Benzinga | Nov 12, 2021 09:11AM EST

CBAK Energy Clocks 10% Revenue Decline In Q3

* CBAK Energy Technology Inc (NASDAQ:CBAT) reported third-quarter FY21 net revenues of $9.56 million, a decline of 10% year-over-year.

* Revenues from high-power lithium batteries totaled $9.56 million, representing 51% Y/Y growth.

* The company did not have new raw material trades in this quarter. The company noted its new production line installation in the Dalian plant had a temporarily adverse impact on existing production.

* Gross profit declined by 17.7% Y/Y to $1.13 million, and margin contracted by 111 bps to 11.8%.

* The company reported an operating loss of $(3.17) million, compared to an operating income of $0.393 million a year ago.

* EPS improved to $0.23 from $0.00 in 3Q20.

* Total operating expenses were $4.3 million, increasing 339% Y/Y, reflecting growing headcount and research and development expenses associated with the Nanjing production facility.

* CBAK Energy held cash and equivalents of $2.0 million as of September 30, 2021.

* Price Action: CBAT shares are trading lower by 0.21% at $2.38 during the premarket session on Friday.