XML 72 R60.htm IDEA: XBRL DOCUMENT
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 |

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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 + Details
Name: | us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration