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DALIAN, China - CBAK Energy Technology, Inc. (NASDAQ: CBAT), a prominent lithium-ion battery producer in China, announced today that its subsidiary Nanjing CBAK New Energy Technology Co., Ltd. has received a substantial order from the leading electric vehicle (EV) company in Africa. The order, worth around $11.6 million, represents approximately 7.6% of the company’s last twelve months revenue of $152.7 million, according to InvestingPro data. The order is for CBAK Energy’s Model 32140 large LFP cylindrical batteries, which are part of a strategic partnership aimed at boosting sustainable mobility on the continent.
The African EV company, noted for its innovative battery-swapping technology and electric motorcycles tailored for local conditions, is at the forefront of transforming the region’s transportation with a focus on electric mobility. This order is expected to be the first of several, potentially totaling up to $55 million, as the company expands its fleet of electric motorcycles across Africa.
CBAK Energy’s CEO, Zhiguang Hu, expressed enthusiasm about the partnership, emphasizing the company’s commitment to supporting electric mobility in emerging markets and contributing to the sustainable development of the electric mobility sector in Africa.
CBAK Energy, which has been listed on the Nasdaq Stock Market since January 2006, operates multiple subsidiaries and boasts a significant R&D and production base in Dalian. The company specializes in manufacturing new energy high power lithium batteries and raw materials, catering to a wide range of applications including electric vehicles, energy storage, and UPS among others.
This partnership is expected to reinforce CBAK Energy’s strategic focus on expanding its market presence in emerging regions, highlighting the growing demand for high-quality battery solutions in the global shift towards sustainable transportation.
The information in this article is based on a press release statement from CBAK Energy Technology, Inc.
In other recent news, CBAK Energy Technology reported its fourth quarter 2024 earnings, highlighting a significant turnaround with a net income of $11.79 million, reversing a previous year’s loss. Despite a 13.61% decline in consolidated net revenues to $176.61 million, the company’s gross profit rose, boosting investor confidence. In a strategic move, CBAK Energy has initiated a $20 million stock buyback program authorized by its Board of Directors, aiming to deliver value to shareholders and comply with Nasdaq’s minimum bid price rule. Additionally, CBAK Energy announced a $3 million follow-up order from Livguard, an Indian energy storage solutions company, raising the total business with Livguard to $7.9 million.
The company also disclosed changes in its board of directors, with Mr. Yunfei Li resigning as Chairman and Mr. Jiewei Li, the current CFO, being appointed as a new director. Furthermore, CBAK Energy has entered a strategic partnership with Kandi Technologies to build lithium battery production facilities in the United States, focusing on the growing demand for off-road vehicles in North America. This partnership aims to capitalize on clean energy incentives provided by the U.S. Inflation Reduction Act. These developments underscore CBAK Energy’s efforts to expand its market presence and adapt to changing industry dynamics.
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