|
|
|
94,715,189
|
|
|
|
132,993,518
|
|
|
|
40.4
|
|
Gross Profits
($)
|
|
|
8,382,142
|
|
|
|
31,580,168
|
|
|
|
276.8
|
|
Gross Margin
|
|
|
8.9
|
%
|
|
|
23.8
|
%
|
|
|
-
|
|
Net Income (Loss)
($)
|
|
|
-7,768,248
|
|
|
|
13,369,180
|
|
|
|
-
|
|
Net Revenues from
Battery Business on Applications ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric
Vehicles
|
|
|
4,694,694
|
|
|
|
2,883,385
|
|
|
|
-38.6
|
|
Light Electric
Vehicles
|
|
|
6,415,277
|
|
|
|
5,607,435
|
|
|
|
-12.6
|
|
Residential Energy
Supply & Uninterruptable supplies
|
|
|
83,603,046
|
|
|
|
124,502,698
|
|
|
|
48.9
|
|
Total
|
|
|
94,713,017
|
|
|
|
132,993,518
|
|
|
|
40.4
|
|
Cost of revenues was $172.7
million, representing a decrease of 25.1% from $230.6 million in 2022. The decrease in the cost
of revenues was in line with the decrease of net revenues.
Gross profit was $31.7
million, representing an increase of 75.3% from $18.1 million in 2022. Gross margin was 15.5%,
compared to 7.3% in 2022.
Total operating expenses were $39.0 million, representing an increase of 31.2%
from $29.6 million in 2022.
- Research and development expenses were $11.9 million, an increase of 12.2% from
$10.6 million in 2022.
- Sales and marketing expenses were $4.9 million, an increase of 144.2% from
$2.0 million in 2022.
- General and administrative expenses were $13.8 million, an increase of 41.6% from
$9.7 million in 2022.
- Provision for expected credit losses was $1.0 million, compared to $0.8 million in 2022.
Operating loss amounted to $7.3 million, compared to an operating loss of
$11.5 million in 2022.
Finance income, net amounted to $0.4 million, compared to $0.5 million in 2022.
Change in fair value of warrants was $0.1 million, compared to $5.7 million in 2022. The change in fair value of
the warrants liability is mainly due to the share price
movement.
Net loss attributable to shareholders of CBAK Energy was
$2.5 million, compared to net loss
attributable to shareholders of CBAK Energy of $9.5 million in 2022.
Net loss attributable to shareholders of CBAK Energy (after
deducting the change in fair value of warrants) was
$2.6 million, compared to a net loss
of $15.2 million in 2022, mainly due
to the weaker performance of Hitrans, which was affected by the
slowdown in the raw materials market.
Basic and diluted loss per share were both $0.03, compared to basic and diluted loss per
share of $0.11 in 2022.
Conference Call
CBAK Energy's management will host an earnings conference call
at 8:00 AM U.S. Eastern Time on
Friday, March 15, 2024 (8:00 PM Beijing/Hong Kong Time on March 15, 2024).
For participants who wish to join our call online, please
visit:
https://edge.media-server.com/mmc/p/p4d96jix
Participants who plan to ask questions during the call will need
to register at least 15 minutes prior to the scheduled call start
time using the link provided below. Upon registration, participants
will receive the conference call access information, including
dial-in numbers, a unique pin, and an email with detailed
instructions.
Participant Online Registration:
https://register.vevent.com/register/BId788502bb16b4e41b84b2528dbc6f135
Once completing the registration, please dial-in at least 10
minutes before the scheduled start time of the conference call and
enter the personal pin as instructed to connect to the call.
A replay of the conference call may be accessed within seven
days after the conclusion of the live call at the following
website: https://edge.media-server.com/mmc/p/p4d96jix
The earnings release and the link for the replay are available
at ir.cbak.com.cn.
About CBAK Energy
CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading
high-tech enterprise in China
engaged in the development, manufacturing, and sales of new energy
high power lithium and sodium batteries, as well as the production
of raw materials for use in manufacturing high power lithium
batteries. The applications of the Company's products and solutions
include electric vehicles, light electric vehicles, energy storage
and other high-power applications. In January 2006, CBAK Energy became the first
lithium battery manufacturer in China listed on the Nasdaq Stock Market. CBAK
Energy has multiple operating subsidiaries in Dalian, Nanjing, Shaoxing and Shangqiu, as well as a
large-scale R&D and production base in Dalian.
For more information, please visit ir.cbak.com.cn.
Safe Harbor Statement
This press release contains "forward-looking statements" that
involve substantial risks and uncertainties. All statements other
than statements of historical facts contained in this press
release, including statements regarding our future results of
operations and financial position, strategy and plans, and our
expectations for future operations, are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. We have attempted to identify forward-looking statements
by terminology including "anticipates," "believes," "can,"
"continue," "could," "estimates," "expects," "intends," "may,"
"plans," "potential," "predicts," "should," or "will" or the
negative of these terms or other comparable terminology. Our actual
results may differ materially or perhaps significantly from those
discussed herein, or implied by, these forward-looking
statements.
Any forward-looking statements contained in this press release
are only estimates or predictions of future events based on
information currently available to our management and management's
current beliefs about the potential outcome of future events.
Whether these future events will occur as management anticipates,
whether we will achieve our business objectives, and whether our
revenues, operating results, or financial condition will improve in
future periods are subject to numerous risks. There are a
significant number of factors that could cause actual results to
differ materially from statements made in this press release,
including: significant legal and operational risks associated with
having substantially all of our business operations in China, that the Chinese government may
exercise significant oversight and discretion over the conduct of
our business and may intervene in or influence our operations at
any time, which could result in a material change in our operations
and/or the value of our securities or could significantly limit or
completely hinder our ability to offer or continue to offer
securities to investors and could cause the value of such
securities to significantly decline or be worthless, the effects of
the global Covid-19 pandemic or other health epidemics, changes in
domestic and foreign laws, regulations and taxes, the volatility of
the securities markets; and other risks including, but not limited
to, the ability of the Company to meet its contractual obligations,
the uncertain markets for the Company's products and business,
macroeconomic, technological, regulatory, or other factors
affecting the profitability of our products and solutions that we
discussed or referred to in the Company's disclosure documents
filed with the U.S. Securities and Exchange Commission (the "SEC")
available on the SEC's website at www.sec.gov, including the
Company's most recent Annual Report on Form 10-K as well as in our
other reports filed or furnished from time to time with the SEC.
You should read these factors and the other cautionary statements
made in this press release. If one or more of these factors
materialize, or if any underlying assumptions prove incorrect, our
actual results, performance or achievements may vary materially
from any future results, performance or achievements expressed or
implied by these forward-looking statements. The forward-looking
statements included in this press release are made as of the date
of this press release and the Company undertakes no obligation to
publicly update or revise any forward-looking statements, other
than as required by applicable law.
For further inquiries, please contact:
In China:
CBAK Energy Technology, Inc.
Investor Relations Department
Phone: +86-18675423231
Email: ir@cbak.com.cn
Piacente Financial Communications
Ms. Hui Fan
Tel: +86-10-6508-0677
Email: CBAK@thepiacentegroup.com
In the United
States:
Piacente Financial Communications
Ms. Brandi Piacente
Tel: +1-212-481-2050
Email: CBAK@thepiacentegroup.com
CBAK Energy
Technology, Inc. and Subsidiaries
|
|
Unaudited Condensed
Consolidated Balance Sheets
|
|
As of December 31,
2022 and 2023
|
|
(In US$ except for
number of shares)
|
|
|
|
|
|
|
|
December 31,
2022
|
|
|
December 31,
2023
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
$
|
6,519,212
|
|
|
$
|
4,643,267
|
|
Pledged
deposits
|
|
|
|
|
30,836,864
|
|
|
|
54,179,549
|
|
Trade and bills
receivable, net
|
|
|
|
|
27,413,575
|
|
|
|
28,653,047
|
|
Inventories
|
|
|
|
|
49,446,291
|
|
|
|
33,413,422
|
|
Prepayments and other
receivables
|
|
|
|
|
5,915,080
|
|
|
|
7,459,254
|
|
Receivables from former
subsidiary
|
|
|
|
|
5,518,052
|
|
|
|
74,946
|
|
Income tax
recoverable
|
|
|
|
|
57,934
|
|
|
|
-
|
|
Total current
assets
|
|
|
|
|
125,707,008
|
|
|
|
128,423,485
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
|
|
90,004,527
|
|
|
|
91,628,832
|
|
Construction in
progress
|
|
|
|
|
9,954,202
|
|
|
|
37,797,862
|
|
Long-term investments,
net
|
|
|
|
|
945,237
|
|
|
|
2,565,005
|
|
Prepaid land use
rights
|
|
|
|
|
12,361,163
|
|
|
|
11,712,704
|
|
Intangible assets,
net
|
|
|
|
|
1,309,058
|
|
|
|
841,360
|
|
Deposit paid for
acquisition of long-term investments
|
|
|
|
|
-
|
|
|
|
7,101,492
|
|
Operating lease
right-of-use assets, net
|
|
|
|
|
1,264,560
|
|
|
|
1,084,520
|
|
Deferred tax assets,
net
|
|
|
|
|
2,486,979
|
|
|
|
-
|
|
Total assets
|
|
|
|
$
|
244,032,734
|
|
|
$
|
281,155,260
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
Trade and bills
payable
|
|
|
|
$
|
67,491,435
|
|
|
|
82,429,575
|
|
Short-term bank
borrowings
|
|
|
|
|
14,907,875
|
|
|
|
32,587,676
|
|
Other short-term
loans
|
|
|
|
|
689,096
|
|
|
|
339,552
|
|
Accrued expenses and
other payables
|
|
|
|
|
25,605,661
|
|
|
|
41,992,540
|
|
Payable to a former
subsidiary, net
|
|
|
|
|
358,067
|
|
|
|
411,111
|
|
Deferred government
grants, current
|
|
|
|
|
1,299,715
|
|
|
|
375,375
|
|
Product warranty
provisions
|
|
|
|
|
26,215
|
|
|
|
23,870
|
|
Warrants
liability
|
|
|
|
|
136,000
|
|
|
|
-
|
|
Operating lease
liability, current
|
|
|
|
|
575,496
|
|
|
|
691,992
|
|
Finance lease
liability, current
|
|
|
|
|
844,297
|
|
|
|
1,643,864
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
|
|
111,933,857
|
|
|
|
160,495,555
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred government
grants, non-current
|
|
|
|
|
5,577,020
|
|
|
|
6,203,488
|
|
Product warranty
provisions
|
|
|
|
|
450,613
|
|
|
|
522,574
|
|
Operating lease
liability, non-current
|
|
|
|
|
607,222
|
|
|
|
475,302
|
|
Accrued expenses and
other payables, non-current
|
|
|
|
|
1,085,525
|
|
|
|
-
|
|
Total
liabilities
|
|
|
|
|
119,654,237
|
|
|
|
167,696,919
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
Common stock $0.001 par
value; 500,000,000 authorized; 89,135,064
issued and 88,990,858 outstanding as of December 31,
2022; and
90,063,396 issued and 89,919,190 outstanding as of
December 31,
2023
|
|
|
|
|
89,135
|
|
|
|
90,063
|
|
Donated
shares
|
|
|
|
|
14,101,689
|
|
|
|
14,101,689
|
|
Additional paid-in
capital
|
|
|
|
|
246,240,998
|
|
|
|
247,465,817
|
|
Statutory
reserves
|
|
|
|
|
1,230,511
|
|
|
|
1,230,511
|
|
Accumulated
deficit
|
|
|
|
|
(131,946,705)
|
|
|
|
(134,395,762)
|
|
Accumulated other
comprehensive loss
|
|
|
|
|
(8,153,644)
|
|
|
|
(11,601,403)
|
|
|
|
|
|
|
121,561,984
|
|
|
|
116,890,915
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Treasury
shares
|
|
|
|
|
(4,066,610)
|
|
|
|
(4,066,610)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
|
|
|
117,495,374
|
|
|
|
112,824,305
|
|
Non-controlling
interests
|
|
|
|
|
6,883,123
|
|
|
|
634,036
|
|
Total equity
|
|
|
|
|
124,378,497
|
|
|
|
113,458,341
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholder's equity
|
|
|
|
$
|
244,032,734
|
|
|
$
|
281,155,260
|
|
CBAK Energy
Technology, Inc. and Subsidiaries
Unaudited Condensed
Consolidated Statements of Operations and Comprehensive Income
(Loss)
For the years ended
December 31, 2022 and 2023
(In US$ except for
number of shares)
|
|
|
|
|
|
|
|
|
|
Year
ended
|
|
|
Year
ended
|
|
|
|
|
|
December 31,
2022
|
|
|
December 31,
2023
|
|
Net revenues
|
|
|
|
$
|
248,725,485
|
|
|
$
|
204,438,365
|
|
Cost of
revenues
|
|
|
|
|
(230,630,161)
|
|
|
|
(172,714,042)
|
|
Gross profit
|
|
|
|
|
18,095,324
|
|
|
|
31,724,323
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
|
|
|
|
(10,635,486)
|
|
|
|
(11,928,070)
|
|
Sales and marketing
expenses
|
|
|
|
|
(2,007,812)
|
|
|
|
(4,903,926)
|
|
General and
administrative expenses
|
|
|
|
|
(9,737,711)
|
|
|
|
(13,789,108)
|
|
Impairment charge on
long-lived assets
|
|
|
|
|
(4,831,708)
|
|
|
|
(7,070,236)
|
|
Impairment charge on
goodwill
|
|
|
|
|
(1,556,078)
|
|
|
|
-
|
|
Provision for expected
credit losses and bad debts written off
|
|
|
|
|
(831,132)
|
|
|
|
(1,284,795)
|
|
Total operating
expenses
|
|
|
|
|
(29,599,927)
|
|
|
|
(38,976,135)
|
|
Operating
loss
|
|
|
|
|
(11,504,603)
|
|
|
|
(7,251,812)
|
|
Finance income,
net
|
|
|
|
|
491,060
|
|
|
|
432,900
|
|
Other (expenses)
income, net
|
|
|
|
|
(7,252,475)
|
|
|
|
3,023,238
|
|
Impairment charges on
equity investee
|
|
|
|
|
-
|
|
|
|
(2,366,080)
|
|
Share of loss of equity
investee
|
|
|
|
|
-
|
|
|
|
(27,428)
|
|
Changes in fair value
of warrants liability
|
|
|
|
|
5,710,000
|
|
|
|
136,000
|
|
Loss before income
tax
|
|
|
|
|
(12,556,018)
|
|
|
|
(6,053,182)
|
|
Income tax credit
(expenses), net
|
|
|
|
|
1,228,207
|
|
|
|
(2,486,145)
|
|
Net loss
|
|
|
|
|
(11,327,811)
|
|
|
|
(8,539,327)
|
|
Less: Net loss
attributable to non-controlling interests
|
|
|
|
|
1,879,365
|
|
|
|
7,522,337
|
|
Net loss
attributable to shareholders of CBAK Energy Technology,
Inc.
|
|
|
|
$
|
(9,448,446)
|
|
|
$
|
(1,016,990)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
|
(11,327,811)
|
|
|
|
(8,539,327)
|
|
Other comprehensive
loss
|
|
|
|
|
|
|
|
|
|
|
– Foreign currency
translation adjustment
|
|
|
|
|
(11,189,175)
|
|
|
|
(3,606,576)
|
|
Comprehensive
loss
|
|
|
|
|
(22,516,986)
|
|
|
|
(12,145,903)
|
|
Less: Comprehensive
loss attributable to non-controlling interests
|
|
|
|
|
2,425,879
|
|
|
|
7,759,779
|
|
Comprehensive loss attributable to CBAK Energy Technology,
Inc.
|
|
|
|
$
|
(20,091,107)
|
|
|
$
|
(4,386,124)
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
share
|
|
|
|
|
|
|
|
|
|
|
– Basic
|
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.03)
|
|
– Diluted
|
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares of common stock:
|
|
|
|
|
|
|
|
|
|
|
– Basic
|
|
|
|
|
88,927,671
|
|
|
|
89,252,085
|
|
– Diluted
|
|
|
|
|
88,927,671
|
|
|
|
89,252,085
|
|
View original
content:https://www.prnewswire.com/news-releases/cbak-energy-reports-fourth-quarter-and-full-year-2023-unaudited-financial-results-302090190.html
SOURCE CBAK Energy Technology, Inc.