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Concentrations and Credit Risk
 12 Months Ended
Dec. 31, 2024
Concentrations and Credit Risk [Abstract]  
Concentrations and Credit Risk
29.Concentrations and Credit Risk

 

  (a) Concentrations

 

The Company had the following customers that individually comprised 10% or more of net revenue for the years ended December 31, 2023 and 2024 as follows:

 

   Year ended   Year ended 
Sales of finished goods and raw materials  December 31, 2023   December 31, 2024 
Customer A  $*   *    27,752,479    15.7%
Customer B   66,881,853    32.7%   57,563,897    32.6%
Zhengzhou BAK Battery Co., Ltd (note 18)   27,872,002    13.6%   18,661,537    10.6%

 

* 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, 2023 and 2024 as follows:

 

   December 31, 2023   December 31, 2024 
Customer A  $7,239,247    27.7%  $10,676,044    41.5%
Zhengzhou BAK Battery Co., Ltd (note 18)   12,441,715    47.5%   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 years ended December 31, 2023 and 2024 as follows:

 

    Year ended
December 31,
2023		     Year ended
December 31,
2024		  
Supplier A   $ 18,786,335       13.7 %   $ 10,171,281       10.1 %
Supplier B     *       *       11,864,125       11.7 %

 

* 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, 2023 and 2024 as follows:

 

   December 31, 2023   December 31, 2024 
Supplier A  $2,689,740    10.2%  $*           * 
Supplier B     *      *    3,263,562    12.4%
Zhejiang Shengyang Renewable Resources Technology Co., Ltd.   3,498,324    13.3%   *    * 
(b) Credit Risk

 

Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents and pledged deposits. As of December 31, 2023 and 2024 substantially all of the Company’s cash and cash equivalents were held by major financial institutions and online payment platforms located in the PRC, which management believes are of high credit quality. The Company has not experienced any losses on cash and cash equivalents to date. The Company does not require collateral or other securities to support financial instruments that are subject to credit risk.

 

For the credit risk related to trade accounts receivable, the Company performs ongoing credit evaluations of its customers and, if necessary, maintains reserves for potential credit losses.