CBAK Energy Reports Third Quarter and First Nine Months of 2025 Unaudited Financial Results
CBAK Energy (NASDAQ: CBAT) reported unaudited results for Q3 and first nine months of 2025 ended September 30, 2025. Q3 net revenues were $60.92M, up 36.5% YoY, driven by a recovery in the raw materials segment, Hitrans. Q3 net income attributable to shareholders was $2.65M (a 150.2-fold increase YoY). For the first nine months, net revenues were $136.39M, down 9.8% YoY, with operating loss of $10.43M and net loss attributable to shareholders of $2.00M. Management expects new production lines adding 2.3 GWh and 2 GWh to boost future growth.
CBAK Energy (NASDAQ: CBAT) ha riportato risultati non auditing per il Q3 e per i primi nove mesi del 2025 terminati il 30 settembre 2025. Ricavi netti del terzo trimestre sono stati 60,92 milioni di dollari, in crescita del 36,5% a/a, trainati dal recupero del segmento delle materie prime, Hitrans. Utile netto attribuibile agli azionisti è stato di 2,65 milioni di dollari (aumento di 150,2 volte su base annua). Per i primi nove mesi, i ricavi netti sono stati di 136,39 milioni di dollari, in calo del 9,8% a/a, con una perdita operativa di 10,43 milioni di dollari e una perdita netta attribuibile agli azionisti di 2,00 milioni di dollari. La direzione si aspetta che nuove linee di produzione aggiungano 2,3 GWh e 2 GWh per stimolare la crescita futura.
CBAK Energy (NASDAQ: CBAT) informó resultados no auditados para el Q3 y los primeros nueve meses de 2025, terminados el 30 de septiembre de 2025. Los ingresos netos del tercer trimestre fueron 60,92 millones de dólares, con un aumento del 36,5% interanual, impulsado por la recuperación del segmento de materias primas, Hitrans. El ingreso neto atribuible a los accionistas fue de 2,65 millones de dólares (un aumento de 150,2 veces interanual). En los primeros nueve meses, los ingresos netos fueron de 136,39 millones de dólares, con una pérdida operativa de 10,43 millones y una pérdida neta atribuible a los accionistas de 2,00 millones de dólares. La dirección espera que nuevas líneas de producción añadan 2,3 GWh y 2 GWh para impulsar el crecimiento futuro.
3분기 매출은 6,092만 달러로 전년동기 대비 36.5% 증가하였으며, 이는 원자재 부문인 Hitrans의 회복에 의해 주도되었습니다. 주주지분 귀속 순이익은 265만 달러로 전년동기 대비 150.2배 증가했습니다. 9개월 누적 기준으로 매출은 136.39백만 달러였으며, 전년동기 대비 -9.8% 감소했고, 영업손실은 10.43백만 달러, 주주지분 귀속 순손실은 200만 달러였습니다. 경영진은 새 생산라인이 2.3 GWh와 2 GWh를 추가해 향후 성장을 촉진할 것으로 기대합니다.
Revenus nets du troisième trimestre s'élèvent à 60,92 millions de dollars, en hausse de 36,5 % en glissement annuel, porté par une reprise du segment des matières premières, Hitrans. Le bénéfice net attribuable aux actionnaires était de 2,65 millions de dollars (une augmentation de 150,2 fois sur un an). Pour les neuf premiers mois, les revenus nets étaient de 136,39 millions de dollars, en baisse de 9,8 % sur un an, avec une perte opérationnelle de 10,43 millions de dollars et une perte nette attribuable aux actionnaires de 2,00 millions de dollars. La direction prévoit que de nouvelles lignes de production ajouteront 2,3 GWh et 2 GWh pour stimuler la croissance future.
Umsätze im dritten Quartal beliefen sich auf 60,92 Mio. USD, ein Anstieg um 36,5% gegenüber dem Vorjahr, getrieben von der Erholung des Rohmaterial-Segments Hitrans. Der Nettogewinn, der den Anteilseignern zurechenbar ist betrug 2,65 Mio. USD (eine 150,2-fache Steigerung gegenüber dem Vorjahr). Für die ersten neun Monate lagen die Nettoumsätze bei 136,39 Mio. USD, ein Rückgang von 9,8% gegenüber dem Vorjahr, mit operativem Verlust von 10,43 Mio. USD und einem Nettonebenverlust, der den Anteilseignern zuzurechnen ist, von 2,00 Mio. USD. Das Management geht davon aus, dass neue Produktionslinien 2,3 GWh und 2 GWh zum zukünftigen Wachstum beitragen werden.
إيرادات الربع الثالث بلغت 60.92 مليون دولار، بارتفاع 36.5% على أساس سنوي، مدفوعاً بتعافي قطاع المواد الخام، هيترانس. صافي الدخل العائد للمساهمين كان 2.65 مليون دولار (زيادة بمقدار 150.2 مرة على أساس سنوي). وللأشهر التسعة الأولى، كانت الإيرادات الصافية 136.39 مليون دولار، بانخفاض 9.8% على أساس سنوي، مع خسارة تشغيلية قدرها 10.43 مليون دولار وخسارة صافية تُعزى إلى المساهمين قدرها 2.00 مليون دولار. وتتوقع الإدارة أن تضيف خطوط إنتاج جديدة 2.3 GWh و 2 GWh لتعزيز النمو في المستقبل.
- Q3 net revenues +36.5% YoY to $60.92M
- Hitrans Q3 revenues +143.7% YoY to $27.22M
- Q3 net income attributable $2.65M (150.2-fold increase)
- New Dalian Model 40135 adds 2.3 GWh annual capacity
- Nanjing lines add 2.0 GWh for Model 32140
- First nine months net revenues -9.8% YoY to $136.39M
- Battery business nine-month revenue -34.0% to $75.16M
- Nine-month gross profit -63.2% to $14.14M
- Operating loss Q3 $4.03M and nine-month operating loss $10.43M
Insights
Q3 shows a clear turnaround driven by raw materials and battery demand; nine‑month results remain weak due to product transition.
The company recorded third‑quarter net revenues of
Risks and dependencies include the ongoing product transition that compressed margins and volumes earlier in the year; gross margin fell to
Watch for near‑term operational milestones and timing: commencement of Nanjing lines in mid‑
DALIAN, China, Nov. 10, 2025 (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 third quarter and first nine months of 2025 ended September 30, 2025.
Third Quarter of 2025 Financial Highlights
- Net revenues1 reached
$60.92 million , indicating a36.5% year-over-year increase from$44.63 million in the prior-year period. The growth was primarily driven by the strong performance of our battery raw materials segment, benefiting from the recent recovery in the industry and price increase of battery raw materials. - Net revenues from battery raw materials segment, Hitrans, were
$27.22 million , representing an increase of143.7% compared to$11.17 million in the same period of 2024. - Net income attributable to CBAK Energy Technology Inc. was
$2.65 million , a 150.2-fold increase from$17,647 in the same period in 2024. This sharp improvement was mainly due to higher profitability in our battery business and a narrowed net loss in the battery raw materials segment. - Net income from the battery business was
$4.53 million , up122.7% from$2.04 million in the same period of 2024. This growth was driven by strong demand for our Model 32140, which remains supply-constrained under our current capacity. - Net loss from the battery raw materials segment narrowed to
$2.10 million , an18.8% improvement from$2.60 million in the same period of 2024, driven by rising battery raw material prices.
Third Quarter of 2025 Financial Results
Net revenues1 were
Among these revenues, detailed revenues by segments and applications are:
| Battery Business | 2024 Third Quarter | 2025 Third Quarter | % Change YoY | |||||||||
| Net Revenues ($) | 33,461,793 | 33,708,106 | 0.7 | |||||||||
| Gross Profits ($) | 7,665,009 | 4,415,285 | -42.4 | |||||||||
| Gross Margin | 22.9 | % | 13.1 | % | - | |||||||
| Net Income ($) | 2,035,338 | 4,531,883 | 122.7 | |||||||||
| Net Revenues from Battery Business on Applications ($) | ||||||||||||
| Electric Vehicles | 333,216 | 57,283 | -82.93 | |||||||||
| Light Electric Vehicles | 4,913,644 | 18,172,629 | 269.9 | |||||||||
| Residential Energy Supply & Uninterruptable supplies | 28,214,934 | 15,478,194 | -45.14 | |||||||||
| Total | 44,628,241 | 60,923,560 | 36.52 | |||||||||
| Hitrans | 2024 Third Quarter | 2025 Third Quarter | % Change YoY | |||||||||
| Net Revenues ($) | 11,166,448 | 27,215,454 | 143.7 | |||||||||
| Gross (Loss) Profits ($) | (710,452 | ) | 460,438 | 164.8 | ||||||||
| Gross Margin | (6.4 | )% | 1.7 | % | - | |||||||
| Net Loss ($) | (2,603,969 | ) | (2,114,683 | ) | -18.8 | |||||||
| 1 | Net revenues consist of the Company’s self-operated battery business and Hitrans, which was acquired in 2021, an independently managed raw materials business. |
As discussed in previous quarters, our battery business is currently undergoing a product portfolio upgrade, while major customers are testing and validating our new products. This transition has temporarily affected the sales of our existing legacy products, resulting in a
Cost of revenues was
Gross profit was
Operating loss amounted to
Net income attributable to shareholders of CBAK Energy was
Basic and diluted income per share were both
First nine months of 2025 Financial Results
Net revenues1 were
Among these revenues, detailed revenues by segments and applications are:
| Battery Business | 2024 First nine month | 2025 First nine month | % Change YoY | |||||||||
| Net Revenues ($) | 113,897,786 | 75,161,581 | -34.0 | |||||||||
| Gross Profits ($) | 39,040,824 | 12,547,020 | -67.9 | |||||||||
| Gross Margin | 34.3 | % | 16.7 | % | - | |||||||
| Net Income ($) | 21,610,408 | 2,797,410 | -87.1 | |||||||||
| Net Revenues from Battery Business on Applications ($) | ||||||||||||
| Electric Vehicles | 1,012,655 | 736,929 | -27.3 | |||||||||
| Light Electric Vehicles | 8,249,437 | 23,444,127 | 184.2 | |||||||||
| Residential Energy Supply & Uninterruptable supplies | 104,635,694 | 50,980,525 | -51.8 | |||||||||
| Total | 151,243,718 | 136,386,794 | -9.82 | |||||||||
| Hitrans | 2024 First nine month | 2025 First nine month | % Change YoY | |||||||||
| Net Revenues ($) | 37,345,932 | 61,225,213 | 63.9 | |||||||||
| Gross (Loss) Profits ($) | (577,194 | ) | 1,592,846 | 376.0 | ||||||||
| Gross Margin | (1.5 | )% | 2.6 | % | - | |||||||
| Net Income ($) | (5,161,805 | ) | (4,929,995 | ) | 4.5 | |||||||
| 1 | Net revenues consist of the Company’s self-operated battery business and Hitrans, which was acquired in 2021, an independently managed raw materials business. |
Cost of revenues was
Gross profit was
Operating loss amounted to
Net loss attributable to shareholders of CBAK Energy was
Basic and diluted loss per share were both
Zhiguang Hu, Chief Executive Officer of the Company, commented, “We are pleased to have achieved a solid recovery in the third quarter. With the overall rebound in the raw materials industry, our raw materials segment successfully seized market opportunities to deliver strong growth. We believe that raw material prices have only just begun to rebound and will continue to foster a favorable industry environment for Hitrans.
Meanwhile, we are excited to announce the successful upgrade from the Model 26650 to the Model 40135 at our Dalian facility, and we have already begun receiving substantial new orders. With the expected commencement of production at our new Nanjing production lines in mid-November, we are confident that significant growth lies ahead in the coming periods.”
Jiewei Li, Chief Financial Officer and Secretary of the Board, added, “In Dalian, our newly launched Model 40135 production line is expected to contribute an additional 2.3 GWh of annual capacity, while the soon-to-commence Nanjing production lines will add a further 2 GWh for our Model 32140. The Model 40135 has been well received in the market with strong and growing demand, and the Model 32140 continues to experience supply constraints amid robust order momentum. We are confident that the expansion of our production capacity will enhance our ability to capture market opportunities, strengthen our competitive position, and drive sustainable, high-quality growth in the year ahead.”
Conference Call
CBAK Energy’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on Monday, November 10, 2025 (8:00 PM Beijing/Hong Kong Time on November 10, 2025).
For participants who wish to join our call online, please visit:
https://edge.media-server.com/mmc/p/2sk7xqft
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/BIcee8c4a14bea404095e6cf7eb44d007e
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/2sk7xqft
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, that the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our securities or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless, the effects of the global Covid-19 pandemic or other health epidemics, 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:
In China:
CBAK Energy Technology, Inc.
Investor Relations Department
Email: ir@cbak.com.cn
| CBAK Energy Technology, Inc. and Subsidiaries Condensed Consolidated Balance Sheets As of December 31, 2024 and September 30, 2025 (Unaudited) (In US$ except for number of shares) | ||||||||
| December 31, 2024 | September 30, 2025 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 6,724,360 | $ | 10,476,254 | ||||
| Pledged deposits | 54,061,642 | 52,872,417 | ||||||
| Term deposits | 4,237,090 | - | ||||||
| Trade and bills receivable, net | 32,938,918 | 47,798,445 | ||||||
| Inventories | 22,851,027 | 34,487,742 | ||||||
| Prepayments and other receivables | 20,004,966 | 11,289,446 | ||||||
| Receivables from former subsidiary | 12,399 | 1,994 | ||||||
| Income tax recoverable | 566,458 | 767,112 | ||||||
| Total current assets | 141,396,860 | 157,693,410 | ||||||
| Property, plant and equipment, net | 85,486,829 | 82,838,830 | ||||||
| Construction in progress | 42,526,859 | 89,458,297 | ||||||
| Long-term investments, net | 2,246,494 | 2,337,150 | ||||||
| Prepaid land use rights | 11,075,973 | 12,214,974 | ||||||
| Intangible assets, net | 382,962 | 74,902 | ||||||
| Deposit paid for acquisition of long-term investments | 15,864,318 | 16,262,446 | ||||||
| Operating lease right-of-use assets, net | 3,237,849 | 2,983,055 | ||||||
| Total assets | $ | 302,218,144 | $ | 363,863,064 | ||||
| Liabilities | ||||||||
| Current liabilities | ||||||||
| Trade and bills payable | 84,724,386 | 118,436,255 | ||||||
| Short-term bank borrowings | 26,087,350 | 29,569,757 | ||||||
| Other short-term loans | 335,715 | 336,612 | ||||||
| Accrued expenses and other payables | 58,285,635 | 77,306,488 | ||||||
| Payable to a former subsidiary, net | 419,849 | 412,155 | ||||||
| Deferred government grants, current | 556,214 | 570,172 | ||||||
| Product warranty provisions | 23,426 | 23,453 | ||||||
| Operating lease liability, current | 1,268,405 | 1,347,803 | ||||||
| Total current liabilities | 171,700,980 | 228,002,695 | ||||||
| Long-term bank borrowings | - | 4,760,768 | ||||||
| Deferred government grants, non-current | 7,580,255 | 10,189,350 | ||||||
| Product warranty provisions | 420,688 | 473,224 | ||||||
| Operating lease liability, non-current | 2,449,056 | 1,980,733 | ||||||
| Total liabilities | 182,150,979 | 245,406,770 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders’ equity | ||||||||
| Common stock issued and 89,939,190 outstanding as of December 31, 2024; and 88,645,836 issued and outstanding as of September 30, 2025 | 90,083 | 88,646 | ||||||
| Donated shares | 14,101,689 | 7,955,358 | ||||||
| Additional paid-in capital | 247,842,445 | 248,487,184 | ||||||
| Statutory reserves | 1,230,511 | 3,042,602 | ||||||
| Accumulated deficit | (122,605,730 | ) | (126,419,516 | ) | ||||
| Accumulated other comprehensive loss | (14,919,345 | ) | (11,745,017 | ) | ||||
| 125,739,653 | 121,409,257 | |||||||
| Less: Treasury shares | (4,066,610 | ) | - | |||||
| Total shareholders’ equity | 121,673,043 | 121,409,257 | ||||||
| Non-controlling interests | (1,605,878 | ) | (2,952,963 | ) | ||||
| Total equity | 120,067,165 | 118,456,294 | ||||||
| Total liabilities and shareholder’s equity | $ | 302,218,144 | $ | 363,863,064 | ||||
| CBAK Energy Technology, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) For the three and nine months ended September 30, 2024 and 2025 (Unaudited) (In US$ except for number of shares) | |||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
| 2024 | 2025 | 2024 | 2025 | ||||||||||||
| Net revenues | $ | 44,628,241 | $ | 60,923,560 | $ | 151,243,718 | $ | 136,386,794 | |||||||
| Cost of revenues | (37,673,684 | ) | (55,561,184 | ) | (112,780,088 | ) | (122,246,928 | ) | |||||||
| Gross profit | 6,954,557 | 5,362,376 | 38,463,630 | 14,139,866 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development expenses | (3,434,351 | ) | (3,861,633 | ) | (9,205,378 | ) | (10,499,072 | ) | |||||||
| Sales and marketing expenses | (1,022,549 | ) | (1,332,724 | ) | (4,114,954 | ) | (3,179,551 | ) | |||||||
| General and administrative expenses | (2,779,519 | ) | (3,872,549 | ) | (10,002,040 | ) | (11,027,545 | ) | |||||||
| Allowance for expected credit losses, net | (546,011 | ) | 157,510 | 241,332 | 140,034 | ||||||||||
| Total operating expenses | (7,782,430 | ) | (8,909,396 | ) | (23,081,040 | ) | (24,566,134 | ) | |||||||
| Operating (loss) income | (827,873 | ) | (3,547,020 | ) | 15,382,590 | (10,426,268 | ) | ||||||||
| Finance (loss) income, net | (40,350 | ) | (219,768 | ) | 658,034 | (337,951 | ) | ||||||||
| Other income, net | 521,916 | 5,665,336 | 1,031,329 | 7,217,732 | |||||||||||
| Share of (loss) income of equity investee | (38 | ) | 147 | (18,774 | ) | 33,802 | |||||||||
| Gain on disposal of equity investee | 93 | - | 45,741 | - | |||||||||||
| (Loss) income before income tax | (346,252 | ) | 1,898,695 | 17,098,920 | (3,512,685 | ) | |||||||||
| Income tax (expenses) credit | (339,287 | ) | 183,853 | (2,188,800 | ) | 183,853 | |||||||||
| Net (loss) income | (685,539 | ) | 2,082,548 | 14,910,120 | (3,328,832 | ) | |||||||||
| Less: Net loss attributable to non-controlling interest | 703,186 | 567,955 | 1,389,439 | 1,327,137 | |||||||||||
| Net income (loss) attributable to CBAK Energy Technology, Inc. | $ | 17,647 | $ | 2,650,503 | $ | 16,299,559 | $ | (2,001,695 | ) | ||||||
| Net (loss) income | (685,539 | ) | 2,082,548 | 14,910,120 | (3,328,832 | ) | |||||||||
| Other comprehensive loss | |||||||||||||||
| – Foreign currency translation adjustment | 4,483,655 | 778,795 | 1,747,838 | 3,154,380 | |||||||||||
| Comprehensive income (loss) | 3,798,116 | 2,861,343 | 16,657,958 | (174,452 | ) | ||||||||||
| Less: Comprehensive loss attributable to non-controlling interest | 719,587 | 586,191 | 1,416,981 | 1,347,085 | |||||||||||
| Comprehensive income attributable to CBAK Energy Technology, Inc. | $ | 4,517,703 | $ | 3,447,534 | $ | 18,074,939 | $ | 1,172,633 | |||||||
| Income (loss) per share | |||||||||||||||
| – Basic | $ | 0.00 | $ | 0.03 | $ | 0.18 | $ | (0.02 | ) | ||||||
| – Diluted | $ | 0.00 | $ | 0.03 | $ | 0.18 | $ | (0.02 | ) | ||||||
| Weighted average number of shares of common stock: | |||||||||||||||
| – Basic | 89,931,617 | 89,644,226 | 89,929,477 | 89,450,015 | |||||||||||
| – Diluted | 90,229,849 | 89,661,699 | 90,267,431 | 89,450,015 | |||||||||||
FAQ
What were CBAK Energy (CBAT) Q3 2025 revenues and YoY change?
How did Hitrans perform in Q3 2025 for CBAT?
What was CBAK's Q3 2025 net income per share (CBAT)?
Why did CBAK's nine-month 2025 revenue decline for CBAT?
What new production capacity did CBAK announce and timing?
What was CBAK's first nine months 2025 net loss attributable to shareholders (CBAT)?
