v3.25.1
Concentrations and Credit Risk (Tables)
 3 Months Ended
Mar. 31, 2025
Concentrations and Credit Risk [Abstract]  
Schedule of Concentration Risk

The Company had the following customers that individually comprised 10% or more of net revenue for the three months ended March 31, 2024 and 2025 as follows:

 

   Three months ended March 31, 
Sales of finished goods and raw materials  2024   2025 
Customer A  $30,141,709    51.2%  $
*
    
*
 
Customer B   *    *    10,731,179    30.7%

 

* Comprised less than 10% of net revenue for the respective period.

 

The Company had the following customers that individually comprised 10% or more of net trade receivable (included VAT) as of December 31, 2024 and March 31, 2025 as follows:

 

   December 31, 2024   March 31, 2025 
Customer B  $10,676,044    41.5%  $9,814,866    37.5%
Customer C   *    *    3,799,674    14.5%
Zhengzhou BAK Battery Co., Ltd (note 17)   5,970,184    23.2%   *    * 

 

* Comprised less than 10% of net accounts receivable for the respective period.

 

The Company had the following suppliers that individually comprised 10% or more of net purchase for the three months ended March 31, 2024 and 2025 as follows:

 

   Three months ended March 31, 
   2024   2025 
Supplier A  $3,242,455    10.1%  $*    * 
Supplier B   *    *    3,619,451    11.2%

 

* Comprised less than 10% of net purchase for the respective period.

  

The Company had the following suppliers that individually comprised 10% or more of trade payable as of December 31, 2024 and March 31, 2025 as follows:

 

   December 31, 2024   March 31, 2025 
Supplier B  $3,263,562    12.4%  $*    *