Gross margins have plummeted from 31.9% in 2024Q1 to a marginal 1.5% in 2026Q1, reflecting significant pricing pressure and an inability to scale operations profitably.
CBAK Energy Technology, Inc. (CBAT) annual income statement — 28-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 229.87M | 195.19M | 176.61M | 204.44M | 248.73M | 52.67M | 37.57M | 22.19M | 24.43M | 58.38M | 8.37M | 13.9M | 123.01M | 185.55M | 205.67M | 218.95M | 214.8M | 211.14M | 245.35M | 145.86M | 143.83M | 101.92M | 0 | 40.91K | 4.72K | 0 | 0 | 8.5M | 4.2M |
| Revenue Growth % | 50.51% | 10.52% | -13.61% | -17.81% | 372.24% | 40.21% | 69.26% | -9.16% | -58.14% | 597.49% | -39.81% | -88.7% | -33.7% | -9.78% | -6.07% | 1.93% | 1.73% | -13.94% | 68.21% | 1.41% | 41.12% | - | -100% | 766.82% | - | - | -100% | 102.38% | - |
| Cost of Goods Sold | 215.21M | 176.77M | 134.84M | 172.71M | 230.63M | 47.56M | 34.85M | 21.57M | 27.73M | 68.57M | 10.42M | 12.95M | 113.45M | 202.16M | 204.2M | 192.65M | 192.14M | 184.39M | 214.44M | 120.25M | 104.2M | 76.23M | 0 | 21.6K | 3.75K | 0 | 0 | 6.1M | 2.8M |
| COGS % of Revenue | - | 90.56% | 76.35% | 84.48% | 92.72% | 90.3% | 92.78% | 97.2% | 113.5% | 117.47% | 124.45% | 93.17% | 92.23% | 108.95% | 99.28% | 87.99% | 89.45% | 87.33% | 87.4% | 82.44% | 72.44% | 74.8% | - | 52.79% | 79.53% | - | - | 71.76% | 66.67% |
| Gross Profit | 14.66M | 18.42M | 41.78M | 31.72M | 18.1M | 5.11M | 2.71M | 622.53K | -3.3M | -10.2M | -2.05M | 949.86K | 9.56M | -16.61M | 1.47M | 26.3M | 22.66M | 26.76M | 30.91M | 25.61M | 39.63M | 25.69M | 0 | 19.32K | 966 | 0 | 0 | 2.4M | 1.4M |
| Gross Margin % | 6.38% | 9.44% | 23.65% | 15.52% | 7.28% | 9.7% | 7.22% | 2.8% | -13.5% | -17.47% | -24.45% | 6.83% | 7.77% | -8.95% | 0.72% | 12.01% | 10.55% | 12.67% | 12.6% | 17.56% | 27.56% | 25.2% | - | 47.21% | 20.47% | - | - | 28.24% | 33.33% |
| Gross Profit Growth % | - | -55.9% | 31.68% | 75.32% | 254.08% | 88.3% | 335.97% | 118.87% | 67.65% | -398.31% | -315.4% | -90.06% | 157.56% | -1227.43% | -94.4% | 16.07% | -15.3% | -13.43% | 20.7% | -35.39% | 54.29% | - | -100% | 1899.48% | - | - | -100% | 71.43% | - |
| Operating Expenses | 40.15M | 37.07M | 32.99M | 38.98M | 29.6M | 16.82M | 11.19M | 10.71M | 9.22M | 10.01M | 10.21M | -18.5M | 20.13M | 21.41M | 48.9M | 33.96M | 43.39M | 33.81M | 31.4M | 21.02M | 17.06M | 9.59M | 14.68K | 61.47K | 7.29K | 3.27K | 3.48K | 4.6M | 4.1M |
| OpEx % of Revenue | - | 18.99% | 18.68% | 19.06% | 11.9% | 31.94% | 29.8% | 48.26% | 37.74% | 17.15% | 122% | -133.08% | 16.36% | 11.54% | 23.78% | 15.51% | 20.2% | 16.01% | 12.8% | 14.41% | 11.86% | 9.41% | - | 150.25% | 154.43% | - | - | 54.12% | 97.62% |
| Selling, General & Admin | 2.42B | 21.27M | 19.15M | 18.69M | 11.75M | 12.33M | 4.45M | 5.43M | 6.58M | 7.55M | 8.59M | 3.47M | 16.86M | 25.14M | 48.5M | 26.67M | 35.99M | 28.17M | 25.15M | 17.07M | 14.13M | 9.05M | 14.68K | 61.47K | 7.29K | 3.27K | 3.48K | 4.3M | 3.8M |
| SG&A % of Revenue | - | 10.9% | 10.84% | 9.14% | 4.72% | 23.41% | 11.84% | 24.48% | 26.92% | 12.93% | 102.69% | 24.92% | 13.71% | 13.55% | 23.58% | 12.18% | 16.76% | 13.34% | 10.25% | 11.7% | 9.82% | 8.88% | - | 150.25% | 154.43% | - | - | 50.59% | 90.48% |
| Research & Development | 3.63B | 15.8M | 13.01M | 11.93M | 10.64M | 5.27M | 1.68M | 1.91M | 2.48M | 1.74M | 1.57M | 1M | 3.98M | 5.37M | 5.76M | 7.29M | 7.4M | 5.64M | 6.25M | 3.96M | 2.94M | 541.74K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 8.1% | 7.37% | 5.83% | 4.28% | 10.01% | 4.47% | 8.59% | 10.15% | 2.98% | 18.77% | 7.21% | 3.24% | 2.89% | 2.8% | 3.33% | 3.44% | 2.67% | 2.55% | 2.71% | 2.04% | 0.53% | - | - | - | - | - | - | - |
| Other Operating Expenses | -1.02M | 0 | 831.4K | 8.36M | 7.22M | -780.39K | 5.07M | 3.37M | 162.49K | 725.38K | 0 | -91.22K | 665.05K | 2.16M | -798K | 3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300K | 300K |
| Operating Income | -25.49M | -18.65M | 8.79M | -7.25M | -11.5M | -11.71M | -8.48M | -10.09M | -13.44M | -20.21M | -12.26M | -3.65M | -10.64M | -100.68M | -56.7M | -7.66M | -20.73M | -7.05M | -496.53K | 4.58M | 22.57M | 16.09M | -14.68K | -42.16K | -6.32K | -3.27K | -3.48K | -2.2M | -2.7M |
| Operating Margin % | -11.09% | -9.56% | 4.98% | -3.55% | -4.63% | -22.24% | -22.57% | -45.46% | -55% | -34.61% | -146.45% | -26.24% | -8.65% | -54.26% | -27.57% | -3.5% | -9.65% | -3.34% | -0.2% | 3.14% | 15.69% | 15.79% | - | -103.04% | -133.96% | - | - | -25.88% | -64.29% |
| Operating Income Growth % | - | -312.23% | 221.19% | 36.97% | 1.78% | -38.13% | 15.95% | 24.93% | 33.49% | -64.85% | -235.9% | 65.72% | 89.43% | -77.56% | -640.72% | 63.07% | -193.91% | -1320.38% | -110.84% | -79.7% | 40.24% | 109756.46% | 65.19% | -566.76% | -93.07% | 6.03% | 99.84% | 18.52% | - |
| EBITDA | -13.53M | -8.08M | 17.96M | 3.08M | -2.95M | -7.66M | -5.78M | -7.34M | -10.82M | -18.47M | -10.94M | -3.14M | -2.39M | -81.36M | -38.18M | 10.97M | -2.32M | 5.78M | 12.75M | 13.49M | 28.39M | 19.61M | -14.68K | -41.78K | -5.94K | -3.27K | -3.48K | -2.5M | -3M |
| EBITDA Margin % | -5.89% | -4.14% | 10.17% | 1.51% | -1.18% | -14.54% | -15.38% | -33.05% | -44.3% | -31.63% | -130.68% | -22.58% | -1.94% | -43.85% | -18.57% | 5.01% | -1.08% | 2.74% | 5.2% | 9.25% | 19.74% | 19.24% | - | -102.11% | -125.91% | - | - | -29.41% | -71.43% |
| EBITDA Growth % | -386.74% | -144.97% | 482.32% | 204.7% | 61.53% | -32.49% | 21.22% | 32.23% | 41.39% | -68.84% | -248.32% | -31.57% | 97.07% | -113.08% | -447.99% | 572.21% | -140.21% | -54.68% | -5.49% | -52.47% | 44.79% | 133678.78% | 64.87% | -603% | -81.47% | 6.03% | 99.86% | 16.67% | - |
| D&A (Non-Cash Add-back) | 11.96M | 10.58M | 9.17M | 10.34M | 8.56M | 4.06M | 2.7M | 2.75M | 2.62M | 1.74M | 1.32M | 508.94K | 8.26M | 19.32M | 18.52M | 18.63M | 18.41M | 12.83M | 13.25M | 8.91M | 5.82M | 3.51M | 0 | 380 | 380 | 0 | 0 | -300K | -300K |
| EBIT | -17.46M | -11.14M | 9.62M | 1.1M | -4.29M | -12.49M | -6.45M | -9.47M | -1.12M | -21.22M | -12.26M | 19.45M | -9.9M | -98.78M | -52.51M | -12.41M | -27.17M | -6.2M | -496.53K | 5.51M | 22.65M | 14.99M | -14.68K | -42.16K | -6.32K | 0 | 0 | -2.2M | -2.7M |
| Net Interest Income | -799.17K | 0 | 1.28M | 432.9K | 491.06K | 784.88K | -1.4M | -1.38M | -834.39K | -245.01K | -134.67K | 0 | -16.8M | -11.52M | -10.9M | -10.83M | -8.29M | -8.75M | -11.02M | -5.22M | -1.89M | -845.33K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 1.28M | 432.9K | 491.06K | 784.88K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 663.63K | 679.88K | 300.89K | 0 | 0 | 523.13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 799.17K | 0 | 0 | 0 | 0 | 0 | 1.4M | 1.38M | 834.39K | 245.01K | 134.67K | 0 | 16.8M | 11.52M | 10.9M | 9.93M | 8.97M | 9.36M | 11.02M | 5.22M | 2.29M | 2.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 7.45M | 7.51M | 2.36M | 1.2M | -1.05M | 65.54M | 632.74K | -764.74K | 10.56M | -1.26M | 143.51K | 23.01M | -16.06M | -72.15M | -13.61M | -15.58M | -15.41M | -8.19M | -8.49M | -4.29M | -1.81M | -1.34M | 0 | 0 | 0 | 0 | 0 | -200K | -2.3M |
| Pretax Income | -18.04M | -11.14M | 11.14M | -6.05M | -12.56M | 53.83M | -7.85M | -10.85M | -1.96M | -21.47M | -12.11M | 19.36M | -26.71M | -109.91M | -63.41M | -23.23M | -36.14M | -15.24M | -8.99M | 287.81K | 20.76M | 12.9M | -14.68K | -42.16K | -6.32K | -3.27K | -3.48K | -2.6M | -5M |
| Pretax Margin % | -7.85% | -5.71% | 6.31% | -2.96% | -5.05% | 102.2% | -20.89% | -48.9% | -8.01% | -36.77% | -144.73% | 139.26% | -21.71% | -59.23% | -30.83% | -10.61% | -16.82% | -7.22% | -3.66% | 0.2% | 14.43% | 12.66% | - | -103.04% | -133.96% | - | - | -30.59% | -119.05% |
| Income Tax | -177.26K | -184.69K | 1.56M | 2.49M | -1.23M | -7.73M | 0 | 0 | -14.3K | 0 | 600.51K | 5.32M | 16.48K | 6.12M | 2.39M | 1.3M | -3.35M | -1.25M | -1.05M | -195.52K | 592.89K | 526.84K | 0 | 0 | 0 | 0 | 0 | 2.6M | 0 |
| Effective Tax Rate % | 0.98% | 1.66% | 13.99% | -41.07% | 9.78% | -14.37% | 0% | 0% | 0.73% | 0% | -4.96% | 27.48% | -0.06% | -5.57% | -3.78% | -5.6% | 9.28% | 8.22% | 11.63% | -67.93% | 2.86% | 4.08% | 0% | 0% | 0% | 0% | 0% | -100% | 0% |
| Net Income | -17.09M | -9.38M | 11.79M | -2.45M | -9.45M | 61.49M | -7.81M | -10.77M | -1.94M | -21.47M | -12.71M | 15.87M | 37.78M | -116.03M | -65.81M | -24.54M | -32.78M | -13.99M | -7.94M | 483.33K | 20.16M | 12.37M | -14.68K | -42.16K | -6.32K | -3.27K | -3.48K | -2.6M | -5M |
| Net Margin % | -7.43% | -4.8% | 6.68% | -1.2% | -3.8% | 116.74% | -20.78% | -48.51% | -7.95% | -36.77% | -151.91% | 114.16% | 30.71% | -62.53% | -32% | -11.21% | -15.26% | -6.63% | -3.24% | 0.33% | 14.02% | 12.14% | - | -103.04% | -133.96% | - | - | -30.59% | -119.05% |
| Net Income Growth % | -4664.27% | -179.54% | 581.41% | 74.08% | -115.37% | 887.59% | 27.5% | -454.12% | 90.95% | -68.85% | -180.09% | -57.98% | 132.56% | -76.32% | -168.19% | 25.15% | -134.31% | -76.2% | -1742.9% | -97.6% | 62.95% | 84411.35% | 65.19% | -566.76% | -93.07% | 6.03% | 99.87% | 48% | - |
| Net Income (Continuing) | -17.86M | -10.95M | 9.59M | -8.54M | -11.33M | 61.56M | -7.85M | -10.85M | -1.96M | -21.47M | -12.71M | 14.04M | -26.72M | -116.43M | -65.81M | -24.54M | -32.78M | -13.99M | -7.94M | 483.33K | 20.16M | 13.5M | -14.68K | -42.16K | -6.32K | -3.27K | -3.48K | -2.6M | -5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -2.95M | -3.2M | -1.61M | 634.04K | 6.88M | 7.59M | 7.74K | 52.78K | 11.98K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.19 | -0.10 | 0.13 | -0.03 | -0.11 | 0.70 | -0.13 | -0.28 | -0.07 | -0.92 | -0.71 | 1.23 | 2.99 | -9.19 | -5.21 | -1.95 | -2.65 | -1.23 | -0.76 | 0.05 | 2.05 | 1.75 | -0.00 | -0.01 | -0.00 | -0.00 | -0.00 | -3.40 | -8.25 |
| EPS Growth % | -4795% | -176.92% | 574.45% | 75.09% | -115.71% | 638.46% | 53.57% | -283.04% | 92.05% | -29.58% | -157.72% | -58.86% | 132.54% | -76.39% | -167.18% | 26.42% | -115.45% | -61.84% | -1620% | -97.56% | 17.14% | - | 80% | - | - | - | 99.97% | 58.79% | - |
| EPS (Basic) | - | -0.11 | 0.13 | -0.03 | -0.11 | 0.70 | -0.13 | -0.28 | -0.07 | -0.92 | -0.71 | 1.25 | 2.99 | -9.19 | -5.21 | -1.95 | -2.65 | -1.23 | -0.76 | 0.05 | 2.05 | 1.75 | -0.00 | -0.01 | -0.00 | -0.00 | -0.00 | -3.40 | -8.25 |
| Diluted Shares Outstanding | 89.25M | 89.25M | 90.16M | 89.25M | 88.93M | 87.88M | 61.99M | 38.97M | 26.6M | 23.24M | 17.79M | 12.88M | 12.62M | 12.62M | 12.62M | 12.59M | 12.37M | 11.39M | 10.46M | 9.89M | 9.78M | 7.68M | 6.25M | 3.5M | 3.5M | 3.5M | 3.5M | 764.71K | 606.06K |
| Basic Shares Outstanding | 89.25M | 89.25M | 89.93M | 89.25M | 88.93M | 87.61M | 61.99M | 38.97M | 26.6M | 23.24M | 17.79M | 12.72M | 12.6M | 12.62M | 12.62M | 12.59M | 12.37M | 11.39M | 10.46M | 9.8M | 9.78M | 7.66M | 6.25M | 3.5M | 3.5M | 3.5M | 3.5M | 764.71K | 606.06K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CBAT stock.
For fiscal year 2025, CBAK Energy Technology, Inc. (CBAT) reported total revenue of $195.2M. This represents a 4547.4% increase compared to $4.2M in 1996.
CBAK Energy Technology, Inc. (CBAT) reported a net loss of $9.4M for the fiscal year ending 2025.
CBAK Energy Technology, Inc. (CBAT) reported an operating income of $-18.7M, resulting in an operating profit margin of -9.6%. This margin reflects the operational efficiency of the business before interest and taxes.
CBAK Energy Technology, Inc. (CBAT) generated $18.4M in gross profit for the year, representing a gross profit margin of 9.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Structural margin compression risk
Metrics are mathematically derived from official filings.
Volatile Revenue Growth Patterns Observed
According to recent financial disclosures, CBAT experienced a sharp revenue surge to $69.6 million in 2026Q1, yet this follows a period of erratic quarterly fluctuations, suggesting that the company's top-line growth remains highly sensitive to cyclical demand shifts rather than consistent, sustainable market share expansion.
The dramatic 99.3% year-over-year revenue growth in the most recent quarter appears to contrast sharply with the contraction seen in early 2025, indicating a lack of predictable sales velocity. Investors should monitor whether this volatility stems from lumpy project-based orders or a genuine, albeit unstable, increase in demand for their cylindrical battery formats.
Severe Margin Erosion Under Pressure
As reported in quarterly filings, gross margins have plummeted from a peak of 31.9% in 2024Q1 to a mere 1.5% in 2026Q1, highlighting a significant inability to maintain pricing power amidst intense competition and rising input costs within the Chinese battery manufacturing landscape.
This rapid compression suggests that the company is likely acting as a price-taker in a commoditized market, unable to pass through raw material volatility to its B2B customers. The collapse in profitability warrants further investigation into whether the current cost structure can support any meaningful recovery without a fundamental shift in product mix.
Operating Leverage Remains Deeply Negative
Based on the company's reported income statements, operating margins have remained consistently negative for the majority of the last ten quarters, reaching -13.9% in 2026Q1, which indicates that the firm lacks the necessary scale to cover its fixed operating expenses and R&D commitments.
The inability to achieve positive operating leverage even during periods of revenue growth suggests that the company's cost base is structurally misaligned with its current output levels. This persistent operating loss implies that the business model may require a significant increase in volume or a drastic reduction in overhead to reach break-even.
Earnings Quality Obscured by Volatility
Analysis of the income statement reveals that net income is frequently decoupled from operating performance, with non-operating items and potential subsidies creating noise that masks the underlying operational reality of consistent losses, as evidenced by the erratic swings in quarterly net margins.
The presence of occasional positive net income in quarters where operating income remained negative suggests a reliance on non-core income sources, such as government grants or tax benefits. Investors should exercise caution, as these items do not represent sustainable cash-generating activities and may obscure the true extent of the company's operational burn.
Structural Viability Faces Significant Challenges
While management emphasizes a pivot toward energy storage and LEV markets, the financial data suggests a precarious position where the company is trapped between high-volume Tier 1 competitors and a lack of proprietary cost advantages, creating a high risk of continued value destruction for shareholders.
Short-sellers would likely focus on the persistent operating losses and the alarming trend of margin degradation as evidence that the company's niche strategy is failing to provide a durable competitive moat. The lack of clear path to profitability suggests that the current business model may be fundamentally unsustainable in the face of industry-wide overcapacity.