CBAK Energy Technology (NASDAQ:CBAT), a global manufacturer of lithium-ion rechargeable batteries, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.
The company’s performance was characterized by a massive top-line surge in the final months of the year, fueled by the successful scaling of its raw materials subsidiary and a breakout year for its light electric vehicle (LEV) battery division.
For the fourth quarter of 2025, CBAK reported net revenues of $58.80 million, representing a 131.8% increase compared to the $25.37 million recorded in the same period of 2024.
This quarterly momentum brought full-year 2025 revenues to $195.19 million, an 11% increase over the prior year.
The growth was spearheaded by the Hitrans raw-materials segment, which saw annual revenue jump 123% to $89.21 million, and the LEV battery business, which skyrocketed 252% to $36.36 million as demand for electric two-wheelers and smaller transport solutions intensified globally.
Despite the robust revenue growth, the company’s bottom line remained under pressure due to significant infrastructure investments.
Full-year gross margin contracted to 9.4%, down from 12.8% in 2024, as the company absorbed the costs of bringing massive new production facilities online.
Consequently, CBAK reported a net loss of $9.38 million for 2025.
The company’s capital expenditures (capex) reached $44.65 million for the year, primarily directed toward adding 5.3 GWh of new annual production capacity, split between its Dalian (2.3 GWh) and Nanjing (3.0 GWh) facilities.
Meanwhile, CBAK Energy maintains a solid liquidity position to support its ongoing ramp-up, ending 2025 with $75.68 million in cash and equivalents.