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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2024
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, finance income (expense), other income and net income. Net revenue, cost of revenues, operating expenses, operating income, finance income (expense), other income and net income by segment for the three and nine months ended September 30, 2023 and 2024 were as follows:
For the three months ended September 30, 2023 |  | CBAT |  |  | Hitrans |  |  | Corporate unallocated (note) |  |  | Consolidated |
Net revenues |  | $ | 44,327,653 |  |  | $ | 19,113,456 |  |  | $ | - |  |  | $ | 63,441,109 |
Cost of revenues |  |  | (32,629,427 | ) |  |  | (18,563,104 | ) |  |  | - |  |  |  | (51,192,531 | )
Gross profit |  |  | 11,698,226 |  |  |  | 550,352 |  |  |  | - |  |  |  | 12,248,578 |
Total operating expenses |  |  | (4,120,379 | ) |  |  | (2,577,715 | ) |  |  | (261,390 | ) |  |  | (6,959,484 | )
Operating income (loss) |  |  | 7,577,847 |  |  |  | (2,027,363 | ) |  |  | (261,390 | ) |  |  | 5,289,094 |
Finance (expenses) income, net |  |  | (403,599 | ) |  |  | (43,435 | ) |  |  | 3 |  |  |  | (447,031 | )
Other income, net |  |  | 596,463 |  |  |  | 5,191 |  |  |  | 15,000 |  |  |  | 616,654 |
Income tax credit |  |  | - |  |  |  | 305,431 |  |  |  | - |  |  |  | 305,431 |
Net income (loss) |  |  | 7,770,711 |  |  |  | (1,760,176 | ) |  |  | (246,387 | ) |  |  | 5,764,148 |
For the three months ended September 30, 2024 |  | CBAT |  |  | Hitrans |  |  | Corporate unallocated (note) |  |  | Consolidated |
Net revenues |  | $ | 33,461,793 |  |  | $ | 11,166,448 |  |  | $ | - |  |  | $ | 44,628,241 |
Cost of revenues |  |  | (25,796,784 | ) |  |  | (11,876,900 | ) |  |  | - |  |  |  | (37,673,684 | )
Gross profit (loss) |  |  | 7,665,009 |  |  |  | (710,452 | ) |  |  | - |  |  |  | 6,954,557 |
Total operating expenses |  |  | (5,778,378 | ) |  |  | (1,887,142 | ) |  |  | (116,910 | ) |  |  | (7,782,430 | )
Operating income (loss) |  |  | 1,886,631 |  |  |  | (2,597,594 | ) |  |  | (116,910 | ) |  |  | (827,873 | )
Finance income (expense), net |  |  | 28,366 |  |  |  | (68,718 | ) |  |  | 2 |  |  |  | (40,350 | )
Other (expenses) income, net |  |  | 459,628 |  |  |  | 62,343 |  |  |  | - |  |  |  | 521,971 |
Income tax expenses |  |  | (339,287 | ) |  |  | - |  |  |  | - |  |  |  | (339,287 | )
Net income (loss) |  |  | 2,035,338 |  |  |  | (2,603,969 | ) |  |  | (116,908 | ) |  |  | (685,539 | )
For the nine months ended September 30, 2023 |  | CBAT |  |  | Hitrans |  |  | Corporate unallocated (note) |  |  | Consolidated |
Net revenues |  | $ | 96,163,040 |  |  | $ | 52,095,640 |  |  | $ | - |  |  | $ | 148,258,680 |
Cost of revenues |  |  | (77,826,308 | ) |  |  | (51,393,408 | ) |  |  | - |  |  |  | (129,219,716 | )
Gross profit |  |  | 18,336,732 |  |  |  | 702,232 |  |  |  | - |  |  |  | 19,038,964 |
Total operating expenses |  |  | (12,190,713 | ) |  |  | (7,363,599 | ) |  |  | (849,498 | ) |  |  | (20,403,810 | )
Operating income (loss) |  |  | 6,146,019 |  |  |  | (6,661,367 | ) |  |  | (849,498 | ) |  |  | (1,364,846 | )
Finance (expenses) income, net |  |  | (216,939 | ) |  |  | 27,850 |  |  |  | (159 | ) |  |  | (189,248 | )
Other income, net |  |  | 817,803 |  |  |  | 205,104 |  |  |  | 136,000 |  |  |  | 1,158,907 |
Income tax credit |  |  | - |  |  |  | 1,015,626 |  |  |  | - |  |  |  | 1,015,626 |
Net income (loss) |  |  | 6,746,883 |  |  |  | (5,412,787 | ) |  |  | (713,657 | ) |  |  | 620,439 |
For the nine months ended September 30, 2024 |  | CBAT |  |  | Hitrans |  |  | Corporate unallocated (note) |  |  | Consolidated |
Net revenues |  | $ | 113,897,786 |  |  | $ | 37,345,932 |  |  | $ | - |  |  | $ | 151,243,718 |
Cost of revenues |  |  | (74,856,962 | ) |  |  | (37,923,126 | ) |  |  | - |  |  |  | (112,780,088 | )
Gross profit (loss) |  |  | 39,040,824 |  |  |  | (577,194 | ) |  |  | - |  |  |  | 38,463,630 |
Total operating expenses |  |  | (16,541,643 | ) |  |  | (5,001,025 | ) |  |  | (1,538,372 | ) |  |  | (23,081,040 | )
Operating income (loss) |  |  | 22,499,181 |  |  |  | (5,578,219 | ) |  |  | (1,538,372 | ) |  |  | 15,382,590 |
Finance income (expenses), net |  |  | 659,542 |  |  |  | (1,397 | ) |  |  | (111 | ) |  |  | 658,034 |
Other income, net |  |  | 640,485 |  |  |  | 417,811 |  |  |  | - |  |  |  | 1,058,296 |
Income tax expenses |  |  | (2,188,800 | ) |  |  | - |  |  |  | - |  |  |  | (2,188,800 | )
Net income (loss) |  |  | 21,610,408 |  |  |  | (5,161,805 | ) |  |  | (1,538,483 | ) |  |  | 14,910,120 |
As of September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Identifiable long-lived assets |  |  | 100,014,711 |  |  |  | 44,165,797 |  |  |  | - |  |  |  | 144,180,508 |
Total assets |  |  | 212,814,150 |  |  |  | 80,620,657 |  |  |  | 42,547 |  |  |  | 293,477,354 |
Schedule of Revenue from Products | Revenue from these products is as follows:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2024 |
High power lithium batteries used in: |  |  |  |  |  |  |  |  |  |  |  |
Electric vehicles |  | $ | 402,863 |  |  | $ | 333,216 |  |  | $ | 2,358,842 |  |  | $ | 1,012,655 |
Light electric vehicles |  |  | 1,114,107 |  |  |  | 4,913,644 |  |  |  | 4,230,066 |  |  |  | 8,249,437 |
Residential energy supply & uninterruptable supplies |  |  | 42,810,683 |  |  |  | 28,214,933 |  |  |  | 89,574,132 |  |  |  | 104,635,694 |
|  |  | 44,327,653 |  |  |  | 33,461,793 |  |  |  | 96,163,040 |  |  |  | 113,897,786 |
Materials used in manufacturing of lithium batteries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cathode |  |  | 10,379,475 |  |  |  | 9,342,507 |  |  |  | 31,071,175 |  |  |  | 26,776,945 |
Precursor |  |  | 8,733,981 |  |  |  | 1,823,941 |  |  |  | 21,024,465 |  |  |  | 10,568,987 |
|  |  | 19,113,456 |  |  |  | 11,166,448 |  |  |  | 52,095,640 |  |  |  | 37,345,932 |
Total consolidated revenue |  | $ | 63,441,109 |  |  | $ | 44,628,241 |  |  | $ | 148,258,680 |  |  | $ | 151,243,718 |
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:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2024 |
Mainland China |  | $ | 31,777,754 |  |  | $ | 27,712,677 |  |  | $ | 87,662,906 |  |  | $ | 75,886,271 |
Europe |  |  | 29,648,334 |  |  |  | 11,779,738 |  |  |  | 57,550,138 |  |  |  | 65,883,182 |
Others |  |  | 2,015,021 |  |  |  | 5,135,826 |  |  |  | 3,045,636 |  |  |  | 9,474,265 |
Total |  | $ | 63,441,109 |  |  | $ | 44,628,241 |  |  | $ | 148,258,680 |  |  | $ | 151,243,718 |

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