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Segment Information (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2024 and 2025 were as follows:

For the three months ended June 30, 2024		CBAT				Hitrans				Corporate unallocated (note)				Consolidated
Net revenues		$	35,598,124			$	12,194,921			$	-			$	47,793,045
Cost of revenues			(22,680,831	)			(12,384,188	)			-				(35,065,019	)
Gross profit (loss)			12,917,293				(189,267	)			-				12,728,026
Total operating expenses			(4,783,794	)			(1,691,427	)			(305,325	)			(6,780,546	)
Operating income (loss)			8,133,499				(1,880,694	)			(305,325	)			5,947,480
Finance income (expense), net			619,455				69,318				(52	)			688,721
Other (expenses) income, net			(59,586	)			247,297				-				187,711
Income tax expenses			(800,727	)			-				-				(800,727	)
Net income (loss)			7,892,641				(1,564,079	)			(305,377	)			6,023,185

For the three months ended June 30, 2025		CBAT				Hitrans				Corporate unallocated (note)				Consolidated
Net revenues		$	21,090,137			$	19,434,196			$	-			$	40,524,333
Cost of revenues			(17,678,504	)			(18,383,420	)			-				(36,061,924	)
Gross profit (loss)			3,411,633				1,050,776				-				4,462,409
Total operating expenses			(5,427,071	)			(2,338,904	)			(225,010	)			(7,990,985	)
Operating loss			(2,015,438	)			(1,288,128	)			(225,010	)			(3,528,576	)
Finance expense, net			(3,464	)			(159,059	)			(780	)			(163,303	)
Other (expenses) income, net			(52,432	)			383,913				-				331,481
Income tax expenses			-				-				-				-
Net income (loss)			(2,071,334	)			(1,063,274	)			(225,790	)			(3,360,398	)

For the six months ended June 30, 2024		CBAT				Hitrans				Corporate unallocated (note)				Consolidated
Net revenues		$	80,435,993			$	26,179,484			$	-			$	106,615,477
Cost of revenues			(49,060,178	)			(26,046,226	)			-				(75,106,404	)
Gross profit			31,375,815				133,258				-				31,509,073
Total operating expenses			(10,763,265	)			(3,113,883	)			(1,421,462	)			(15,298,610	)
Operating income (loss)			20,612,550				(2,980,625	)			(1,421,462	)			16,210,463
Finance income (expenses), net			631,176				67,321				(113	)			698,384
Other income, net			180,857				355,468				-				536,325
Income tax expenses			(1,849,513	)			-				-				(1,849,513	)
Net income (loss)			19,575,070				(2,557,836	)			(1,421,575	)			15,595,659

For the six months ended June 30, 2025		CBAT				Hitrans				Corporate unallocated (note)				Consolidated
Net revenues		$	41,453,475			$	34,009,759			$	-			$	75,463,234
Cost of revenues			(33,321,740	)			(32,877,351	)			-				(66,199,091	)
Gross profit			8,131,735				1,132,408				-				9,264,143
Total operating expenses			(10,256,707	)			(4,539,215	)			(860,816	)			(15,656,738	)
Operating income (loss)			(2,124,972	)			(3,406,807	)			(860,816	)			(6,392,595	)
Finance income (expenses), net			219,655				(337,059	)			(779	)			(118,183	)
Other income, net			170,844				928,554				-				1,099,398
Income tax expenses			-				-				-				-
Net income (loss)			(1,734,473	)			(2,815,312	)			(861,595	)			(5,411,380	)
As of June 30, 2025
Identifiable long-lived assets			124,200,196				46,958,461				-				171,158,657
Total assets			228,211,680				104,501,940				380,646				333,094,266

Schedule of Revenue from Products

Revenue from these products is as follows:

		Three months ended June 30,								Six months ended June 30,
		2024				2025				2024				2025
High power lithium batteries used in:
Electric vehicles		$	199,258			$	142,139			$	679,439			$	679,646
Light electric vehicles			1,825,501				2,426,624				3,335,793				5,271,498
Residential energy supply & uninterruptable supplies			33,573,365				18,521,374				76,420,761				35,502,331
			35,598,124				21,090,137				80,435,993				41,453,475
Materials used in manufacturing of lithium batteries
Cathode			8,248,245				17,292,867				17,434,438				28,554,066
Precursor			3,946,676				2,141,329				8,745,046				5,455,693
			12,194,921				19,434,196				26,179,484				34,009,759
Total consolidated revenue		$	47,793,045			$	40,524,333			$	106,615,477			$	75,463,234

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 June 30,								Six months ended June 30,
		2024				2025				2024				2025
Mainland China		$	24,482,831			$	31,867,996			$	48,173,594			$	63,985,412
Europe			21,209,530				4,692,910				54,103,444				4,768,156
India			1,409,691				2,396,297				2,065,695				4,202,596
Others			690,993				1,567,130				2,272,744				2,507,070
Total		$	47,793,045			$	40,524,333			$	106,615,477			$	75,463,234

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- Definition

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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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