CBAT - CBAK Energy Misses On Revenue Mark Battery Business Shines Brighter | Benzinga
CBAK Energy Technology, Inc. (NASDAQ:CBAT) shares are trading higher after the company reported first-quarter FY24 results.
Revenue rose 38.7% Y/Y to $58.82 million, missing the consensus of $62.78 million.
Revenues growth benefitted from the battery business (+51.5% Y/Y), led by an increase of 66.0% Y/Y from revenues from residential energy supply & uninterruptible supplies. However, net revenues from batteries used in light electric vehicles declined 23.3% Y/Y.
Gross profit increased significantly to $18.8 million from $2.9 million a year ago. Consequently, gross margin jumped ...