CBAK Energy Reports Fourth Quarter and Full Year 2025 Unaudited Financial Results
Rhea-AI Summary
CBAK Energy (NASDAQ: CBAT) reported unaudited Q4 2025 net revenues of $58.80M (+131.8% YoY) and full-year 2025 revenues of $195.19M (+11% YoY).
Hitrans raw-materials revenue rose to $89.21M (+123% FY) and LEV battery revenue reached $36.36M (+252% FY). Gross margin contracted to 9.4% and net loss was $9.38M. Cash and equivalents totaled $75.68M; capex was $44.65M. Company added ~5.3 GWh of new annual capacity (2.3 GWh Dalian; 3.0 GWh Nanjing) and expects ramp-driven margin recovery through 2026–2027.
Positive
- Q4 net revenue +131.8% to $58.80M
- FY consolidated revenue $195.19M (+11%)
- Hitrans revenue $89.21M (+123% FY)
- LEV battery sales $36.36M (+252% FY)
- Operating cash provided $48.55M and cash balance $75.68M
- Added ~5.3 GWh annual capacity (2.3 GWh + 3.0 GWh)
Negative
- Gross margin compressed to 9.4% from 23.7% in 2024
- Net loss of $9.38M in 2025 versus net income of $11.79M in 2024
- Cost of revenues up 31.1% to $176.77M; included $6.61M inventory write-downs
- High ramp-up and R&D costs (R&D $15.80M; capex $44.65M) pressuring near-term profitability
Key Figures
Market Reality Check
Peers on Argus
CBAT was up 1.49% pre-release, while key peers showed mixed moves: RFIL was up, ULBI, PPSI, ESP and NEOV were down. Only one peer (TGEN) appeared in momentum scans, moving down, suggesting CBAT’s action is stock-specific rather than a coordinated sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 10 | Q3 2025 earnings | Positive | +5.1% | Q3 revenues up 36.5% YoY and net income of $2.65M driven by Hitrans. |
| Aug 18 | Q2 2025 earnings | Negative | +6.3% | Q2 revenues and H1 2025 revenues declined sharply with net loss and margin drop. |
| May 19 | Q1 2025 earnings | Negative | -7.7% | Q1 revenues fell 41% and company swung from profit to net loss. |
| Apr 30 | Market share update | Positive | -2.2% | Reported 14.6% global share in 32140 cells and strong positioning. |
| Mar 17 | FY 2024 earnings | Positive | +0.0% | FY2024 showed higher battery gross margin and net income despite lower consolidated revenue. |
Earnings releases have produced mixed reactions: strong Q2 and Q3 revenue swings saw sizable price moves in both directions, and the stock has sometimes sold off on positive updates and risen on weaker quarters.
Over the past year, CBAT’s earnings cycle has highlighted the transition from legacy 26650 cells to newer 40135 and 32140 formats. Early 2025 results (Q1 and Q2) showed steep revenue declines, margin compression, and net losses. By Q3 2025, revenue rebounded to $60.92M with net income of $2.65M, helped by Hitrans. FY2024 results showed solid profitability with battery segment gross margin at 31.5% and consolidated net income of $11.79M. Today’s FY2025/Q4 release extends this narrative of revenue recovery but pressured margins and losses during ramp-up.
Historical Comparison
Over the last 5 earnings-related releases, CBAT’s average next-day move was about 0.31%, with both rallies and selloffs, indicating moderate but sometimes volatile responses to financial updates like this FY2025/Q4 report.
Earnings releases in 2025 traced a path from steep revenue and margin declines in Q1–Q2 to a Q3 rebound aided by Hitrans, and now to FY2025/Q4 results showing strong top-line growth but compressed margins during capacity ramp-up of newer cell formats.
Market Pulse Summary
This announcement details a sharp Q4 recovery, with net revenues of $58.80M and FY2025 revenues of $195.19M, but also significant margin compression to a 9.4% gross margin and a net loss of $9.38M. The results tie directly to heavy investment in new 40135 and 32140 capacity and higher R&D of $15.80M. Investors may watch future earnings for margin recovery, utilization of added GWh capacity, cash trends from the $75.68M balance, and progress in international LEV and materials growth.
Key Terms
gwh technical
AI-generated analysis. Not financial advice.
DALIAN, China, March 30, 2026 (GLOBE NEWSWIRE) -- 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 fourth quarter and full year ended December 31, 2025.
Fourth Quarter and Full Year 2025 Financial and Operational Highlights
- Fourth Quarter Consolidated Net Revenues achieved an explosive
131.8% year-over-year growth, reaching$58.80 million , compared to$25.37 million in the fourth quarter of 2024. This hyper-growth in the top line effectively decoupled from the temporary bottom-line pressures caused by ongoing capacity transitions. - Fourth Quarter Net Revenues from Light Electric Vehicles (LEV) skyrocketed by
524.1% year-over-year to$12.92 million , compared to$2.07 million in the prior year period. This single-quarter surge solidly validates the Company's aggressive and successful penetration into high-demand international markets, particularly India, Vietnam and Africa. - Fourth Quarter Net Revenues from the Battery Raw Materials Segment (Hitrans) delivered an unprecedented
944.1% year-over-year hyper-growth, surging to$27.98 million from$2.68 million in the fourth quarter of 2024. This exceptional single-quarter performance confirms that the raw material pricing cycle has powerfully rebounded, acting as a critical counter-cyclical stabilizer for the Company’s consolidated top line. - Full Year Consolidated Net Revenues reached
$195.19 million , representing an11% increase compared to$176.61 million in the fiscal year 2024. This top-line growth was primarily driven by a robust recovery in the battery raw materials segment and explosive growth in Light Electric Vehicle (LEV) battery sales. - Net Revenues from the Battery Raw Materials Segment (Hitrans) surged by
123% year-over-year to$89.21 million for the full year 2025, compared to$40.03 million in 2024. This segment benefited significantly from an ongoing upward cycle in raw material prices, which catalyzed a sharp operational rebound beginning in the third quarter of 2025. - Net Revenues from Batteries used in Light Electric Vehicles (LEV) soared by
252.4% year-over-year to$36.36 million for the full year 2025, up from$10.32 million in 2024, demonstrating successful penetration into international markets, particularly in India, Vietnam and Africa. - Strategic Capacity Expansion and Product Portfolio Upgrade: The Company successfully launched a new production line for the Model 40135 at the Dalian facility by the end of 2025, adding approximately 2.3 GWh of annual capacity to the existing 1.0 GWh capacity from three legacy 26-series lines. Concurrently, the Company added two new production lines for the Model 32140 at the Nanjing Phase II facility, contributing an additional 3.0 GWh of capacity to complement the 1.5 GWh already operational in Phase I. Both new facilities are currently in an intensive capacity ramp-up phase, with demand vastly exceeding current supply. Concurrently, the R&D pipeline has been accelerated to commercialize next-generation large-format cylindrical cells, specifically the 60115, 60135, and 60150 models.
Management Remarks
Zhiguang Hu, Chief Executive Officer of CBAK Energy, commented, “The fiscal year 2025 was a definitive transitional period for CBAK Energy, characterized by a comprehensive structural upgrade of our product portfolio and a deliberate pivot toward next-generation form factors. At our Dalian facility, our customers are actively transitioning from our legacy 26-series batteries—a product line with over a decade of history—to our newly introduced, highly advanced Model 40135 cells. To support this, we successfully commissioned a new 40135 production line with a 2.3 GWh capacity at the end of 2025. The market reception has been unprecedented; demand for the 40135 cells currently far exceeds our available supply, and our order book heavily outpaces our current ramp-up trajectory. While the initial capacity ramp-up phase inherently carries higher unit costs that have temporarily suppressed our gross margins and short-term profitability, this is a necessary and highly strategic investment. As our customers complete their transition to the Model 40135 throughout 2026 and 2027, we anticipate a dramatic and sustained resurgence in both top-line revenue and bottom-line profitability. Importantly, we have proactively engineered a strategic response to the impending phase-out of the PRC’s export tax rebate policy for lithium-ion batteries—which reduces rebates to
Jiewei Li, Director and Chief Financial Officer, added, “From a financial perspective, 2025 demonstrated the resilient, dialectical nature of our vertically integrated business model. While our battery segment faced margin compression due to the aggressive ramp-up of new production lines in both Dalian and Nanjing, as well as rising raw material costs, our Hitrans raw materials segment capitalized on this exact macroeconomic environment. Benefiting from the upward cycle in raw material prices, Hitrans experienced a powerful rebound starting in the third quarter of 2025, driving its full-year revenues up
Fourth Quarter 2025 Financial Results
Note: Fourth quarter financial results are derived by mathematically subtracting the Company's unaudited financial results for the first nine months ended September 30, from the audited financial results for the full year ended December 31.
Net revenues for the fourth quarter of 2025 were
Detailed revenues from our Battery Business and Hitrans segment in the fourth quarter are as follows:
| Net Revenues by Segment & Application | Q4 2024 ($) | Q4 2025 ($) | YoY Change (%) |
| Battery Business Total | 22,691,017 | 30,820,808 | 35.8% |
| - Electric Vehicles | 668,996 | 59,244 | - |
| - Light Electric Vehicles (LEV) | 2,069,739 | 12,919,284 | |
| - Residential Energy Supply & UPS | 19,952,282 | 17,842,280 | - |
| Hitrans (Battery Materials) Total | 2,679,874 | 27,981,704 | 944.1% |
| Consolidated Total Net Revenues | 25,370,891 | 58,802,512 | 131.8% |
Net revenues from the Battery Business were
Net revenues from the Hitrans segment were
Cost of revenues for the fourth quarter of 2025 was
Gross profit for the fourth quarter of 2025 was
Research and development (R&D) expenses in the fourth quarter were aggressively expanded to
Sales and marketing expenses were
General and administrative (G&A) expenses were
Operating loss for the fourth quarter of 2025 was
Net loss attributable to shareholders of CBAK Energy for the fourth quarter of 2025 was
Full Year 2025 Financial Results
Net revenues for the fiscal year ended December 31, 2025, were
Detailed revenues from our Battery Business and Hitrans segment are as follows:
| Net Revenues by Segment & Application | FY 2024 ($) | FY 2025 ($) | YoY Change (%) |
| Battery Business Total | 136,588,803 | 105,982,389 | - |
| - Electric Vehicles | 1,681,651 | 796,173 | - |
| - Light Electric Vehicles (LEV) | 10,319,176 | 36,363,411 | |
| - Residential Energy Supply & UPS | 124,587,976 | 68,822,805 | - |
| Hitrans (Battery Materials) Total | 40,025,806 | 89,206,917 | 123% |
| Consolidated Total Net Revenues | 176,614,609 | 195,189,306 | 11% |
Net revenues from the Battery Business were
Net revenues from the Hitrans segment were
Cost of revenues increased to
Gross profit was
Research and development (R&D) expenses were
Sales and marketing expenses remained tightly controlled at
General and administrative (G&A) expenses were
Operating loss for the fiscal year 2025 was
Net loss attributable to shareholders of CBAK Energy was
Liquidity and Capital Resources
As of December 31, 2025, the Company had cash and cash equivalents and restricted cash of
Conference Call
CBAK Energy's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Monday, March 30, 2026 (8:00 PM Beijing/Hong Kong Time on March 30, 2026).
For participants who wish to join our call online, please visit: https://edge.media-server.com/mmc/p/j8363xzj
Participants who plan to ask questions during the call will need to register at least 15 minutes prior to the scheduled call start time using the link provided below. Upon registration, participants will receive the conference call access information, including dial-in numbers, a unique pin, and an email with detailed instructions.
Participant Online Registration:
https://register-conf.media-server.com/register/BI24afc22816694600a9ddc91793bbf26e
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/j8363xzj
The earnings release and the link for the replay are available at ir.cbak.com.cn.
About CBAK 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 and sodium batteries, as well as the production of 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, energy storage 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, Shaoxing and Shangqiu, as well as a large-scale R&D and production base in Dalian.
For more information, please visit ir.cbak.com.cn
Safe Harbor Statement
This press release contains “forward-looking statements” that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted 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 of these 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.
Any forward-looking statements contained in this press release are only estimates or predictions of future events based on information currently available to our management and management's current beliefs about the potential outcome of future events. Whether these future events 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 could cause actual results to differ materially from statements made in this press release, including: significant legal and operational risks associated with having substantially all of our business operations in China, the effects of global economic conditions, changes in domestic and foreign laws, regulations and taxes, 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 markets for the Company's products and business, macroeconomic, technological, regulatory, or other factors affecting the profitability of our products and solutions 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 Report on 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 the other cautionary statements made in this press release. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements. The forward-looking statements included in this press release are made as of the 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.
For further inquiries, please contact:
CBAK Energy Technology, Inc.
Investor Relations Department
Email: ir@cbak.com.cn
| CBAK Energy Technology, Inc. and Subsidiaries Consolidated Balance Sheets As of December 31, 2024 and 2025 (Unaudited) (In US$ except for number of shares) | |||||||||
| December 31, 2024 | December 31, 2025 | ||||||||
| Assets | |||||||||
| Current assets | |||||||||
| Cash and cash equivalents | $ | 6,724,360 | $ | 8,301,149 | |||||
| Pledged deposits | 54,061,642 | 67,376,113 | |||||||
| Term deposits | 4,237,090 | - | |||||||
| Trade and bills receivable, net | 32,938,918 | 38,405,398 | |||||||
| Inventories | 22,851,027 | 50,602,287 | |||||||
| Prepayments and other receivables | 20,004,966 | 15,170,915 | |||||||
| Receivables from former subsidiary | 12,399 | 4,389 | |||||||
| Income tax recoverable | 566,458 | 778,460 | |||||||
| Total current assets | 141,396,860 | 180,638,711 | |||||||
| Property, plant and equipment, net | 85,486,829 | 179,058,801 | |||||||
| Construction in progress | 42,526,859 | 32,046,421 | |||||||
| Long-term investments, net | 2,246,494 | 2,485,580 | |||||||
| Prepaid land use rights | 11,075,973 | 12,308,864 | |||||||
| Intangible assets, net | 382,962 | 71,654 | |||||||
| Deposit paid for acquisition of long-term investments | 15,864,318 | 16,503,014 | |||||||
| Operating lease right-of-use assets, net | 3,237,849 | 3,068,591 | |||||||
| Total assets | $ | 302,218,144 | $ | 426,181,636 | |||||
| Liabilities | |||||||||
| Current liabilities | |||||||||
| Trade and bills payable | $ | 84,724,386 | $ | 153,345,745 | |||||
| Short-term bank borrowings | 26,087,350 | 28,532,938 | |||||||
| Other short-term loans | 335,715 | 337,156 | |||||||
| Accrued expenses and other payables | 58,285,635 | 113,651,948 | |||||||
| Payable to a former subsidiary, net | 419,849 | 407,506 | |||||||
| Deferred government grants, current | 556,214 | 578,606 | |||||||
| Product warranty provisions | 23,426 | 339,136 | |||||||
| Operating lease liability, current | 1,268,405 | 1,347,803 | |||||||
| Finance lease liability, current | - | 1,307,170 | |||||||
| Total current liabilities | 171,700,980 | 299,848,008 | |||||||
| Long-term bank borrowings | - | 4,118,628 | |||||||
| Deferred government grants, non-current | 7,580,255 | 10,195,428 | |||||||
| Product warranty provisions | 420,688 | 446,553 | |||||||
| Operating lease liability, non-current | 2,449,056 | 2,093,428 | |||||||
| Total liabilities | 182,150,979 | 316,702,04 | |||||||
| Commitments and contingencies | |||||||||
| Shareholders’ equity | |||||||||
| Common stock | 90,083 | 88,646 | |||||||
| Donated shares | 14,101,689 | 7,955,358 | |||||||
| Additional paid-in capital | 247,842,445 | 248,500,176 | |||||||
| Statutory reserves | 1,230,511 | 3,042,602 | |||||||
| Accumulated deficit | (122,605,730 | ) | (133,795,940 | ) | |||||
| Accumulated other comprehensive loss | (14,919,345 | ) | (13,112,769 | ) | |||||
| 125,739,653 | 112,678,073 | ||||||||
| Less: Treasury shares | (4,066,610 | ) | - | ||||||
| Total shareholders’ equity | 121,673,043 | 112,678,073 | |||||||
| Non-controlling interests | (1,605,878 | ) | (3,198,482 | ) | |||||
| Total equity | 120,067,165 | 109,479,591 | |||||||
| Total liabilities and shareholder’s equity | $ | 302,218,144 | $ | 426,181,636 | |||||
| CBAK Energy Technology, Inc. and Subsidiaries Consolidated Statements of Operations and Comprehensive Income (Loss) For the years ended December 31, 2024 and 2025 (Unaduited) (In US$ except for number of shares) | |||||||||
| Year ended | Year ended | ||||||||
| December 31, 2024 | December 31, 2025 | ||||||||
| Net revenues | $ | 176,614,609 | $ | 195,189,306 | |||||
| Cost of revenues | (134,839,364 | ) | (176,766,718 | ) | |||||
| Gross profit | 41,775,245 | 18,422,588 | |||||||
| Operating expenses: | |||||||||
| Research and development expenses | (13,010,082 | ) | (15,801,613 | ) | |||||
| Sales and marketing expenses | (5,197,888 | ) | (5,076,891 | ) | |||||
| General and administrative expenses | (13,947,727 | ) | (16,195,504 | ) | |||||
| Impairment charge on long-lived assets | (475,220 | ) | - | ||||||
| Allowance of credit losses and bad debts written off | (356,179 | ) | 210,177 | ||||||
| Total operating expenses | (32,987,096 | ) | (36,863,831 | ) | |||||
| Operating income (loss) | 8,788,149 | (18,441,243 | ) | ||||||
| Finance income (expenses), net | 1,283,090 | (673,344 | ) | ||||||
| Other income, net | 1,045,552 | 8,272,923 | |||||||
| Share of (loss) income of equity investee | (18,777 | ) | 145,097 | ||||||
| Gain on disposal on equity investee | 45,749 | - | |||||||
| Loss on derivatives instruments | - | (440,054 | ) | ||||||
| Income (loss) before income tax | 11,143,763 | (11,136,621 | ) | ||||||
| Income tax expenses | (1,558,613 | ) | 184,686 | ||||||
| Net income (loss) | 9,585,150 | (10,951,935 | ) | ||||||
| Less: Net loss attributable to non-controlling interests | 2,204,882 | 1,573,816 | |||||||
| Net income (loss) attributable to shareholders of CBAK Energy Technology, Inc. | $ | 11,790,032 | $ | (9,378,119 | ) | ||||
| Net income (loss) | 9,585,150 | (10,951,935 | ) | ||||||
| Other comprehensive loss | |||||||||
| – Foreign currency translation adjustment | (3,352,974 | ) | 1,787,788 | ||||||
| Comprehensive income (loss) | 6,232,176 | (9,164,147 | ) | ||||||
| Less: Comprehensive loss attributable to non-controlling interests | 2,239,914 | 1,592,604 | |||||||
| Comprehensive income (loss) attributable to CBAK Energy Technology, Inc. | $ | 8,472,090 | $ | (7,571,543 | ) | ||||
| Income (loss) per share | 27 | ||||||||
| – Basic | $ | 0.13 | $ | (0.10 | ) | ||||
| – Diluted | $ | 0.13 | $ | (0.10 | ) | ||||
| Weighted average number of shares of common stock: | 27 | ||||||||
| – Basic | 89,928,357 | 89,247,119 | |||||||
| – Diluted | 90,158,312 | 89,247,119 | |||||||
FAQ
What were CBAK Energy (CBAT) fourth quarter 2025 revenues and YoY growth?
How did CBAK Energy's Hitrans segment perform in full-year 2025 (CBAT)?
Why did CBAK Energy's gross margin decline in 2025 and what was the margin (CBAT)?
What capacity additions did CBAK Energy announce and when will ramp-up complete (CBAT)?
What is CBAK Energy's cash position and capital spending in 2025 (CBAT)?
