8-K
CBAK Energy Technology, Inc. (CBAT)
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported):
August 15, 2022
CBAK ENERGY TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
| Nevada | 001-32898 | 86-0442833 |
|---|---|---|
| (State or other jurisdictionof incorporation) | (Commission File No.) | (IRS EmployerIdentification No.) |
BAK Industrial Park, Meigui Street
Huayuankou Economic Zone
Dalian, China, 116450
(Address, including zip code, of principal executive offices)
(86)(411)-3918-5985
(Registrant’s telephone number, including area code)
(Formername or former address, if changed since last report)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.001 par value | CBAT | Nasdaq Capital Market |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written<br>communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting<br>material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement<br>communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement<br>communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02. Results of Operations
and Financial Condition.
On August 15, 2022, CBAK Energy Technology, Inc. (the “Company”) released its unaudited results of operations for the fiscal quarter ended June 30, 2022. A copy of the press release issued by the Company concerning the foregoing results is furnished hereto as Exhibit 99.1.
The information in Item 2.02 of this Current Report on Form 8-K and the exhibit attached hereto are intended to be “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. Except as shall be expressly set forth by specific reference in such filing, the information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing with the Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
ITEM 9.01. Financial Statements
and Exhibits.
(d) Exhibits
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release dated August 15, 2022 |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CBAK ENERGY TECHNOLOGY, INC. | ||
|---|---|---|
| Date: August 15, 2022 | By: | /s/ Xiangyu<br> Pei |
| Xiangyu Pei | ||
| Interim Chief Financial Officer |
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Exhibit99.1
CBAKEnergy Reports Second Quarter and First Half 2022 Unaudited Financial Results
–NetRevenues up 857% year over year in the second quarter–
–NetRevenues up 792% year over year in the first half–
DALIAN, China, August 15, 2022 /PRNewswire/ — CBAK Energy Technology, Inc. (NASDAQ: CBAT) (“CBAK Energy,” or the “Company”) a leading lithium-ion battery manufacturer and electric energy solution provider in China, today reported its unaudited financial results for the second quarter and first half of 2022 ended June 30, 2022.
SecondQuarter of 2022 Financial Highlights
| ● | Net revenues were $56.4 million, an increase of 857% from $5.9 million in the same period<br> of 2021. |
|---|---|
| ● | Gross profit was $5.5 million, representing an increase of $4.4 million, or 404%, for the three<br> months ended June 30, 2022, from gross profit of $1.1 million for the same period in 2021. |
| --- | --- |
| ● | Net income attributable to shareholders of CBAK Energy was $0.8 million, compared to net<br> income attributable to shareholders of CBAK Energy of $2.7 million in the same period of<br> 2021. |
| --- | --- |
FirstHalf of 2022 Financial Highlights
| ● | Net revenues were $136.5 million, an increase of 792% from $15.3 million in 2021. |
|---|---|
| ● | Gross profit was $10.9 million, an increase of 270% from $2.9 million in 2021. |
| --- | --- |
| ● | Net income attributable to shareholders of CBAK Energy was $1.3 million, compared to net<br> income attributable to shareholders of CBAK Energy of $32.3 million in 2021. |
| --- | --- |
Yunfei Li, Chairman and Chief Executive Officer of the Company, commented: “In the second quarter and first half of 2022, our company continued its strong growth in revenues. With the new energy industry getting hotter with tremendous policy supports, we made wise decision to enter the upstream of the industry by acquiring a lithium-ion battery material business and to further expand our battery production capacity.”
Mr. Li continued: “Despite that the inflation of materials price resulted from capacity shortage has increased our costs, we still managed to sustain a highly rapid growth in revenues, of which revenues from our battery business grew by over 3 times. Our management team is highly confident about the company’s future and its potential for quicker growth.”
Xiangyu Pei, Interim Chief Financial Officer of the Company, noted: “With the significant growth in the sales of our batteries and battery materials, we continued to expand revenue and gross profits. Notably, our revenues grew as much as 792% year-over-year to $136.5 million in the first half of 2022 while gross profits increased by over two times to $10.9 million. We believe that with the material price starts de-inflation and that our Nanjing plant is fully operated with its full capacity, we will have much higher profits. As always, we continued to invest in new headcounts, new business as well as research and development to drive further growth. We believe these investments, combined with our sound financial position and powerful battery product ecosystem, will enable us to sustain long-term, profitable growth.”
SecondQuarter of 2022 Business Highlights & Recent Developments
| ● | In<br> July 2022, the Company announced a joint-development agreement with one of the leading players<br> in the R&D of sodium-ion batteries to co-develop Na-ion batteries. Both companies anticipated<br> to start producing samples in the second half of 2022. |
|---|---|
| ● | In<br> June 2022, CBAK Energy announced a framework agreement with Jiangsu JPK New Energy Co., Ltd.,<br> a subsidiary of Jiangsu Jemmell New Energy Automobile Co., Ltd. (“Jemmell”) to<br> develop and supply large cylindrical batteries used on Jemmell’s A00-grade mini passenger<br> vehicles. Jemmell is known as a light electric vehicle manufacturing unit of Jinpeng Group<br> (“JP Group”), which is one of China’s biggest LEV manufacturers. |
| --- | --- |
SecondQuarter of 2022 Financial Results
Netrevenues were $56.4 million, an increase of 857% from $5.9 million in the same period of 2021. This was driven mostly by strong sales of high-power lithium batteries and materials for use in manufacturing lithium battery.
| Net<br> Revenues by End-product Applications<br> ($ thousands) | 2021<br> <br>Second<br> <br>Quarter | 2022 Second<br> <br>Quarter | %<br> <br><br>Change<br> YoY | |||
|---|---|---|---|---|---|---|
| Segment 1<br> <br>High power lithium batteries used in: | ||||||
| Uninterruptable supplies | $ | 5,812 | $ | 25,045 | 331 | |
| Light electric vehicles | 75 | 671 | 795 | |||
| Electric<br> vehicles | - | - | - | |||
| Segment 2 | ||||||
| Materials for use in manufacturing of lithium battery cell | ||||||
| Precursor | - | 4,110 | - | |||
| Cathode | - | 26,524 | - | |||
| Trading<br> of raw materials used in lithium batteries | 2 | - | -100 | |||
| Total | $ | 5,889 | $ | 56,350 | 857 |
Costof revenues was $50.8 million, an increase of 961% from $4.8 million in the same period of 2021. This was primarily due to increased net revenues.
Grossprofit was $5.5 million, representing an increase of 404% from $1.1 million in the same period of 2021. Gross Margin was 9.5%, a decrease of 9.1% from 18.6% in the same period of 2021. The change in gross profits was primarily due to the increase in raw material costs.
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Totaloperating expenses were $5.4 million, an increase of 48% from $3.8 million in the same period of 2021. Most of the increase in all expense categories was due to growing headcount and the acquisition of our battery material business and a growing number of employees for the new facility in Nanjing.
| ● | Research and development expenses were $2.3 million, an increase of 120% from $1.0 million in<br> the same period of 2021. |
|---|---|
| ● | Sales and marketing expenses were $0.7 million, an increase of 29% from $0.5 million in the<br> same period of 2021. |
| --- | --- |
| ● | General and administrative expenses were $2.5 million, an increase of 5% from $2.3 million in<br> the same period of 2021. |
| --- | --- |
| ● | Recovery of doubtful accounts was $59,826, compared to $0.1 million in the same period of 2021. |
| --- | --- |
Operatingincome was $0.1 million, compared to an operating loss of $2.7 million in the same period of 2021, representing a change of 105% from operating loss to operating income.
Financeexpense, net was $0.6 million, compared to finance income of $52,700 in the same period of 2021.
Changein fair value of warrants was $2.1 million, compared to $5.8 million in the same period of 2021. The change in fair value of the warrants liability is mainly due to share price movement.
Netincome attributable to shareholders of CBAK Energy was $0.8 million, compared to net income attributable to shareholders of CBAK Energy of $2.7 million in the same period of 2021.
Basicand diluted income per share were both nil. In comparison, basic and diluted income per share in the same period of 2021 were both $0.02.
FirstHalf of 2022 Financial Results
Netrevenues were $136.5 million, an increase of 792% from $15.3 million in 2021. This was primarily due to stronger sales of batteries for uninterruptable supplies and LEVs as well as materials for use in manufacturing lithium battery.
| Net Revenues by End-product Applications<br> ($ thousands) | 2021<br> <br>First Half | 2022<br> First <br> Half | %<br> Change<br> YoY | |||
|---|---|---|---|---|---|---|
| Segment 1<br> <br>High power lithium batteries used in: | ||||||
| Uninterruptable supplies | $ | 14,576 | $ | 39,976 | 174 | |
| Light electric vehicles | 109 | 760 | 597 | |||
| Electric vehicles | 101 | - | -100 | |||
| Segment 2 | ||||||
| Materials for use in manufacturing of lithium battery cell | ||||||
| Precursor | - | 40,923 | - | |||
| Cathode | - | 54,887 | - | |||
| Trading of raw materials used in lithium batteries | 519 | - | -100 | |||
| Total | $ | 15,305 | $ | 136,546 | 792 |
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Costof revenues was $125.7 million, an increase of 916% from $12.4 million in 2021. This was primarily attributed to increased net revenues.
Grossprofit was $10.9 million, an increase of 270% from $2.9 million in 2021. Gross margin was 8.0%, a decrease of 11 percentage points from 2021. The change in gross margin was primarily due to the increase in raw material prices.
Totaloperating expenses were $12.0 million, an increase of 112% from $5.7 million in 2021. Most of the increase in all expense categories was due to growing headcount and the acquisition of our battery material business and a growing number of employees for the new facility in Nanjing.
| ● | Research and development expenses were $5.6 million, an increase of 267% from $1.5 million in<br> 2020. The increase was mainly due to the increase in salaries, and the acquisition of our<br> battery material business, and a growing number of employees needed for our new Nanjing plant. |
|---|---|
| ● | Sales and marketing expenses were $1.5 million, an increase of 103% from $0.8 million in 2021.<br> The increase was mainly due to the increase in salaries, the acquisition of our battery material<br> business, a growing number of employees needed for our new Nanjing plant and expanded sales<br> and marketing efforts. |
| --- | --- |
| ● | General and administrative expenses were $4.7 million, an increase of 28% from $3.7 million in<br> 2021. The increase was mainly due to the increase in salaries resulting from the acquisition<br> of our battery material business, a growing number of employees need for the new facility<br> in Nanjing. |
| --- | --- |
| ● | Provision for doubtful accounts was $0.2 million, compared to a recovery of doubtful accounts of<br> $0.3 million in 2021. |
| --- | --- |
Operating loss was $1.2 million, compared to $2.8 million in 2021, representing a decrease of 57%.
Financeexpense, net was $0.6 million, compared to finance income of $45,102 in 2021.
Changein fair value of warrants was $3.8 million, compared to $34.2 million in 2021. The change in fair value of the warrants liability is mainly due to share price movement.
Netincome attributable to shareholders of CBAK Energy was $1.3 million, compared to net income attributable to shareholders of CBAK Energy of $32.3 million in 2021.
Basicand diluted income per share were both $0.01. In comparison, basic and diluted loss per share in 2021 were both $0.37.
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ConferenceCall
CBAK’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Monday, August 15, 2022 (8:00 PM Beijing/Hong Kong Time on August 15, 2022).
For participants who wish to join the call, please register in advance for the conference using the link provided below at least 15 minutes prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal pin and an email with detailed instructions to join the conference call.
Participant Online Registration: https://register.vevent.com/register/BId7dd8f617e1e4d01a3e700460f168ddd
Once completing the registration, please dial-in at least 10 minutes before the scheduled start time of the conference call and enter the personal pin as instructed to connect to the call.
A replay of the conference call may be accessed within seven days after the conclusion of the live call at the following website:
https://edge.media-server.com/mmc/p/x2rvxnig
AboutCBAK Energy
CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading high-tech enterprise in China engaged in the development, manufacturing, and sales of new energy high power lithium batteries and raw materials for use in manufacturing high power lithium batteries. The applications of the Company’s products and solutions include electric vehicles, light electric vehicles, electric tools, energy storage, uninterruptible power supply (UPS), and other high-power applications. In January 2006, CBAK Energy became the first lithium battery manufacturer in China listed on the Nasdaq Stock Market. CBAK Energy has multiple operating subsidiaries in Dalian, Nanjing and Shaoxing, as well as a large-scale R&D and production base in Dalian.
For more information, please visit www.cbak.com.cn.
SafeHarbor Statement
Thispress release contains “forward-looking statements” that involve substantial risks and uncertainties. All statements otherthan statements of historical facts contained in this press release, including statements regarding our future results of operationsand financial position, strategy and plans, and our expectations for future operations, are forward-looking statements within the meaningof Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We haveattempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,”“continue,” “could,” “estimates,” “expects,” “intends,” “may,”“plans,” “potential,” “predicts,” “should,” or “will” or the negative ofthese terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein,or implied by, these forward-looking statements.
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Anyforward-looking statements contained in this press release are only estimates or predictions of future events based on information currentlyavailable to our management and management’s current beliefs about the potential outcome of future events. Whether these futureevents will occur as management anticipates, whether we will achieve our business objectives, and whether our revenues, operating results,or financial condition will improve in future periods are subject to numerous risks. There are a significant number of factors that couldcause actual results to differ materially from statements made in this press release, including: significant legal and operational risksassociated with having substantially all of our business operations in China, the Chinese government may exercise significant oversightand discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in amaterial change in our operations and/or the value of our securities or could significantly limit or completely hinder our ability tooffer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless,trading in our securities may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB subsequently determinesour audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely for three consecutive years, theeffects of the global Covid-19 pandemic, changes in domestic and foreign laws, regulations and taxes, uncertainties related to China’slegal system and economic, political and social events in China, the volatility of the securities markets; and other risks including,but not limited to, the ability of the Company to meet its contractual obligations, the uncertain market for the Company’s lithiumbattery cells and business, macroeconomic, technological, regulatory, or other factors affecting the profitability of our products andsolutions that we discussed or referred to in the Company’s disclosure documents filed with the U.S. Securities and Exchange Commission(the “SEC”) available on the SEC’s website at www.sec.gov, including the Company’s most recent Annual Reporton Form 10-K as well as in our other reports filed or furnished from time to time with the SEC. You should read these factors and theother cautionary statements made in this press release. If one or more of these factors materialize, or if any underlying assumptionsprove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievementsexpressed or implied by these forward-looking statements. The forward-looking statements included in this press release are made as ofthe date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements,other than as required by applicable law.
Forinvestor and media inquiries, please contact:
CBAK Energy Technology, Inc.
Investor Relations Department
Mr. Thierry Jiewei Li
Phone: 86-18675423231
Email: ir@cbak.com.cn
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CBAKEnergy Technology, Inc. and Subsidiaries
UnauditedCondensed Consolidated Balance Sheets
(In $ except for number of shares)
| **** | June 30, 2022 | **** | |||
|---|---|---|---|---|---|
| (Unaudited) | |||||
| Assets | |||||
| Current assets | |||||
| Cash and cash equivalents | 7,357,875 | $ | 4,380,742 | ||
| Pledged deposits | 18,996,749 | 37,117,785 | |||
| Trade accounts and bills receivable, net | 49,907,129 | 26,056,836 | |||
| Inventories | 30,133,340 | 55,305,909 | |||
| Prepayments and other receivable | 12,746,990 | 7,543,259 | |||
| Receivables from former subsidiary | 2,263,955 | 5,670,336 | |||
| Amount due from non-controlling interest,<br> current | 125,883 | 119,414 | |||
| Amount due from related party, current | 472,061 | 223,901 | |||
| Income tax recoverable | 47,189 | - | |||
| Investment in sales-type<br> lease, net | 790,516 | 859,348 | |||
| Total current assets | 122,841,687 | 137,277,530 | |||
| Property, plant and equipment, net | 90,042,773 | 84,705,053 | |||
| Construction in progress | 27,343,092 | 28,860,353 | |||
| Non-marketable equity securities | 712,930 | 676,292 | |||
| Prepaid land use rights | 13,797,230 | 12,918,119 | |||
| Intangible assets, net | 1,961,739 | 1,594,057 | |||
| Operating lease right-of-use assets, net | 1,968,032 | 527,622 | |||
| Investment in sales-type lease, net | 838,528 | 492,605 | |||
| Amount due from related party, non-current | 62,941 | 59,707 | |||
| Deferred tax assets, net | 1,403,813 | 1,308,051 | |||
| Goodwill | 1,645,232 | 1,562,349 | |||
| Total assets | 262,617,997 | $ | 269,981,738 | ||
| Liabilities | |||||
| Current liabilities | |||||
| Trade accounts and bills payable | 65,376,212 | $ | 80,511,194 | ||
| Short-term bank borrowings | 8,811,820 | 16,875,223 | |||
| Other short-term loans | 4,679,122 | 707,602 | |||
| Accrued expenses and other payables | 22,963,700 | 22,697,848 | |||
| Income tax payable | - | 31,093 | |||
| Payables to former subsidiaries, net | 326,507 | 346,539 | |||
| Deferred government grants, current | 3,834,481 | 2,149,033 | |||
| Product warranty provisions | 127,837 | 106,053 | |||
| Warrants liability | 5,846,000 | 2,083,000 | |||
| Operating lease liability,<br> current | 801,797 | 215,439 | |||
| Total current liabilities | 112,767,476 | 125,723,024 | |||
| Deferred government grants, non-current | 6,189,196 | 6,284,983 | |||
| Product warranty provisions | 1,900,429 | 1,913,083 | |||
| Operating lease liability, non-current | 876,323 | 128,129 | |||
| Total liabilities | 121,733,424 | 134,049,219 | |||
| Commitments and contingencies | |||||
| Shareholders’ equity | |||||
| Common<br> stock 0.001 par value; 500,000,000 authorized; 89,135,064 issued and 88,990,858 outstanding as of December 31, 2021 and June 30,<br> 2022 | 88,849 | 89,135 | |||
| Donated shares | 14,101,689 | 14,101,689 | |||
| Additional paid-in capital | 241,946,362 | 241,991,981 | |||
| Statutory reserves | 1,230,511 | 1,230,511 | |||
| Accumulated deficit | (122,498,259 | ) | (121,248,616 | ) | |
| Accumulated other<br> comprehensive loss (income) | 2,489,017 | (4,240,719 | ) | ||
| 137,358,169 | 131,923,981 | ||||
| Less: Treasury shares | (4,066,610 | ) | (4,066,610 | ) | |
| Total shareholders’ equity | 133,291,559 | 127,857,371 | |||
| Non-controlling interests | 7,593,014 | 8,075,148 | |||
| Total equity | 140,884,573 | 135,932,519 | |||
| Total liabilities and<br> shareholder’s equity | 262,617,997 | $ | 269,981,738 |
All values are in US Dollars.
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CBAKEnergy Technology, Inc. and Subsidiaries
UnauditedCondensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(In $ except for number of shares)
| **** | Three months ended June 30, | **** | Six months ended June 30, | **** | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| **** | 2021 | **** | 2022 | **** | 2021 | **** | 2022 | **** | ||||
| Net revenues | $ | 5,889,154 | $ | 56,349,660 | $ | 15,305,203 | $ | 136,545,958 | ||||
| Cost of revenues | (4,791,503 | ) | (50,814,352 | ) | (12,368,123 | ) | (125,694,296 | ) | ||||
| Gross profit | 1,097,651 | 5,535,308 | 2,937,080 | 10,851,662 | ||||||||
| Operating expenses: | ||||||||||||
| Research and development expenses | (1,045,312 | ) | (2,299,466 | ) | (1,529,061 | ) | (5,612,590 | ) | ||||
| Sales and marketing expenses | (539,471 | ) | (697,664 | ) | (752,613 | ) | (1,527,338 | ) | ||||
| General and administrative expenses | (2,340,896 | ) | (2,453,515 | ) | (3,665,377 | ) | (4,690,889 | ) | ||||
| Recovery (provision<br> for) of doubtful accounts | 104,517 | 59,826 | 258,578 | (211,617 | ) | |||||||
| Total operating expenses | (3,821,162 | ) | (5,390,819 | ) | (5,688,473 | ) | (12,042,434 | ) | ||||
| Operating (loss) income | (2,723,511 | ) | 144,489 | (2,751,393 | ) | (1,190,772 | ) | |||||
| Finance income (expenses), net | 52,700 | (620,490 | ) | 45,102 | (615,476 | ) | ||||||
| Other income, net | 331,576 | (458,946 | ) | 1,549,224 | (173,742 | ) | ||||||
| Impairment of non-marketable equity securities | (690,542 | ) | - | (690,542 | ) | - | ||||||
| Change in fair value<br> of warrants | 5,750,000 | 2,131,000 | 34,176,000 | 3,763,000 | ||||||||
| Income before income tax | 2,720,223 | 1,196,053 | 32,328,391 | 1,783,010 | ||||||||
| Income tax expenses | - | (179,788 | ) | - | (86,242 | ) | ||||||
| Net income | 2,720,223 | 1,016,265 | 32,328,391 | $ | 1,696,768 | |||||||
| Less: Net income<br> attributable to non-controlling interest | (19,622 | ) | (211,075 | ) | (18,508 | ) | (447,125 | ) | ||||
| Net income attributable<br> to CBAK Energy Technology, Inc. | $ | 2,700,601 | $ | 805,190 | $ | 32,309,883 | $ | 1,249,643 | ||||
| Net income | 2,720,223 | 1,016,265 | 32,328,391 | 1,696,768 | ||||||||
| Other comprehensive income (loss) | ||||||||||||
| –<br> Foreign currency translation adjustment | 1,141,596 | (7,126,920 | ) | 1,230,734 | (6,694,727 | ) | ||||||
| Comprehensive income (loss) | 3,861,819 | (6,110,655 | ) | 33,559,125 | (4,997,959 | ) | ||||||
| Less:<br> Comprehensive income attributable to non-controlling interest | (18,637 | ) | (205,075 | ) | (12,620 | ) | (482,134 | ) | ||||
| Comprehensive<br> income (loss) attributable to CBAK Energy Technology, Inc. | $ | 3,843,182 | $ | (6,315,730 | ) | $ | 33,546,505 | $ | (5,480,093 | ) | ||
| Income per share | ||||||||||||
| –<br> Basic | $ | 0.02 | $ | 0.00 | * | $ | 0.37 | $ | 0.01 | |||
| –<br> Diluted | $ | 0.02 | $ | 0.00 | * | $ | 0.37 | $ | 0.01 | |||
| Weighted average number of shares of common<br> stock: | ||||||||||||
| –<br> Basic | 88,411,583 | 89,007,924 | 86,347,656 | 88,852,594 | ||||||||
| –<br> Diluted | 88,993,839 | 89,007,924 | 86,938,886 | 88,852,594 | ||||||||
| * | Less<br>than $0.01 per share | |||||||||||
| --- | --- |
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