Gelonghui, May 10: CBAT.US (CBAT.US) announced unaudited financial results for the first quarter ended March 31, 2024. According to the report, Q1 net revenue was $58.8 million, up 38.7% year on year; gross profit was 18.8 million US dollars, up 546.3% year on year; gross margin was 31.9%, compared with 6.9% in the same period in 2023; net profit attributable to company shareholders was 9.8 million US dollars, while net loss attributable to shareholders for the same period in 2023 was 1.4 million US dollars. Earnings per basic and diluted share were $0.11 per share.
Yunfei Li, Chairman and CEO of the company, said: “Last year, we consolidated our development foundation and continued to implement a growth strategy centered on expanding the battery business. In the first quarter, we accelerated this strategy and achieved encouraging results. The total net profit of the battery business reached US$11.7 million, which is equivalent to the net profit for the whole of 2023. At the same time, we further reduced Hitrans' losses. The material company we acquired and operated independently had a consolidated net profit of 9.6 million US dollars in the first quarter, which achieved outstanding results during the downturn in the entire industry. We expect more rapid growth for the rest of the year while continuing to work towards higher profit targets for the battery business.”