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Segment Information (Tables)

9 Months Ended

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

X

- Definition

Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information.

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Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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