CBAK Energy Technology Inc (NASDAQ: CBAT) is a China-based lithium battery company that manufactures high-power lithium battery cells and battery materials. Revenue comes from transactional product sales under short-term contracts, typically one year or less, with pricing and quantity set order by order. The company operates two principal segments: a battery cell business run from Dalian and Nanjing, and a raw materials business through its Hitrans subsidiary. Top five customers accounted for 66.1% of revenues in FY2024, dropping to 37.1% in FY2025, indicating material customer concentration risk in FY2024. Named major customers include Anker Innovations, Spiro Mobility, Bucida (formerly a Northvolt business unit acquired by Scania), Ather Energy, Shenzhen ACE Battery, DAT Bike, and Inverted Energy. Net cash from operating activities was $48.6 million for FY2025 and $39.7 million for FY2024. The company is incorporated in Nevada with operations primarily in China and faces competition from high-power lithium battery makers and raw materials manufacturers in China.

Revenue model

Transactional product sales of battery cells and battery materials under short-term contracts (typically one year or less), with price and quantity negotiated per purchase order. No long-term purchase commitments from customers.

Products and services

High-power lithium battery cells and battery material products, including NCM lithium materials produced by the Hitrans raw materials unit. Primary raw materials used in manufacturing include electrode materials, steel cases, caps, foils, electrolytes, and separators.

Customers and end markets

Top five customers represented 66.1% of revenues in FY2024 and 37.1% in FY2025. Named major customers: Anker Innovations, Spiro Mobility, Bucida, Ather Energy, Shenzhen ACE Battery, DAT Bike, and Inverted Energy. End markets include electric two-wheelers, electric vehicles, and portable power applications across Europe, Africa, and South and Southeast Asia.

Geographic exposure

Sales to both domestic Chinese and international customers, with the percentage split varying year to year. Battery segment markets internationally across Europe, North America, Africa, Southeast Asia, and South Asia. Hitrans raw materials unit focuses on the domestic Chinese market, particularly South and East China.

Competitors

High-power lithium battery makers in China, Raw materials manufacturers in China

Source: SEC 10-K, filed 2026-03-31

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