CBAT earnings analysis
What we found in CBAT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- Net Loss Increase
- Net loss jumped to $9.0 million from $2.1 million a year prior, reflecting ongoing operational challenges.
- 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.
- Cash Position Improvement
- Cash and cash equivalents increased to $98.6 million from $60.8 million year-over-year.
- Significant Segment Growth
- Net revenues from light electric vehicles grew by 442%, from $2.8 million to $15.4 million.
- New Market Focus
- Management emphasized expansion into international markets contributing to growth and diversification.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Operational Losses
- Operating losses have increased significantly, with a loss of $9.7 million compared to $2.9 million in Q4 2025.
- Declining Gross Margins
- Gross profit decreased to $1.0 million, a 78% drop, resulting in a gross margin of only 1.5%.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.1
- Gross margin
- 1.5%
- Operating margin
- -13.9%
- Segment
- Electric Vehicles
- Segment
- Light Electric Vehicles
- Segment
- Residential Energy Storage
- Segment
- Cathode Materials
What they said about what is next.
Company expresses optimism for future growth contingent on pricing adjustments and expansion but does not provide numeric guidance.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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