CBAK Energy Technology, Inc., a Nevada-based holding company with primary operations in China, reported net revenues of $195.2 million for the fiscal year ended December 31, 2025, compared to $176.6 million in the previous fiscal year, representing an 11% increase. This growth was primarily driven by increased sales of cathode materials and precursors, as well as batteries used in light electric vehicles. However, the company experienced a net loss of $11.0 million in 2025, a significant shift from the net income of $9.6 million reported in 2024. As of December 31, 2025, the company's accumulated deficit stood at $133.8 million, while net assets totaled $109.5 million.
The company's revenue streams varied across different product applications. Sales of batteries for electric vehicles decreased by 53% to $0.8 million, while sales for light electric vehicles surged by 252% to $36.4 million. Revenue from batteries used in residential energy supply and UPS applications decreased by 45% to $68.8 million. Conversely, sales of cathode materials and precursors increased significantly, with cathode sales rising by 141% to $82.5 million and precursor sales increasing by 16% to $6.7 million. These shifts reflect the company's strategic adjustments in response to market demand and product lifecycle changes.
Operationally, CBAK Energy Technology continued to expand its manufacturing capabilities. The Nanjing project, aimed at producing lithium or sodium batteries for various sectors, saw the commencement of mass production on the first two production lines at Phase II. The Dalian plant transitioned to a new production line for model 40135 batteries, with mass production starting in 2025. Hitrans, the company's raw materials production unit, is constructing a new cathode manufacturing plant and has completed construction of a new precursor plant, both expected to commence production in the coming years. The company's R&D efforts are focused on developing larger cylindrical battery models and high-nickel low-cobalt materials.
Looking ahead, CBAK Energy Technology faces both opportunities and challenges. The company's independent auditors have expressed substantial doubt about its ability to continue as a going concern, citing a working capital deficiency and significant short-term debt obligations. The company plans to improve profitability, renew bank borrowings, and raise additional capital through debt and equity financing. The company is also navigating evolving regulatory landscapes in both the U.S. and China, which could impact its operations and access to capital markets. The company is also subject to risks associated with international operations, competition, and technological changes in the battery industry.
About CBAK Energy Technology, Inc.
CBAK Energy Technology, Inc. manufactures high-power lithium and sodium batteries primarily for light electric vehicles, electric vehicles, and energy storage applications like residential supply and UPS. It also produces NCM cathode materials and precursors through its subsidiary Hitrans. Serving domestic Chinese and international markets, the company leverages advanced R&D and manufacturing capabilities to offer safe, long-life cylindrical batteries and battery materials, targeting battery manufacturers and end-use sectors.
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