| Schedule of Operating Decision Maker Evaluates Performance based on Each Reporting Segment |
Net revenue, cost of revenues, operating expenses, operating
income (loss), finance income (expense), other income (expenses) and net income (loss) by segment for the three months ended March 31,
2025 and 2026 were as follows:
| 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 | ) | |
| (7,655,753 | ) |
| Operating income (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 | ) |
| For the three months ended March 31, 2026 | |
CBAT | | |
Hitrans | | |
Corporate
unallocated
(note) | | |
Consolidated | |
| Net revenues | |
$ | 37,519,841 | | |
$ | 32,098,151 | | |
$ | - | | |
$ | 69,617,992 | |
| Cost of revenues | |
| (39,575,695 | ) | |
| (29,002,429 | ) | |
| - | | |
| (68,578,124 | ) |
| Gross (loss) profit | |
| (2,055,854 | ) | |
| 3,095,722 | | |
| - | | |
| 1,039,868 | |
| Total operating expenses | |
| (7,432,286 | ) | |
| (2,530,647 | ) | |
| (777,518 | ) | |
| (10,740,451 | ) |
| Operating (loss) income | |
| (9,488,140 | ) | |
| 565,075 | | |
| (777,518 | ) | |
| (9,700,583 | ) |
| Finance expenses, net | |
| (267,520 | ) | |
| (147,749 | ) | |
| (826 | ) | |
| (416,095 | ) |
| Other income, net | |
| 5,274 | | |
| 1,156,540 | | |
| - | | |
| 1,161,814 | |
| Income tax expenses | |
| - | | |
| (7,426 | ) | |
| - | | |
| (7,426 | ) |
| Net (loss) income | |
| (9,750,386 | ) | |
| 1,566,440 | | |
| (778,344 | ) | |
| (8,962,290 | ) |
| As of March 31, 2026 | |
| | | |
| | | |
| | | |
| | |
| Identifiable long-lived assets | |
| 178,291,548 | | |
| 54,927,212 | | |
| 86,744 | | |
| 233,305,504 | |
| Total assets | |
| 355,326,434 | | |
| 135,564,774 | | |
| 114,336 | | |
| 491,005,544 | |
|
| Schedule of Revenue from Products |
Revenue from these products is as follows:
| |
|
For the three months
ended March 31, |
|
| |
|
2025 |
|
|
2026 |
|
| High power lithium batteries used in: |
|
|
|
|
|
|
|
|
| Electric vehicles |
|
$ |
537,507 |
|
|
$ |
1,538 |
|
| Light electric vehicles |
|
|
2,844,874 |
|
|
|
15,407,700 |
|
| Residential energy supply & uninterruptable supplies |
|
|
16,980,957 |
|
|
|
22,110,603 |
|
| |
|
|
20,363,338 |
|
|
|
37,519,841 |
|
| Materials used in manufacturing of lithium batteries |
|
|
|
|
|
|
|
|
| Cathode |
|
|
11,261,199 |
|
|
|
32,076,278 |
|
| Precursor |
|
|
3,314,364 |
|
|
|
21,873 |
|
| |
|
|
14,575,563 |
|
|
|
32,098,151 |
|
| Total consolidated revenue |
|
$ |
34,938,901 |
|
|
$ |
69,617,992 |
|
|
| 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, |
|
| |
|
2025 |
|
|
2026 |
|
| Mainland China |
|
$ |
32,117,416 |
|
|
$ |
50,956,348 |
|
| Europe |
|
|
75,246 |
|
|
|
4,754,646 |
|
| India |
|
|
1,806,299 |
|
|
|
6,106,951 |
|
| Africa |
|
|
- |
|
|
|
5,660,703 |
|
| Others |
|
|
939,940 |
|
|
|
2,139,344 |
|
| Total |
|
$ |
34,938,901 |
|
|
$ |
69,617,992 |
|
|