v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Information [Abstract]  
Schedule of Operating Decision Maker Evaluates Performance based on Each Reporting Segment

The Company’s chief operating decision maker evaluates performance based on each reporting segment’s net revenue, cost of revenues, operating expenses, operating income (loss), finance income (expense), other income and net income. Net revenue, cost of revenues, operating expenses, operating income, finance income (expense), other income (expenses) and net income (loss) by segment for the three months ended March 31, 2024 and 2025 were as follows:

 

For the three months ended March 31, 2024  CBAT   Hitrans   Corporate
unallocated
(note)		   Consolidated 
Net revenues  $44,837,869   $13,984,563   $
-
   $58,822,432 
Cost of revenues   (26,379,347)   (13,662,038)   
-
    (40,041,385)
Gross profit   18,458,522    322,525    
-
    18,781,047 
Total operating expenses   (5,979,471)   (1,422,456)   (1,116,137)   (8,518,064)
Operating income (loss)   12,479,051    (1,099,931)   (1,116,137)   10,262,983 
Finance income (expenses), net   11,721    (1,997)   (61)   9,663 
Other income, net   240,443    108,171    
-
    348,614 
Income tax expenses   (1,048,786)   
-
    
-
    (1,048,786)
Net income (loss)   11,682,429    (993,757)   (1,116,198)   9,572,474 

 

For the three months ended March 31, 2025  CBAT   Hitrans   Corporate
unallocated
(note)		   Consolidated 
Net revenues  $20,363,338   $14,575,563   $
-
   $34,938,901 
Cost of revenues   (15,643,236)   (14,493,931)   
-
    (30,137,167)
Gross profit   4,720,102    81,632    
-
    4,801,734 
Total operating expenses   (4,829,636)   (2,200,311)   (635,806)   
(7, 665,753
)
Operating loss   (109,534)   (2,118,679)   (635,806)   (2,864,019)
Finance income (expenses), net   223,119    (178,000)   1    45,120 
Other income, net   223,276    544,641    
-
    767,917 
Income tax expenses   
-
    
-
    
-
    
-
 
Net income (loss)   336,861    (1,752,038)   (635,805)   (2,050,982)
                     
As of March 31, 2025                    
Identifiable long-lived assets   103,679,699    46,363,192    
-
    150,042,891 
Total assets   208,847,927    102,574,484    42,230    311,464,641 
Schedule of Revenue from Products Revenue from these products is as follows:
   For the three months ended
March 31,		 
   2024   2025 
High power lithium batteries used in:        
Electric vehicles  $480,181   $537,507 
Light electric vehicles   1,510,292    2,844,874 
Residential energy supply & uninterruptable supplies   42,847,396    16,980,957 
    44,837,869    20,363,338 
           
Materials used in manufacturing of lithium batteries          
Cathode   9,186,193    11,261,199 
Precursor   4,798,370    3,314,364 
    13,984,563    14,575,563 
Total revenue  $58,822,432   $34,938,901 
Schedule of Company’s Sales by Geographical Markets based on Locations of Customers

The Company’s operations are located in the PRC. The following table provides an analysis of the Company’s sales by geographical markets based on locations of customers:

  

   For the three months ended
March 31,		 
   2024   2025 
Mainland China  $23,690,763   $32,117,416 
Europe   32,893,914    75,246 
Others   2,237,755    2,746,239 
Total  $58,822,432   $34,938,901