CBAK Energy Posts Q2 Revenues Decline On Lower Battery Sales
Portfolio Pulse from Lekha Gupta
CBAK Energy Technology Inc reported Q2 FY23 revenues of $42.40 million, a decline from $56.35 million a year ago. The decline was due to lower sales from the battery business and Hitrans, an indirect majority-owned subsidiary. Battery business revenues declined 13.5% Y/Y to $22.2 million due to the price volatility of lithium carbonate. The company's shares are trading lower by 3.33% at $1.16.
August 09, 2023 | 4:23 pm
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CBAK Energy's Q2 FY23 revenues declined due to lower battery sales and price volatility of lithium carbonate. The company's shares are trading lower.
The decline in revenues for CBAK Energy is directly linked to lower sales from their battery business and the price volatility of lithium carbonate, a key raw material. This has negatively impacted the company's stock price, leading to a decrease in share value.
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