CBAK Energy Technology, Inc. (CBAT) stock soared 15.70% in the pre-market trading session at the price of $1.40 after reporting its earnings report for the fourth quarter and year 2021.
CBAT Q4 2021 Financial Results
On 14th April 2022, CBAT published its financial results for the quarter and year ended on 31st December 2021. The company has also presented its business highlights for the full year 2021. CBAT had total cash of US$7.4M on 31st December 2021, compared to US$2.0M last year.
CBAT has a net income of US$9.2M, or per share of US$0.1, for Q4 of 2021. Net loss was US$4.3M, or per share of US$0.07, for the same quarter of 2020. Revenues totaled US$27.8M for Q4 of 2021, representing a surge of 80 percent from US$15.4M in the same quarter of 2020. The company calculated a gross profit of US$1.0M with a gross margin of 3.7 percent for Q4 of 2021. Operating loss totaled US$5.8M for Q4 of 2021, compared to US$6.0M for Q4 of 2020.
CBAT Market Outlook
The management claimed that 2021 was a promising period for CBAT as the stock acquired substantial traction across numerous fronts. The company is working to strengthen its competitive benefits through product development and innovative technology. Meanwhile, CBAT stock has raised its production capacity to address growing battery demands for electric vehicles.
Moreover, CBA has signed a purchase deal with Zhejiang Hitrans Lithium Battery Technology to get materials for Li-ion batteries. This acquisition will drive revenue growth and improve CBAT’s battery product business as the company strives for a steady material supplier. As 2022 evolves, the management will concentrate on scaling up its capacity and boosting the battery material sector.
The gradually increasing sales of lithium batteries will help CBAT grow its gross margin and scale the revenue. The continued investments in new businesses, research, and development will guarantee further growth for the stock.