10-K · March 31, 2026
CBAK's 2025 Form 10-K describes a transition year: full-year revenue rose to $196.0 million (quarterly totals) from $177.0 million in 2024, but profitability and margins materially deteriorated with Q4 2025 gross margin…
Earnings analysis · 10-Q
CBAT earnings analysis
Filed May 18, 2026 · Our reading of the company's report
The latest report
CBAK Energy Technology, Inc. reported Q4 results with a 99% increase in revenue year-over-year to $69.6 million, despite a significant decline in gross profit of 78.3%, resulting in a net loss of $9.0 million. The…
Read full summary
CBAK Energy Technology, Inc. reported Q4 results with a 99% increase in revenue year-over-year to $69.6 million, despite a significant decline in gross profit of 78.3%, resulting in a net loss of $9.0 million. The company continues to face challenges with operating losses and rising costs but anticipates future growth driven by international expansion and market demand for their products.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.1
- Segment
- Electric Vehicles
- Segment
- Light Electric Vehicles
- Segment
- Residential Energy Storage
- Segment
- Cathode Materials
What stood out
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Massive Revenue Growth
Net revenues rose by $34.7 million, or 99%, to $69.6 million in Q4 2026 from $34.9 million in Q4 2025.
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Net Loss Increase
Net loss jumped to $9.0 million from $2.1 million a year prior, reflecting ongoing operational challenges.
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Operating Loss Worsens
Operating loss rose to $9.7 million compared to $2.9 million in the same quarter last year, an increase of $6.8 million.
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Cash Position Improvement
Cash and cash equivalents increased to $98.6 million from $60.8 million year-over-year.
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Significant Segment Growth
Net revenues from light electric vehicles grew by 442%, from $2.8 million to $15.4 million.
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New Market Focus
Management emphasized expansion into international markets contributing to growth and diversification.
What to watch
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Increased Operational Losses
Operating losses have increased significantly, with a loss of $9.7 million compared to $2.9 million in Q4 2025.
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Declining Gross Margins
Gross profit decreased to $1.0 million, a 78% drop, resulting in a gross margin of only 1.5%.
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Liquidity Concerns
The current liabilities exceed current assets by $129.8 million, raising substantial doubt about the company's ability to continue as a going concern.
Management's outlook
Company expresses optimism for future growth contingent on pricing adjustments and expansion but does not provide numeric guidance.
Earlier filings 4
10-K · March 17, 2025
CBAK describes itself as a China-based manufacturer of high-power lithium and sodium batteries and, since the Nov 2021 acquisition of Hitrans, a developer of NCM precursor and cathode materials (Hitrans ownership 67.33%…
10-Q · November 12, 2024
CBAK reported Q3 net revenues of $44,628,241, down from $63,441,109 in Q3 2023, driving a swing to a quarterly net loss of $(685,539) from net income of $5,764,148 a year earlier. Gross profit fell to $6,954,557 and…
10-Q · May 14, 2024
CBAK reported a strong quarter with revenue of $58,822,432 (up $16,425,731 or +38.7% versus $42,396,701 in Q1 2023) and a swing to GAAP net income of $9,572,474 (net income attributable to shareholders $9,836,450)…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.