CBAK Energy Technology Inc. (CBAT) stock slumped by -6.56% to trade at $4.42 in the current market at the time of writing. CBAT’s stock closed at $4.73 in the previous session. The CBAT stock volume traded at 1.28 million shares – lower than the average daily volume of 8.91 million shares in the past 100 days. The current market value of the stock is $438.05 million and the outstanding shares stood at 64.91 million.
In the past week, CBAT stock moved down by -5.40%. Over the past three months, the stock has lost -37.76%, while over the past six months, it has added 27.49%. Furthermore, CBAT shares have risen by 1082.20% over the last 12 months.
CBAK reports a positive outlook of the Full Year 2020 financial results
Amidst the pandemic, CBAT stock grew and the company saw its total net revenue rise and its net losses fall. CBAK credits its robust business model and corporate strategy’s effectiveness which resulted in increasing financial capacity and capital mobilization for future development. The company released its financial report for 2020 on 12th April 2020.
Financial Highlights of Fiscal Year 2020;
- Total net revenues increased to US$37.6 million in FY 2020 compared to US$22.2 million in FY 2019 – a gain of 69.3%
- Gross profit increased to US$2.7 million in FY 2020 compared to US$0.6 million in FY 2019
- Net loss decreased to US$7.8 million in FY 2020 compared to US$10.9 million in FY 2019
CBAK announces the addition of Fuel Cell development to its portfolio
CBAK announced on 15th March 2021, that it has shown a keen expressed interest in the hydrogen fuel cell market by signing a memorandum of cooperation with a leading European Hydrogen energy group.
The announcement does not specify if this is the actual name of the European Company or just a general description. However, CBAK does give details about the partner’s company operations and background.
CBAK shows the consistent operational performance
CBAK has been surging since the past year due to its growth potential in the EV market. CBAT stock maintained consistent operational activities during the EV market dip, which briefly propped up its stock value as it announced a new battery tech on Feb 19 which functions in ultra-low temperatures and known as 26650 lithium rechargeable batteries or simply Special 26650 battery.
About CBAK Energy Technology
CBAK Energy Technology, Inc. is an electrical equipment & parts company that deals with the production, manufacturing, and sale of electrification applications and solutions. The company has a diversified portfolio of electric products and solutions which include electric tools, electric cars, heavy electric vehicles, energy storage, uninterruptible power supply along with other powered applications. CBAT stock had recently entered the EV market and has been the first lithium battery manufacturer in China listed on the NASDAQ stock market. The company is currently a leading seller and manufacturer of the latest high-energy lithium battery.