On Thursday, the CBAK Energy Technology Inc (NASDAQ:CBAT) stock was in considerable focus among investors after the company announced its financial results for the first fiscal quarter that had ended on March 31, 2022.
Trading Data
On Thursday, CBAT stock gained 8.41% to $1.16 with more than 10.93 million shares, compared to its average volume of 1.12 million shares. The stock moved within a range of $1.0800 – 1.2000 after opening trade at $1.17.
See Why This OTC Fintech Stock May Have Investors Seeing Green
Earnings Review
The Chinese lithium-ion battery makers and electric energy producers saw their stock rally strongly as well, as they ended the day with gains of as much as 8%. In the first quarter, the company managed to generate revenues to the tune of as much as $80.2 million and that reflected a year-on-year rise of a staggering 752% from the revenues of $9.4 million in Q1 2021.
The gross profit was on a similar trajectory as it clocked year on year growth of as much as 189% to hit $5.3 million. The net income that could be attributable to shareholders came in at $0.4 million. However, that was considerably lower than the net income attributable to shareholders of $29.4 million in the prior-year period.
It seems investors were excited about the sort of growth in revenues and gross profits that CBAK Energy had managed to generate during the quarter. It now remains to be seen if the stock can add to its gains today.
Key Quote
Yunfei Li, Chairman and Chief Executive Officer of the Company, commented: “We are very excited to kick off 2022 with our net revenues surging more than an eight-fold year over year to reach $80.2 million in the first quarter, primarily driven by the material business brought by the Hitrans merger and robust demand for our high power lithium batteries.”
Technical Data
CBAT stock is trading below the 20-Day and 50-Day Moving averages of $1.10 and $1.17 respectively. However, the stock is trading below the 200-Day moving average of $1.84.
