CBAK Energy Technology Files Q2 2025 10-Q Report

TL;DR

CBAK Energy Tech filed its Q2 2025 10-Q. Check financials.

AI Summary

CBAK Energy Technology, Inc. filed its quarterly report on Form 10-Q for the period ended June 30, 2025. The company, formerly known as China BAK Battery Inc., is incorporated in Nevada and operates in the miscellaneous electrical machinery sector. The filing was made on August 18, 2025, under SEC file number 001-32898.

Why It Matters

This filing provides investors with an update on CBAK Energy Technology's financial performance and operational status for the second quarter of 2025, crucial for understanding the company's trajectory in the energy technology sector.

Risk Assessment

Risk Level: medium — As a publicly traded company filing quarterly reports, there are inherent risks associated with its financial performance and market position.

Key Numbers

• 20250630 — Period End Date (The report covers the quarterly period ending on this date.)
• 20250818 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• CBAK Energy Technology, Inc. (company) — Registrant
• June 30, 2025 (date) — Quarterly period end date
• August 18, 2025 (date) — Filing date
• 001-32898 (other) — SEC File Number
• China BAK Battery Inc. (company) — Former company name

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value CBAT Nasdaq Stock Market LLC

Filing Documents

• ea0252606-10q_cbak.htm (10-Q) — 1688KB
• ea025260601ex31-1_cbak.htm (EX-31.1) — 10KB
• ea025260601ex31-2_cbak.htm (EX-31.2) — 10KB
• ea025260601ex32-1_cbak.htm (EX-32.1) — 4KB
• ea025260601ex32-2_cbak.htm (EX-32.2) — 4KB
• image_001.jpg (GRAPHIC) — 9KB
• 0001213900-25-077927.txt ( ) — 12897KB
• cbat-20250630.xsd (EX-101.SCH) — 141KB
• cbat-20250630_cal.xml (EX-101.CAL) — 103KB
• cbat-20250630_def.xml (EX-101.DEF) — 552KB
• cbat-20250630_lab.xml (EX-101.LAB) — 1017KB
• cbat-20250630_pre.xml (EX-101.PRE) — 576KB
• ea0252606-10q_cbak_htm.xml (XML) — 1642KB

Financial Statements

Financial Statements. 1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 47 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 61 Item 4.

Controls and Procedures

Controls and Procedures. 61 PART II OTHER INFORMATION Item 1. Legal Proceedings. 62 Item 1A. Risk Factors. 62 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 62 Item 3. Defaults Upon Senior Securities. 62 Item 4. Mine Safety Disclosures. 62 Item 5. Other Information. 62 Item 6. Exhibits. 63 i PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS CBAK ENERGY TECHNOLOGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2025 CBAK ENERGY TECHNOLOGY, INC. AND SUBSIDIARIES TABLE OF CONTENTS Contents Page(s) Condensed Consolidated Balance Sheets as of December 31, 2024 and Jun 30, 2025 (unaudited) 2 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2025 (unaudited) 3 Condensesd Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2024 and 2025 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2025 (unaudited) 6 Notes to the Condensed Consolidated Financial Statements (unaudited) 7 1 CBAK Energy Technology, Inc. and Subsidiaries Condensed Consolidated Balance Sheets As of December 31, 2024 and June 30, 2025 (Unaudited) (In US$ except for number of shares) Note December 31, 2024 June 30, 2025 Assets Current assets Cash and cash equivalents $ 6,724,360 $ 5,679,756 Pledged deposits 2 54,061,642 15,772,466 Term deposits 3 4,237,090 40,054,842 Trade and bills receivable, net 4 32,938,918 34,655,174 Inventories 5 22,851,027 37,443,143 Prepayments and other receivables 6 20,004,966 9,359,355 Receivables from former subsidiary 17 12,399 2,945 Income tax recoverable 566,458 480,234 Total current assets 141,396,860 143,447,915 Property, plant and equipment, net 7 85,486,829 83,891,222 Construction in progress 8 42,526,859 71,635,858 Long-term investments, net 9 2,246,494 2,323,089 Prepaid land use rights 10 11,075,973 12,226,229 Intangible assets, net 11 382,962 154,251 Deposit paid for acquisition of long-term investments 13 15,864,318 16,164,605 Operating lease right-of-use assets, net 10 3,237,849 3,251,097 Total

financial statements

financial statements. 2 CBAK Energy Technology, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) For the three and six months ended June 30, 2024 and 2025 (Unaudited) (In US$ except for number of shares) Three months ended June 30, Six months ended June 30, Note 2024 2025 2024 2025 Net revenues 28 $ 47,793,045 $ 40,524,333 $ 106,615,477 $ 75,463,234 Cost of revenues ( 35,065,019 ) ( 36,061,924 ) ( 75,106,404 ) ( 66,199,091 ) Gross profit 12,728,026 4,462,409 31,509,073 9,264,143 Operating expenses: Research and development expenses ( 2,955,509 ) ( 3,613,478 ) ( 5,771,027 ) ( 6,637,439 ) Sales and marketing expenses ( 1,368,373 ) ( 950,777 ) ( 3,092,405 ) ( 1,846,827 ) General and administrative expenses ( 3,129,994 ) ( 3,350,859 ) ( 7,222,521 ) ( 7,154,996 ) Allowance for expected credit losses, net 673,330 ( 75,871 ) 787,343 ( 17,476 ) Total operating expenses ( 6,780,546 ) ( 7,990,985 ) ( 15,298,610 ) ( 15,656,738 ) Operating income (loss) 5,947,480 ( 3,528,576 ) 16,210,463 ( 6,392,595 ) Finance income (loss), net 688,721 ( 163,303 ) 698,384 ( 118,183 ) Other income, net 141,975 352,951 509,413 1,065,743 Share of income (loss) of equity investee 88 ( 21,470 ) ( 18,736 ) 33,655 Gain on disposal of equity investee 45,648 - 45,648 - Income before income tax 6,823,912 ( 3,360,398 ) 17,445,172 ( 5,411,380 ) Income tax credit (expenses) 20 ( 800,727 ) - ( 1,849,513 ) - Net income (loss) 6,023,185 ( 3,360,398 ) 15,595,659 $ ( 5,411,380 ) Less: Net loss attributable to non-controlling interest 422,277 287,434 686,253 759,182 Net income (loss) attributable to CBAK Energy Technology, Inc. $ 6,445,462 ( 3,072,964 ) $ 16,281,912 $ ( 4,652,198 ) Net income (loss) 6,023,185 ( 3,360,398 ) 15,595,659 ( 5,411,380 ) Other comprehensive loss – Foreign currency translation adjus

financial statements

financial statements. 3 CBAK Energy Technology, Inc. and Subsidiaries Condensed consolidated statements of changes in shareholders' equity (deficit) For the three months ended June 30, 2024 and 2025 (Unaudited) (In US$ except for number of shares) Common stock issued Additional Statutory Accumulated other Non- Treasury shares Total shareholders' Number of Donated paid-in reserves Accumulated comprehensive Controlling Number of equity shares Amount shares capital (Note 21) deficit income (loss) interest shares Amount (deficit) Balance as of April 1, 2024 90,063,396 $ 90,063 $ 14,101,689 $ 247,582,399 $ 1,230,511 $ ( 124,559,312 ) $ ( 13,497,204 ) $ 359,813 ( 144,206 ) $ ( 4,066,610 ) $ 121,241,349 Net income (loss) - - - - - 6,445,462 - ( 422,277 ) - - 6,023,185 Share-based compensation for employee and director stock awards - - - 92,184 - - - - - - 92,184 Common stock issued to employees for stock award 20,000 20 - ( 20 ) - - - - - - - Foreign currency translation adjustment - - - - - - ( 828,875 ) ( 894 ) - - ( 829,769 ) Balance as of June 30, 2024 90,083,396 $ 90,083 $ 14,101,689 $ 247,674,563 $ 1,230,511 $ ( 118,113,850 ) $ ( 14,326,079 ) $ ( 63,358 ) ( 144,206 ) $ ( 4,066,610 ) $ 126,526,949 Balance as of April 1, 2025 90,083,868 $ 90,083 $ 14,101,689 $ 247,869,511 $ 3,042,602 $ ( 125,997,055 ) $ ( 14,248,433 ) $ ( 2,048,694 ) ( 144,206 ) $ ( 4,066,610 ) $ 118,743,093 Net income (loss) - - - - - ( 3,072,964 ) - ( 287,434 ) - - ( 3,360,398 ) Exercise of stock option 15,632 16 - ( 16 ) - - - - - - - Share-based compensation for employee and director stock award - - - 22,823 - - - - - - 22,823 Repurchase of common stock - - - - - - - - ( 1,087,981 ) ( 1,237,120 ) ( 1,237,120 ) Foreign currency translation adjustment - - - - - - 1,706,385 ( 30,644 ) - - 1,675,741 Balance

financial statements

financial statements. 4 CBAK Energy Technology, Inc. and Subsidiaries Condensed consolidated statements of changes in shareholders' equity (deficit) For the six months ended June 30, 2024 and 2025 (Unaudited) (In US$ except for number of shares) Common stock issued Additional Statutory Accumulated other Non- Treasury shares Total shareholders' Number of Donated paid-in reserves Accumulated comprehensive Controlling Number of equity shares Amount shares capital (Note 21) deficit Income (loss) interest shares Amount (deficit) Balance as of January 1, 2024 90,063,396 $ 90,063 $ 14,101,689 $ 247,465,817 $ 1,230,511 $ ( 134,395,762 ) $ ( 11,601,403 ) $ 634,036 ( 144,206 ) $ ( 4,066,610 ) $ 113,458,341 Net income (loss) - - - - - 16,281,912 - ( 686,253 ) - - 15,595,659 Share-based compensation for employee and director stock awards - - - 208,766 - - - - - - 208,766 Common stock issued to employees and directors for stock awards 20,000 20 - ( 20 ) - - - - - - - Foreign currency translation adjustment - - - - - - ( 2,724,676 ) ( 11,141 ) - - ( 2,735,817 ) Balance as of June 30, 2024 90,083,396 $ 90,083 $ 14,101,689 $ 247,674,563 $ 1,230,511 $ ( 118,113,850 ) $ ( 14,326,079 ) $ ( 63,358 ) ( 144,206 ) $ ( 4,066,610 ) $ 126,526,949 Balance as of January 1, 2025 90,083,396 $ 90,083 $ 14,101,689 $ 247,842,445 $ 1,230,511 $ ( 122,605,730 ) $ ( 14,919,345 ) $ ( 1,605,878 ) ( 144,206 ) $ ( 4,066,610 ) $ 120,067,165 Net loss - - - - - ( 4,652,198 ) - ( 759,182 ) - - ( 5,411,380 ) Exercise of stock option 16,104 16 - ( 16 ) - - - - - - - Share-based compensation for employee and director stock awards - - - 49,889 - - - - - - 49,889 Repurchase of common stock - - - - - - - - ( 1,087,981 ) ( 1,237,120 ) ( 1,237,120 ) Appropriation to statutory reserves - - - - 1,812,091 ( 1,812,091 ) - - - -

financial statements

financial statements. 5 CBAK Energy Technology, Inc. and subsidiaries Condensed consolidated statements of cash flows For the six months ended June 30, 2024 and 2025 (Unaudited) (In US$) Six months ended June 30, 2024 2025 Cash flows from operating activities Net income (loss) $ 15,595,659 $ ( 5,411,380 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 4,257,197 4,222,053 Allowance for expected credit losses ( 880,001 ) 17,476 Amortization of operating lease 591,060 487,289 Write-down of inventories 1,993,561 2,579,738 Share-based compensation 208,766 49,889 Share of (profit) loss on equity investee 18,736 ( 33,655 ) (Gain) loss on disposal of property, plant and equipment ( 184,179 ) 28,993 Gain on disposal on equity investee ( 45,648 ) - Changes in operating assets and liabilities: Trade and bills receivable ( 3,891,321 ) ( 1,170,925 ) Inventories ( 994,717 ) ( 17,416,424 ) Prepayments and other receivable 3,080,423 10,861,222 Trade and bills payable ( 8,927,650 ) 11,168,111 Accrued expenses and other payables and product warranty provisions ( 713,437 ) ( 495,303 ) Operating lease liabilities ( 585,850 ) ( 749,289 ) Trade receivable from and payables to former subsidiaries 61,075 9,569 Income tax payable 805,375 - Net cash provided by operating activities 10,389,049 4,147,364 Cash flows from investing activities Deposit paid for acquisition of long-term investment ( 9,074,133 ) - Proceeds from disposal of an equity method investees 277,496 - Proceeds from disposal of property, plant and equipment 184,179 - Purchases of property, plant and equipment and construction in progress ( 8,339,568 ) ( 22,319,029 ) Government subsidy - 2,794,760 Acquisition of land use right - ( 1,089,802 ) Net cash used in investing activities ( 16,952,026 ) ( 20,614,071 ) Cash flows from financing activities B

financial statements

financial statements. 6 CBAK Energy Technology, Inc. and subsidiaries Notes to the condensed consolidated financial For the three and six months ended June 30, 2024 and 2025 (Unaudited) (In US$ except for number of shares) 1 . Principal Activities, Basis of Presentation and Organization Principal Activities CBAK Energy Technology, Inc. (formerly known as China BAK Battery, Inc.) ("CBAK" or the "Company") is a corporation formed in the State of Nevada on October 4, 1999 as Medina Copy, Inc. The Company changed its name to Medina Coffee, Inc. on October 6, 1999 and subsequently changed its name to China BAK Battery, Inc. on February 14, 2005. CBAK and its subsidiaries (hereinafter, collectively referred to as the "Company") are principally engaged in the manufacture, commercialization and distribution of a wide variety of standard and customized lithium-ion (known as "Li-ion" or "Li-ion cell") high power rechargeable batteries. Prior to the disposal of BAK International Limited ("BAK International") and its subsidiaries (see below), the batteries produced by the Company were for use in cellular telephones, as well as various other portable electronic applications, including high-power handset telephones, laptop computers, power tools, digital cameras, video camcorders, MP3 players, electric bicycles, hybrid/electric vehicles, and general industrial applications. After the disposal of BAK International and its subsidiaries on June 30, 2014, the Company will focus on the manufacture, commercialization and distribution of high power lithium-ion rechargeable batteries for use in cordless power tools, light electric vehicles, hybrid electric vehicles, electric cars, electric busses, uninterruptable power supplies and other high power applications. The shares of the Company traded in the over-the-counter market through the Over-the-Counter Bulletin Board from 2005 until May 31, 2006, when the Company obtained approval to list its common stock on T

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